Patria Investments (PAX) Cash Flow: Operating & Free Cash Flow

Patria Investments (PAX) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Patria Investments generated $282.61M of operating cash flow and spent $29.29M on capital expenditures. That left free cash flow of $253.32M, up 84.0% from $137.66M a year earlier, or 66.4% of revenue. It returned $151.37M to shareholders through $95.14M in dividends and $56.23M in share buybacks.

Patria Investments Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Patria Investments Limited (PAX) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	85.60	75.69	120.82	94.10	121.19	62.21	58.54	44.46
Depreciation & Amortization	46.35	35.82	27.12	21.20	8.76	7.69	8.28	7.20
Deferred Income Tax	1.72	10.31	-2.82	8.35	0.38	0.00	3.51	1.99
Stock Based Compensation	36.47	19.08	1.47	0.73	0.76	0.00	0.00	0.00
Change in Working Capital	112.08	-10.87	8.12	-23.33	-24.61	-18.35	-21.43	-7.15
Change in Accounts Receivable	27.78	-92.70	-12.60	-23.07	-62.75	-22.56	-17.46	-3.81
Change in Accounts Payable	88.28	0.00	20.21	2.95	0.00	0.00	0.00	0.00
Change in Other Working Capital	22.46	81.83	26.00	-14.61	9.58	4.22	-3.97	-3.34
Other Operating Activities	22.46	15.91	-0.79	-14.61	1.46	1.14	-4.43	-6.99
Net Cash from Operating Activities	282.61	145.95	156.73	81.05	107.56	52.70	44.47	39.52
Investing Activities
Capital Expenditures	-29.29	-8.28	-5.87	-6.71	-1.55	-0.66	-0.22	-1.43
Acquisitions	-1.26	-112.57	-6.63	-42.52	-122.77	0.00	-0.07	0.00
Purchases of Investments	-35.06	-3.83	-2.63	-12.07	-159.62	0.00	-13.03	0.00
Sales/Maturities of Investments	12.23	10.68	65.16	108.86	-0.29	24.17	24.43	9.22
Other Investing Activities	0.00	134.65	21.28	96.79	-159.62	0.00	0.14	-0.41
Net Cash from Investing Activities	2.30	25.31	62.17	-189.35	-284.23	23.51	11.25	7.81
Financing Activities
Debt Repayment	-316.99	212.63	-25.00	-1.65	-0.83	-0.89	-0.99	0.00
Common Stock Issued	6.68	0.00	0.00	230.00	302.72	0.00	0.00	0.00
Common Stock Repurchased	-56.23	-141.30	-65.16	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-95.14	-132.38	-145.15	-103.33	-119.79	-60.93	-46.40	-38.01
Other Financing Activities	-45.63	-90.60	-17.16	-4.67	-4.21	-4.42	-6.39	-10.00
Net Cash from Financing Activities	-268.20	-151.65	-229.63	118.55	177.89	-66.24	-53.77	-48.01
Summary
Effect of Forex Changes on Cash	3.47	-2.24	0.27	1.00	-0.01	-0.04	-0.18	-0.29
Net Change in Cash	20.18	17.37	-10.47	11.26	1.21	9.93	1.77	-0.98
Cash at Beginning of Period	33.42	16.05	26.52	15.26	14.05	4.12	2.35	3.32
Cash at End of Period	53.60	33.42	16.05	26.52	15.26	14.05	4.12	2.35
Free Cash Flow	253.32	137.66	150.86	74.34	106.01	52.04	44.25	38.09
Supplemental Disclosures
Interest Paid	-	1.38	1.24	1.81	1.01	-	-	-
Income Taxes Paid	-	13.64	3.25	0.62	0.22	-	-	-

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

Frequently Asked Questions About Patria Investments Cash Flow

What is Patria Investments's free cash flow?

Patria Investments generated free cash flow of $253.32M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $282.61M minus $29.29M of capital expenditures. That was up 84.0% from $137.66M a year earlier. Free cash flow equaled 66.4% of revenue.

How much does Patria Investments spend on capital expenditures?

Patria Investments spent $29.29M on capital expenditures in fiscal 2025, compared with $8.28M a year earlier. That equals 10.4% of operating cash flow.

Does Patria Investments pay dividends or buy back shares?

Yes. In fiscal 2025 Patria Investments returned $95.14M in dividends and $56.23M 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