Operating cash flow generation remains inconsistent, with 2026Q2 OCF of $560.7 million representing only 47% of net income, suggesting earnings are being consumed by balance sheet growth and a $724.0 million dividend payment.
Intercorp Financial Services Inc. (IFS) cash flow statement — 20-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 4.36B | 1.83B | -1.78B | 2.88B | -1.01B | 1.35B | 12.99B | 1.67B | -2.05B | 3.41B | 1.4B | 4.6B | 693.98M | 2.84B | 1.42B | 1.42B | 1.15B | 853.65M | 503.13M | 442.87M | 484.4M |
| Operating CF Growth % | 698.79% | 202.98% | -161.82% | 384.09% | -175.2% | -89.64% | 678.63% | 181.59% | -160.06% | 143.86% | -69.64% | 562.78% | -75.53% | 99.35% | 0.39% | 23.61% | 34.29% | 69.67% | 13.61% | -8.57% | - |
| Net Income | 2.09B | 1.94B | 1.31B | 1.08B | 1.68B | 1.8B | 383.55M | 1.45B | 1.09B | 1.03B | 950.19M | 1.24B | 962.51M | 974.61M | 709.83M | 702.31M | 502.25M | 510.09M | 251.32M | 285.12M | 200.84M |
| Depreciation & Amortization | 452.57M | 450.27M | 413.06M | 379.04M | 336.23M | 279.69M | 268.75M | 262.01M | 164.7M | 145.16M | 130.12M | 111.06M | 105.4M | 96.42M | 101.1M | 92.39M | 117.63M | 84.04M | 57.85M | 54.31M | 54.32M |
| Deferred Taxes | -38.96M | -37.49M | 100.05M | 102.24M | -442K | 205.75M | -308.07M | 38.55M | 13.73M | -4.38M | 1.04M | -31.14M | -7.82M | -20.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 342.08M | 492.24M | -3.31B | 1.49B | 616.37M | -161.23M | 1.74B | 59.83M | 190.25M | 299.48M | 411.32M | 343.86M | -63.86M | 46.85M | 225.18M | 294.8M | 249.9M | 193.94M | 189.93M | 29.48M | 90.94M |
| Working Capital Changes | 1.5B | -1.02B | -189.71M | -176.25M | -3.64B | -778.58M | 10.91B | -141.75M | -3.51B | 1.93B | -96.14M | 2.94B | -302.25M | 1.74B | 386.48M | 327.52M | 276.59M | 65.59M | 4.03M | 73.96M | 138.29M |
| Cash from Investing | -894.82M | -938.56M | -7.04M | -3.53B | -1.39B | -2.33B | -4.05B | 4.1M | -295.53M | -2.31B | -1.4B | -794.45M | -2.6B | -804.42M | 805.76M | -69.57M | -77.34M | -85.61M | -98.69M | 18.52M | -37.38M |
| Purchase of Investments | -860.54M | -355.9M | -401.9M | -3.12B | -857.59M | -1.91B | -3.74B | 0 | -269.85M | -1.28B | -1.16B | -586.82M | -2.69B | -675.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 106.95M | 0 | 0 | 0 | 0 | 0 | 0 | 145.89M | 0 | 0 | 26.18M | 0 | 301.31M | 49.09M | 913.65M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -753.59M | -355.9M | -401.9M | -3.12B | -857.59M | -1.91B | -3.74B | 145.89M | -269.85M | -1.28B | -1.13B | -586.82M | -2.39B | -626.34M | 913.65M | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | -193.22M | 0 | 0 | 0 | 0 | -660.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94.5M | 0 |
| Other Investing | 195.82M | -281.23M | 97.67M | -264.62M | -207.72M | -327.42M | -257.3M | 68.94M | 47.02M | -284.6M | -189.41M | -139.5M | -141.01M | -100.65M | -31.11M | -36.75M | 10.42M | 18.76M | 46.9M | 11.98M | 9.95M |
