UBS Group (UBS) Cash Flow: Operating & Free Cash Flow

UBS Group (UBS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), UBS Group generated $21.85B of operating cash flow and spent $2.36B on capital expenditures. That left free cash flow of $19.49B, up 1433.4% from $1.27B a year earlier, or 26.4% of revenue. It returned $8.04B to shareholders through $2.87B in dividends and $5.18B in share buybacks.

UBS Group Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for UBS Group AG (UBS) - Annual data in billions USD
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	7.80	5.15	27.38	7.66	7.49	6.57	4.36	4.52	1.16
Depreciation & Amortization	3.53	3.80	3.75	2.06	2.12	2.13	1.94	1.29	1.13
Deferred Income Tax	-0.38	-0.50	-0.69	0.49	0.43	0.35	0.48	0.43	3.35
Stock Based Compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.67	0.00	0.00
Change in Working Capital	23.70	-20.80	90.10	18.23	19.10	33.83	0.55	30.09	-58.38
Change in Accounts Payable	2.93	0.00	-5.96	0.00	0.00	0.00	0.00	0.00	0.00
Change in Other Working Capital	-10.70	-20.80	97.91	18.23	19.10	33.83	0.55	30.09	-58.38
Other Operating Activities	-10.70	15.63	-36.21	-13.80	2.28	-5.92	11.70	-7.42	0.47
Net Cash from Operating Activities	21.85	3.28	33.28	14.65	31.43	36.96	19.71	28.91	-52.27
Investing Activities
Capital Expenditures	-2.36	-2.01	-1.69	-1.64	-1.84	-1.85	-1.58	-1.69	-1.64
Acquisitions	-0.02	0.19	108.40	1.73	0.59	0.63	0.09	-0.15	0.24
Purchases of Investments	-38.29	-5.97	-14.24	-16.78	-6.22	-10.46	-3.99	-5.77	-8.75
Sales/Maturities of Investments	17.00	8.38	10.47	4.08	5.05	4.53	3.91	1.36	15.31
Other Investing Activities	0.17	0.11	108.58	0.16	0.30	0.37	0.01	0.11	0.07
Net Cash from Investing Activities	-22.80	0.71	103.12	-12.45	-2.12	-6.79	-1.56	-6.13	5.24
Financing Activities
Debt Repayment	-154.61	-79.53	-165.99	-0.80	15.27	-6.06	-20.85	4.09	30.28
Common Stock Repurchased	-5.18	-2.92	-2.78	-6.01	-3.34	-1.39	-1.56	-1.43	-0.72
Dividends Paid	-2.87	-2.26	-1.68	-1.67	-1.30	-2.61	-2.53	-2.39	-2.22
Other Financing Activities	-0.96	0.55	-0.72	-0.62	-0.28	22.48	-0.67	-0.08	-0.02
Net Cash from Financing Activities	-30.86	-84.17	-5.48	-9.09	10.35	12.43	-25.61	0.19	27.32
Summary
Effect of Forex Changes on Cash	19.10	-15.94	13.96	-5.66	-5.31	11.05	1.26	-1.73	0.27
Net Change in Cash	-31.82	-96.12	144.89	-12.55	34.34	53.66	-6.21	21.25	-19.44
Cash at Beginning of Period	244.09	340.21	195.32	207.88	173.53	119.87	126.08	104.83	124.36
Cash at End of Period	231.38	244.09	340.31	195.32	207.88	173.53	119.87	126.08	104.92
Free Cash Flow	19.49	1.27	31.60	13.00	29.58	35.10	18.12	27.23	-53.90
Supplemental Disclosures
Interest Paid	-	48.25	35.97	8.20	4.71	-	-	-	-
Income Taxes Paid	-	1.94	1.85	1.58	1.13	-	-	-	-

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

Frequently Asked Questions About UBS Group Cash Flow

What is UBS Group's free cash flow?

UBS Group generated free cash flow of $19.49B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $21.85B minus $2.36B of capital expenditures. That was up 1433.4% from $1.27B a year earlier. Free cash flow equaled 26.4% of revenue.

How much does UBS Group spend on capital expenditures?

UBS Group spent $2.36B on capital expenditures in fiscal 2025, compared with $2.01B a year earlier. That equals 10.8% of operating cash flow.

Does UBS Group pay dividends or buy back shares?

Yes. In fiscal 2025 UBS Group returned $2.87B in dividends and $5.18B 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