Thales S.A. (EPA:HO)

Thales Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,496	1,675	1,420	1,023	1,121	1,089
Depreciation & Amortization	1,067	1,069	1,135	1,025	1,040	1,043
Other Amortization	27.1	18.4	20.8	20.2	18.9	19.8
Loss (Gain) From Sale of Assets	38.2	-0.5	-1.7	6.3	1.5	2.2
Asset Writedown & Restructuring Costs	-12.2	15.9	176	-15.6	-52.1	-54.1
Loss (Gain) From Sale of Investments	3.2	3.2	0.8	-85.5	13.7	-6.4
Loss (Gain) on Equity Investments	-188.8	-198.4	-95.1	-147.4	-180	-103.6
Other Operating Activities	-0.8	16.3	65.4	-487.6	96.5	-58.9
Change in Accounts Receivable	-146.5	-700.2	-1,232	-967	-412.4	-1,058
Change in Inventory	-801.4	-157.2	-772.6	-818.7	-568.9	75.2
Change in Accounts Payable	941.6	269.2	360	713.7	663.7	364
Change in Unearned Revenue	1,490	1,502	1,713	1,266	1,190	1,175
Change in Other Net Operating Assets	771.4	-190.2	-42	-20.8	94	220
Operating Cash Flow	4,685	3,322	2,638	1,596	2,995	2,833
Operating Cash Flow Growth	43.51%	25.93%	65.23%	-46.69%	5.70%	141.99%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-682.8	-687.1	-539.7	-540	-469.5	-381.2
Sale of Property, Plant & Equipment	9.9	10.4	6.2	3.9	8.5	4.8
Cash Acquisitions	-19	-9.2	-1,169	-3,535	-417.8	-54.7
Divestitures	-63.4	-76.9	1,520	109	28.9	2.2
Sale (Purchase) of Intangibles	-69.6	-69.6	-83.3	-85.4	-64.4	-69.5
Investment in Securities	-98.8	-142.1	101.5	-80.9	-213.3	19.2
Other Investing Activities	-	-	107.7	-86	-39	-
Investing Cash Flow	-821.5	-909.8	-62.8	-4,233	-1,171	-493.4

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
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)	-1,897	-1,828	-996.9	2,746	-696.2	-1,712
Repurchase of Common Stock	-43.7	-45.2	-275.4	-491	-350.7	-26.7
Common Dividends Paid	-801.3	-780.7	-708.4	-633.7	-563.4	-417
Other Financing Activities	-6.1	-2.2	-21.6	-30.2	-138.5	-13.5
Financing Cash Flow	-2,748	-2,656	-2,002	1,591	-1,749	-2,169

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	44	-76.5	-12.9	-43.7	4.5	41.8
Net Cash Flow	1,160	-320.6	559.8	-1,089	80	212.5

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	4,003	2,635	2,098	1,056	2,525	2,452
Free Cash Flow Growth	49.10%	25.58%	98.61%	-58.17%	2.99%	184.85%
Free Cash Flow Margin	17.54%	11.90%	10.20%	5.73%	14.37%	15.14%
Free Cash Flow Per Share	19.44	12.80	10.18	5.05	11.89	11.51
Levered Free Cash Flow	4,253	2,077	3,472	1,744	2,386	1,606
Unlevered Free Cash Flow	4,393	2,222	3,653	1,844	2,434	1,640

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	209.1	225.8	267.3	147.5	69	64.8
Cash Income Tax Paid	352.8	413	185.3	195.4	156.3	144.8
Change in Working Capital	2,256	723.5	26.1	172.7	966.4	776.1

Data Source: S&P Global Market Intelligence Last updated: Jul 23, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Sep 8, 2026

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