The Bank of Nova Scotia (BNS) Cash Flow: Operating & Free Cash Flow

The Bank of Nova Scotia (BNS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Oct 31, 2025), The Bank of Nova Scotia used CAD 14.13B of cash in operating activities and spent CAD 347.00M on capital expenditures. That left free cash flow of −CAD 14.47B. It returned CAD 6.77B to shareholders through CAD 5.88B in dividends and CAD 895.00M in share buybacks.

The Bank of Nova Scotia Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Bank of Nova Scotia (BNS) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Operating Activities
Net Income	7.76	7.76	7.53	10.17	9.96	6.85	8.80	8.72	8.24
Depreciation & Amortization	1.60	1.76	1.82	1.53	1.51	1.55	1.05	0.85	0.76
Deferred Income Tax	2.75	2.03	2.22	2.76	2.87	1.54	2.47	2.38	2.03
Stock Based Compensation	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Change in Working Capital	-2.85	1.89	15.48	3.06	-26.18	43.72	-24.27	5.76	4.67
Change in Other Working Capital	33.72	-19.25	-18.26	3.06	82.62	43.72	-24.27	5.76	4.67
Other Operating Activities	-18.06	-19.25	-18.26	-0.59	-14.84	-32.00	-0.09	0.09	0.87
Net Cash from Operating Activities	-14.13	15.65	31.72	16.94	-91.38	56.66	-12.03	17.81	16.58
Investing Activities
Capital Expenditures	-0.35	-0.49	-0.44	-0.57	-0.46	-0.77	-0.19	-0.42	-14.00
Acquisitions	-2.64	0.00	0.90	-0.55	-0.72	3.94	0.02	-3.86	0.23
Purchases of Investments	-70.10	-108.28	-100.92	-97.74	-72.26	-147.63	-89.02	-91.90	-64.56
Sales/Maturities of Investments	75.46	76.79	94.88	63.13	103.77	119.03	86.96	84.34	66.18
Other Investing Activities	-3.10	24.53	-24.45	24.43	-1.34	-31.03	17.45	-1.89	-0.39
Net Cash from Investing Activities	1.57	-7.45	-30.04	-11.29	14.70	-56.46	15.22	-13.73	-12.54
Financing Activities
Debt Repayment	-0.55	-3.55	-0.40	1.76	-1.09	-0.35	1.48	-0.23	-1.50
Common Stock Issued	0.21	1.95	1.40	2.66	0.27	1.75	0.26	2.13	1.87
Common Stock Repurchased	-0.90	-0.30	0.00	-3.37	-1.26	-0.68	-1.38	-1.33	-1.58
Dividends Paid	-5.88	-5.67	-5.42	-5.12	-4.60	-4.56	-4.44	-4.17	-3.80
Other Financing Activities	-0.36	-3.26	0.21	-0.51	1.91	33.45	2.50	0.34	2.08
Net Cash from Financing Activities	13.23	-8.84	-2.77	-4.58	75.79	28.13	-1.29	-2.87	-2.93
Summary
Effect of Forex Changes on Cash	0.18	-0.13	0.19	0.30	-0.54	-0.13	0.00	-0.04	-0.14
Net Change in Cash	0.85	-0.77	-0.89	1.37	-1.43	0.22	1.91	1.17	0.97
Cash at Beginning of Period	9.41	10.17	11.07	9.69	11.12	10.90	9.00	7.83	6.86
Cash at End of Period	10.26	9.41	10.17	11.07	9.69	11.12	10.90	9.00	7.83
Free Cash Flow	-14.47	15.16	31.28	16.37	-91.84	55.89	-12.21	17.40	2.58
Supplemental Disclosures
Interest Paid	37.20	42.27	34.73	13.34	8.77	-	-	-	-
Income Taxes Paid	3.58	1.99	2.14	3.50	2.69	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About The Bank of Nova Scotia Cash Flow

What is The Bank of Nova Scotia's free cash flow?

The Bank of Nova Scotia had negative free cash flow of CAD 14.47B in fiscal 2025 (fiscal year ended Oct 31, 2025), operating cash flow of −CAD 14.13B minus CAD 347.00M of capital expenditures.

How much does The Bank of Nova Scotia spend on capital expenditures?

The Bank of Nova Scotia spent CAD 347.00M on capital expenditures in fiscal 2025, compared with CAD 489.00M a year earlier.

Does The Bank of Nova Scotia pay dividends or buy back shares?

Yes. In fiscal 2025 The Bank of Nova Scotia returned CAD 5.88B in dividends and CAD 895.00M 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