Operating cash flow has shown significant volatility, including a low of -$9.1 billion in 2026Q1, yet the bank continues to sustain a consistent quarterly dividend payout of approximately $1.5 billion.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 6.2B | 5.41B | 15.65B | 11.47B | 16.94B | -12.81B | 56.66B | -12.03B | 17.81B | 16.58B | 4.1B | 13.85B | 4.94B | 9.74B | 8.07B | 1.06B | -2.94B | -11.05B | 20.11B | 2.01B | -5.96B | -3.32B | 977.81M | -7.11B | -3.05B | -457.07M | -4.73B | 2.2B | 206M | 39M | 2.21B |
| Operating CF Growth % | 72.81% | -65.45% | 36.46% | -32.3% | 232.29% | -122.6% | 571.22% | -167.51% | 7.4% | 304.59% | -70.4% | 180.08% | -49.26% | 20.76% | 659.08% | 136.1% | 73.34% | -154.93% | 900.01% | 133.72% | -79.57% | -439.69% | 113.75% | -133.27% | -566.92% | 90.33% | -315.01% | 967.48% | 428.21% | -98.23% | 281.83% |
| Net Income | 9.55B | 7.76B | 7.76B | 7.53B | 10.17B | 9.96B | 6.85B | 8.8B | 8.72B | 8.24B | 7.37B | 7.21B | 7.3B | 6.7B | 6.47B | 5.27B | 4.24B | 3.55B | 3.14B | 4.05B | 3.58B | 3.21B | 2.93B | 2.48B | 1.8B | 2.17B | 1.93B | 1.55B | 1.39B | 1.51B | 1.07B |
| Depreciation & Amortization | 808M | 1.6B | 1.76B | 1.82B | 1.53B | 1.51B | 1.55B | 1.05B | 848M | 761M | 684M | 584M | 526M | 520M | 450M | 411M | 334M | 330M | 291.01M | 266.77M | 230M | 201.91M | 215.8M | 237.37M | 271.03M | 295.19M | 295M | 277M | 248M | 185M | 162M |
| Deferred Taxes | 1.49B | 2.75B | 2.03B | 2.23B | 2.76B | 2.87B | 1.54B | 2.47B | 2.38B | 2.03B | 2.03B | 1.85B | 2B | 1.76B | 1.58B | 201M | 557M | 162M | -366.76M | -105.95M | -178.39M | -231.43M | -86.56M | -108.14M | 104.36M | 107.92M | 34M | -26M | -155M | 6M | -47M |
| Other Non-Cash Items | 8.31B | 1.21B | 2.2B | 4.31B | -594M | -967M | 3B | -90M | 93M | 872M | 148M | -1.15B | -1.86B | -1.17B | -1.33B | -286M | 884M | 2.16B | 7.04B | -2.97B | 3.74B | 1.33B | 10.97M | 254.52M | 2.51B | 109.51M | 1.36B | 1.79B | 686M | -490M | 800M |
| Working Capital Changes | -14.03B | -7.93B | 1.89B | -4.83B | 3.06B | -26.18B | 43.72B | -24.27B | 5.76B | 4.67B | -6.14B | 5.33B | -3.06B | 1.89B | 861M | -5.34B | -8.96B | -17.24B | 9.63B | 931.79M | -12.96B | -7.01B | -102.41M | 406.17M | -146.42M | -104.75M | -560M | 859M | -445M | -338M | 223M |
| Cash from Investing | -50.7B | 1.57B | -7.45B | -30.04B | -11.29B | 14.7B | -56.46B | 15.22B | -13.72B | -12.54B | -2.75B | -13.52B | -586M | -3.23B | -11.33B | -33.78B | -25.73B | -8.13B | -51.74B | -45.02B | -47.28B | -27.54B | 3.37B | -1.82B | -15.43B | -304.71M | -17.95B | 1.4B | -28.14B | -11.34B | -9.92B |
| Purchase of Investments | -69.73B | -70.1B | -108.28B | -100.92B | -97.74B | -72.26B | -147.63B | -89.02B | -91.9B | -64.56B | -94.44B | -44.68B | -47.33B | -47.89B | -34.86B | -23.24B | -28.13B | -40.2B | -41.44B | -32.13B | -41.33B | -26.2B | -24.47B | -26.57B | -29.43B | 41.4B | -28.47B | -22.71B | 0 | 0 | -3.8B |
| Sale/Maturity of Investments | 52.72B | 75.45B | 76.79B | 94.88B | 63.13B | 103.77B | 119.03B | 86.96B | 84.34B | 66.18B | 65.07B | 41.65B | 44.88B | 52.65B | 31.78B | 31.92B | 39.52B | 39.41B | 39.98B | 33.18B | 33.16B | 23.68B | 29.13B | 25.85B | 31.97B | -46.57B | 29.49B | 20.6B | 21M | 556M | 0 |
| Net Investment Activity | -17.01B | 5.36B | -31.49B | -6.04B | -34.61B | 31.51B | -28.6B | -2.06B | -7.56B | 1.62B | -29.37B | -3.04B | -2.45B | 4.76B | -3.08B | 8.68B | 11.4B | -790M | -1.46B | 1.05B | -8.17B | -2.52B | 4.65B | -713.44M | 2.53B | -5.18B | 1.02B | -2.11B | 21M | 556M | -3.8B |
