Capital allocation remains constrained as the bank distributed $590 million in dividends despite a massive $43.7 billion provision expense that severely impacted cash flow quality in 2026Q1.
| 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 |
|---|
| Cash from Operations | 46.11B | 47.08B | 32.12B | 36.77B | 29.34B | 19.78B | 47.25B | 5.54B | 11.19B | 24.26B | 30.55B | 12.15B | 21.09B | 13.23B | 27.41B | 22.57B | 21.35B | 20.59B | 4.76B | 10.6B | 7.59B | 4.21B | 4.73B | -8.08B | 11.71B | 373.89M |
| Operating CF Growth % | 236.7% | 46.6% | -12.65% | 25.33% | 48.33% | -58.14% | 752.98% | -50.52% | -53.86% | -20.59% | 151.51% | -42.4% | 59.44% | -51.74% | 21.45% | 5.69% | 3.7% | 332.23% | -55.07% | 39.7% | 80.4% | -11% | 158.5% | -168.98% | 3032.81% | - |
| Net Income | 19.05B | 4.24B | 3.2B | 2.85B | 4.11B | 4.29B | 1.72B | 5.72B | 5.22B | 4.59B | 4.33B | 5.15B | 6.41B | 5.56B | 5.82B | 6.59B | 5.69B | 9.25B | 7.02B | 7.91B | 6.46B | 2.3B | 3.33B | 2.3B | 2.14B | 2.27B |
| Depreciation & Amortization | 1.76B | 0 | 0 | 0 | 5.66B | 0 | 5.92B | 0 | 0 | 4.57B | 0 | 0 | 0 | 0 | -964.33M | -2.12B | 2.18B | 1.71B | 1.68B | 1.37B | 877M | 1.01B | 1.07B | 1.01B | 658.41M | 578.25M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.21B | -1.25B | -3.55B | -517M | -894M | 1.21B | -480M | -778M | -785.84M | -137.02M |
| Other Non-Cash Items | 29.48B | 17.52B | 18.53B | 20.74B | 18.64B | 11.43B | -1.56B | 4.35B | 15.15B | 15.55B | 18.29B | 5.84B | 12.54B | 9.7B | 15.16B | 17.17B | 12.58B | 6.35B | 7.54B | -1.04B | -658.55M | -478.86M | -12.81M | -10.61B | 4.96B | 3.27B |
| Working Capital Changes | 6.73B | 25.33B | 10.39B | 13.18B | 928.44M | 4.05B | 41.17B | -4.53B | -9.17B | -448.05M | 7.94B | 1.16B | 2.14B | -2.04B | 7.39B | 931.82M | 3.1B | 4.53B | -7.93B | 2.88B | 1.8B | 166.63M | 825.99M | 0 | 4.74B | -5.61B |
| Cash from Investing | -51.46B | -78.23B | -39.01B | -39.14B | -17.78B | -43.17B | 20.46B | -16.17B | -34.49B | -18.23B | -11.68B | -39.96B | -19.62B | 9.24B | -51.32B | -74.45B | -150.46B | -27.43B | -37.85B | -44.38B | -21.83B | -20.42B | -15.81B | -315M | -9.44B | -10.94B |
| Purchase of Investments | -117.33B | -70.84B | -29.46B | -39.05B | -234.53B | -40.46B | 0 | 0 | 0 | 0 | -48.33B | -43.76B | -27.04B | 0 | -94.74B | -55.13B | -35.07B | -21.35B | -4.88B | -6.66B | -8.8B | -4.43B | -7.57B | -3.97B | -4.53B | -4.33B |
| Sale/Maturity of Investments | 90.36B | 41.79B | 26.66B | 30.76B | -360.22M | 32.37B | 100.42M | 0 | 0 | -270.98M | 35.62B | 0 | 0 | 0 | 49.89B | 0 | 9.97B | 8.61B | 4.71B | 3.09B | 7.02B | 5.03B | 3.29B | 4.65B | 7B | 4.31B |
| Net Investment Activity | -26.96B | -29.05B | -2.8B | -8.29B | -234.89B | -8.09B | 100.42M | 0 | 0 | -270.98M | -12.72B | -43.76B | -27.04B | 0 | -44.84B | -55.13B | -25.1B | -12.73B | -163M | -3.56B | -1.78B | 599M | -4.28B | 679M | 2.47B | -18.58M |
| Acquisitions | 439.38M | 403.74M | 184.3M | 381.55M | -623.97M | 156.22M | -3.17B | 0 | -442.12M | 0 | 0 | 388.81M | 593.36M | 434.83M | 0 | 0 | -227M | 35M | 149M | -180M | -1.45B | -80M | 0 | 0 | -56.64M | -74.31M |
| Other Investing | -22.29B | -47.5B | -34.91B | -29.4B | -17.42B | -34.42B | 23.54B | -16.17B | -34.04B | -17.96B | 2.51B | 5.17B | 8.7B | 11.27B | -3.82B | -15.49B | -125.13B | -14.73B | -37.84B | -40.64B | -18.6B | -20.94B | -11.54B | -994M | -11.2B | -10.29B |
| Cash from Financing | 29.92B | 28.85B | 10.94B | 17.56B | 19.12B | 614.39M | 0 | -14.32B | -5.6B | 0 | -7.52B | 9.76B | 35.48B | 10.08B | 29.38B | 52.26B | 57.81B | 18.19B | 46.5B | 25.22B | 16.66B | 4.01B | -463.62M | 0 | 1.56B | 9.36B |
| Dividends Paid | -2.04B | -2.12B | -1.21B | -1.79B | -708.06M | -1.84B | 0 | -4.4M | -50.26M | -845.13M | 0 | 0 | 0 | -1.99B | -1.92B | -2.11B | -458M | -476M | -563M | -301M | -236M | -110M | -20M | -85M | 0 | 0 |
| Share Repurchases | -23.83M | -39.85M | -105.5M | 0 | -43.45M | -123.55M | 0 | 0 | 0 | 0 | -2.72M | -39.83M | -12.29M | -33.25M | -7.26M | -103.37M | -8.4M | -93.74M | -2.65M | -41.83M | -10.65M | -93.85M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 902.83M | 0 | 696.97M | 657.82M | 405.51M | 562.54M | 301.6M | 0 | 0 | 0 | 0 |
| Net Stock Activity | -23.83M | -39.85M | -105.5M | 0 | -43.45M | -123.55M | 0 | 0 | 0 | 0 | -2.72M | -39.83M | -12.29M | -33.25M | -7.26M | 799.46M | -8.4M | 603.22M | 655.18M | 363.68M | 551.89M | 207.75M | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 0 | -1000K | 1000K |
