Operating cash flow is highly volatile, ranging from -$1.1B to $2.6B over the past ten quarters, indicating that cash generation is heavily influenced by timing differences in loan originations and securities activity rather than core operational consistency.
Inter & Co, Inc. (INTR) cash flow statement — 14-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 |
|---|
| Cash from Operations | -2.57B | 3.11B | 3.76B | 7.54B | 2.1B | 91.64M | 2.98B | 859.47M | 604.35M | 19.72M | 441.48M | 89.96M | -338.79M | -214.29M | -40.23M |
| Operating CF Growth % | -932.77% | -17.37% | -50.17% | 258.66% | 2195.19% | -96.93% | 246.83% | 42.22% | 2964.32% | -95.53% | 390.75% | 126.55% | -58.09% | -432.69% | - |
| Net Income | 1.54B | 1.29B | 972.84M | 352.26M | -14.08M | -55.07M | 30.69M | 81.57M | 69.83M | 53.8M | 25.83M | 33.71M | 22.16M | 17.14M | 16.24M |
| Depreciation & Amortization | 400.34M | 340.73M | 208.83M | 160.44M | 163.97M | 58.34M | 43.66M | 14.05M | 2.61M | 1.41M | 1.27M | 3.33M | 1.71M | 781K | 324K |
| Deferred Taxes | 0 | 0 | 232.71M | 87.58M | -164.49M | 175.99M | -37.71M | -4.32M | 11.39M | 4.33M | -10.96M | -2.79M | 0 | 0 | 0 |
| Other Non-Cash Items | 2.67B | 1.77B | 1.09B | 1.04B | 776.96M | -660.43M | 209.37M | 103.99M | 56.73M | 56.52M | 62.51M | 33.63M | 46.61M | 48.04M | -56.79M |
| Working Capital Changes | -7.21B | -294.39M | 1.25B | 5.9B | 1.34B | 572.82M | 2.73B | 664.08M | 462.5M | -96.33M | 362.83M | 22.09M | -409.33M | -280.47M | 0 |
| Cash from Investing | -8.48B | -14.47B | -7.73B | -4.67B | -50.81M | -7.18B | -5.05B | -538.68M | -32.02M | -71.58M | -131.65M | 51.8M | -898K | 837K | -1.62M |
| Purchase of Investments | -7.58B | -10.34B | -18.26B | -20.06B | -8.56B | -28.7B | -5.04B | -1B | -775.47M | -114.66M | -177.76M | -42.88M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 9.66B | 5.61B | 11.13B | 15.73B | 9.33B | 21.91B | 156.83M | 539.97M | 773.05M | 45.76M | 47.49M | 95.45M | 0 | 0 | 0 |
| Net Investment Activity | 2.08B | -4.72B | -7.14B | -4.33B | 774.26M | -6.79B | -4.88B | -463.2M | -2.42M | -68.9M | -130.27M | 52.58M | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | -81.67M | -62.36M | -545.98M | -93.78M | -24.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -10.24B | -9.19B | -427.68M | -256.21M | -251.38M | -255.13M | -128.4M | -62.3M | -23.28M | -996K | 0 | 0 | 1.07M | 3.31M | -568K |
| Cash from Financing | 9.21B | 13.87B | 683.04M | -38.68M | -1.22B | 5.43B | 1.11B | 1.24B | 499.89M | -7.38M | -8M | -4.58M | 370.72M | 168.97M | 5.82M |
| Dividends Paid | -334.56M | -238.91M | -68.81M | 0 | -38.06M | -3.12M | -37.87M | 0 | 0 | 0 | -7.36M | -3.33M | 0 | 0 | 0 |
| Share Repurchases | -33.32M | -26.58M | -18.95M | -16.41M | 0 | -29.32M | -153.11M | 0 | -53K | 0 | -646K | -1.36M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 823.04M | 0 | 0 | 0 | 1.27B | 1.29B | 522.82M | 62K | 4K | 104K | 0 | 0 | 0 |
| Net Stock Activity | -33.32M | -26.58M | 804.08M | -16.41M | 0 | -29.32M | 1.11B | 1.29B | 522.77M | 62K | -642K | -1.25M | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 |
| Other Financing | 6.97B | 11.84B | -52.23M | -22.27M | -1.18B | 5.46B | 31.63M | -43.57M | -22.88M | -7.44M | 0 | 0 | 343.81M | 166.01M | 5.82M |
| Net Change in Cash | -329.33M | 0 | -3.15B | 2.93B | 831.2M | -1.65B | -960.1M | 1.57B | 1.07B | -59.88M | 301.85M | 137.18M | 31.04M | -44.48M | -36.03M |
| Exchange Rate Effect | 1.51B | -2.51B | 134.45M | 88.71M | -217K | -30K | 1.01M | 397K | 1.59M | -639K | 22K | 0 | 0 | 0 | 0 |
| Cash at Beginning | 4.3B | 0 | 4.26B | 1.33B | 500.45M | 2.15B | 3.11B | 1.55B | 472.26M | 532.14M | 230.29M | 93.11M | 62.05M | 106.53M | 142.56M |
| Cash at End | 3.11B | 0 | 1.11B | 4.26B | 1.33B | 500.45M | 2.15B | 3.11B | 1.55B | 472.26M | 532.14M | 230.29M | 93.09M | 62.05M | 106.53M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 189.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -2.65B | 3B | 3.25B | 7.27B | 1.82B | -196.34M | 2.83B | 783.26M | 574.74M | 17.05M | 440.11M | 89.19M | -340.75M | -216.77M | -41.28M |
| FCF Growth % | -144.7% | -7.72% | -55.3% | 298.51% | 1029.17% | -106.94% | 261.06% | 36.28% | 3271.92% | -96.13% | 393.48% | 126.17% | -57.19% | -425.13% | - |
Quick answers to the most common questions about buying INTR stock.
