Patria Investments Ltd cash flow statement

In fiscal 2025, Patria Investments Ltd's operations generated $283m of cash; it spent $10.6m on capital projects, leaving free cash flow of $272m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Patria Investments Ltd: cash flow statement, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	40	44	53	108	81	157	146	283
Depreciation and amortisation	—	—	6	7	17	22	31	40
Stock-based pay	—	—	0	1	1	1	19	36
Capital spending	1	0	0	2	5	6	4	11
Free cash flow	39	44	53	106	76	151	142	272
Free cash flow after stock pay	—	—	53	105	75	149	123	236
Dividends paid	38	47	64	120	103	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Patria Investments Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Patria Investments Ltd.