Adyen Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,130	906.19	787.44	570.37	453.42
Depreciation & Amortization	135.85	104.46	85.45	63.61	35.01
Stock-Based Compensation	40.61	35.16	28.05	1.15	5.89
Other Adjustments	-31.78	4.84	-42.31	-37.9	2.39
Change in Receivables	12.19	-165.69	-166.04	231.5	270.47
Changes in Inventories	22.89	4.65	-22.88	-65.75	-3.85
Changes in Accounts Payable	-281.79	796.79	1,176	1,227	1,009
Changes in Other Operating Activities	2.8	18.37	24.35	30.76	48.2
Operating Cash Flow	1,030	1,705	1,870	2,021	1,820
Operating Cash Flow Growth	-39.56%	-8.84%	-7.48%	11.04%	79.03%
Capital Expenditures	-123.66	-98.22	-65.61	-95.58	-51.39
Purchases of Intangible Assets	-2.13	-3.03	-4.14	-3.52	-2.96
Purchases of Investments	-27.85	-26.2	-	-	-0.21
Proceeds from Sale of Investments	24.1	8.82	-	11.41	12.43
Investing Cash Flow	-129.54	-118.62	-69.74	-87.69	-42.13
Issuance of Common Stock	19.74	112.01	13.2	9.93	105.29
Net Common Stock Issued (Repurchased)	19.74	112.01	13.2	9.93	105.29
Other Financing Activities	-47.62	-41.41	-33.81	-22.14	-9.05
Financing Cash Flow	-27.88	70.6	-20.61	-12.22	96.24
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-40.63	1.3	4.95	-15	4.35
Net Cash Flow	873	1,657	1,780	1,921	1,874
Free Cash Flow	906.76	1,607	1,804	1,926	1,769
Free Cash Flow Growth	-43.56%	-10.97%	-6.29%	8.87%	76.96%
FCF Margin	38.35%	80.49%	110.97%	144.76%	176.61%
Free Cash Flow Per Share	28.69	51.39	57.91	62.02	57.66
Levered Free Cash Flow	818.62	1,751	1,896	1,725	1,506
Unlevered Free Cash Flow	602.09	1,496	1,684	1,681	1,518