Carlsberg A/S (CPH:CARL.B)
Denmark · Delayed Price · Currency is DKK 875.20
+8.80 (1.02%)
Sep 4, 2026, 4:59 PM CET
Carlsberg Cash Flow Statement
Financials in millions DKK. Fiscal year is January - December.
Millions DKK. 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 | 6,395 | 5,955 | 9,116 | -40,788 | -1,063 | 6,846 |
Depreciation & Amortization | 5,624 | 5,533 | 4,327 | 3,981 | 3,942 | 4,396 |
Loss (Gain) From Sale of Assets | -84 | -84 | -44 | -47 | -79 | -77 |
Asset Writedown & Restructuring Costs | -1,432 | -1,486 | -177 | -459 | 74 | -511 |
Loss (Gain) on Equity Investments | -660 | -660 | -616 | -581 | -901 | -336 |
Stock-Based Compensation | 128 | 128 | 100 | 130 | 97 | 82 |
Other Operating Activities | 3,674 | 3,608 | -757 | 49,453 | 9,436 | 529 |
Change in Accounts Receivable | 847 | 847 | 82 | 223 | -232 | -1,710 |
Change in Inventory | 364 | 364 | -22 | -143 | -1,271 | -539 |
Change in Accounts Payable | -481 | -481 | 411 | 618 | 3,411 | 2,982 |
Change in Other Net Operating Assets | -437 | -1,293 | -1,108 | -780 | -465 | 616 |
Operating Cash Flow | 13,938 | 12,431 | 13,570 | 10,613 | 14,901 | 12,278 |
Operating Cash Flow Growth | 5.26% | -8.39% | 27.86% | -28.78% | 21.36% | 12.35% |
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 | -5,777 | -4,924 | -4,668 | -3,887 | -4,018 | -3,903 |
Sale of Property, Plant & Equipment | 224 | 106 | 85 | 115 | 414 | 257 |
Cash Acquisitions | -269 | -29,421 | 254 | -826 | - | -621 |
Divestitures | - | - | -27 | 4 | - | - |
Sale (Purchase) of Intangibles | -664 | -668 | -362 | -356 | - | - |
Sale (Purchase) of Real Estate | - | - | - | - | - | -2 |
Investment in Securities | 174 | 192 | 2,018 | -2,255 | -68 | -48 |
Other Investing Activities | 606 | 612 | 792 | 512 | -94 | 291 |
Investing Cash Flow | -6,616 | -34,098 | -1,518 | -6,729 | -3,441 | -4,067 |
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 | - | 34,109 | 6,096 | 15,272 | 4,878 | 14 |
Total Debt Issued | 5,868 | 34,109 | 6,096 | 15,272 | 4,878 | 14 |
Short-Term Debt Repaid | - | -3,732 | -7,460 | - | - | -216 |
Long-Term Debt Repaid | - | -5,630 | -547 | -5,901 | -6,006 | -1,406 |
Lease Payments | -638 | -638 | -547 | -466 | -423 | -405 |
Total Debt Repaid | -21,561 | -9,362 | -8,007 | -5,901 | -6,006 | -1,622 |
Net Debt Issued (Repaid) | -15,693 | 24,747 | -1,911 | 9,371 | -1,128 | -1,608 |
Issuance of Common Stock | 13,381 | - | - | - | - | - |
Repurchase of Common Stock | -4 | -4 | -1,960 | -3,200 | -4,400 | -3,600 |
Common Dividends Paid | -3,844 | -3,569 | -3,601 | -3,695 | -3,389 | -3,187 |
Other Financing Activities | -918 | -864 | -6,463 | -1,106 | -847 | -550 |
Financing Cash Flow | -7,078 | 20,310 | -13,935 | 1,370 | -9,764 | -8,945 |
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 | 31 | -602 | 11 | -1,229 | -683 | 458 |
Miscellaneous Cash Flow Adjustments | - | - | - | 1,194 | -1,194 | 662 |
Net Cash Flow | 275 | -1,959 | -1,872 | 5,219 | -181 | 386 |
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 | 8,161 | 7,507 | 8,902 | 6,726 | 10,883 | 8,375 |
Free Cash Flow Growth | -0.95% | -15.67% | 32.35% | -38.20% | 29.95% | 28.21% |
Free Cash Flow Margin | 9.04% | 8.43% | 11.87% | 9.14% | 15.49% | 13.94% |
Free Cash Flow Per Share | 61.55 | 56.64 | 66.97 | 49.29 | 77.62 | 58.04 |
Levered Free Cash Flow | 7,729 | 5,606 | 1,582 | 13,307 | 698.63 | 12,056 |
Unlevered Free Cash Flow | 9,220 | 7,105 | 2,273 | 13,792 | 1,036 | 12,374 |
Free Cash Flow After Leases | 7,523 | 6,869 | 8,355 | 6,260 | 10,460 | 7,970 |
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 | 1,672 | 1,672 | 1,091 | 602 | 1,223 | 916 |
Cash Income Tax Paid | 2,602 | 2,506 | 2,342 | 2,166 | 2,103 | 1,883 |
Change in Working Capital | 293 | -563 | -637 | -82 | 1,443 | 1,349 |