Operating cash flow remains highly volatile, evidenced by a 916.7 billion ARS outflow in 2025Q1, while dividend distributions like the 72.6 billion ARS paid in 2026Q1 appear contingent on shifting liquidity conditions.
| 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 |
|---|
| Cash from Operations | -283.38B | 0 | 918.59B | -244.15B | 601.77B | 126.29B | 351.9B | 160.04B | -24.57B | 11.05B | 0 | 6.37B | 0 | 1.99B | 4.46B | 3.88B | 4.58B | -515.44M | 1.29B | -316.21M | 2.86B | 1.09B | 1.42B |
| Operating CF Growth % | -76.31% | -100% | 476.24% | -140.57% | 376.51% | -64.11% | 119.88% | 751.33% | -322.38% | - | -100% | - | -100% | -55.35% | 15.05% | -15.23% | 987.63% | -140.08% | 506.72% | -111.07% | 161.02% | -22.97% | - |
| Net Income | 371.55B | 289.42B | 129.16B | 972.16M | 24.04B | 145.94B | 70.31B | 26.48B | 391.68B | 22.07B | 0 | 5.01B | 0 | 2.4B | 0 | 0 | 0 | 0 | 0 | 1.53B | 1.3B | 796.3M | 576.88M |
| Depreciation & Amortization | 88.07B | 0 | 138.14B | 64.92M | 103.41B | 43.22B | 12.94B | 4.09B | 65.92B | 2.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -99.42T | -289.42B | 5.45T | 1.69T | 32.29B | -96.95B | 340.9B | 123.82B | -2.89T | 56.24B | 0 | 1.36B | 0 | -406.52M | 4.46B | 3.88B | 6.23B | -1.06B | -505.89M | -1.81B | 1.43B | 297.66M | 843.33M |
| Working Capital Changes | -1.65T | 0 | -4.79T | -1.94T | 442.03B | 34.07B | -72.27B | 5.65B | 2.4T | -69.43B | 0 | 0 | 0 | 0 | 0 | 0 | -1.66B | 545.68M | 1.79B | -30.92M | 125.19M | 0 | 0 |
| Cash from Investing | -68.27B | 0 | -175.87B | 232.96B | -164.99B | -42.03B | -10.81B | -5.64B | -1.97B | -2.94B | 0 | -983.48M | 0 | 0 | -206.47M | -1B | -206.41M | 1.15B | -45.09M | -249.23M | -3.59B | -3B | -3.87B |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -364.9M | 0 | -2.07M | 0 | 0 | -2.14B | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 9.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 570.56K | 3M | 0 | 1.92B | 0 | 1.42B |
| Net Investment Activity | 0 | 0 | 0 | 9.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -364.9M | 570.56K | 934.82K | 0 | 1.92B | -2.14B | 1.42B |
| Acquisitions | 0 | 0 | -8.53B | -24.54M | 0 | -216.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | -42.82B | 280.87B | -89.24B | 0 | 0 | 0 | 110.61B | -2.94B | 400.42M | -601.27M | 261.18M | 174.96M | 393.81M | -572.34M | 386.65M | 1.28B | 191.17M | -9.88M | -5.51B | -855.74M | -5.29B |
| Cash from Financing | 961.9B | 0 | 491.52B | -2.9T | 154.79B | -306.88B | 146.53B | -31.88B | 112.13B | 29.58B | 0 | -355.19M | 0 | 0 | -195.88M | -2.56B | -1.99B | 1.09B | -822.31M | 1.98B | 5.13B | 1.35B | 4.53B |
| Dividends Paid | -106.57B | 0 | -466.94B | -179.68M | -59.46B | 0 | -1.18M | -5.81B | -201.83B | -936.71M | 0 | 0 | 0 | -18.65K | -83.46K | -2.14B | -826.77M | -564.29M | -557M | -316.19M | -209.21M | -92.28M | -182.03M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.15M | -222.73B | 0 | 0 | 0 | 0 | 0 | 0 | -95.48M | 0 | -57.75M | -391.61M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 467.79M | 0 | 0 |
| Net Stock Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.15M | -222.73B | 30.7B | 0 | 0 | 0 | 0 | 0 | -95.48M | 0 | -57.75M | -391.61M | 0 | 467.79M | 0 | 0 |
| Debt Issuance (Net) | 2M | 0 | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 0 | -1000K | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 0 | 0 |
| Other Financing | 492.37B | 0 | 1.08T | -2.91T | 220.62B | -297.96B | 164.91B | -25.26B | 421.46B | -3.37B | 0 | 0 | 0 | 74.96M | 714.59M | -268.06M | -75.48K | 2.42B | 380.84M | -9.95M | 6.31B | 1.44B | 4.72B |
| Net Change in Cash | -3482.98T | -2.86T | -199.12B | -950.85B | 1.73T | -171.34B | 574.4B | 70.03B | 101.39B | 42.4B | 0 | 22.67B | 0 | 0 | 19.13B | 181.97M | 2.36B | 1.87B | 406.47M | 1.51B | 4.4B | -555.01M | 2.09B |
| Exchange Rate Effect | -475.58B | 0 | -1.44T | 1.98T | 393.37B | 52.77B | 85.78B | 0 | 16.58B | 2.46B | 0 | 0 | 0 | 0 | 0 | -75.84M | 0 | 0 | 0 | 92.59M | 0 | 0 | 0 |
