AXA SA Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	7,886	7,189	5,061	7,294
Depreciation & Amortization	-562	-562	-805	870
Gain (Loss) on Sale of Investments	-7,479	-5,666	3,349	-10,640
Change in Accounts Receivable	14,872	4,913	1,288	4,344
Change in Other Net Operating Assets	-95	-3,495	-1,463	-1,811
Other Operating Activities	-1,982	1,805	-8,270	6,401
Operating Cash Flow	11,878	3,992	8,705	6,526
Operating Cash Flow Growth	197.54%	-54.14%	33.39%	-74.44%
Capital Expenditures	-476	-419	-398	-350
Sale of Property, Plant & Equipment	17	21	33	6
Cash Acquisitions	-53	-809	-34	24
Investment in Securities	-8,547	5,325	9,895	4,763
Other Investing Activities	1,456	-1,662	-283	-2,834
Investing Cash Flow	-11,249	-1,590	-155	-8,951
Long-Term Debt Issued	776	1,750	3,361	1,022
Total Debt Repaid	-	-1,944	-1,538	-116
Net Debt Issued (Repaid)	776	-194	1,823	906
Issuance of Common Stock	1,991	2,786	335	279
Repurchases of Common Stock	-4,745	-2,152	-3,987	-1,309
Common Dividends Paid	-4,759	-4,184	-3,966	-3,754
Other Financing Activities	-598	-601	-496	-455
Financing Cash Flow	-7,335	-4,345	-6,291	-4,333
Foreign Exchange Rate Adjustments	280	-151	-464	202
Miscellaneous Cash Flow Adjustments	-	-	-487	3,411
Net Cash Flow	-6,426	-2,094	1,308	-3,145
Free Cash Flow	11,402	3,573	8,307	6,176
Free Cash Flow Growth	219.12%	-56.99%	34.51%	-75.44%
Free Cash Flow Margin	12.50%	4.17%	9.57%	5.05%
Free Cash Flow Per Share	5.19	1.60	3.62	2.59
Cash Interest Paid	5,962	5,359	2,949	453
Cash Income Tax Paid	1,820	1,035	1,343	1,531
Levered Free Cash Flow	5,003	2,693	-147,446	6,402
Unlevered Free Cash Flow	5,382	3,075	-147,038	6,691
Change in Working Capital	14,777	1,418	-175	2,533

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.