| Cash from Financing | -304.38M | -397.22M | 4.68B | -3.01B | -1.28B | -861.7M | -552.83M | 1.06B | 225.68M | -299.64M | -215.47M | -789.92M | 182.91M | -332.54M | 690.78M | -3.4B | 182.84M | -199.5M | 571M | -117.37M | -460.16M |
| Dividends Paid | -710.7M | -406.83M | -427.37M | -511.79M | -751.53M | -633.85M | -698.23M | -654.46M | -510.69M | -475.77M | -496.86M | -564.18M | -443.55M | -432.76M | -373.63M | -293.49M | -255.69M | -124.48M | -112.77M | 0 | -49.06M |
| Share Repurchases | -172.89M | -262.55M | -122.69M | -80.95M | 0 | -594K | -2.57M | -196K | 0 | 0 | -199.89M | -36.44M | -58.07M | 0 | 0 | 0 | 0 | 0 | 0 | -74.23M | -3.38M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 684.13M | 383.59M | 90.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 341.6M | 0 |
| Net Stock Activity | -172.89M | -262.55M | -122.69M | -80.95M | 0 | -594K | -2.57M | 683.93M | 383.59M | 90.06M | -199.89M | -36.44M | -58.07M | 0 | 0 | 0 | 0 | 0 | 0 | 267.37M | -3.38M |
| Debt Issuance (Net) | 0 | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Other Financing | -141.78M | -3.04M | 4.87B | -4.78M | -4.17M | -30K | -2.2M | 406.79M | -96.79M | -69.3M | -2.62M | -2.23M | -2.06M | -1.82M | -314.71M | -2.16B | 245.87M | 569.4M | 3.02B | 514.97M | 109.89M |
| Net Change in Cash | 3.13B | 370.58M | 2.9B | -3.63B | -3.71B | -1.73B | 8.29B | 2.76B | -2.14B | 728.57M | -284.11M | 3.33B | -1.76B | 1.7B | 2.92B | -2.05B | 1.25B | 568.54M | 975.44M | 344.02M | -13.14M |
| Exchange Rate Effect | -29.28M | -124.22M | 12.5M | 37.4M | -26.68M | 112.79M | -99.11M | 26.93M | -23.34M | -72.38M | -63.24M | 318.77M | -32.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 13.29B | 11.98B | 9.07B | 12.71B | 16.42B | 18.15B | 9.85B | 7.09B | 9.23B | 8.5B | 8.78B | 5.45B | 7.21B | 5.51B | 2.4B | 4.45B | 3.19B | 2.63B | 1.65B | 1.32B | 1.34B |
| Cash at End | 15.3B | 12.35B | 11.98B | 9.07B | 12.71B | 16.42B | 18.15B | 9.85B | 7.09B | 9.23B | 8.5B | 8.78B | 5.45B | 7.21B | 5.32B | 2.4B | 4.45B | 3.19B | 2.63B | 1.67B | 1.32B |
| Interest Paid | 0 | 2.11B | 2.43B | 2.25B | 1.4B | 988.32M | 1.11B | 1.29B | 1.09B | 1.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 305.59M | 363.46M | 450.13M | 334.17M | 280.41M | 700.66M | 425.65M | 363.99M | 329.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 3.85B | 1.31B | -1.88B | 2.45B | -1.37B | 1.09B | 12.75B | 1.46B | -2.25B | 3.16B | 1.18B | 4.43B | 571.16M | 2.72B | 1.3B | 1.35B | 1.06B | 747.31M | 354.69M | 354.91M | 437.07M |
| FCF Growth % | 320.54% | 169.45% | -176.92% | 278.06% | -226.32% | -91.46% | 774.13% | 164.92% | -171.07% | 166.9% | -73.25% | 675.06% | -78.99% | 108.72% | -3.24% | 27.17% | 41.66% | 110.69% | -0.06% | -18.8% | - |
Quick answers to the most common questions about buying IFS stock.
