Volkswagen AG 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	9,307	16,806	23,099	22,070	20,126
Depreciation & Amortization	37,434	31,346	27,566	28,485	27,336
Other Adjustments	-5,187	-2,101	-2,569	-2,171	-4,765
Change in Receivables	-211	-2,083	-4,361	-3,065	1,888
Changes in Inventories	-896	-2,695	-2,071	-8,385	2,110
Changes in Accounts Payable	3,165	52	5,272	8,713	1,856
Changes in Accrued Expenses	1,760	4,247	715	-2,144	1,943
Operating Cash Flow	15,009	17,151	19,356	28,496	38,633
Operating Cash Flow Growth	-12.49%	-11.39%	-32.07%	-26.24%	55.15%
Capital Expenditures	-15,299	-17,202	-14,653	-12,948	-10,655
Sale of Property, Plant & Equipment	733	947	501	437	469
Purchases of Intangible Assets	-9,047	-10,244	-11,142	-9,723	-7,843
Purchases of Investments	-2,106	-2,152	-2,041	-2,504	-2,741
Proceeds from Sale of Investments	951	231	41	35	52
Payments for Business Acquisitions	-359	-284	-675	-1,122	-3,158
Proceeds from Business Divestments	67	-148	-63	372	-304
Other Investing Activities	-32,785	-31,139	-20,077	-31,373	-13,808
Investing Cash Flow	-27,484	-31,573	-19,812	-41,822	-26,128
Short-Term Debt Issued	16,624	12,179	15,967	-4,366	-3,928
Net Short-Term Debt Issued (Repaid)	16,624	12,179	15,967	-4,366	-3,928
Long-Term Debt Issued	63,542	52,248	53,530	23,876	32,659
Long-Term Debt Repaid	-63,086	-45,031	-41,563	-25,638	-30,557
Net Long-Term Debt Issued (Repaid)	456	7,217	11,967	-1,762	2,102
Common Dividends Paid	-4,460	-5,779	-11,732	-4,362	-3,022
Other Financing Activities	-704	-2,478	-195	14,715	-2,907
Financing Cash Flow	11,918	11,140	16,008	4,225	-7,754
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-938	55	-1,764	-285	942
Net Cash Flow	-1,495	-3,226	13,785	-9,385	5,691
Free Cash Flow	-290	-51	4,703	15,548	27,978
Free Cash Flow Growth	-	-	-69.75%	-44.43%	105.30%
FCF Margin	-0.09%	-0.02%	1.46%	5.57%	11.18%
Free Cash Flow Per Share	-0.98	-0.17	15.94	52.69	94.81
Levered Free Cash Flow	49,917	45,865	60,710	22,474	35,607
Unlevered Free Cash Flow	32,742	29,805	34,249	29,602	37,366

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.