CRESUD INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CRESUD INC files with the SEC in its annual reports.

In ARS millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15,622	67,907	93,266	47,529	82,244	149,930	767,704	986,274	959,359	914,157
Cost of revenue	9,380	42,629	62,078	26,733	55,631	-119,602	558,938	597,247	571,311	570,742
Gross profit	6,851	25,203	33,394	23,982	34,999	79,385	340,098	369,174	406,483	368,054
Selling and marketing	2,173	9,918	13,489	3,294	7,953	14,659	58,794	70,218	84,187	83,099
General and administrative								603	621	1,112
Operating income	19,598	4,147	31,857	-41,710	66,743	16,274	43,229
Interest expense	7,351	14,858	26,377	10,490	25,120	53,097	124,744	122,822	102,464	81,292
Interest income	1,450	1,314	1,476	312	754	2,322	10,472	11,390	91,081	9,419
Pre-tax income	14,086	-3,380	-18,985	-47,089	75,689	41,345	520,419	29,792	62,578	295,411
Income tax	5,785	1,833	-9,964	780	8,107	0	599	487	338	526
Income from continuing operations	8,301	-5,213	-9,021	-47,869	107,950	35,084	346,227	-105,786	-191,917	220,945
Net income to minority interests	3,951	4,246	21,314	-13,933	16,074		207,534	177,716	21,642	128,218
Net income	5,167	-624	6,106	-26,796	3,929	-86,617	297,052	228,761	127,197	96,148
EBITDA	21,210	12,151	42,098	-40,097	71,576	16,274	71,682
EPS, basic	11.82	-1.79	12.29	-54.79	-7.87
EPS, diluted	11.66	-1.79	11.82	-54.79	-7.63

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	33,702	73,012	85,938	89,304	151,591	45,143	75,261	144,660	159,825	250,855
Receivables		18,336	26,777	38,452	65,663	37,262	71,823	289,127	364,811	442,848
Inventory		5,036	3,673	17,759	13,623	17,523	28,933	104,831	162,118	177,409
Total current assets		68,360	159,473	218,757	346,997	114,757	243,580	798,558	984,865	1,246,695
Property, plant and equipment	26,801	67,352	52,073	81,268	90,054	65,783	128,124	540,773	711,714	712,680
Lease right-of-use assets				24,594	54,009	15,049	54,433	97,067	111,516	122,036
Goodwill		12,443	19,588	26,018	42,344	4,902	9,231	37,031	101,056	28,500
Total assets		241,446	557,674	726,034	1,031,784	556,183	1,140,909	3,972,964	4,842,217	5,088,822
Accounts payable		21,970	28,027	32,299	53,806	32,116	66,662	282,108	348,615	330,518
Short-term debt		23,287	49,912	80,384	147,780	74,505	205,377	381,566	483,709	535,760
Total current liabilities		51,191	88,952	128,063	259,637	115,488	318,149	724,553	919,000	1,001,779
Lease liabilities					15,194	7,489	15,218	66,263	85,383	88,447
Total liabilities		192,273	434,213	598,833	848,309	382,537	695,110	2,178,387	2,663,976	2,875,030
Total debt	117,295	213,214	488,156	477,798	0	118,668
Retained earnings			20,925		1,157	1,157
Minority interests		32,768	86,213	103,159	145,683	120,441	268,368	1,015,578	1,209,702	1,243,206
Total equity	94,365	150,884	265,039	313,302	648,614	374,349	2,309,163	2,501,817	2,178,241	2,213,792
Total liabilities and equity		241,446	557,674	726,034	1,031,784	556,183	1,140,909	3,972,964	4,842,217	5,088,822

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9,118	3,622	27,420	-61,177	49,265	-86,617	504,586	406,477	148,839	224,366
Depreciation and amortization	1,612	8,004	10,241	1,613	4,833	0.01	28,453	47,364	44,809	47,617
Cash from operations	4,219	16,547	24,150	25,546	88,014	31,416	174,664	188,028	115,446	151,319
Capital expenditures							-32,215	-94,268	-109,280	-45,730
Cash from investing	8,640	-4,634	-31,553	10,552	111,462	258,542	103,270	77,262	129,064	-80,565
Debt issued	147,427	64,348	47,023	55,708	71,761	56,677	66,839	611,252	456,477	871,196
Debt repaid	-145,854	-42,074	-45,233	-54,274	109,030	93,577	97,628	645,674	-445,457	-584,461
Dividends paid	-239	-4,542	-1,655	-466	-30	0	-66,588	-227,189	-172,303	-87,431
Cash from financing	-4,647	4,244	-4,009	-25,735	-191,052	-189,640	-296,477	-471,725	-310,520	86,184
Net change in cash	8,212	16,157	-11,412	10,363	3,421
Free cash flow							142,449	93,760	6,166	105,589
Income taxes paid	785	2,115	1,686	730	650

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	40.3%	Gross profit / revenue.
Pre-tax margin	32.3%	Pre-tax income / revenue.
Net margin	10.5%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.9%	Net income / average total assets.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	61.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	60.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-24.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-31.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	89.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,612.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	64.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	56.5%	Total liabilities / total assets.
Working capital	ARS 244.92B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	1.28x	Revenue / average property, plant and equipment.
Inventory turnover	3.36x	Cost of revenue / average inventory.
Days inventory	109 days	365 x average inventory / cost of revenue.
Receivables turnover	2.26x	Revenue / average receivables.
Days sales outstanding	161 days	365 x average receivables / revenue.
Days payables	217 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	53 days	Days inventory + days sales outstanding - days payables.
FCF conversion	109.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	90.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	82.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was CRESUD INC's revenue in fiscal 2025?

CRESUD INC reported revenue of ARS 914.16B for fiscal 2025, 4.7% lower than the year before.

Was CRESUD INC profitable in fiscal 2025?

Yes. Net income was ARS 96.15B, a net margin of 10.5%.

How much free cash flow did CRESUD INC generate in fiscal 2025?

Cash from operations of ARS 151.32B minus capital expenditures of ARS 45.73B left free cash flow of ARS 105.59B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to CRESUD INC