Itaú Unibanco Holding (ITUB) Cash Flow: Operating & Free Cash Flow

Itaú Unibanco Holding (ITUB) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Itaú Unibanco Holding generated BRL 129.38B of operating cash flow and spent BRL 1.15B on capital expenditures. That left free cash flow of BRL 128.23B, or 77.6% of revenue. It returned BRL 50.37B to shareholders through BRL 47.35B in dividends and BRL 3.02B in share buybacks.

Itaú Unibanco Holding Cash Flow Statement Analysis

Values in billions BRL

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Itaú Unibanco Holding S.A. (ITUB) - Annual data in billions BRL
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	43.98	42.13	33.88	30.24	28.38	15.06	27.81	25.64	24.27
Depreciation & Amortization	0.00	6.44	5.65	4.80	4.23	3.73	3.56	3.57	3.17
Deferred Income Tax	0.00	0.00	2.13	3.21	10.02	-0.24	2.50	10.29	5.10
Stock Based Compensation	0.00	0.22	0.20	0.23	-0.02	0.22	-0.14	-0.10	0.08
Change in Working Capital	51.75	-77.62	-6.07	39.06	-27.31	5.10	-19.40	-29.65	-70.21
Change in Accounts Receivable	0.00	0.00	-2.82	-0.41	0.00	0.53	0.00	0.00	0.00
Change in Accounts Payable	0.00	0.00	3.23	0.04	0.00	0.00	0.00	0.00	0.00
Change in Other Working Capital	51.75	-21.64	6.86	5.09	-33.11	4.57	-19.41	-29.65	-70.21
Other Operating Activities	33.66	-52.38	6.86	5.09	40.44	35.62	20.83	12.97	46.23
Net Cash from Operating Activities	129.38	-96.32	77.49	129.63	12.94	59.49	35.16	22.71	8.64
Investing Activities
Capital Expenditures	-1.15	-1.26	-8.86	-8.50	-1.41	-5.31	-4.31	-2.86	-3.59
Acquisitions	0.00	-0.35	-1.08	-0.66	-0.04	0.00	0.00	1.38	-0.25
Purchases of Investments	-156.19	0.00	-40.09	-65.63	-0.03	-11.91	-0.39	-9.77	-23.81
Sales/Maturities of Investments	42.81	0.00	18.22	0.00	0.62	16.85	0.07	31.88	22.96
Other Investing Activities	-89.81	0.45	0.58	0.34	0.66	-2.46	-36.72	-0.50	0.86
Net Cash from Investing Activities	-210.16	6.97	-31.23	-73.27	-4.84	0.75	-38.66	20.13	-3.84
Financing Activities
Debt Repayment	43.49	-7.52	-12.98	-23.21	-32.39	-5.32	5.72	-12.14	-9.44
Common Stock Issued	0.93	0.77	0.69	0.45	0.51	0.49	0.74	1.19	0.98
Common Stock Repurchased	-3.02	-1.78	-0.69	0.00	0.00	0.00	0.00	-0.51	-3.09
Dividends Paid	-47.35	-21.90	-10.35	-6.71	-6.40	-11.55	-25.92	-20.09	-10.38
Other Financing Activities	94.56	0.87	-1.29	-3.26	-1.41	2.82	-1.84	-0.03	5.43
Net Cash from Financing Activities	88.60	81.69	-22.45	-31.71	9.90	-13.56	-21.30	-31.58	-16.92
Summary
Effect of Forex Changes on Cash	-7.82	8.40	-11.53	-24.28	-19.94	-11.68	0.05	0.99	-0.69
Net Change in Cash	0.00	0.74	23.82	24.65	-1.94	35.01	-24.75	12.24	-12.81
Cash at Beginning of Period	0.00	116.54	104.26	103.89	105.82	70.81	95.56	83.31	96.12
Cash at End of Period	0.00	117.29	116.54	104.26	109.69	105.82	70.81	95.56	83.31
Free Cash Flow	128.23	-97.58	68.63	121.14	11.53	54.18	30.85	19.85	5.05
Supplemental Disclosures
Interest Paid	194.60	131.10	115.52	107.47	73.46	-	-	-	-
Income Taxes Paid	9.72	9.47	8.08	5.87	5.89	-	-	-	-

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

Frequently Asked Questions About Itaú Unibanco Holding Cash Flow

What is Itaú Unibanco Holding's free cash flow?

Itaú Unibanco Holding generated free cash flow of BRL 128.23B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of BRL 129.38B minus BRL 1.15B of capital expenditures. Free cash flow equaled 77.6% of revenue.

How much does Itaú Unibanco Holding spend on capital expenditures?

Itaú Unibanco Holding spent BRL 1.15B on capital expenditures in fiscal 2025, compared with BRL 1.26B a year earlier. That equals 0.9% of operating cash flow.

Does Itaú Unibanco Holding pay dividends or buy back shares?

Yes. In fiscal 2025 Itaú Unibanco Holding returned BRL 47.35B in dividends and BRL 3.02B 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