Free cash flow remains highly inconsistent, ranging from a deficit of $55.3B in 2025Q2 to a peak of $133.5B in 2025Q4, highlighting the lumpy nature of land divestitures and working capital volatility.
| Metric | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 |
|---|
| Cash from Operations | 102.68B | 68.61B | 133.65B | 174.66B | 31.42B | 88.01B | 38.37B | 24.15B | 16.55B | 4.22B | 512M | 883M | 648.52M | 668.41M | 553.24M | 334.97M | 248.41M | -48.5M | -54.86M | -21.49M | -10.1M | -281.71K | 11.49M | 20.8M | 7.88M | 9.99M | -1.56M | -23.18M |
| Operating CF Margin % | 11.23% | 9.64% | 18.89% | 22.75% | 20.95% | 107.02% | 80.73% | 25.89% | 24.37% | 27.01% | 9.06% | 19.18% | 18.38% | 23.37% | 21.78% | 17.8% | 17.41% | -14.04% | -26.34% | -12.08% | -6.93% | -0.4% | 15.89% | 28.62% | 22.65% | 28.45% | -3.58% | -43.77% |
| Operating CF Growth % | 49.65% | -48.67% | -23.48% | 455.97% | -64.31% | 129.39% | 58.87% | 45.95% | 292.2% | 724.02% | -42.02% | 36.16% | -2.98% | 20.82% | 65.16% | 34.85% | 612.15% | 11.59% | -155.24% | -112.88% | -3484.06% | -102.45% | -44.75% | 163.86% | -21.14% | 741.04% | 93.27% | - |
| Net Income | 96.15B | 93.98B | 162.99B | 504.59B | -57.43B | 56.1B | -65.51B | -9.02B | -5.21B | 8.3B | 2.24B | -1.41B | 154.26M | 58.48M | 221.93M | 185.41M | 124.62M | 22.95M | 48.24M | 32.92M | 76.77M | 32.21M | 65.38M | -40.6M | 3.83M | 1.35M | 1.04M | 18.87M |
| Depreciation & Amortization | 16.24B | 10.57B | 2.69B | 9.89B | 2.94B | 4.83B | 735M | 9.74B | 7.84B | 1.54B | 112M | 297M | 279.74M | 233.14M | 124.72M | 135.99M | 87.59M | 6.47M | 4.36M | 5.12M | 4.17M | 3.95M | 3.57M | 3.63M | 1.69M | 1.69M | 1.54M | 1.39M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 94M | 89M | 177M | 46M | 31M | 69M | 10.55M | 6.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -16.69B | -61.87B | -270.18B | 15.83B | 98.77B | 19.59B | 820M | -9.96B | 1.83B | 5.79B | 1.4B | -389M | 33.52M | 21.96M | 110.07M | 145.95M | 92.68M | 284K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 65.28B | 66.43B | 260.22B | -512.09B | -39.9B | -4.32B | 106.76B | 30.64B | 9.52B | -10.84B | -2.98B | 2.06B | -13.26M | 307.58M | 396.48M | 172.7M | 78.86M | -24.41M | -47.57M | -37.03M | -77.38M | -24.58M | -78.97M | 45.57M | -7.08M | -2.63M | -2.9M | -7.21M |
| Working Capital Changes | -58.3B | -40.51B | -22.07B | 156.44B | 27.02B | 11.81B | -4.53B | 2.67B | 2.39B | -621M | -286M | 260M | 183.71M | 40.99M | -299.96M | -305.07M | -135.34M | -53.8M | -59.89M | -22.5M | -13.65M | -11.86M | 21.51M | 12.2M | 9.43M | 9.58M | -1.24M | -36.23M |
| Change in Receivables | -21.49B | 100.19B | 42.46B | 36.67B | 14.79B | 13.21B | 666M | 82M | -2.62B | -715M | -480M | 268M | -265.43M | -51.91M | -194.17M | -191.09M | -281.12M | -12.03M | -51.55M | -28.4M | -7.25M | -11.2M | 10.87M | 7.88M | -628.72K | 5.47M | 6.38M | -5.73M |
| Change in Inventory | 52.26B | 40.99B | 20.11B | 188.8B | 24.62B | 13.17B | 183M | 1.81B | 3.32B | -127M | -17M | 97M | 234.27M | 245.54M | -58.55M | -36.91M | 92.99M | -71.09M | -27.63M | 9.95M | -8.82M | -17.28M | 19.1M | -3.38M | 5.45M | 6.06M | 7.87M | -28.88M |
| Change in Payables | -96.28B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.96M | 25.11M | 51.1M | 15.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -112.32B | 92.57B | 55.42B | 103.27B | 258.54B | 111.46B | 15.85B | -31.55B | -4.63B | 8.64B | 855M | -886M | -93.01M | -353.92M | -791.51M | -550.43M | -316.06M | -434.43M | -847.13K | -110.99M | 62.71M | -25.17M | -201.57M | 35.4M | -29.25M | -5.41M | 18.14M | -25.18M |
| Capital Expenditures | -48.48B | -78.38B | -67.61B | -32.22B | -7.15B | -3.45B | -2.7B | -6.56B | -5.25B | -591M | -239M | -139M | -153.31M | -125.99M | -169.95M | -211.6M | -317.19M | -28.02M | -28.66M | -55.83M | -25.95M | -15.24M | -31.17M | -843.78K | -1.44M | -2.67M | -6.03M | -23.45M |
