Cash flow generation remains highly volatile, as demonstrated by the extreme OCF/NI ratio of -13.81 in 2024Q4 and a 2026Q1 dividend payment of 2.2 billion BRL that may outpace organic cash capacity.
| 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'03 |
|---|
| Cash from Operations | 11.94B | 4.99B | -21.13B | 36.61B | 6.85B | 6.81B | 42.32B | 24.87B | 8.28B | 50.29B | 6.75B | 4.03B | -4.62B | 20.68B | 3.4B | -11.75B | -10.36B | -12.21B | -13.21B | 15.44B | -481.23M | 2.49B |
| Operating CF Growth % | -194.07% | 123.62% | -157.71% | 434.75% | 0.59% | -83.91% | 70.14% | 200.48% | -83.54% | 645.21% | 67.61% | 187.24% | -122.32% | 507.73% | 128.97% | -13.4% | 15.13% | 7.6% | -185.53% | 3309.4% | -119.35% | - |
| Net Income | 29.04B | 12.97B | 13.41B | 9.45B | 14.34B | 15.56B | 13.45B | 16.63B | 12.8B | 9.14B | 7.46B | 9.83B | 5.71B | 5.85B | 5.49B | 7.75B | 7.38B | 5.51B | 2.38B | 1.9B | 0 | 1.62B |
| Depreciation & Amortization | 2.59B | 2.63B | 2.73B | 2.74B | 2.59B | 2.43B | 2.58B | 2.39B | 1.74B | 1.66B | 1.48B | 1.49B | 1.36B | 1.25B | 1.2B | 1B | 1.24B | 1.25B | 846M | 579.75M | 206.1M | 191.74M |
| Deferred Taxes | -4.41B | -4.8B | -1.26B | -6.11B | -748.91M | 2.05B | -8.35B | -3.09B | -1.82B | -617.23M | 5.13B | -10.4B | -2.39B | -2.75B | -2.79B | -1.59B | 112.05M | -1.02B | -1B | 34.85M | 0 | 0 |
| Other Non-Cash Items | 4.58B | 9.75B | -5.83B | 3.45B | 42.86B | -22.91B | -26.76B | 10.06B | 11.17B | 12.69B | 9.29B | -1.16B | 11.49B | 13.93B | 15.95B | 9.98B | 9.02B | 8.68B | 5.27B | 3.6B | 1.72B | 569.13M |
| Working Capital Changes | -3.91B | -15.55B | -30.18B | 27.04B | -52.19B | 9.68B | 61.4B | -1.11B | -15.62B | 27.42B | -16.62B | 4.27B | -20.79B | 2.39B | -16.46B | -28.89B | -28.11B | -26.63B | -20.7B | 9.33B | -2.41B | 100.98M |
| Cash from Investing | -3.78B | -3.32B | -2.02B | -2.58B | -2.71B | -1.93B | -1.16B | -2.51B | -2.36B | -1.45B | -1.27B | -760.84M | -3.16B | -2.32B | -1.56B | 848.52M | -2.33B | 2.73B | 9.96B | -1.51B | 231.84M | -2.84B |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.05M | -34.15M | -3.1M | 0 | 0 | -206.1M | 0 | -6.36M | 0 | 0 | -8.09M | -25.4M | -6.28M | -436.65M |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 154.25M | 0 | 0 | 7.32M |
| Net Investment Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.05M | -34.15M | 73.75M | 0 | 0 | -206.1M | 0 | -6.36M | 0 | 0 | 146.16M | -25.4M | -6.28M | -429.33M |
| Acquisitions | -26.32M | -7.5M | -114.21M | -5.05M | -460.25M | -13.75M | -13.57M | -746K | -111.22M | -275.09M | -393M | 857.89M | -1.03B | -162.65M | 0 | 2.74B | 0 | 4.44B | 12.15B | 0 | 13.44M | 205.58M |
| Other Investing | -2.13B | -1.88B | -1.05B | -1.13B | -1.12B | -750.17M | 86.4M | -587.81M | -818.5M | -37.35M | -75.9M | -548.44M | -288.29M | -174.37M | -109.12M | -811.72M | -1.01B | 112.78M | -233.91M | -1.16B | 417.42M | -2.35B |
| Cash from Financing | 2.87B | 4.4B | 930.18M | 5.82B | 12.75B | -658.51M | -34.15B | -26.2B | -3.3B | -44.3B | -18.19B | 4.36B | -7.34B | -1.04B | 8.75B | 10.57B | 3.31B | 11.45B | 3.72B | 158.93M | 1.35B | 323.26M |
| Dividends Paid | -7.21B | -6.5B | -5.62B | -5.45B | -7.39B | -9.91B | -10.28B | -6.95B | -6.08B | -5.65B | -3.21B | -3.99B | -2.2B | -2.05B | -2.5B | -3.93B | -2.73B | -1.54B | -1.5B | -900.01M | -92.89M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -506.28M | 0 | -110.22M | -219.7M | -312.31M | -378.78M | -90.03M | -247.03M | -167.31M | -121.14M | -57.79M | -112.75M | 0 | -1.95M | 0 | 0 | 0 | 0 |
| Stock Issued | 231.7M | 165.15M | 222.08M | 112.53M | 0 | 78.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.99B | 800M | 607.04M | 0 | 0 |
| Net Stock Activity | 231.7M | 165.15M | 222.08M | 112.53M | -506.28M | 78.32M | -110.22M | -219.7M | -312.31M | -378.78M | -90.03M | -247.03M | -167.31M | -121.14M | -57.79M | -112.75M | 0 | 12.98B | 800M | 607.04M | 0 | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 7.48B | 8.37B | 6.26B | -848.19M | -774.31M | -893.89M | 6.84M | 85.73M | 4.31B | -37.64B | -5.83B | 4.8M | -2.19B | 4.95B | -31.95M | -1.35B | 8.58B | -14.58B | 651M | 0 | 0 | 0 |
| Net Change in Cash | 11.02B | 6.07B | -22.22B | 39.85B | 16.9B | 4.22B | 7B | -3.84B | 2.61B | 4.54B | -15B | 9.73B | -14.59B | 18.37B | 10.6B | -329.49M | -9.38B | 1.98B | 464.73M | 14.09B | 1.1B | 0 |
