Shinhan Financial Group Co. (SHG) Cash Flow: Operating & Free Cash Flow

Shinhan Financial Group Co. (SHG) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Shinhan Financial Group Co. generated KRW 9.73T of operating cash flow and spent KRW 637.07B on capital expenditures. That left free cash flow of KRW 9.09T, up 136.4% from KRW 3.85T a year earlier, or 49.4% of revenue. It returned KRW 2.54T to shareholders through KRW 1.29T in dividends and KRW 1.25T in share buybacks.

Shinhan Financial Group Co. 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 Shinhan Financial Group Co., Ltd. (SHG) - 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	5.08	4.56	4.48	4.76	4.11	4.75	4.91	4.47	3.80
Depreciation & Amortization	1.30	1.28	1.19	1.00	0.90	0.77	0.68	0.30	0.25
Deferred Income Tax	1.84	1.47	1.49	1.61	1.47	0.00	-0.04	0.00	0.00
Stock Based Compensation	0.00	0.01	0.00	0.01	0.00	0.00	0.04	0.00	0.00
Change in Working Capital	0.26	-5.31	-8.82	-27.88	-3.29	-11.10	-0.54	-12.62	-6.10
Change in Other Working Capital	0.26	-10.94	10.79	-27.88	-8.38	-11.10	-0.54	-12.62	-6.10
Other Operating Activities	1.25	-10.94	3.05	28.10	-8.38	1.16	2.14	1.53	3.07
Net Cash from Operating Activities	9.73	4.63	1.91	7.59	4.20	-4.41	7.18	-6.32	1.02
Investing Activities
Capital Expenditures	-0.64	-0.78	-0.26	-0.94	-0.89	-0.64	-0.59	-0.30	-0.27
Acquisitions	-0.97	0.00	0.00	-0.03	-0.53	-0.07	-2.25	0.00	0.08
Purchases of Investments	-72.62	-57.57	-49.02	-43.41	-50.97	-66.25	-66.70	-36.42	-42.14
Sales/Maturities of Investments	63.26	58.45	45.26	32.60	39.98	63.80	46.95	31.58	31.60
Other Investing Activities	-0.31	-0.15	-0.04	0.76	-1.42	0.14	-0.10	-0.52	-0.09
Net Cash from Investing Activities	-10.90	0.15	-4.27	-11.03	-12.03	-3.03	-22.69	-5.51	-10.70
Financing Activities
Debt Repayment	4.09	-53.59	-45.00	3.63	-24.42	6.65	15.95	13.57	10.83
Common Stock Issued	0.00	0.00	0.00	0.00	0.02	0.16	0.00	0.00	0.00
Common Stock Repurchased	-1.25	-0.70	-0.49	-0.30	0.00	-0.15	-0.44	-0.15	0.00
Dividends Paid	-1.29	-1.27	-1.46	-1.54	-1.22	-0.97	-0.83	-0.71	-0.71
Other Financing Activities	-0.30	0.71	-0.39	1.61	1.17	2.18	1.20	1.10	0.21
Net Cash from Financing Activities	1.25	-0.18	8.38	3.39	4.96	7.88	15.88	13.81	10.33
Summary
Effect of Forex Changes on Cash	-0.03	0.24	-0.02	-0.06	0.11	-0.06	0.03	-0.03	-0.05
Net Change in Cash	0.05	4.83	6.00	-0.10	-2.87	0.38	0.40	1.94	0.60
Cash at Beginning of Period	35.25	30.42	24.41	24.10	26.86	8.58	8.18	6.24	5.63
Cash at End of Period	35.30	35.25	30.42	24.00	24.10	8.96	8.58	8.18	6.24
Free Cash Flow	9.09	3.85	1.65	6.65	3.31	-5.05	6.59	-6.62	0.75
Supplemental Disclosures
Interest Paid	14.75	15.22	13.06	6.77	4.11	-	-	-	-
Income Taxes Paid	1.08	1.03	1.93	1.69	1.15	-	-	-	-

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

Frequently Asked Questions About Shinhan Financial Group Co. Cash Flow

What is Shinhan Financial Group Co.'s free cash flow?

Shinhan Financial Group Co. generated free cash flow of KRW 9.09T in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of KRW 9.73T minus KRW 637.07B of capital expenditures. That was up 136.4% from KRW 3.85T a year earlier. Free cash flow equaled 49.4% of revenue.

How much does Shinhan Financial Group Co. spend on capital expenditures?

Shinhan Financial Group Co. spent KRW 637.07B on capital expenditures in fiscal 2025, compared with KRW 778.77B a year earlier. That equals 6.5% of operating cash flow.

Does Shinhan Financial Group Co. pay dividends or buy back shares?

Yes. In fiscal 2025 Shinhan Financial Group Co. returned KRW 1.29T in dividends and KRW 1.25T 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