Korea Electric Power (KEP) Cash Flow: Operating & Free Cash Flow

Korea Electric Power (KEP) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Korea Electric Power generated KRW 20.88T of operating cash flow and spent KRW 15.94T on capital expenditures. That left free cash flow of KRW 4.94T, up 197.7% from KRW 1.66T a year earlier, or 5.1% of revenue. It returned KRW 449.90B to shareholders through KRW 216.78B in dividends and KRW 233.12B in share buybacks.

Korea Electric Power Cash Flow Statement Analysis

Values in trillions KRW

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Korea Electric Power Corporation (KEP) - Annual data in trillions KRW
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	8.67	3.62	-4.82	-24.43	-5.22	1.99	-2.26	-0.74	1.44
Depreciation & Amortization	13.79	14.00	13.03	12.46	11.94	11.44	11.13	10.02	9.77
Deferred Income Tax	2.92	0.00	-2.84	-9.41	-1.86	0.90	-1.00	-0.83	2.17
Change in Working Capital	-1.87	-3.79	-3.84	-3.51	0.02	-2.89	-1.04	-3.61	-3.03
Change in Accounts Receivable	0.06	-0.28	-1.06	-1.78	-0.22	-0.11	0.13	0.25	-0.22
Change in Inventory	-1.57	-1.41	0.15	-3.00	-1.74	-0.72	-0.98	-1.77	-1.37
Change in Accounts Payable	-1.46	0.01	-3.15	2.84	2.14	-0.26	-0.55	0.00	0.00
Change in Other Working Capital	3.11	-6.69	0.23	-4.10	-0.16	-1.80	0.36	-2.09	-1.43
Other Operating Activities	3.11	7.13	-0.01	-5.28	-0.42	2.40	1.39	1.84	0.89
Net Cash from Operating Activities	20.88	15.88	1.52	-23.48	4.47	13.21	8.21	6.68	11.25
Investing Activities
Capital Expenditures	-15.94	-14.22	-13.93	-12.35	-12.78	-13.28	-14.23	-12.38	-12.68
Acquisitions	-2.10	-0.45	-0.52	-0.36	-0.73	-0.02	-0.26	-0.32	-0.20
Purchases of Investments	-4.34	-2.86	-3.64	-17.13	-5.89	-1.52	-2.17	-2.84	-4.79
Sales/Maturities of Investments	3.68	3.23	4.39	14.48	7.02	-0.11	2.78	2.42	5.30
Other Investing Activities	-0.29	-0.13	0.60	-0.14	0.03	-0.14	0.37	0.10	-0.24
Net Cash from Investing Activities	-18.45	-14.09	-13.07	-14.95	-12.35	-14.83	-13.50	-13.01	-12.61
Financing Activities
Debt Repayment	-28.30	-25.34	12.12	-10.42	9.08	-8.59	5.77	5.84	2.05
Common Stock Repurchased	-0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-0.22	-0.13	-0.05	-0.04	-0.81	-0.08	-0.10	-0.60	-1.34
Other Financing Activities	0.07	0.37	0.59	0.37	0.17	0.04	0.11	0.06	0.04
Net Cash from Financing Activities	-2.63	-3.85	12.66	39.00	8.44	1.88	5.78	5.30	0.75
Summary
Effect of Forex Changes on Cash	0.06	0.11	0.00	0.03	0.05	-0.04	-0.04	0.02	-0.07
Net Change in Cash	-0.14	-1.96	1.11	0.60	0.61	0.22	0.45	-1.01	-0.68
Cash at Beginning of Period	2.38	4.34	3.23	2.64	2.03	1.81	1.36	2.37	3.05
Cash at End of Period	2.24	2.38	4.34	3.23	2.64	2.03	1.81	1.36	2.37
Free Cash Flow	4.94	1.66	-12.40	-35.82	-8.31	-0.07	-6.02	-5.70	-1.43
Supplemental Disclosures
Interest Paid	-	4.70	4.25	2.52	1.93	2.08	-	-	-
Income Taxes Paid	-	0.79	0.57	0.45	0.74	0.45	-	-	-

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

Frequently Asked Questions About Korea Electric Power Cash Flow

What is Korea Electric Power's free cash flow?

Korea Electric Power generated free cash flow of KRW 4.94T in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of KRW 20.88T minus KRW 15.94T of capital expenditures. That was up 197.7% from KRW 1.66T a year earlier. Free cash flow equaled 5.1% of revenue.

How much does Korea Electric Power spend on capital expenditures?

Korea Electric Power spent KRW 15.94T on capital expenditures in fiscal 2025, compared with KRW 14.22T a year earlier. That equals 76.3% of operating cash flow.

Does Korea Electric Power pay dividends or buy back shares?

Yes. In fiscal 2025 Korea Electric Power returned KRW 216.78B in dividends and KRW 233.12B 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