| Cash at Beginning | 4.95T | 2.86T | 3.01T | 2.34T | 603.73B | 2.41T | 200.66B | 412.94B | 3.68T | 39.82B | 0 | 0 | 0 | 0 | 27.11B | 25.42B | 21.44B | 13.4B | 10.15B | 8.1B | 3.64B | 4.16B | 2.02B |
| Cash at End | 4.96T | 0 | 2.86T | 1.38T | 2.34T | 1.88T | 775.06B | 302.88B | 5.84T | 82.22B | 0 | 22.67B | 0 | 0 | 46.24B | 26.19B | 23.8B | 20.53B | 11.48B | 9.61B | 8.04B | 3.6B | 4.1B |
| 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 |
| Income Taxes Paid | 0 | 0 | 2.36T | 4.49T | 1.59T | 732.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -351.65B | 0 | 794.07B | -142.3B | 1.54T | 229.96B | 341.09B | 154.4B | 3.29T | -26.5B | 0 | 5.84B | 0 | 1.82B | 4.07B | 3.45B | 4.35B | 8.26B | 3.75B | -555.56M | 2.86B | 1.09B | 1.42B |
| FCF Growth % | -210.65% | -100% | 658.02% | -109.26% | 568.16% | -32.58% | 120.91% | -95.31% | 12528.37% | - | -100% | - | -100% | -55.31% | 18.09% | -20.64% | -47.38% | 120.19% | 775.4% | -119.46% | 161.02% | -22.97% | - |
Hyperinflationary liquidity volatility
According to recent SEC filings, Banco Macro's net income volatility, exemplified by the 2026Q1 profit of 140.2 billion ARS, suggests that organic capital generation remains highly sensitive to the bank's ability to navigate the inflationary environment and the shifting yield profile of its central bank-linked assets.
The erratic nature of net income, which swung from a 316.6 billion ARS loss in 2024Q2 to a 504.0 billion ARS profit in 2023Q4, indicates that capital generation is less a function of operational efficiency and more a byproduct of monetary policy adjustments. Investors should monitor whether the bank can sustain capital buffers without relying on the revaluation of its sovereign-linked portfolio.
As reported in financial statements, Banco Macro's dividend payments, including the 72.6 billion ARS distributed in 2026Q1, appear to be managed with a conservative bias, yet the inconsistency in payout timing suggests that capital returns are prioritized only when liquidity conditions in the Argentine market permit.
The bank's history of intermittent dividend payments, ranging from negligible amounts to 256.4 billion ARS in 2024Q2, implies that management views capital return as a secondary objective to maintaining liquidity. This approach may indicate a defensive posture intended to preserve capital against the backdrop of persistent macroeconomic instability.
Based on BMA's reported figures, the surge in loan loss provisions to 238.8 billion ARS in 2026Q1 suggests that the bank is aggressively front-loading credit costs to mitigate potential defaults within its retail and provincial government-linked loan books as economic conditions in the interior provinces remain uncertain.
The significant escalation in provisioning relative to prior periods may indicate that management anticipates a deterioration in asset quality as inflationary pressures erode the purchasing power of the bank's consumer base. This proactive stance appears necessary to protect the balance sheet from the non-linear risks inherent in the Argentine credit cycle.
As indicated by the extreme fluctuations in operating cash flow, such as the 916.7 billion ARS outflow in 2025Q1, the bank's cash flow statement appears heavily distorted by the accounting treatment of monetary assets and the mandatory reserve requirements imposed by the Argentine central bank.
The lack of correlation between net income and operating cash flow, evidenced by the 4.45x OCF/NI ratio in 2026Q1, suggests that traditional cash flow metrics are of limited utility for assessing BMA's operational health. Analysts should treat these figures as secondary to the balance sheet, which better captures the bank's exposure to sovereign debt and liquidity constraints.
Quick answers to the most common questions about buying BMA stock.
Banco Macro S.A. (BMA) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Banco Macro S.A. (BMA) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Banco Macro S.A. (BMA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.