Liquidity is under significant pressure as the company reported a $4.8 billion free cash flow burn in 2026Q1, driven by a $3.3 billion outflow in working capital.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -6.04B | -4.09B | 2.44B | -2.27B | 8.95B | 14.79B | 6.29B | 2.27B | 9.25B | 2.46B | 4.75B | 8.13B | 3.79B | 2.46B | 2.57B | 2.78B | 2.72B | 1.37B | 2.88B | 2.39B | 404.32M | 1.72B | 1.95B | 578.16M | 1.52B | 225.57M | 324.87M | 405.59M | 292.87M |
| Operating CF Margin % | - | -5.9% | 3.15% | -3.22% | 9.27% | 14% | 10.75% | 4.33% | 15.95% | 5% | 9.96% | 17.18% | 8.24% | 6% | 7.24% | 8.37% | 10.67% | 8.95% | 16.03% | 13.54% | 3.12% | 13.15% | 15.99% | 5.73% | 17.97% | 5.48% | 10.71% | 22.29% | 23.33% |
| Operating CF Growth % | -395.31% | -267.85% | 207.17% | -125.38% | -39.46% | 134.97% | 177.8% | -75.51% | 275.78% | -48.14% | -41.59% | 114.28% | 54.28% | -4.43% | -7.41% | 2.1% | 99.27% | -52.59% | 20.29% | 492.01% | -76.47% | -11.86% | 237.2% | -61.98% | 574.2% | -30.57% | -19.9% | 38.49% | - |
| Net Income | -9.13B | -9.69B | -17.73B | -4.58B | 47M | 13.98B | -6.69B | -4.6B | 3.65B | 5.42B | -99.25M | 4.56B | 1.18B | 963.95M | -1.38B | -874.99M | 1.9B | 1.85B | -2.49B | 547.55M | 101.05M | 625.41M | 691.08M | 214.23M | -1.63B | -25.73M | 366.68M | 212.65M | 121.91M |
| Depreciation & Amortization | 4.65B | 4.58B | 4.95B | 5.21B | 4.73B | 4.87B | 4.22B | 3.63B | 3.08B | 3.03B | 2.86B | 2.19B | 2.06B | 2.06B | 1.92B | 0 | 0 | 1.06B | 1.26B | 1.31B | 1.02B | 993.38M | 947.85M | 824.65M | 311.61M | 121.32M | 119.97M | 110.93M | 106.44M |
| Stock-Based Compensation | 0 | 0 | 0 | 10M | 0 | 14.39M | 7.46M | 0 | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9B | -519.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -301.8M | 103.29M | -100.66M | 29.68M | -138.44M | -20.32M | -17.83M | -37.34M | 5.14M | 5.54M | -18.85M |
| Other Non-Cash Items | 1.75B | 2.72B | 14.66B | 1.05B | 203M | 8.39B | 10.28B | 5.42B | 6.3B | 2.5B | 5.88B | 4.17B | 2.79B | 2.23B | 3.64B | 3.13B | 75.2M | -1.64B | 166M | -736.54M | -2.13K | -257.64M | -5.31K | -249.89M | 2.65B | 130.39M | -69.71M | 157.68M | -120.82K |
| Working Capital Changes | -3.12B | -1.71B | 557M | -3.96B | 3.97B | -12.48B | -1.53B | -279.99M | -179.86M | -5.45B | -1.04B | -608.85M | -172.76M | -737.89M | 311.14M | 519.97M | 749.86M | 98.3M | 1.69B | 942.02M | -495.3M | 327.49M | 783.21M | -190.53M | 210.35M | 36.92M | -97.21M | -81.21M | 72.13M |
| Change in Receivables | -640.8M | 321.56M | 609M | 72M | 4.65B | -2.18B | -2.19B | 1.82B | 130.11M | -1.6B | 1.01B | -38.59M | 144.09M | -492.85M | -625.13M | 365.9M | 186.17M | -296.85M | 492.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.91B | 2.88B | -181M | 1.81B | 2.14B | -7.57B | -252.53M | 867.82M | -1.54B | -1.56B | 862.34M | -161.42M | -270.35M | -927.43M | -566.02M | -382.46M | -382.29M | 1.06B | -681.7M | 28.3M | -147.84M | -51.47M | -384.1M | -196.5M | -273.5M | -12.98M | -39.11M | -38.36M | 38.18M |
| Change in Payables | -2.78B | -2.3B | 384M | 0 | 514M | 0 | 0 | 282.44M | 1.34B | -1.44B | -4.25B | -2.21B | -419.48M | 742.65M | 2.17B | 1.33B | 177.9M | 58.15M | -164.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.31B | -2.94B | -3.48B | -4.53B | -4.95B | -3.38B | -2.72B | -2.67B | -2.49B | -2.41B | -2.84B | -4.07B | -4.98B | -4.95B | -2.83B | -2.87B | -2.39B | -842.93M | -2.15B | -3.58B | -1.21B | -1.05B | -1.01B | -458.54M | -768.98M | -691.3M | -128.48M | -247.92M | -47.84M |