Intercorp Financial Services Inc. (IFS) generated $1.83B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intercorp Financial Services Inc. (IFS) generated $1.31B 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.
Intercorp Financial Services Inc. (IFS) spent $301.4M 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, Intercorp Financial Services Inc. (IFS) returned $406.8M to shareholders via cash dividends and spent $262.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile operating cash flow generation
Strong Earnings, Weak Cash Conversion
Despite generating $1.2 billion in net income for 2026Q2, operating cash flow was only $560.7 million, indicating that a significant portion of earnings is being tied up in balance sheet growth or non-cash items.
The OCF/NI ratio of 0.47 in the latest quarter is a marked deterioration from the 6.28x seen in 2025Q4, suggesting that the bank's strong profitability is not translating directly into distributable cash. This pattern, where operating cash flow is consistently negative or low relative to net income, implies that the loan book and securities portfolio are consuming the majority of generated capital, limiting the capacity for organic capital generation without external funding.
Securities Portfolio as a Cash Sink
The bank deployed $781.7 million into investment securities in 2026Q1, a significant outflow that contributed to negative operating cash flow, while recent quarters show minimal activity, suggesting a pause in portfolio expansion.
The large purchase in 2026Q1, followed by zero activity in 2026Q2, indicates a tactical shift in managing the investment portfolio, possibly in response to interest rate expectations or liquidity needs. The absence of investment sales across all ten quarters suggests the bank is holding securities to maturity, which may expose it to duration risk if rates move unfavorably, and limits a potential source of liquidity.
Loan Growth Consumes Operating Liquidity
Loan loss provisions of $458.6 million in 2026Q2 represent a significant cash outflow, and the persistent negative operating cash flow in multiple quarters suggests loan originations are outpacing deposit inflows or other funding sources.
The scale of loan loss provisions, which peaked at $551.9 million in 2024Q1, indicates a period of significant credit stress that has since moderated but remains a major drain on cash. The pattern of negative OCF in quarters with high provisions (e.g., 2024Q2, 2025Q1) implies that the bank's lending activity is a primary driver of its cash flow profile, requiring careful monitoring of deposit growth to ensure sustainable funding.
Dividend Payout Strains Cash Position
The $724.0 million dividend payment in 2026Q2 was substantially larger than the operating cash flow generated, forcing the bank to rely on other sources to fund the distribution.
The dividend payment in 2026Q2 was 1.29 times the operating cash flow for the quarter, a level that appears unsustainable without consistent access to capital markets or a significant improvement in cash generation. This aggressive payout, combined with modest buybacks, suggests management is prioritizing shareholder returns, but the reliance on non-operating cash flows to fund dividends warrants investor scrutiny.
Provisions Remain a Dominant Cash Outflow
Loan loss provisions of $458.6 million in 2026Q2, while down from a peak of $551.9 million in 2024Q1, continue to represent a substantial and volatile cash outflow that directly impacts operating cash flow.
The trend in provisions suggests the bank is still managing through a credit cycle, with the reduction from 2024 levels indicating some improvement in asset quality. However, the magnitude of these provisions relative to net income means that credit costs are the single largest determinant of the bank's cash flow volatility, overshadowing other operational cash flows.
Cash Flow Statement Masks True Liquidity
The extreme volatility in operating cash flow, ranging from -$1.2 billion to $2.9 billion over the past ten quarters, obscures the bank's underlying liquidity position and makes traditional cash flow analysis less reliable.
For a bank like IFS, the cash flow statement is heavily distorted by movements in loans and deposits, which are balance sheet items. The negative OCF in quarters with strong net income (e.g., 2025Q3, 2024Q4) suggests that the statement is not capturing the true economic cash generation of the business. Investors should focus instead on regulatory capital ratios and the balance sheet's funding structure to assess financial health.