Capital allocation remains aggressive, with 2025Q3 capital expenditures of $3.6 billion consuming 85.8% of operating cash flow, which may strain future dividend sustainability.
| Metric | TTM | 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 |
|---|
| Cash from Operations | 13.51B | 12.39B | 8.24B | 9.28B | 6.97B | 5.13B | -86.33M | 2.41B | 2.17B | 1.88B | 6.98B | 4.79B | 9.33B | 13.83B | 4.29B | 7.64B | 2.96B | 15.27B | 6.61B | 8.76B |
| Operating CF Growth % | 1671.03% | 50.4% | -11.22% | 33.18% | 35.84% | 6039.47% | -103.58% | 11.17% | 15.33% | -73.07% | 45.85% | -48.7% | -32.53% | 222.53% | -43.92% | 157.95% | -80.59% | 131.17% | -24.63% | - |
| Operating CF / Revenue % | 31.69% | 30.82% | 22.16% | 27.22% | 20.11% | 20.19% | -0.3% | 9.65% | 5.72% | 3.09% | 21.42% | 15.82% | 39.14% | 40.59% | 14.52% | 27.88% | 10.72% | 50.51% | 28.34% | 39.86% |
| Net Income | -6.02B | 10.62B | 1.4B | 4.33B | 10.97B | 6.77B | 6.37B | 17.71B | -200.4M | 12.02B | -14.24B | -1.26B | -4.92B | -7.32B | 4.86B | 2.25B | -1.54B | 8.57B | 1.71B | 1.03B |
| Depreciation & Amortization | 3.5B | 3.99B | 3.62B | 2.69B | 1.44B | 1.26B | 1.81B | 1.7B | 1.75B | 1.84B | 1.84B | 1.78B | 1.5B | 1.78B | 1.72B | 1.59B | 2.4B | 3.73B | 2.03B | 3.36B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 828K | -974.19M | -657.23M | 0 | -612.66M |
| Other Non-Cash Items | 13.42B | -3.13B | 5.13B | -542.82M | -6.81B | 37.16M | -3.81B | -14.98B | 979.98M | -14.74B | 17.3B | 45.12M | 11.71B | 13.47B | 698.32M | 4.54B | 208.26M | -5.14B | 2.3B | 195.83M |
| Working Capital Changes | 1.49B | 907.55M | -1.91B | 2.79B | 1.36B | -2.93B | -4.46B | -2.02B | -362.89M | 2.75B | 2.08B | 4.23B | 1.05B | 5.9B | -3B | 961.09M | -274.94M | 3.65B | 563.66M | 2.84B |
| Capital Expenditures | -8.18B | -8.66B | -4.12B | -33.62B | -1.19B | -1.06B | 3.27B | -1.26B | -1.3B | -5.69B | -9.01B | -10.8B | -8.16B | -10.53B | -8.16B | -6.62B | -5.18B | -5.15B | -3.19B | -3.07B |
| CapEx / Revenue % | 19.18% | 21.55% | 10.4% | 98.68% | 3.13% | 3.65% | 11.26% | 5.05% | 3.43% | 9.36% | 27.66% | 35.7% | 34.22% | 30.91% | 27.62% | 24.13% | 18.71% | 17.05% | 13.7% | 13.98% |
| CapEx / D&A | 2.34x | 2.17x | 1.07x | 12.50x | 0.75x | 0.74x | 1.81x | 0.74x | 0.74x | 3.08x | 4.89x | 6.07x | 5.43x | 5.93x | 4.73x | 4.15x | 2.16x | 1.38x | 1.57x | 0.91x |
| CapEx Coverage (OCF/CapEx) | 1.65x | 1.43x | 2.13x | 0.28x | 6.42x | 5.54x | -0.03x | 1.91x | 1.67x | 0.33x | 0.77x | 0.44x | 1.14x | 1.31x | 0.53x | 1.16x | 0.57x | 2.96x | 2.07x | 2.85x |
| Cash from Investing | -8.18B | -8.66B | 827.04M | -28.8B | -998.45M | 375.17M | 3.27B | 421.31M | 69.79M | -5.69B | -9.01B | -10.8B | -8.16B | -13.46B | -10.9B | -7.13B | -3.71B | -5.91B | -2.29B | -3.77B |
| Acquisitions | -2.65B | -176.64M | -1.44B | 1.1B | -274.35M | 941.78M | 1.02B | 714.84M | 1.23B | -3.27B | -2.43B | -3.74B | -3.56B | 0 | -139.61M | -894.6M | -1.16B | 0 | 0 | 0 |
| Purchase of Investments | 45.35M | -3.06B | -450M | -254.5M | 0 | -68.17M | -418.02M | -1.07B | -1.79B | -3.27B | -2.43B | -3.9B | -3.56B | 0 | -347.8M | 0 | -561.73M | -850.69M | 0 | -692.89M |