Inter & Co, Inc. (INTR) generated $3.11B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inter & Co, Inc. (INTR) generated $3.00B 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.
Inter & Co, Inc. (INTR) spent $558.9M 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, Inter & Co, Inc. (INTR) returned $238.9M to shareholders via cash dividends and spent $26.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Credit cost absorption of revenue gains
Strong Earnings Retention Supports Capital Build
Inter's net income has grown from $182.8M in Q1 2024 to $430.7M in Q2 2026, with operating cash flow consistently exceeding net income in most quarters, suggesting robust organic capital generation to fund its aggressive loan book expansion.
The company's OCF/NI ratio has been volatile but frequently exceeds 3.0x, indicating that net income is being converted into cash at a high rate, likely due to the non-cash nature of provisions and the build-up of interest receivables. This strong cash generation provides a solid foundation for funding the rapid loan growth without excessive reliance on external capital, though the sustainability of this conversion rate warrants monitoring as the loan book seasons.
Active Securities Portfolio Management
Inter's investment securities portfolio shows significant activity, with purchases of $2.8B and sales of $1.3B in Q2 2026, indicating active duration management and liquidity positioning in response to the Brazilian rate environment.
The pattern of large, offsetting purchases and sales suggests the company is actively managing its securities portfolio to optimize yield and liquidity, rather than holding a static investment book. This activity may be driven by the need to fund loan growth or to take advantage of opportunities in the Brazilian fixed-income market, but it also introduces potential volatility in non-interest income from realized gains or losses.
Loan Growth Outpaces Deposit Inflows
The persistent negative cash flow from investing activities, driven by loan originations, suggests that Inter's loan book is growing faster than its deposit base, potentially requiring increased wholesale funding or securities sales to bridge the gap.
The large negative cash flows from investing activities, particularly in quarters like Q4 2024 (-$7.4B) and Q1 2025 (-$3.5B), are indicative of substantial loan originations. This growth appears to be funded not only by deposit inflows but also by the active management of the securities portfolio, as seen in the corresponding sales. This dynamic highlights a potential funding pressure that investors should monitor, especially if deposit growth slows.
Provisions Consistently Outpace Net Income
Loan loss provisions have grown from $465.1M in Q1 2024 to $864.3M in Q2 2026, consistently representing a significant portion of net income and indicating that credit costs are a primary driver of the company's cash flow profile.
The steady increase in provisions, which are a non-cash charge added back to net income in the operating cash flow calculation, explains the high OCF/NI ratio. This suggests that while the company is generating strong cash flow, a substantial portion of its earnings is being reserved for expected credit losses, which aligns with the prior finding that credit costs are absorbing revenue gains and may pressure the path to the 20% ROE target.
Cash Flow Volatility Masks Underlying Dynamics
The extreme volatility in operating cash flow, ranging from -$1.1B to $2.6B over the past ten quarters, suggests that the cash flow statement is heavily influenced by timing differences in loan originations, deposit flows, and securities activity, making it a less reliable indicator of core operational performance.
For a bank like Inter, the cash flow statement is distorted by the very activities that define its business: originating loans (investing outflow) and gathering deposits (financing inflow). The negative OCF in quarters like Q1 2024 and Q3 2025 likely reflects periods of rapid loan growth outpacing deposit inflows, rather than operational distress. Analysts should focus on the balance sheet and income statement for a clearer view of financial health, using cash flow data primarily to assess capital allocation and funding strategy.