| Acquisitions | -1.24B | -2.64B | 0 | 895M | -549M | -717M | 3.94B | 20M | -3.86B | 229M | -1.05B | -701M | 2.04B | -3.44B | -458M | -41.55B | -36.13B | -5.5B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -31.87B | -807M | 24.53B | -24.45B | 24.43B | -15.63B | -31.03B | 17.45B | -1.89B | -385M | 28.02B | -9.5B | 98M | -4.4B | -7.37B | -544M | -690M | -1.64B | -49.81B | -45.75B | -38.86B | -24.85B | -1.06B | -970.59M | -17.92B | 5.03B | -18.87B | 3.72B | -27.9B | -10.37B | -5.92B |
| Cash from Financing | 42.69B | -6.31B | -8.84B | 16.71B | -4.58B | -2.78B | 28.13B | -1.29B | -2.87B | -2.93B | -1.2B | 263M | -4.19B | -7.21B | 4.09B | 33.34B | 29.19B | 20.17B | 31.77B | 43.12B | 53.09B | 31.47B | -3.27B | 9.38B | 18.2B | 952.23M | 22.52B | -3.54B | 30.13B | 11.29B | 7.85B |
| Dividends Paid | -5.95B | -5.88B | -5.67B | -5.42B | -5.12B | -4.6B | -4.56B | -4.44B | -4.17B | -3.8B | -3.6B | -3.41B | -3.27B | -3.08B | -2.71B | -2.42B | -2.22B | -2.18B | -2B | -1.77B | -1.51B | -1.34B | -1.14B | -900.7M | -836.45M | -685.61M | -568M | -507M | -490M | -454M | -418M |
| Share Repurchases | -2.02B | -895M | 0 | 0 | -3.37B | -1.26B | -679M | -1.38B | -1.33B | -1.58B | -770M | -955M | -1.47B | -300M | 0 | 0 | 0 | 0 | -40M | -629M | -350M | -1.06B | -319M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 266.18M | 210M | 1.95B | 1.4B | 137M | 2.27B | 59M | 255M | 2.13B | 313M | 1.74B | 101M | 753M | 1.26B | 4.2B | 736M | 753M | 585M | 234M | 112M | 118M | 416M | 114M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.76B | -685M | 1.95B | 1.4B | -3.24B | 1.01B | -620M | -1.12B | 803M | -1.27B | 971M | -854M | -717M | 956M | 4.2B | 736M | 753M | 585M | 194M | -517M | -232M | -641M | -205M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 0 | 1000K | 1000K | 1000K | -1000K | 1000K | 0 | 0 | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 32.9B | -360M | -3.26B | 19.69B | -506M | 1.91B | 33.45B | 63.5B | 41.07B | 29.59B | 7.32B | 14.63B | 21.02B | 5.98B | -622M | -2.6B | 19.43B | 15.24B | 28B | 45.14B | 44.7B | 33.46B | -1.92B | 10.03B | 16.04B | 2.61B | 15.23B | -5.43B | 27.73B | 8.38B | 6.71B |
| Net Change in Cash | -1.71B | 850M | -767M | -892M | 1.37B | -1.43B | 219M | 1.91B | 1.17B | 970M | 131M | 896M | 379M | -587M | 742M | 564M | 375M | 781M | 436.51M | -141.9M | -221.03M | 579.76M | 1.02B | 307.27M | -372.27M | 228.54M | -154M | -124M | 2.2B | 61M | 134M |
| Exchange Rate Effect | 1.62B | 183M | -131M | 190M | 301M | -543M | -129M | 2M | -44M | -142M | -18M | 305M | 207M | 102M | -88M | -59M | -136M | -209M | 297.02M | -257.31M | -59.46M | -35.42M | -53.65M | -147.7M | -96.57M | 36.5M | -2M | -176M | 0 | 70M | 0 |
| Cash at Beginning | 8.73B | 9.41B | 10.17B | 11.06B | 9.69B | 11.12B | 10.9B | 9B | 7.83B | 6.86B | 6.72B | 5.83B | 5.45B | 6.04B | 4.29B | 3.73B | 3.35B | 2.57B | 2.14B | 2.28B | 2.5B | 1.92B | 897.34M | 589.48M | 961.06M | 733.22M | 888M | 2.95B | 2.23B | 2.17B | 2.04B |
| Cash at End | 9.1B | 10.26B | 9.41B | 10.17B | 11.06B | 9.69B | 11.12B | 10.9B | 9B | 7.83B | 6.86B | 6.72B | 5.83B | 5.45B | 5.04B | 4.29B | 3.73B | 3.35B | 2.57B | 2.14B | 2.28B | 2.5B | 1.92B | 896.74M | 588.79M | 961.75M | 734M | 2.83B | 4.43B | 2.23B | 2.17B |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.57B | 8.41B | 11.14B | 14.54B | 13.63B | 10.56B | 8.14B | 6.58B | 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 | 1.3B | 1.79B | 1.23B | 1.21B | 905M | 1.01B | 907M | 751M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -384.25M | 5.06B | 15.16B | 31.28B | 16.37B | -13.27B | 55.89B | -12.21B | 17.39B | 2.58B | 3.75B | 13.56B | 4.67B | 9.6B | 7.63B | 697M | -3.25B | -11.25B | 19.65B | 1.69B | -6.22B | -3.49B | 749.82M | -7.25B | -3.09B | -620.54M | -4.83B | 1.98B | -53M | -1.48B | 2.01B |
