Liquidity management remains dynamic, evidenced by 40.8 trillion KRW in cash and bank balances alongside 18.0 trillion KRW in securities purchases during 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 194.97B | 4.48B | 4.63T | 529.85B | 7.59T | 11.08T | -4.41T | 7.18T | -6.32T | 1.02T | 3.8T | 2.97T | -2.08T | -1.1T | 9.07T | 1.41T | 1.37T | 1.71T | 3.9T | 2.77T | 558.99B | 2.96T | 1.67T | 865.06B | 1.02T |
| Operating CF Growth % | -265.11% | -99.9% | 773.14% | -93.02% | -31.48% | 351.29% | -161.42% | 213.59% | -718.82% | -73.1% | 27.84% | 242.76% | -89.23% | -112.12% | 542.7% | 3.21% | -20.25% | -56.09% | 41.06% | 395.07% | -81.15% | 77.59% | 92.99% | -15.27% | - |
| Net Income | 5.11T | 3.36B | 4.56T | 4.48T | 4.76T | 5.58T | 4.75T | 4.91T | 4.47T | 3.8T | 3.17T | 3.14T | 2.87T | 2.68T | 3.23T | 4.34T | 3.43T | 1.14T | 1.48T | 1.93T | 1.4T | 1.72T | 1.42T | 288.71B | 589.39B |
| Depreciation & Amortization | 1.28T | 0 | 1.28T | 1.19T | 999.68B | 902.69B | 768.49B | 677.15B | 301.92B | 253.34B | 259.94B | 278.88B | 312.97B | 319.73B | 298.84B | 287.73B | 304.4B | 839.33B | 1.13T | 1.2T | 515.86B | 450.46B | 519.48B | 985.15B | 73.28B |
| Deferred Taxes | 1.43T | 0 | 1.47T | 1.49T | 1.61T | 1.47T | 4.21B | -37.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 523.91B | 3.31B | 2.61T | 2.2T | 28.1T | 40.44T | 1.16T | 2.14T | 1.53T | 3.07T | 3T | 1.95T | 1.85T | 2.99T | 1.9T | 953.23B | 790.67B | 1.91T | 1.61T | 883.8B | 720.3B | -260.69B | 339.19B | 1.14T | 408.51B |
| Working Capital Changes | -8.23T | -2.18B | -5.31T | -8.82T | -27.88T | -37.31T | -11.1T | -544.94B | -12.62T | -6.1T | -2.63T | -2.4T | -7.11T | -7.09T | 3.64T | -4.17T | -3.16T | -2.18T | -315.4B | -1.25T | -2.08T | 1.05T | -606.3B | -1.55T | -50.16B |
| Cash from Investing | -16.56T | -10.9T | 148.53B | -4.27T | -11.03T | -12.03T | -3.03T | -22.69T | -5.51T | -10.7T | -7.59T | -5.29T | 960.79B | 3.4T | -2.53T | -4.11T | 175.1B | -7.49T | -26.91T | -29.21T | -15.64T | -11.26T | -2.72T | -6.41T | -9.11T |
| Purchase of Investments | -56.22T | -54.82B | 0 | -49.02T | -43.41T | -50.97T | -66.25T | -66.7T | -36.42T | -42.14T | -38.34T | -39T | -35.25T | -28.87T | -45.24T | -51.56T | -43.18T | -18.88T | -25.96T | -19.31T | -16.91T | -17.15T | -12.99T | -15.72T | -13.17T |
| Sale/Maturity of Investments | 43.28T | 45.3B | 0 | 45.26T | 32.6T | 39.98T | 63.8T | 46.95T | 31.58T | 31.6T | 31.18T | 34.05T | 35.63T | 32.4T | 43.47T | 48.01T | 43.83T | 17.74T | 16.14T | 14.63T | 18.62T | 14.51T | 13.73T | 15.71T | 13.37T |
| Net Investment Activity | -12.95T | -9.52B | 0 | -3.76T | -10.82T | -11T | -2.45T | -19.75T | -4.84T | -10.54T | -7.16T | -4.95T | 383.51B | 3.53T | -1.77T | -3.56T | 646.63B | -1.13T | -9.83T | -4.68T | 1.71T | -2.64T | 745.75B | -6.83B | 207.47B |
| Acquisitions | -1.09T | -679.17M | 0 | 0 | -27.84B | -527.42B | -73.08B | -2.25T | -4.5B | 83.63B | -4.28B | -163.17B | 0 | 385.29B | 95.27B | -103.86B | 0 | -1.41B | -46.28B | -5.96T | 433.14B | -42.12B | -95.93B | -973.6B | -431.51B |
| Other Investing | -2.26T | -10.89T | 412.37B | -246.58B | 755.09B | 382.5B | 135.85B | -104.03B | -521.47B | -87.74B | -177.75B | -46.48B | 759.41B | -224.94B | -562.55B | -151.96B | -98.02B | -5.96T | -16.62T | -18.12T | -17.36T | -8.4T | -3.15T | -5.21T | -8.69T |
| Cash from Financing | 13.88T | 1.25T | -182.65B | 9.76T | 3.39T | 4.96T | 7.88T | 15.88T | 13.81T | 10.33T | 4.84T | 1.31T | 686.85B | -1.29T | -5.52T | 1.84T | -1.3T | 9.81T | 20.35T | 28.26T | 14.42T | 8.31T | 1.6T | 7.25T | 7.8T |
| Dividends Paid | -1.3T | -910.37M | -1.27T | -1.46T | -1.54T | -1.22T | -968.85B | -830.77B | -714.71B | -706.57B | -669.1B | -546.16B | -399.79B | -424.01B | -650.7B | -585.56B | -427.57B | -230.59B | -572B | -336.99B | -269.8B | -258.01B | -161.02B | -165.16B | -150.8B |
| Share Repurchases | -1.82T | -879.53M | -700.1B | -486.03B | -300.06B | -79M | -150.18B | -444.08B | -151.99B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -372M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | -48.55K | 297M | 0 | 0 | 23.59B | 161.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28T | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.82T | -879.58M | -699.8B | -486.03B | -300.06B | 23.51B | 11.68B | -444.08B | -151.99B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28T | 0 | -372M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 16.44T | -2.84T | 710.15B | -49.05B | 1.61T | 1.17T | 2.18T | 456.29B | 1.1T | 207.03B | -678.1B | -228.68B | -1.15T | 7.6B | 356.61B | 118.5B | 124.06B | 25.27T | 14.74T | 10.99T | 8.95T | 3.8T | -663.8B | 5.47T | 3.14T |
