Cosan S.A. (CSAN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 844.15M | 2.15B | 4.01B | 3.93B | 1.73B | 3.7B | 3.26B | 2.98B | 1.95B | 1.84B | 3.36B | 3.11B | 1.82B | 2.43B | 3.64B | 2.6B | 1.3B | 1.27B | 1.2B | 1.92B |
| Operating CF Margin % | 9.35% | 22.35% | 37.61% | 37.5% | 17.9% | 31.48% | 28.01% | 27.86% | 19.77% | 19.17% | 32.68% | 30.92% | 98.09% | 22.59% | 31.62% | 27.2% | 16.45% | 18.77% | 17.36% | 29.22% |
| Operating CF Growth % | -51.2% | -42.01% | 22.94% | 31.86% | -11.11% | 101.9% | -3.03% | -4.12% | 7.1% | -24.47% | -7.54% | 19.35% | 39.73% | 91.78% | 204.17% | 35.87% | 54.3% | 93.75% | 78.83% | 123.25% |
| Net Income | -1.55B | -5.89B | -467.15M | 34.52M | -888.86M | -9.3B | 1.5B | -1.08B | 247.91M | 2.32B | 2.2B | -913.22M | 385.45M | 2.14B | 3.72M | -63.69M | 624.95M | 333.96M | 3.44B | 1.46B |
| Depreciation & Amortization | 953.22M | 943.88M | 1B | 992.31M | 967.89M | 999.65M | 1.07B | 926.46M | 907.26M | 887.13M | 867.63M | 824.96M | 785.22M | 851.73M | 679.05M | 728.84M | 754.86M | 657.01M | 637M | 616.22M |
| Stock-Based Compensation | 0 | 0 | 6.39M | 20.73M | 23.89M | 0 | 174.05M | 33.7M | 47.56M | 56.54M | 68M | 43.46M | 39.72M | 28.63M | 19.46M | 25.26M | 25.73M | 22.23M | 7.72M | 14.29M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -7K | 0 | 0 | -24.28M | -4.88M | -365.41M | -4.22M | -36.21M | 0 | -45.56M | -28.77M | 2.37M | -40.72M | -609.96M |
| Other Non-Cash Items | 2.77B | 6.54B | 4.25B | 2.63B | 3.69B | 11.5B | 1.32B | 3.45B | 2.24B | 942.01M | 694.48M | 3.55B | 1.77B | -519.77M | 2.54B | 2.04B | 913.81M | 398.3M | -2.34B | 626.8M |
| Working Capital Changes | -1.33B | 555.54M | -781.82M | 250.78M | -2.06B | 504.41M | -800.07M | -350.34M | -1.5B | -802.14M | -458.57M | -31.71M | -1.16B | -32.37M | 392.79M | -78.68M | -990.24M | -147.04M | -504.72M | -190.09M |
| Change in Receivables | -668.94M | 485.95M | 56.16M | 254.97M | -263.94M | 860.02M | 340.67M | -35.37M | -521.8M | 147.94M | 62.38M | 237.51M | -100.24M | 1.04B | 22.54M | -587.46M | -477.8M | 167.37M | -210.53M | -227.44M |
| Change in Inventory | 9.27M | 123.76M | 25.75M | -162.08M | -99.7M | 278.85M | -36.95M | 43.36M | -125.6M | 9.82M | -118.64M | 113.4M | -87.75M | -179.65M | -125.59M | -175.89M | 57.69M | 25.23M | -127.17M | -134.85M |
| Change in Payables | -121.68M | -138.53M | -89.17M | 262.31M | -280.42M | 0 | -202.06M | 278.89M | -156.76M | 107.48M | -44.59M | 8.32M | -324.02M | -284.41M | 391.35M | 557.79M | -154.11M | 20.08M | 47.53M | 764.68M |
| Cash from Investing | -3.52B | -5.11B | -2.85B | -1.62B | 5.95B | -1.37B | -2.65B | 569.76M | -1.1B | -465M | -2.03B | -1.37B | -1.41B | -10.12B | -5.84B | -3.05B | -1.69B | -1.89B | -1.33B | -1.04B |
| Capital Expenditures | -2.25B | -2.2B | -2.09B | -1.93B | -2.28B | -2.65B | -1.98B | -1.67B | -1.54B | -1.84B | -1.65B | -1.4B | -1.51B | -1.28B | -1.08B | -1.21B | -1.08B | -1.18B | -1.1B | -1.32B |
| CapEx % of Revenue | 24.97% | 22.84% | 19.63% | 18.37% | 23.65% | 22.51% | 16.99% | 15.63% | 15.6% | 19.18% | 16.02% | 13.91% | 81.41% | 11.94% | 9.34% | 12.64% | 13.61% | 17.47% | 15.89% | 20.2% |