| Exchange Rate Effect | -3.17M | 0 | 0 | 0 | 0 | 0 | 0 | -99K | 0 | 0 | -2.29B | 2.11B | 521.27M | 1.04B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 73.27B | 67.2B | 89.42B | 49.57B | 32.67B | 28.45B | 21.44B | 25.29B | 22.67B | 18.13B | 33.13B | 23.4B | 37.99B | 19.62B | 9.02B | 9.35B | 18.73B | 16.75B | 16.29B | 2.19B | 76.2M | 0 |
| Cash at End | 113.1B | 73.27B | 67.2B | 89.42B | 49.57B | 32.67B | 28.45B | 21.44B | 25.29B | 22.67B | 18.13B | 33.13B | 23.4B | 37.99B | 19.62B | 9.02B | 9.35B | 18.73B | 16.75B | 16.29B | 1.18B | 0 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.8B | 37.95B | 46.05B | 0 | 31B | 21.74B | 22.23B | 22.9B | 16.8B | 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 |
| Free Cash Flow | 8.12B | 1.34B | -23.74B | 33.26B | 3.98B | 4.44B | 40.31B | 21.43B | 5.27B | 48.45B | 5.2B | 2.25B | -7.03B | 18.32B | 1.41B | -13.66B | -12.77B | -15.49B | -16B | 13.87B | -981.64M | 2.22B |
| FCF Growth % | -73.28% | 105.63% | -171.38% | 735.02% | -10.32% | -88.98% | 88.14% | 306.83% | -89.13% | 830.78% | 131.76% | 131.93% | -138.4% | 1195.67% | 110.35% | -7.03% | 17.58% | 3.21% | -215.33% | 1513.41% | -144.22% | - |
Credit quality and SELIC volatility
According to recent SEC filings, BSBR's net income has remained volatile, with a 2026Q1 figure of 3.2 billion BRL, suggesting that the bank's ability to generate organic capital is frequently constrained by the significant fluctuations in its operating cash flow and recurring credit loss provisions.
The bank's capital generation capacity appears hampered by the inconsistency between reported net income and actual cash flows, which often diverge due to the nature of banking accruals. Investors should monitor whether the bank's reliance on retained earnings is sufficient to support its regulatory capital requirements given the ongoing pressure on net interest margins.
As reported in financial statements, BSBR maintained dividend payments of 2.2 billion BRL in 2026Q1 despite significant swings in operating cash flow, indicating a management preference for consistent shareholder returns that may occasionally outpace the bank's immediate cash-generative capacity during periods of elevated credit provisioning.
The dividend policy appears to be a strategic floor for the stock, yet the disconnect between cash outflows for dividends and the underlying volatility in operating cash flow warrants caution. This suggests that capital returns are being prioritized even when the bank's internal cash generation is under pressure from the broader Brazilian credit cycle.
Based on BSBR's reported figures, the bank recorded 1.3 billion BRL in loan loss provisions during 2026Q1, a metric that has historically spiked as high as 34.1 billion BRL in 2025Q3, highlighting the substantial impact of credit quality deterioration on the bank's overall cash flow stability.
The high variability in provisioning suggests that the bank's cash position is highly sensitive to the credit health of its retail and auto-finance segments. This volatility implies that the bank's cash flow statement is less a reflection of operational efficiency and more a barometer for the cyclical credit risks inherent in the Brazilian market.
As evidenced by the extreme swings in OCF/NI ratios, such as the -13.81 recorded in 2024Q4, the bank's cash flow statement appears to mask significant balance sheet movements, including potential adjustments for hedge accounting and deferred tax assets that complicate a traditional cash-based analysis of the firm.
The reported operating cash flow figures are heavily distorted by non-cash items and the timing of loan originations, making them poor indicators of true liquidity. Analysts should look past these headline numbers to the balance sheet to understand the true extent of the bank's exposure to currency hedges and tax-related accounting adjustments.
Quick answers to the most common questions about buying BSBR stock.
Banco Santander (Brasil) S.A. (BSBR) generated $4.99B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Banco Santander (Brasil) S.A. (BSBR) generated $1.34B 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 Santander (Brasil) S.A. (BSBR) spent $1.43B 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 Santander (Brasil) S.A. (BSBR) returned $6.50B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.