| Sale of Investments | 519.3M | 2.45B | 4.05B | 1.17B | 0 | 941.78M | 1.02B | 714.84M | 1.08B | 3.19B | 0 | 3.63B | 3.4B | 0 | 1.12B | 3.16B | 2.62B | 95.68M | 0 | 0 |
| Other Investing | -3.98B | -4.77B | 2.53B | 2.81B | 361M | -514.32M | 3.67B | 1.32B | 848.94M | -563.92M | -2.06B | -3.86B | -2.14B | -2.92B | -3.38B | -2.79B | 568.26M | 0 | 901.51M | 0 |
| Cash from Financing | -8.41B | 9.8B | -6.76B | 30.07B | -6.06B | -5.55B | -3.39B | -3.07B | -1.94B | 3.09B | 2.02B | 3.66B | -77.88M | -901.59M | 2.36B | 93.89M | 3.32B | -3.97B | -1.68B | -3.68B |
| Dividends Paid | -6.63B | -1.31B | -864.19M | -1.49B | -3.75B | 0 | -1.18B | -64.5M | -381.44M | -5.79M | -23.06M | -408.46M | -4.19B | -5.03B | 0 | 0 | -1.13B | -741.65M | 0 | -409.1M |
| Dividend Payout Ratio % | - | 12.6% | 18.99% | 40.99% | 66.37% | - | 10.57% | 0.49% | - | 0.17% | - | - | - | - | 108.85% | 139.84% | 815.59% | 20.06% | 43.98% | 54.14% |
| Debt Issuance (Net) | -2M | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Stock Issued | 0 | 0 | 0 | 30.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -179.72M | -115.1M | -1.97B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 562.56M | 0 | 217.9M | -130.07M | 1.61B | -1.73B | 4.02B | 399.9M | 3B | 4.93B | -2.43M | -103.74M | 541.71M | 888.92M | 1.4B | 610.49M | 2.66B | 4.43B | 6.98B | -503.31M |
| Net Change in Cash | -2.89B | 13.53B | 2.31B | 10.55B | -93.95M | -48.7M | -248.04M | -208.9M | 296.4M | -714.3M | -13.11M | -2.35B | 1.1B | -530.41M | -4.26B | 602.88M | 2.57B | 5.39B | 2.64B | 1.31B |
| Exchange Rate Effect | 190.9M | 0 | 0 | 0 | 0 | 0 | -41.06M | 27.68M | 0 | 0 | 0 | 159.7M | 0 | -1K | 0 | 0 | 23.56M | 0 | 1K | 0 |
| Cash at Beginning | 22.53B | 13.05B | 10.74B | 192.66M | 286.61M | 335.31M | 583.35M | 792.25M | 495.86M | 1.39B | 1.41B | 3.6B | 2.5B | 4.96B | 9.22B | 8.62B | 12.83B | 7.65B | 5.46B | 3.9B |
| Cash at End | 18.5B | 26.57B | 13.05B | 10.74B | 192.66M | 286.61M | 335.31M | 583.35M | 792.25M | 679.67M | 1.39B | 1.25B | 3.6B | 4.43B | 4.96B | 9.22B | 15.4B | 13.03B | 8.09B | 5.22B |
| Free Cash Flow | 5.33B | 3.73B | 4.11B | -24.35B | 5.78B | 4.07B | 3.18B | 1.15B | 867.49M | -3.81B | -2.03B | -6.01B | 1.17B | 3.3B | -3.87B | 1.03B | -2.21B | 10.12B | 3.41B | 5.69B |
| FCF Growth % | 43.56% | -9.45% | 116.9% | -521.52% | 41.99% | 27.79% | 177.06% | 32.46% | 122.79% | -87.29% | 66.19% | -612.01% | -64.38% | 185.15% | -476.33% | 146.5% | -121.87% | 196.55% | -40.05% | - |
| FCF Margin % | 12.51% | 9.27% | 11.07% | -71.46% | 16.68% | 16.02% | 10.96% | 4.6% | 2.29% | -6.27% | -6.24% | -19.87% | 4.93% | 9.67% | -13.11% | 3.75% | -8% | 33.46% | 14.63% | 25.88% |
| FCF / Net Income % | -88.67% | 35.9% | 90.43% | -669.77% | 102.31% | 63.69% | 28.44% | 8.74% | -49.18% | -111.09% | 14.07% | 198.31% | -18.67% | -47.91% | -103.7% | 45.75% | -1297.07% | 118.07% | 199.24% | 554.42% |
Regulatory and hydrological volatility
As reported in recent financial statements, Eletrobrás generated $4.2 billion in operating cash flow during 2025Q3, yet the inconsistency of these inflows suggests that the company's core regulated operations remain highly susceptible to hydrological fluctuations and the inherent unpredictability of the Brazilian power market's spot pricing mechanisms.
