Heineken N.V. (AMS:HEIA)
Netherlands · Delayed Price · Currency is EUR 73.02
+0.28 (0.38%)
Sep 4, 2026, 5:37 PM CET
Heineken Cash Flow Statement
Financials in millions EUR. Fiscal year is January - December.
Millions EUR. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 | 2,266 | 1,885 | 978 | 2,304 | 2,682 | 3,324 |
Depreciation & Amortization | 2,367 | 2,147 | 2,159 | 1,975 | 1,900 | 1,767 |
Other Amortization | 128 | 128 | 134 | 128 | 114 | 104 |
Loss (Gain) From Sale of Assets | -74 | -74 | -30 | -109 | 17 | -55 |
Asset Writedown & Restructuring Costs | -88 | 334 | 305 | 773 | -216 | 88 |
Loss (Gain) From Sale of Investments | - | - | - | -23 | -76 | -1,270 |
Loss (Gain) on Equity Investments | -184 | -264 | 687 | -226 | -230 | -256 |
Other Operating Activities | 323 | 431 | 425 | -214 | 992 | 506 |
Change in Accounts Receivable | 331 | 54 | 347 | -42 | -668 | -697 |
Change in Inventory | 193 | 2 | -39 | -4 | -793 | -308 |
Change in Accounts Payable | 427 | 271 | 543 | -100 | 981 | 1,268 |
Change in Other Net Operating Assets | 119 | 98 | -6 | -32 | -207 | -290 |
Operating Cash Flow | 5,808 | 5,012 | 5,503 | 4,430 | 4,496 | 4,181 |
Operating Cash Flow Growth | 10.67% | -8.92% | 24.22% | -1.47% | 7.53% | 33.32% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -1,840 | -2,133 | -2,184 | -2,434 | -1,791 | -1,324 |
Sale of Property, Plant & Equipment | 160 | 166 | 152 | 154 | 112 | 86 |
Cash Acquisitions | -2,239 | -17 | -4 | -806 | -171 | 54 |
Divestitures | 72 | 7 | 14 | 257 | 9 | 3 |
Sale (Purchase) of Intangibles | -222 | -269 | -281 | -243 | -220 | -273 |
Investment in Securities | -479 | -35 | - | -356 | -37 | -667 |
Investing Cash Flow | -4,728 | -2,455 | -2,435 | -3,576 | -2,286 | -2,277 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Long-Term Debt Issued | - | 6,582 | 3,076 | 6,751 | 644 | 1,571 |
Long-Term Debt Repaid | - | -4,430 | -4,446 | -5,004 | -2,238 | -3,660 |
Net Debt Issued (Repaid) | 1,904 | 2,152 | -1,370 | 1,747 | -1,594 | -2,089 |
Issuance of Common Stock | - | - | - | - | - | 12 |
Repurchase of Common Stock | -899 | -701 | -5 | -942 | -43 | - |
Common Dividends Paid | -1,260 | -1,276 | -1,199 | -1,335 | -1,099 | -796 |
Other Financing Activities | -105 | -22 | - | -286 | -391 | -10 |
Financing Cash Flow | -360 | 153 | -2,574 | -816 | -3,127 | -2,883 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | 28 | -151 | -166 | -231 | -21 | 16 |
Net Cash Flow | 748 | 2,559 | 328 | -193 | -938 | -963 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | 3,968 | 2,879 | 3,319 | 1,996 | 2,705 | 2,857 |
Free Cash Flow Growth | 32.66% | -13.26% | 66.28% | -26.21% | -5.32% | 74.74% |
Free Cash Flow Margin | 13.49% | 10.01% | 11.13% | 6.57% | 9.42% | 13.02% |
Free Cash Flow Per Share | 7.19 | 5.17 | 5.92 | 3.54 | 4.70 | 4.96 |
Levered Free Cash Flow | 3,004 | 2,138 | 2,628 | 592.63 | 2,227 | 2,207 |
Unlevered Free Cash Flow | 3,438 | 2,526 | 3,053 | 992.63 | 2,513 | 2,496 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Cash Interest Paid | 648 | 621 | 668 | 624 | 439 | 456 |
Cash Income Tax Paid | 893 | 1,000 | 1,051 | 1,160 | 948 | 717 |
Change in Working Capital | 1,070 | 425 | 845 | -178 | -687 | -27 |