| Acquisitions | -137.62M | -3.72B | -372.16M | 7.42M | -202.09M | -614.74M | -334.59M | 2.08B | -4.34M | -618.95M | -47.3M | -40.28M | -20.93M | -199.79M | -1.52B | -2.43B | -1.23B | -920.84M | -87.94M | -336K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -277.35M | 73.59M | 35.88M | 87.67M | 49.46M | 1.89B | 356.64M | -70.44M | 887.16M | 21.75M | 445.76M | 123.94M | 851.4M | 1.01B | -196.79M | 121.97M | 517.46M | 214.51M | 139.43M | 173.61M |
| Cash from Financing | -6.72B | 17.02B | -1.76B | -3.53B | -9.57B | -194.95M | -3.19B | -2.82B | 845.57M | -1.76B | -2.02B | 2.7B | -2.3B | 5.52B | 5.11B | 1.01B | -3.36B | 1.04B | 7.03B | -87.67M |
| Debt Issued (Net) | -4.97B | 2.05B | 319.37M | -631.58M | -5.16B | 2.16B | -834.86M | -259.26M | 3.04B | -190.51M | -339.73M | 5.07B | -218.69M | 413.23M | 7.14B | 2.64B | -1.98B | 731.63M | 7.02B | 797.99M |
| Equity Issued (Net) | -233.05M | 14.06B | -495.23M | 0 | -34.02M | -377.36M | -20.33M | -73.35M | -91.33M | -103.28M | 0 | 0 | 0 | -57.14M | 0 | 0 | -25.08M | 8.43M | 0 | 0 |
| Dividends Paid | -88.31K | -896.24M | -101.86M | -1.29B | -415.03M | -660.79M | -580.92M | -2.11B | -93.85M | -954.73M | -78.8M | -1.69B | -102.71M | -983.92M | -71.78M | -852.46M | 0 | -827.5M | -288.04M | -722.63M |
| Share Repurchases | -265.47M | -8.69M | -495.23M | 0 | -34.02M | -377.36M | -20.33M | -73.35M | -91.33M | -103.28M | 0 | 12.25M | 0 | 0 | 0 | 0 | -25.08M | 8.43M | 0 | 0 |
| Other Financing | -1.52B | 1.8B | -1.48B | -1.62B | -3.96B | -1.31B | -1.75B | -378.85M | -2.01B | -510.13M | -1.6B | -930.58M | -1.98B | 6.14B | -1.97B | -777.21M | -1.36B | 1.12B | 298.29M | -163.03M |
| Net Change in Cash | -8.39B | 14B | -629.49M | -1.28B | -2.09B | 2.28B | -2.6B | 831.97M | 1.74B | -422.52M | -657.92M | 4.35B | -1.92B | -2.19B | 2.81B | 596.3M | -4.09B | 545.93M | 7.06B | 634.28M |
| Free Cash Flow | -1.41B | -47.65M | 1.92B | 2B | -555M | 1.06B | 1.28B | 1.31B | 410.24M | -1.38M | 1.71B | 1.71B | 308.88M | 1.15B | 2.56B | 1.39B | 224.73M | 87.75M | 101.13M | 591.43M |
| FCF Margin % | -15.62% | -0.5% | 17.98% | 19.12% | -5.74% | 8.97% | 11.03% | 12.23% | 4.17% | -0.01% | 16.65% | 17.01% | 16.67% | 10.65% | 22.27% | 14.57% | 2.84% | 1.3% | 1.47% | 9.02% |
| FCF Growth % | -154.18% | -104.51% | 49.33% | 53.18% | -235.29% | 76735.27% | -25.1% | -23.49% | 32.81% | -100.12% | -33.11% | 22.62% | 37.45% | 1204.91% | 2434.63% | 135.72% | -40.06% | -76.64% | -74.83% | -3.02% |
| FCF per Share | -1.44 | -0.06 | 2.06 | 2.16 | -0.60 | 1.13 | 1.38 | 1.41 | 0.44 | -0.00 | 1.84 | 1.83 | 0.33 | 1.22 | 2.74 | 1.49 | 0.24 | 0.09 | 0.11 | 0.63 |
| FCF Conversion (FCF/Net Income) | -0.53x | -0.37x | -3.38x | -4.15x | -0.97x | -0.40x | 11.14x | -13.12x | -10.13x | 0.78x | 4.96x | -2.98x | -10.43x | 1.25x | 14.33x | -20.78x | 2.55x | 0.86x | 0.37x | 2.03x |
| Interest Paid | 0 | 0 | 1.09B | 1.17B | 1.37B | 1.34B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | -119.19M | 223.62M | 371.12M | 0 | 423.3M | 247.48M | 251.52M | 298.37M | 4.78M | -474.06M | 532.65M | -213.8M | 346.66M | 17.74M | 76.63M | 21.09M | 249.64M | 153.84M |