Operational cash flow remains deeply negative at -$74.3M for 2025Q2, driven by a substantial $196.4M outflow in working capital that obscures reported accounting profits.
| Cash from Operations | -203.19M | 90.17M | 232.79M |
| Operating CF Margin % | - | 1.22% | 3.55% |
| Operating CF Growth % | 0% | -61.26% | - |
| Net Income | 88.31M | 193.67M | 155.08M |
| Depreciation & Amortization | 4.9M | 7.51M | 6.73M |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 15.19M | 7.46M | -6.06M |
| Other Non-Cash Items | 19.47M | -42.34M | -110.14M |
| Working Capital Changes | -331.06M | -76.13M | 187.18M |
| Change in Receivables | -87.72M | -161.19M | 36.36M |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | -13.23M | 11.29M | 1.38M |
| Cash from Investing | -865K | -2.81M | -8M |
| Capital Expenditures | -859K | -2.81M | -2.23M |
| CapEx % of Revenue | - | 0.04% | 0.03% |
| Acquisitions | 0 | - | - |
| Investments | 13.71B | 12.79B | 9.86B |
| Other Investing | 0 | 0 | -5.77M |
| Cash from Financing | 67.51M | 154.55M | -68.38M |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 69.55M | 365.71M | 72.6M |
| Net Change in Cash | -124.69M | 288.05M | 209.72M |
| Free Cash Flow | -204.04M | 87.36M | 224.79M |
| FCF Margin % | - | 1.18% | 3.43% |
| FCF Growth % | - | -61.13% | - |
| FCF per Share | -2.53 | 1.11 | 2.85 |
| FCF Conversion (FCF/Net Income) | -2.31x | 0.47x | 1.50x |
| Interest Paid | 329.73M | 1.39B | 656.96M |
| Taxes Paid | 0 | 0 | 0 |
Working capital liquidity drain
As reported in recent financial statements, BRBI's operating cash flow to net income ratio plummeted to -1.64 in 2025Q2, indicating a significant divergence where reported accounting profits fail to translate into actual cash inflows, a trend that warrants close scrutiny by institutional investors monitoring the firm's liquidity.
The stark negative relationship between net income and operating cash flow suggests that the firm's earnings are heavily reliant on non-cash accruals or timing differences in fee recognition. This disconnect implies that the firm's reported profitability may be masking underlying cash generation challenges inherent in its transactional business model.
Based on the latest quarterly filings, BRBI experienced a substantial working capital outflow of $196.4M in 2025Q2, following a $134.7M outflow in the prior quarter, which suggests that the firm's cash position is being aggressively consumed by the timing of its financial intermediation and advisory activities.
The persistent and deepening negative working capital changes indicate that the firm is likely carrying significant receivables or funding client-related positions that tie up liquidity. Investors should monitor whether these outflows represent temporary timing mismatches or a structural shift in the firm's ability to collect fees efficiently.
According to the provided cash flow data, BRBI's free cash flow margin has deteriorated from -6.6% in 2025Q1 to -2.3% in 2025Q2, reflecting a continued inability to generate positive cash flow after accounting for the firm's capital requirements and the impact of its operational cash burn.
The negative FCF trajectory highlights the firm's current struggle to achieve self-sustaining cash generation, particularly when compared to the more robust margins of its global independent advisory peers. This trend suggests that the firm's current operational scale may be insufficient to cover its overhead and working capital needs during periods of market volatility.
As indicated by the 2025Q2 data, the firm's reported net income of $45.2M provides a misleading picture of financial health, as the cash flow statement reveals a massive $74.3M operating cash outflow, suggesting that the firm's core operations are currently consuming rather than generating liquid capital.
The reliance on transactional success fees likely creates a lumpy cash profile that the income statement fails to capture, potentially obscuring the true liquidity risk faced by the firm. Analysts should be wary of the firm's ability to maintain its current operational pace if these cash outflows continue to outstrip the reported accounting earnings.
Quick answers to the most common questions about buying BRBI stock.
BRBI BR Partners S.A. ADSs (BRBI) generated $90.2M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
BRBI BR Partners S.A. ADSs (BRBI) generated $87.4M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BRBI BR Partners S.A. ADSs (BRBI) spent $2.8M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.