TOTVS S.A. (BVMF:TOTS3)

TOTVS Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	925.92	891.74	717.51	734.82	498.14	368.49
Depreciation & Amortization	235.24	245.46	221.57	194.07	175.04	146.92
Other Amortization	126.79	95.63	91.69	88.73	61.08	52.27
Loss (Gain) From Sale of Assets	-	-	-	-	-	9.57
Asset Writedown & Restructuring Costs	-7.76	-5.04	-9.61	1.4	-1.5	-
Loss (Gain) on Equity Investments	-7.81	-11.42	1.57	-3.2	0.44	0.53
Stock-Based Compensation	97.73	82.6	46.39	64.32	53.13	34.61
Provision & Write-off of Bad Debts	68.83	59.62	54.67	36.39	26.91	20.59
Other Operating Activities	197.61	135.65	-12.29	-72.03	217.32	103.13
Change in Accounts Receivable	-168.59	-182.46	-67.16	-70.57	-93.45	-26.41
Change in Accounts Payable	25	10.46	49.92	19.71	21.77	-29.02
Change in Income Taxes	-103.26	-49.77	-43.83	-73.5	-82.91	-22.96
Change in Other Net Operating Assets	-43.82	-69.28	-17.45	31.95	39.57	-83.22
Operating Cash Flow	1,346	1,203	1,033	952.11	915.56	574.5
Operating Cash Flow Growth	32.34%	16.48%	8.49%	3.99%	59.37%	54.54%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-205.82	-159.8	-117.28	-123.26	-100.94	-93.5
Sale of Property, Plant & Equipment	11.25	11.25	10.82	3.51	3.07	4.24
Cash Acquisitions	-3,205	-105.19	-961.62	-132.36	-390.01	-1,739
Divestitures	-	-	41.81	0.05	6.52	5.47
Sale (Purchase) of Intangibles	-116.02	-97.82	-117.02	-153.94	-80.19	-81.3
Investment in Securities	-72.63	-60.33	-47.03	-24.84	-20.08	-
Other Investing Activities	-568.03	-543.33	-62.57	414.3	-169.09	-77.98
Investing Cash Flow	-4,143	-939.33	-1,253	-3.39	-726.46	-2,030

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	-	1,475	32.08	1,488	1,489
Total Debt Issued	2,991	-	1,475	32.08	1,488	1,489
Long-Term Debt Repaid	-	-62.53	-1,605	-70.01	-1,563	-49.93
Net Debt Issued (Repaid)	2,921	-62.53	-129.79	-37.93	-74.42	1,439
Issuance of Common Stock	-	-	-	-	-	1,443
Repurchase of Common Stock	-276.62	-	-571.37	-109.39	-108.97	-
Common Dividends Paid	-357.78	-357.78	-265.35	-412.16	-140.04	-143.63
Other Financing Activities	-	-	-	4.16	-0.98	559.69
Financing Cash Flow	2,287	-420.31	-966.51	-555.32	-324.41	3,299

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	-510.21	-156.46	-1,187	393.4	-135.31	1,843

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	1,140	1,043	915.71	828.85	814.62	481
Free Cash Flow Growth	30.84%	13.94%	10.48%	1.75%	69.36%	41.61%
Free Cash Flow Margin	18.74%	18.08%	18.63%	18.67%	21.48%	16.16%
Free Cash Flow Per Share	1.91	1.74	1.51	1.35	1.32	0.82
Levered Free Cash Flow	379.52	228.08	283.43	1,057	-75.78	410.13
Unlevered Free Cash Flow	595.94	391.81	411.13	1,206	73.73	464.48

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	239.65	198.61	177.83	224.92	176.39	64.03
Cash Income Tax Paid	128.15	149.61	147.86	189.61	114.59	131.95
Change in Working Capital	-290.67	-291.05	-78.52	-92.41	-115.01	-161.61

Data Source: S&P Global Market Intelligence Last updated: Mar 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jul 28, 2026

Data Sources Report a data error