Banco Macro (BMA) Cash Flow: Operating & Free Cash Flow

Banco Macro (BMA) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Banco Macro used ARS 2.06T of cash in operating activities and spent ARS 171.95B on capital expenditures. That left free cash flow of −ARS 2.23T. It returned ARS 155.69B to shareholders through ARS 155.51B in dividends and ARS 180.98M in share buybacks.

Banco Macro Cash Flow Statement Analysis

Values in trillions ARS

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Banco Macro S.A. (BMA) - Annual data in trillions ARS
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	0.51	0.13	2.48	0.02	0.15	0.08	0.03	0.39	0.02
Depreciation & Amortization	0.18	0.14	0.17	0.10	0.04	0.01	0.00	0.07	0.00
Change in Working Capital	0.57	-4.79	-1.94	1.01	-0.46	-0.07	0.01	2.40	-0.07
Change in Accounts Payable	2.61	0.00	-3.82	0.00	-0.90	0.00	0.00	0.00	0.00
Change in Other Working Capital	-3.43	-4.79	1.37	2.54	0.69	-0.07	0.01	2.40	-0.07
Other Operating Activities	0.45	5.45	2.61	2.54	0.69	0.34	0.12	-2.89	0.06
Net Cash from Operating Activities	-2.06	0.92	3.57	3.51	0.27	-0.03	0.16	3.41	-0.02
Investing Activities
Capital Expenditures	-0.17	-0.12	-0.16	-0.16	-0.04	-0.01	-0.01	-0.11	0.00
Acquisitions	-0.01	-0.01	-0.05	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	-0.04	0.46	-0.09	0.00	0.00	0.00	0.11	0.00
Net Cash from Investing Activities	-0.17	-0.18	0.23	-0.16	-0.04	-0.01	-0.01	0.00	0.00
Financing Activities
Debt Repayment	-0.10	-0.12	-0.07	-0.07	-0.05	-0.02	0.00	0.12	0.00
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.22	0.00
Dividends Paid	-0.16	-0.47	0.00	-0.13	0.00	0.00	-0.01	-0.20	0.00
Other Financing Activities	-0.02	1.08	-0.01	-0.01	0.00	0.16	-0.03	0.42	0.00
Net Cash from Financing Activities	3.14	0.49	-3.82	-0.17	-0.05	0.36	-0.03	0.11	0.03
Summary
Effect of Forex Changes on Cash	-0.17	-1.44	-6.75	0.86	0.16	0.09	0.00	0.02	0.00
Net Change in Cash	0.75	-0.20	-2.72	0.99	-0.53	0.19	0.07	0.10	0.04
Cash at Beginning of Period	2.86	3.01	2.34	4.09	2.41	0.20	0.41	3.68	0.04
Cash at End of Period	0.00	2.86	1.38	5.09	1.88	0.78	0.30	5.84	0.08
Free Cash Flow	-2.23	0.79	3.41	3.35	0.23	-0.04	0.15	3.29	-0.03
Supplemental Disclosures
Income Taxes Paid	-	0.32	0.06	0.01	0.02	0.02	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Banco Macro Cash Flow

What is Banco Macro's free cash flow?

Banco Macro had negative free cash flow of ARS 2.23T in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −ARS 2.06T minus ARS 171.95B of capital expenditures.

How much does Banco Macro spend on capital expenditures?

Banco Macro spent ARS 171.95B on capital expenditures in fiscal 2025, compared with ARS 124.52B a year earlier.

Does Banco Macro pay dividends or buy back shares?

Yes. In fiscal 2025 Banco Macro returned ARS 155.51B in dividends and ARS 180.98M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition