Thales 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	1,675	1,420	1,023	1,121	1,089
Depreciation & Amortization	1,069	1,135	1,025	1,040	1,043
Other Amortization	18.4	20.8	20.2	18.9	19.8
Loss (Gain) From Sale of Assets	22.6	-1.7	6.3	1.5	2.2
Asset Writedown & Restructuring Costs	15.9	176	-15.6	-52.1	-54.1
Loss (Gain) From Sale of Investments	-	0.8	-85.5	13.7	-6.4
Loss (Gain) on Equity Investments	-198.4	-95.1	-147.4	-180	-103.6
Other Operating Activities	-3.6	65.4	-487.6	96.5	-58.9
Change in Accounts Receivable	-700.2	-1,232	-967	-412.4	-1,058
Change in Inventory	-148.4	-772.6	-818.7	-568.9	75.2
Change in Accounts Payable	269.2	360	713.7	663.7	364
Change in Unearned Revenue	1,502	1,713	1,266	1,190	1,175
Change in Other Net Operating Assets	-199	-42	-20.8	94	220
Operating Cash Flow	3,322	2,638	1,596	2,995	2,833
Operating Cash Flow Growth	25.93%	65.23%	-46.69%	5.70%	141.99%
Capital Expenditures	-756.7	-539.7	-540	-469.5	-381.2
Sale of Property, Plant & Equipment	10.4	6.2	3.9	8.5	4.8
Cash Acquisitions	-9.2	-1,169	-3,535	-417.8	-54.7
Divestitures	-76.9	1,520	109	28.9	2.2
Sale (Purchase) of Intangibles	-	-83.3	-85.4	-64.4	-69.5
Investment in Securities	-142.1	101.5	-80.9	-213.3	19.2
Other Investing Activities	-	107.7	-86	-39	-
Investing Cash Flow	-909.8	-62.8	-4,233	-1,171	-493.4
Long-Term Debt Issued	51.1	158.2	3,655	90.7	51.1
Long-Term Debt Repaid	-1,879	-1,155	-908.7	-786.9	-1,763
Net Debt Issued (Repaid)	-1,828	-996.9	2,746	-696.2	-1,712
Repurchase of Common Stock	-45.2	-275.4	-491	-350.7	-26.7
Common Dividends Paid	-780.7	-708.4	-633.7	-563.4	-417
Other Financing Activities	-2.2	-21.6	-30.2	-138.5	-13.5
Financing Cash Flow	-2,656	-2,002	1,591	-1,749	-2,169
Foreign Exchange Rate Adjustments	-76.5	-12.9	-43.7	4.5	41.8
Net Cash Flow	-320.6	559.8	-1,089	80	212.5
Free Cash Flow	2,565	2,098	1,056	2,525	2,452
Free Cash Flow Growth	22.26%	98.61%	-58.17%	2.99%	184.85%
Free Cash Flow Margin	11.59%	10.20%	5.73%	14.37%	15.14%
Free Cash Flow Per Share	12.46	10.18	5.05	11.89	11.51
Cash Interest Paid	225.8	267.3	147.5	69	64.8
Cash Income Tax Paid	413	185.3	195.4	156.3	144.8
Levered Free Cash Flow	2,077	3,472	1,744	2,386	1,606
Unlevered Free Cash Flow	2,222	3,653	1,844	2,434	1,640
Change in Working Capital	723.5	26.1	172.7	966.4	776.1

Source: S&P Global Market Intelligence. Standard template. Financial Sources.