| FCF Growth % | -101.82% | -66.63% | -51.53% | 91.07% | 223.39% | -123.74% | 557.73% | -170.2% | 573.96% | -31.19% | -72.35% | 190.66% | -51.38% | 25.71% | 995.41% | 121.45% | 71.11% | -157.24% | 1059.66% | 127.24% | -78.27% | -565.34% | 110.35% | -134.8% | -397.26% | 87.15% | -343.47% | 3841.51% | 96.42% | -173.8% | 1221.05% |
International credit quality volatility
According to recent quarterly filings, BNS has maintained a consistent dividend payout of approximately $1.5 billion per quarter, even as operating cash flow volatility reached a low of -$9.1 billion in 2026Q1, suggesting a reliance on capital reserves to sustain shareholder distributions during periods of operational stress.
The bank's commitment to its dividend appears to be a structural priority, yet the divergence between cash generation and payout levels warrants caution. Investors should monitor whether the current pace of buybacks, which totaled $641.8 million in 2026Q2, remains prudent if operating cash flow continues to exhibit such significant quarterly swings.
As reported in financial statements, BNS has engaged in substantial investment activity, with purchase volumes reaching $42.3 billion in 2026Q1, indicating that the bank is actively rotating its securities portfolio to manage duration and yield in response to shifting interest rate expectations across its diverse geographic footprint.
The high turnover in the investment portfolio suggests that management is attempting to optimize the balance sheet for a changing rate environment. However, the lack of consistent net positive cash flow from these activities implies that the bank may be struggling to lock in long-term yield advantages.
Based on the provided data, provisions for credit losses have stabilized at $1.2 billion as of 2026Q2, marking a clear departure from the extreme volatility observed in early 2024 when negative provisions created significant distortions in the bank's reported cash flow and overall earnings profile.
This stabilization suggests that the bank's internal models are now reflecting a more consistent view of credit risk, particularly within the international retail segment. Analysts should interpret this as a move toward operational predictability, though the underlying credit quality remains sensitive to macroeconomic conditions in Pacific Alliance markets.
As indicated by the quarterly data, BNS generated $2.6 billion in net income during 2026Q2, providing a foundation for capital retention that appears sufficient to support regulatory requirements despite the inherent volatility in the bank's operating cash flow metrics over the last ten quarters.
The bank's ability to generate organic capital remains a critical buffer against potential credit deterioration in its international operations. While net income has shown resilience, the high variability in OCF/NI ratios suggests that reported earnings may not always translate into immediate liquidity, necessitating a focus on CET1 ratios.
Quick answers to the most common questions about buying BNS stock.
The Bank of Nova Scotia (BNS) generated $5.41B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Bank of Nova Scotia (BNS) generated $5.06B 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.
The Bank of Nova Scotia (BNS) spent $347.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Bank of Nova Scotia (BNS) returned $5.88B to shareholders via cash dividends and spent $895.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.