| CapEx % of Revenue | 5.3% | 11.02% | 9.56% | 4.2% | 4.77% | 4.2% | 5.68% | 7.03% | 7.73% | 3.78% | 4.23% | 3.02% | 4.35% | 4.41% | 6.69% | 11.24% | 22.22% | 8.11% | 13.76% | 31.39% | 17.82% | 21.81% | 43.08% | 1.16% | 4.13% | 7.61% | 13.83% | 44.28% |
| Acquisitions | 28.17B | 23.78B | -69M | -5.45B | -10.12B | -4.65B | 0 | -62M | -1.31B | 9.19B | -1.31B | -1.17B | -211.21M | -64.52M | -346.6M | -9.89M | 81.59M | -407.52M | 0 | -1.86M | -25.95M | -14.63M | -185.78M | 0 | 0 | -815.52K | -1M | -3.67M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 851M | 132.43B | 125.44B | 214.74B | 223.87B | 95.82B | 8.98B | -20.22B | 514M | -568M | 2.53B | 234M | 141.93M | 12.83M | 14.12M | 22.84M | -5.3M | 408.15M | 28.52M | 11.38M | 55.52M | 19.31M | 15.38M | 51.58M | 7.28M | -1.92M | 25.17M | 1.94M |
| Cash from Financing | 166.58B | -208.53B | -337.14B | -296.48B | -189.64B | -191.05B | -38.65B | -4.01B | 4.24B | -4.65B | -1.78B | -446M | -17.16M | -478.94M | 768.17M | 179.44M | -241.77M | 917.83M | 113.18M | 92.35M | 1.69M | 16.73M | 166.54M | -19.54M | 12.11M | -11.87M | -27.45M | 0 |
| Debt Issued (Net) | 263.63B | 37.97B | -23.23B | -100.85B | -99.03B | 6.25B | 6.47B | 2.04B | 18.89B | 1.5B | -619M | 316M | 791.78M | 116M | 1.14B | 397.71M | -128.49M | 33.51M | 38.47M | 65.07M | -7.36M | -3.94M | 164.69M | -13.02M | 13.4M | 0 | 0 | -20.06K |
| Equity Issued (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | 0 | -1000K | -1000K | 0 | 0 | -1000K | -1000K | 0 | 0 | 0 | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 563.13K | 0 | 0 | -1000K | 0 |
| Dividends Paid | -87.43B | -123.59B | -43.86B | -66.59B | -11.66B | -2.55B | 0 | 0 | -4.54B | -239M | -34M | -244M | -239.35M | -141.07M | -69M | -60M | -43.06M | -8.25M | -5.37M | -10.01M | -3M | -1.51M | -1.73M | -7.31M | -1.29M | -11M | -3.77M | 0 |
| Share Repurchases | -16.46B | -13.19B | -25.56B | -1.2B | 0 | 0 | -1.84B | -1.78B | 0 | 0 | -33M | -98M | 0 | 0 | 0 | 0 | -73.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.11M | 0 |
| Other Financing | -4.96B | -109.72B | -244.48B | -128.82B | -123.62B | -194.75B | -43.28B | -4.27B | -10.1B | -5.9B | -1.09B | -420M | -569.59M | -453.87M | -307.34M | -158.27M | 2.98M | 11.46M | -2.18M | -16.35M | 899.61K | -1.31M | 0 | 224.74K | 0 | -868.85K | -8.57M | 20.06K |
| Net Change in Cash | 91.03B | -30.02B | -134.96B | 182.3B | -438.58B | 28.63B | 5.06B | 12.93B | 17.38B | 13.46B | -369M | -45M | 575.66M | -222.63M | 529.89M | -36.02M | -309.41M | 434.9M | 57.47M | -40.13M | 54.3M | -8.73M | -23.54M | 36.65M | -9.26M | -7.28M | -10.87M | -48.36M |
| Free Cash Flow | 56.95B | -11.93B | 66.04B | 141.53B | 23.97B | 84.39B | 35.35B | 15.93B | 10.46B | 3.54B | 263M | 729M | 492.51M | 538.33M | 383.29M | 123.37M | -68.78M | -76.52M | -83.52M | -77.33M | -36.04M | -15.52M | -19.68M | 19.95M | 6.45M | 7.32M | -7.59M | -46.64M |
| FCF Margin % | 6.23% | -1.68% | 9.34% | 18.44% | 15.99% | 102.61% | 74.38% | 17.07% | 15.4% | 22.65% | 4.65% | 15.83% | 13.96% | 18.82% | 15.09% | 6.55% | -4.82% | -22.15% | -40.1% | -43.47% | -24.75% | -22.21% | -27.2% | 27.46% | 18.53% | 20.84% | -17.41% | -88.06% |
| FCF Growth % | 577.5% | -118.06% | -53.34% | 490.51% | -71.6% | 138.7% | 122% | 52.25% | 195.56% | 1245.63% | -63.92% | 48.02% | -8.51% | 40.45% | 210.68% | 279.38% | 10.12% | 8.38% | -8.01% | -114.53% | -132.21% | 21.1% | -198.6% | 209.56% | -11.94% | 196.44% | 83.72% | - |
| FCF per Share | 86.01 | -16.99 | 95.47 | 206.40 | 44.06 | 158.85 | 66.55 | 29.88 | 19.82 | 6.38 | 0.43 | 1.32 | 0.89 | 0.86 | 0.61 | 0.20 | -0.11 | -0.17 | -0.22 | -0.26 | -0.09 | -0.04 | -0.05 | 0.14 | 0.05 | 0.05 | -0.05 | -0.32 |