| Capital Expenditures | -3.16B | -3.07B | -3.76B | -4.53B | -4.85B | -3.42B | -2.76B | -2.68B | -2.71B | -2.27B | -2.87B | -4.08B | -5.33B | -5.68B | -2.81B | -2.26B | -1.71B | -847.35M | -1.68B | -1.37B | -950.7M | -780.21M | -432.41M | -213.83M | -408.72M | -1.67B | -113.92M | -43.15M | -79.26M |
| CapEx % of Revenue | 4.73% | 4.43% | 4.86% | 6.42% | 5.02% | 3.24% | 4.71% | 5.13% | 4.67% | 4.61% | 6.03% | 8.62% | 11.58% | 13.87% | 7.91% | 6.82% | 6.69% | 5.56% | 9.37% | 7.77% | 7.33% | 5.97% | 3.55% | 2.12% | 4.83% | 40.7% | 3.76% | 2.37% | 6.31% |
| Acquisitions | -158.8M | 100M | 203M | -78M | -107M | 0 | 0 | 0 | 2.25M | -608.18M | 35.78M | 1.28M | -55K | -86K | 0 | -619.21M | -939.43M | 1.5M | -594.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 163.97M | 0 | 73M | 83M | 72.97M | 40.65M | 37.96M | 16.1M | 136.92M | 39.66M | -35.22M | 1.28M | -19.62M | 35.73M | -25.5M | 16.7M | 18.82M | 24.49M | 122.5M | -857.13M | -37.31M | -233.15M | -549.05M | -173.3M | 41.37M | 215.69M | -50.1M | -243.1M | 32.26M |
| Cash from Financing | 2.91B | 3.13B | 469M | 8.87B | 225M | -16.97B | 2.17B | 1.64B | -4.6B | -2.99B | -2.76B | -97.49M | 894.4M | 3.61B | 633.88M | 494.74M | -388.33M | -288.3M | -3.1M | 1.53B | 218.67M | -329.5M | 119.53M | 366.32M | -676.48M | 631.24M | -292.18M | -99.13M | -285.14M |
| Debt Issued (Net) | 3.34B | 3.2B | 437M | 8.28B | 1.55B | -10.97B | 2.71B | 1.81B | -3.1B | -1.99B | -759.33M | 385.55M | 1.38B | 3.58B | 1.17B | 1.08B | -4.15B | 496.28M | 472M | 1.15B | 443.51M | -382.76M | -1.07B | 459.34M | -56.64M | 682.88M | -122.74M | -157.56M | -186.91M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -927K | 0 | 0 | -36.69M | -946K | 3.76B | 0 | -185.1M | -58.7M | -186.85M | 2.5M | 1.22B | 0 | 14.16M | 0 | 620.07K | 0 | -17.04M |
| Dividends Paid | 0 | 0 | -6M | -7M | -1.35B | -5.99B | -2.38M | -668.9M | -1.5B | -998.89M | -2B | -482.12M | -482.15M | -35K | -482.05M | -664.85M | -107K | -883K | -301M | -43.8M | -342.57M | -208.57M | -4.2M | -72.01M | -37.94M | -92.72M | -128.28M | -72.19M | -81.07M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -927K | 0 | 0 | -36.69M | -946K | -3K | 0 | -186.8M | -60.2M | -192.23M | 0 | 0 | 0 | 0 | 0 | 620.07K | 0 | -17.04M |
| Other Financing | -427.96M | -63.8M | 38M | 596M | 21M | 0 | -534.46M | 500M | 0 | 0 | 0 | 0 | 0 | 35.63M | -20.3M | 80.55M | 0 | 0 | 11M | 467.14M | 304.58M | -648.81M | -890.88M | -10.46M | -598.23M | 41.08M | -41.78M | 130.62M | -120.82K |
| Net Change in Cash | -6.27B | -2.79B | 799M | 1.72B | 3.79B | -5.18B | 7.06B | 1.26B | 1.77B | -2.93B | -265.25M | 3.45B | -342.5M | 1.05B | 335.35M | 288.74M | -58.8M | 233.93M | 721.5M | 342.97M | -587.18M | 341.49M | 1.06B | 485.93M | -260.69M | 176.9M | -102.24M | 51.95M | -53.04M |
| Free Cash Flow | -9.2B | -7.16B | -1.33B | -6.8B | 4.1B | 11.37B | 3.53B | -417.25M | 6.54B | 188.42M | 1.87B | 4.05B | -1.54B | -3.22B | -236.78M | 513.53M | 1.01B | 517.82M | 1.2B | 1.02B | -546.38M | 938.11M | 1.52B | 364.32M | 1.11B | -1.45B | 210.94M | 362.44M | 213.61M |
| FCF Margin % | -13.78% | -10.32% | -1.71% | -9.64% | 4.25% | 10.76% | 6.04% | -0.8% | 11.28% | 0.38% | 3.93% | 8.56% | -3.35% | -7.87% | -0.67% | 1.55% | 3.98% | 3.4% | 6.67% | 5.77% | -4.22% | 7.18% | 12.44% | 3.61% | 13.14% | -35.21% | 6.96% | 19.92% | 17.02% |
| FCF Growth % | -108.83% | -439.71% | 80.51% | -265.74% | -63.89% | 221.67% | 946.79% | -106.38% | 3373.06% | -89.93% | -53.77% | 362.84% | 52.23% | -1261.79% | -146.11% | -49.37% | 95.88% | -56.74% | 17.43% | 286.56% | -158.24% | -38.16% | 316.41% | -67.24% | 176.77% | -786.67% | -41.8% | 69.67% | - |
