adidas AG 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	1,820	1,121	65	388	1,852
Depreciation & Amortization	1,135	1,180	1,170	1,371	1,115
Other Adjustments	-164	-84	-84	-215	-276
Change in Receivables	-562	-839	996	-795	-170
Changes in Inventories	-1,104	-500	1,280	-1,879	125
Changes in Accounts Payable	-377	2,024	-857	736	226
Changes in Other Operating Activities	3	9	-19	-85	320
Operating Cash Flow	751	2,910	2,550	-479	3,192
Operating Cash Flow Growth	-74.19%	14.12%	-	-	114.81%
Capital Expenditures	-363	-419	-363	-504	-494
Sale of Property, Plant & Equipment	4	49	9	1	1
Purchases of Intangible Assets	-114	-121	-141	-191	-173
Proceeds from Sale of Intangible Assets	-	-	1	1	1
Purchases of Investments	-88	-22	-	-	-
Proceeds from Sale of Investments	-	-	23	-13	49
Proceeds from Business Divestments	100	100	-19	1,177	189
Other Investing Activities	58	57	39	23	4
Investing Cash Flow	-404	-356	-451	495	-424
Short-Term Debt Issued	166	3	3	-18	-
Short-Term Debt Repaid	-	-	-	-	-79
Net Short-Term Debt Issued (Repaid)	166	3	3	-18	-79
Long-Term Debt Issued	498	-	-	994	-
Long-Term Debt Repaid	-1,143	-1,156	-1,103	-631	-1,172
Net Long-Term Debt Issued (Repaid)	-645	-1,156	-1,103	363	-1,172
Issuance of Common Stock	39	24	25	25	27
Repurchase of Common Stock	-43	-35	-29	-2,530	-1,032
Net Common Stock Issued (Repurchased)	-4	-11	-4	-2,505	-1,005
Common Dividends Paid	-357	-125	-125	-610	-585
Other Financing Activities	-262	-269	-196	-195	-150
Financing Cash Flow	-1,103	-1,559	-1,425	-2,963	-2,991
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-82	29	-40	-39	57
Net Cash Flow	-755	995	674	-3,011	-165
Free Cash Flow	388	2,491	2,187	-983	2,698
Free Cash Flow Growth	-84.42%	13.90%	-	-	141.32%
FCF Margin	1.56%	10.52%	10.21%	-4.37%	12.71%
Free Cash Flow Per Share	2.17	13.95	12.25	-5.36	13.89
Levered Free Cash Flow	155	1,905	36	596	2,157
Unlevered Free Cash Flow	849.56	3,277	967.74	76.95	2,892

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.