| FCF Conversion (FCF/Net Income) | 1.07x | 0.87x | 0.82x | 0.59x | -0.71x | 9.09x | -0.95x | 3.96x | -26.52x | 0.82x | 0.54x | -0.83x | -24.10x | -31.34x | 2.49x | 1.81x | 1.99x | -2.11x | -1.14x | -0.65x | -0.13x | -0.01x | 0.18x | -0.51x | 2.06x | 7.38x | -1.50x | -1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167.36M | 114.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.23M | 45.07M | 58.95M | 4.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyperinflationary currency volatility
As reported in financial statements, CRESW's OCF/NI ratio has fluctuated wildly, reaching a high of 4.48 in 2024Q2 and a low of -0.72 in 2025Q1, illustrating a fundamental disconnect between accounting net income and the actual cash generated by the underlying agricultural and real estate operations.
The extreme volatility in the conversion ratio suggests that non-cash fair value adjustments, particularly regarding biological assets and real estate holdings, are significantly distorting the reported bottom line. Investors should monitor this divergence closely, as it indicates that reported earnings may not serve as a reliable proxy for the company's ability to generate sustainable cash flow.
Based on recent SEC filings, CRESW's free cash flow trajectory remains highly inconsistent, swinging from a peak of $133.5B in 2025Q4 to a deficit of $55.3B in 2025Q2, reflecting the lumpy nature of land divestitures and the cyclicality inherent in the firm's agricultural production model.
The lack of a stable FCF trend suggests that the company's cash generation is heavily dependent on opportunistic asset sales rather than recurring operational efficiency. This volatility complicates long-term capital planning and may indicate that the firm's cash position is susceptible to sudden shifts in market liquidity.
According to the provided quarterly data, working capital changes have been a major source of cash flow instability, with a massive $70.3B outflow in 2025Q3 followed by a $25.8B inflow in 2025Q4, highlighting the significant impact of seasonal harvest cycles and inflationary inventory management on cash.
These sharp swings in working capital suggest that the company is frequently forced to absorb the costs of holding inventory in a hyperinflationary environment. The inability to maintain a consistent working capital cycle may indicate that the firm is struggling to optimize its cash conversion efficiency amidst volatile domestic economic conditions.
As indicated by the reported figures, CapEx/Revenue ratios have ranged from 3.2% to 23.8% over the last ten quarters, suggesting that the company's investment in infrastructure and land improvements is not aligned with a predictable growth strategy but rather reactive to specific project requirements or capital availability.
The high variability in capital expenditure implies that the company may be deferring necessary maintenance or growth investments during periods of cash constraint. This erratic spending pattern warrants further investigation into whether the firm is effectively replacing its asset base or merely managing short-term liquidity pressures.
Quick answers to the most common questions about buying CRESW stock.
Cresud S.A. Warrant 2021-08.03.26 on Cresud (CRESW) generated $102.68B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cresud S.A. Warrant 2021-08.03.26 on Cresud (CRESW) generated $56.95B 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.
Cresud S.A. Warrant 2021-08.03.26 on Cresud (CRESW) spent $48.48B 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, Cresud S.A. Warrant 2021-08.03.26 on Cresud (CRESW) returned $87.43B to shareholders via cash dividends and spent $16.46B on share repurchases. This shows the company's commitment to returning capital to its equity investors.