| FCF per Share | -23.08 | -17.95 | -3.33 | -17.08 | 10.30 | 28.51 | 8.88 | -1.05 | 16.44 | 0.47 | 4.71 | 10.17 | -3.87 | -8.10 | -0.59 | 1.29 | 2.84 | 2.01 | 4.72 | 4.71 | -2.95 | 5.18 | 8.38 | 3.96 | 12.08 | -507.48 | 73.90 | 88.25 | 42.34 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.42x | -0.22x | 0.50x | -26.64x | 1.06x | -0.94x | -0.89x | 3.23x | 0.60x | -11.53x | 2.59x | 4.39x | 4.82x | -3.52x | -5.29x | 1.44x | 1.49x | -1.16x | 4.37x | 4.00x | 2.75x | 2.82x | 2.70x | -0.93x | -8.77x | 0.89x | 1.91x | 2.40x |
| Interest Paid | 767M | 0 | 0 | 3.55B | 0 | 2.88B | 2.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Legal Exposure
As reported in financial statements, Braskem's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 operating cash outflow of $4.2 billion against a reported net income of $1.4 billion, suggesting significant non-cash adjustments or timing differences that obscure the company's true cash-generating capacity.
The extreme volatility in the OCF/NI ratio indicates that reported earnings are not a reliable proxy for liquidity. Investors should monitor whether these recurring cash outflows are driven by structural working capital requirements or the ongoing settlement of legal liabilities related to the Alagoas event.
Based on the provided quarterly data, Braskem has struggled to maintain positive free cash flow, with a significant cash burn of $4.8 billion in 2026Q1, highlighting a trajectory where capital expenditures consistently outpace the company's ability to generate internal cash from its core petrochemical operations.
The persistent negative FCF margins suggest that the company is currently unable to self-fund its maintenance capital requirements. This trend appears to necessitate external financing or the depletion of cash reserves to sustain operations, which may limit future strategic flexibility.
According to recent SEC filings, Braskem's capital expenditure remains elevated relative to revenue, peaking at 7.4% of revenue in 2023Q4, which indicates that the firm is forced to commit significant capital to maintain its industrial assets despite the current environment of severe margin compression.
The high capital intensity relative to the company's negative operating margins suggests that these investments may not be yielding sufficient returns. Analysts should investigate whether this spending is primarily for essential maintenance or if it includes growth-oriented projects that may be poorly timed given the current cycle.
As shown in the historical cash flow data, working capital changes have been highly erratic, including a massive $3.3 billion outflow in 2026Q1, which suggests that the company is facing significant challenges in managing its inventory cycles and trade receivables in a weakening demand environment.
The sharp swings in working capital appear to be a primary driver of the company's erratic cash flow performance. This volatility may indicate that Braskem is struggling to balance its supply chain commitments with the reality of declining customer demand, potentially leading to inefficient cash usage.
Quick answers to the most common questions about buying BAK stock.
Braskem S.A. (BAK) generated $-4087.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Braskem S.A. (BAK) reported negative free cash flow of $7.16B in 2025, indicating capital requirements exceeded cash from operations.
Braskem S.A. (BAK) spent $3.07B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.