Vestas Wind Systems A/S (CPH:VWS)
Denmark · Delayed Price · Currency is DKK 208.30
-4.20 (-1.98%)
Aug 21, 2026, 4:59 PM CET
Vestas Wind Systems 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 | 1,103 | 778 | 499 | 77 | -1,572 | 134 |
Depreciation & Amortization | 753 | 669 | 580 | 553 | 558 | 605 |
Other Amortization | 369 | 369 | 272 | 237 | 276 | 309 |
Loss (Gain) From Sale of Assets | - | - | - | - | -8 | 6 |
Asset Writedown & Restructuring Costs | 22 | 21 | 10 | -4 | 254 | 68 |
Loss (Gain) on Equity Investments | -7 | -7 | 1 | -22 | -11 | -36 |
Stock-Based Compensation | 41 | 41 | 28 | 34 | 7 | 13 |
Provision & Write-off of Bad Debts | -8 | -8 | 18 | - | - | - |
Other Operating Activities | -179 | -157 | 169 | 119 | 493 | -152 |
Change in Accounts Receivable | -104 | -104 | 238 | 655 | 836 | 122 |
Change in Inventory | 247 | 247 | 501 | 91 | -763 | -705 |
Change in Accounts Payable | 637 | 637 | 391 | -351 | -197 | 678 |
Change in Other Net Operating Assets | -606 | -200 | -375 | -362 | -68 | -86 |
Operating Cash Flow | 2,268 | 2,286 | 2,332 | 1,027 | -195 | 956 |
Operating Cash Flow Growth | -5.66% | -1.97% | 127.07% | - | - | 28.67% |
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 | -771 | -821 | -670 | -456 | -371 | -476 |
Sale of Property, Plant & Equipment | 2 | 2 | 13 | 55 | 48 | 3 |
Cash Acquisitions | -116 | -19 | - | - | - | - |
Divestitures | - | - | - | -8 | - | 95 |
Sale (Purchase) of Intangibles | -388 | -457 | -485 | -434 | -448 | -360 |
Investment in Securities | 114 | 87 | -204 | 49 | 79 | -221 |
Other Investing Activities | 51 | 44 | 5 | 12 | 13 | 60 |
Investing Cash Flow | -1,108 | -1,164 | -1,341 | -782 | -679 | -899 |
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 | - | 150 | 84 | 1,137 | 1,756 | 642 |
Long-Term Debt Repaid | - | -338 | -522 | -383 | -860 | -1,095 |
Net Debt Issued (Repaid) | -289 | -188 | -438 | 754 | 896 | -453 |
Repurchase of Common Stock | -372 | -282 | -40 | -11 | - | -12 |
Common Dividends Paid | -98 | -74 | - | - | -50 | -228 |
Other Financing Activities | - | - | - | - | - | -22 |
Financing Cash Flow | -759 | -544 | -478 | 743 | 846 | -715 |
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 | 5 | -11 | -14 | -48 | -14 | 15 |
Net Cash Flow | 406 | 567 | 499 | 940 | -42 | -643 |
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 | 1,497 | 1,465 | 1,662 | 571 | -566 | 480 |
Free Cash Flow Growth | -7.54% | -11.85% | 191.07% | - | - | 31.87% |
Free Cash Flow Margin | 7.38% | 7.78% | 9.61% | 3.71% | -3.91% | 3.08% |
Free Cash Flow Per Share | 1.45 | 1.46 | 1.65 | 0.56 | -0.56 | 0.48 |
Levered Free Cash Flow | 521.5 | 986.25 | 976.63 | 51.63 | -271.63 | 322 |
Unlevered Free Cash Flow | 629 | 1,077 | 1,098 | 198.5 | -232.25 | 354.5 |
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 | 117 | 117 | 124 | 205 | 37 | 39 |
Cash Income Tax Paid | 155 | 275 | 245 | 261 | 144 | 174 |
Change in Working Capital | 174 | 580 | 755 | 33 | -192 | 9 |