Suzano S.A. financial statements

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

In BRL 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	9,839	10,581	13,443	26,013	30,460	40,965	49,831	39,756	47,403	50,116
Cost of revenue	6,563	6,496	6,922	20,743	18,966	20,616	24,821	25,077	27,402	33,890
Gross profit	3,276	4,084	6,521	5,269	11,494	20,350	25,010	14,679	20,002	16,226
Selling and marketing	416	423	599	1,905	2,175	2,292	2,483	2,596	2,939	3,313
Operating income	1,275	3,278	5,008	2,629	8,443	18,180	22,223	12,216	15,691	10,649
Interest expense	1,156	1,218	1,500	4,179	4,459	4,221	4,590	4,659	5,542	6,884
Interest income	2,278	306	460	493	327	273	967	1,826	1,737	1,767
Pre-tax income	2,397	2,260	165	-4,097	-17,642	8,833	28,656	17,997	-13,111	20,411
Income tax	719	439	-155	1,282	6,927	-197	-5,261	-3,891	6,066	-6,973
Net income to minority interests			0.12	2.78	9.89	9.15	13.3	21.5	29.5	29.5
Net income	1,678	1,821	320	-2,818	-10,725	8,626	23,382	14,085	-7,074	13,408
EBITDA	2,679	4,681	6,571	10,721	15,216	25,222	29,631	19,537	24,915	21,946
EPS, basic	1.54	1.67	0.29	-2.09	-7.95	6.39	17.58	10.86	-5.59	10.84
EPS, diluted	1.53	1.66	0.29	-2.09	-7.95	6.39	17.57	10.85	-5.59	10.82

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,615	1,077	4,387	3,249	6,835	13,591	9,506	8,346	9,019	15,180
Receivables							9,607	6,848	9,133	6,561
Inventory		1,198	1,853	4,686	4,009	4,637	5,728	5,947	7,962	8,156
Total current assets		6,800	30,799	18,884	17,958	34,103	37,123	38,569	42,183	43,867
Property, plant and equipment	17,020	16,211	17,020	41,121	39,157	38,170	50,657	59,289	64,986	64,296
Lease right-of-use assets			0	3,850	4,344	4,794	5,109	5,197	5,181	5,332
Goodwill		45.4	158	161	236	232	233	229	225	29.4
Intangible assets	173	142	180	9,650	8,742	8,015	7,173	6,557	5,710	4,778
Total assets	29,371	28,526	53,933	97,908	101,801	118,975	133,198	143,593	165,936	167,936
Total current liabilities		3,719	6,059	11,479	8,173	11,551	14,493	14,795	24,478	13,773
Lease liabilities				3,327	4,572	5,270	5,510	5,490	6,101	6,072
Total liabilities	19,246	16,910	41,907	79,820	94,463	103,800	100,032	98,783	133,521	123,983
Total debt	14,013	12,192	35,738	63,684	72,900	79,629	74,575	77,173	101,436	94,801
Retained earnings		2,923	2,993	317	-3,926
Shareholders' equity	10,125	11,617	12,012	17,973	7,232	15,075	33,061	44,693	32,284	43,812
Minority interests			13.9	115	106	99.7	105	118	131	140
Total equity	10,125	11,617	12,026	18,088	7,337	15,175	33,166	44,810	32,416	43,952
Total liabilities and equity	29,371	28,526	53,933	97,908	101,801	118,975	133,198	143,593	165,936	167,936

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,678	1,821	320	-2,815	-10,715	8,636	23,395	14,106	-7,045	13,438
Depreciation and amortization	1,404	1,403	1,563	8,092	6,773	7,042	7,408	7,321	9,224	11,297
Cash from operations	3,076	3,067	5,169	7,576	13,125	17,637	21,641	17,315	20,604	18,152
Capital expenditures	-886	-860	-1,251	-2,002	-1,503	-2,151	-9,791	-11,674	-9,191	-4,579
Cash from investing	-3,342	-1,008	-21,961	-11,695	-736	-10,359	-17,016	-26,035	-20,513	-9,833
Debt issued	5,666	2,562	25,646	18,994	14,762	16,992	1,336	10,945	15,693	23,872
Share buybacks		-0.08					-1,904	-881	-2,807	-192
Dividends paid	-300	-571	-210	-607		-9.68	-4,151	-193		-5.63
Cash from financing	566	-2,612	20,035	3,142	-9,785	-1,574	-8,107	7,799	-83.8	-1,820
Exchange rate effect	-162	14.7	67.4	-162	983	1,051	-602	-239	665	-339
Net change in cash	137	-538	3,311	-1,138	3,586	6,756	-4,085	-921	7.92	6,500
Free cash flow	2,190	2,207	3,918	5,575	11,621	15,487	11,849	5,641	11,414	13,573
Interest paid	1,102	1,007	807	2,978	3,245	2,954	4,019	4,729	5,241	5,818
Income taxes paid		121	327	392	188	106	306	308	366	290

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	32.4%	Gross profit / revenue.
Operating margin	21.2%	Operating income / revenue.
EBITDA margin	43.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	40.7%	Pre-tax income / revenue.
Net margin	26.8%	Net income / revenue.
FCF margin	27.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.2%	Cash from operations / revenue.
Effective tax rate	-34.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	6.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	9.1%	Capital expenditures / revenue.
D&A / revenue	22.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-18.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-13.4%	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	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-32.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-21.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-16.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	-14.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-11.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.7%	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	6.7%	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	18.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	35.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	43.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	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	10.5%	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	3.19x	Current assets / current liabilities.
Quick ratio	1.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	56.5%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	R$79.62B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.55x	Operating income / interest expense.
Working capital	R$30.09B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	R$39.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	0.78x	Revenue / average property, plant and equipment.
Inventory turnover	4.21x	Cost of revenue / average inventory.
Days inventory	87 days	365 x average inventory / cost of revenue.
Receivables turnover	6.39x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
FCF conversion	101.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$10.82	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	R$10.84	Net income per basic share, as reported (split-adjusted).
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.4%	Share buybacks / free cash flow, when free cash flow is positive.

What was Suzano S.A.'s revenue in fiscal 2025?

Suzano S.A. reported revenue of R$50.12B for fiscal 2025, 5.7% higher than the year before.

Was Suzano S.A. profitable in fiscal 2025?

Yes. Net income was R$13.41B, a net margin of 26.8%.

How much free cash flow did Suzano S.A. generate in fiscal 2025?

Cash from operations of R$18.15B minus capital expenditures of R$4.58B left free cash flow of R$13.57B.

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.

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