| Other Financing | 8.09B | 23.55B | 11.94B | 16.19B | 11.65B | -821.4M | 0 | -10.43B | 4.35B | 17.8B | -7.09B | -6.25B | -4.42B | 0 | -48.37M | 2.56M | 11.39B | 5.41B | 35.05B | 6.31B | 3.43B | 2.14B | 3.82B | 85M | 8.85B | 3.44B |
| Net Change in Cash | 2.8B | 0 | 0 | 0 | 0 | 0 | 0 | -49.1B | -46.58B | 0 | 39.59B | -60.32B | 86.97B | 70.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.83B | -1.21B |
| Exchange Rate Effect | -21.77B | 2.3B | -4.05B | -15.2B | -892.29M | 22.78B | -2.45B | 752.83M | 751.77M | -806.31M | -5.62B | 2.91B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110.23B | 156.05B | 0 | 147.26B | 204.67B | 117.7B | 47.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.58B | 14.78B |
| Cash at End | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.13B | 109.47B | 0 | 186.85B | 144.35B | 204.67B | 117.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.41B | 13.58B |
| Interest 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 |
| Income 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 |
| Free Cash Flow | 43.47B | 46.19B | 31.69B | 36.38B | 28.87B | 19.57B | 46.9B | 4.87B | 10.54B | 23.67B | 29.69B | 11B | 19.76B | 11.96B | 26.11B | 21.11B | 20.05B | 19.42B | 3.57B | 10.06B | 7.21B | 6B | 4.52B | -8.08B | 11.05B | -178.82M |
| FCF Growth % | 55.37% | 45.73% | -12.89% | 26.03% | 47.54% | -58.28% | 862.53% | -53.78% | -55.47% | -20.28% | 169.86% | -44.32% | 65.15% | -54.18% | 23.69% | 5.27% | 3.29% | 443.79% | -64.51% | 39.5% | 20.14% | 32.96% | 155.88% | -173.09% | 6282.22% | - |
Asset quality and provisioning
As reported in recent financial filings, Bradesco's net income volatility, exemplified by the $985.1 million figure in 2026Q1, suggests that organic capital generation is currently constrained by the substantial $43.7 billion provision expense, which significantly limits the bank's capacity to retain earnings for future growth.
The wide variance in quarterly net income indicates that the bank's ability to build capital buffers is highly sensitive to credit cycle shifts. Investors should monitor whether the current level of earnings retention is sufficient to support regulatory capital requirements given the recent spike in loan loss provisions.
Based on the provided cash flow data, Bradesco's investment activity remains highly active, with a $13.9 billion purchase of securities in 2026Q1, suggesting that the bank continues to manage a large liquidity portfolio to navigate the fluctuations in the Brazilian interest rate environment.
The frequent turnover in the securities portfolio, often exceeding $10 billion per quarter in both purchases and sales, implies a tactical approach to duration management. This activity warrants further investigation to determine if the bank is successfully capturing yield or merely managing liquidity in response to deposit outflows.
According to historical cash flow statements, Bradesco has maintained dividend payments despite earnings pressure, with $590 million distributed in 2026Q1, which may indicate a commitment to shareholder returns that appears increasingly difficult to reconcile with the bank's current strained profitability and elevated credit loss provisioning.
The persistence of dividend outflows during periods of significant net income contraction suggests a reliance on capital reserves rather than current earnings. Investors should consider whether this payout policy is sustainable if the current trend of rising loan loss provisions continues to erode the bank's capital base.
Based on the reported figures, the dramatic shift in provision expenses, reaching $43.7 billion in 2026Q1 compared to zero in previous periods, highlights a significant risk to earnings quality and suggests that the bank is aggressively adjusting its reserves to address deteriorating asset quality.
This massive swing in provisions appears to be the primary driver of the bank's recent cash flow volatility. It remains unclear whether these provisions represent a permanent shift in the credit risk profile of the loan book or a discretionary management decision to front-load potential losses.
Quick answers to the most common questions about buying BBDO stock.
Banco Bradesco S.A. (BBDO) generated $47.08B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Banco Bradesco S.A. (BBDO) generated $46.19B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Banco Bradesco S.A. (BBDO) spent $2.08B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Banco Bradesco S.A. (BBDO) returned $2.12B to shareholders via cash dividends and spent $39.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.