Hermes Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

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	4,536	4,560	4,631	4,323	3,380	2,453
Depreciation & Amortization	984	926	844	772	730	563
Stock-Based Compensation	132	132	142	104	55	59
Other Adjustments	-84	-10	-240	-74	-54	-17
Changes in Other Operating Activities	174	-234	-239	-793	73	346
Operating Cash Flow	5,743	5,374	5,139	4,328	4,184	3,405
Operating Cash Flow Growth	6.87%	4.57%	18.74%	3.44%	22.88%	107.37%
Capital Expenditures	-1,189	-1,161	-1,067	-859	-518	-532
Sale of Property, Plant & Equipment	-	1	1	0	1	3
Purchases of Investments	-218	-180	-27	-52	-165	-198
Proceeds from Sale of Investments	5	9	145	-	5	6
Cash Acquisitions	-52	-60	-229	-288	-1	-
Other Investing Activities	93	114	-19	205	99	53
Investing Cash Flow	-1,361	-1,276	-1,195	-995	-579	-669
Long-Term Debt Issued	-1	8	-	-	-	-
Long-Term Debt Repaid	-	-9	-1	-1	0	-8
Net Long-Term Debt Issued (Repaid)	-1	-1	-1	-1	0	-8
Repurchase of Common Stock	-162	-8	-37	-130	-123	-158
Net Common Stock Issued (Repurchased)	-162	-8	-37	-130	-123	-158
Common Dividends Paid	-1,956	-2,796	-2,705	-1,386	-852	-490
Other Financing Activities	-338	-331	-303	-277	-261	-212
Financing Cash Flow	-2,456	-3,136	-3,046	-1,794	-1,237	-869
Foreign Exchange Rate Adjustments	65	-364	119	-138	159	110
Net Cash Flow	1,989	597	1,017	1,402	2,528	1,978
Free Cash Flow	4,554	4,213	4,072	3,469	3,666	2,873
Free Cash Flow Growth	8.09%	3.46%	17.38%	-5.37%	27.60%	140.62%
FCF Margin	28.23%	26.33%	26.84%	25.84%	31.60%	31.99%
Free Cash Flow Per Share	43.36	40.11	38.81	33.09	34.94	27.37
Levered Free Cash Flow	4,484	4,054	4,140	3,430	3,652	2,814
Unlevered Free Cash Flow	4,404	3,951	3,966	3,301	3,710	2,899