The wide variance in quarterly operating cash flow, ranging from $327 million to $5.5 billion over the last ten quarters, indicates that the company's cash generation is not yet functioning as a stable, predictable utility annuity. Investors should monitor whether the transition to private-sector management can successfully smooth these cash flows by better aligning generation output with long-term contractual obligations.
Based on the company's reported figures, the 2025Q3 capital expenditure of $3.6 billion represents an 85.8% reinvestment of operating cash flow, highlighting a period of aggressive infrastructure deployment that is typical for a utility attempting to modernize its legacy generation and transmission assets following recent privatization.
While high CAPEX is expected for a utility of this scale, the efficiency of this spending remains unproven given the historical delays associated with projects like Angra III. The current investment rate suggests that management is prioritizing long-term asset renewal, though the market may require further evidence that these capital outlays will eventually translate into higher regulated returns.
According to recent SEC filings, Eletrobrás maintains a robust liquidity position with a low debt-to-equity ratio of 0.64%, which provides the company with significant financial flexibility to fund its ongoing capital requirements without immediate reliance on external debt markets on potentially unfavorable terms during periods of market stress.
The company's ability to self-fund a substantial portion of its CAPEX through existing cash reserves appears to be a key differentiator compared to more leveraged regional peers. This strong balance sheet position may allow the firm to navigate regulatory or hydrological shocks, provided that management maintains a disciplined approach to capital allocation and avoids value-destructive M&A.
As evidenced by the 2025Q3 dividend payment of $4.0 billion against $4.2 billion in operating cash flow, the company's payout sustainability appears strained, suggesting that current dividend levels may be vulnerable to future volatility in operating cash generation or unexpected shifts in the regulatory environment.
The erratic nature of the OCF-to-dividend coverage ratio, which has fluctuated significantly across recent quarters, warrants caution for income-focused investors. Until the company demonstrates a more consistent ability to generate excess cash after accounting for its heavy CAPEX requirements, the dividend policy may be viewed as a secondary priority to infrastructure investment and debt management.
Quick answers to the most common questions about buying EBR-B stock.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) generated $12.39B in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) generated $3.73B 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.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) spent $8.66B on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) returned $1.31B to shareholders via cash dividends and spent $115.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.