| Net Change in Cash | -2.21T | 47.58B | 4.83T | 6T | -102.02B | 4.12T | 383.81B | 399.42B | 1.94T | 604.11B | 1.03T | -997.16B | -416.76B | 1.01T | 1.03T | -863.8B | 215.56B | 3T | -2.22T | 1.89T | -708.78B | -9.42B | 528.55B | 1.69T | -297.83B |
| Exchange Rate Effect | 271.83B | -26.86B | 238.48B | -15.36B | -57.84B | 109.55B | -61.52B | 29.43B | -30.64B | -46.03B | -22.64B | 8.38B | 16.24B | 3.96B | 4.32B | -1.09B | -31.49B | -1.04T | 443.51B | 73.6B | -42.99B | -25.08B | -17.81B | -6.3B | -1.3B |
| Cash at Beginning | 35.3T | 35.25T | 30.42T | 24.41T | 24.1T | 8.96T | 8.58T | 8.18T | 6.24T | 5.63T | 4.61T | 5.6T | 6.02T | 5.01T | 3.98T | 4.83T | 4.62T | 1.36T | 3.58T | 1.69T | 2.32T | 2.42T | 1.83T | 296.06B | 580.14B |
| Cash at End | 36.19T | 35.3T | 35.25T | 30.42T | 24T | 13.08T | 8.96T | 8.58T | 8.18T | 6.24T | 5.63T | 4.61T | 5.6T | 6.02T | 5.01T | 3.97T | 4.83T | 4.36T | 1.36T | 3.58T | 1.61T | 2.41T | 2.36T | 1.99T | 282.31B |
| Interest Paid | 3.34T | 0 | 15.22T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.09T | 6.82T | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700.84B | 695.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -521.67B | 4.3B | 3.85T | -186.39B | 6.65T | 10.19T | -5.05T | 6.59T | -6.62T | 754.89B | 3.46T | 2.71T | -2.33T | -1.55T | 8.65T | 940.72B | 929B | 1.33T | 3.49T | 2.31T | 130.61B | 2.78T | 1.45T | 640.77B | 816.79B |
| FCF Growth % | -107.6% | -99.89% | 2164.21% | -102.8% | -34.74% | 301.72% | -176.66% | 199.54% | -976.99% | -78.16% | 27.4% | 216.64% | -50.25% | -117.89% | 819.68% | 1.26% | -30.08% | -61.96% | 50.96% | 1671.45% | -95.3% | 91.16% | 126.95% | -21.55% | - |
Credit Provisioning Volatility
Based on reported financial statements, Shinhan Financial Group's capital return strategy shows a shift toward more consistent quarterly distributions, with buybacks totaling 395.6 billion KRW in 2026Q1, reflecting a deliberate effort to address the persistent valuation discount through enhanced shareholder return mechanisms and capital management.
The bank's commitment to quarterly dividends and share cancellations appears to be a strategic pivot to align with the Korean 'Corporate Value-Up' program. Investors should monitor whether this pace of capital return remains sustainable if credit provisioning requirements continue to fluctuate as they have in recent quarters.
As indicated by the quarterly cash flow data, Shinhan Financial Group maintains an active securities portfolio, with 18.0 trillion KRW in purchases and 13.3 trillion KRW in sales during 2026Q1, suggesting a dynamic approach to managing interest rate exposure and liquidity within its investment book.
The consistent turnover in the investment portfolio implies that management is actively adjusting duration and yield profiles to navigate the current interest rate environment. This high level of activity warrants further investigation into the potential for unrealized gains or losses that may not be fully captured in the headline cash flow figures.
According to recent SEC filings, Shinhan Financial Group recorded 495.6 billion KRW in loan loss provisions during 2026Q1, a figure that highlights the ongoing sensitivity of the bank's cash position to credit quality deterioration within its SME and retail loan portfolios.
The variability in provision expenses, which peaked at 759.7 billion KRW in 2023Q4, suggests that the bank's cash flow is heavily influenced by management's forward-looking credit loss estimates. This reliance on internal modeling for provisioning may obscure the underlying cash-generating capacity of the core banking operations.
Based on the provided data, Shinhan Financial Group generated 1.6 trillion KRW in net income for 2026Q1, providing a foundational buffer for capital retention despite the significant cash outflows associated with ongoing share buyback programs and the necessity of maintaining regulatory capital adequacy ratios.
The bank's ability to balance organic capital generation with shareholder returns appears to be a key focus for management. Analysts should monitor the interplay between net income growth and the capital requirements imposed by the evolving regulatory landscape in South Korea.
Quick answers to the most common questions about buying SHG stock.
Shinhan Financial Group Co., Ltd. (SHG) generated $4.48B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Shinhan Financial Group Co., Ltd. (SHG) generated $4.30B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Shinhan Financial Group Co., Ltd. (SHG) spent $452.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Shinhan Financial Group Co., Ltd. (SHG) returned $910.4M to shareholders via cash dividends and spent $879.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.