Volkswagen AG (ETR:VOW3)
Germany · Delayed Price · Currency is EUR 71.20
+2.54 (3.70%)
Nov 4, 2026, 5:35 PM CET
Volkswagen AG Cash Flow Statement
Financials in millions EUR. Fiscal year is January - December.
Millions EUR. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 | 3,792 | 9,307 | 16,806 | 23,099 | 22,070 | 15,382 |
Depreciation & Amortization | 14,577 | 12,602 | 12,441 | 11,415 | 12,907 | 12,692 |
Other Amortization | 20,568 | 20,568 | 18,488 | 15,839 | 15,121 | 14,389 |
Loss (Gain) From Sale of Assets | -95 | -95 | 110 | 208 | 30 | 180 |
Asset Writedown & Restructuring Costs | 9,263 | 4,264 | 417 | 312 | 457 | 255 |
Loss (Gain) From Sale of Investments | 38 | 38 | 710 | 717 | 2,185 | 137 |
Loss (Gain) on Equity Investments | 930 | 968 | 2,362 | 271 | 568 | 787 |
Other Operating Activities | -5,803 | -6,099 | -5,285 | -3,764 | -4,956 | -1,126 |
Change in Accounts Receivable | -581 | -211 | -2,083 | -4,361 | -3,065 | 1,888 |
Change in Inventory | -4,528 | -896 | -2,695 | -2,071 | -8,385 | 2,110 |
Change in Accounts Payable | 3,165 | 3,165 | 52 | 5,272 | 8,713 | 1,856 |
Change in Other Net Operating Assets | -25,888 | -28,602 | -24,172 | -27,581 | -17,149 | -9,917 |
Operating Cash Flow | 15,438 | 15,009 | 17,151 | 19,356 | 28,496 | 38,633 |
Operating Cash Flow Growth | 0.28% | -12.49% | -11.39% | -32.07% | -26.24% | 55.15% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Capital Expenditures | -14,191 | -15,299 | -17,202 | -14,653 | -12,948 | -10,655 |
Sale of Property, Plant & Equipment | 733 | 733 | 947 | 501 | 437 | 469 |
Cash Acquisitions | -359 | -359 | -284 | -675 | -1,122 | -3,158 |
Divestitures | 67 | 67 | -148 | -63 | 372 | -304 |
Sale (Purchase) of Intangibles | -8,736 | -9,047 | -10,244 | -11,142 | -9,723 | -7,843 |
Investment in Securities | -2,355 | -2,640 | -2,124 | 9,273 | -17,354 | -3,970 |
Other Investing Activities | 98 | -1 | -1 | 1 | -1 | - |
Investing Cash Flow | -25,681 | -27,484 | -31,573 | -19,812 | -41,822 | -26,128 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Long-Term Debt Issued | - | 80,166 | 64,427 | 69,497 | 23,876 | 32,659 |
Short-Term Debt Repaid | - | -30,417 | -12,414 | - | - | - |
Long-Term Debt Repaid | - | -34,145 | -33,951 | -42,753 | -31,252 | -35,731 |
Lease Payments | -1,454 | -1,476 | -1,334 | -1,190 | -1,248 | -1,246 |
Total Debt Repaid | -91,530 | -64,562 | -46,365 | -42,753 | -31,252 | -35,731 |
Net Debt Issued (Repaid) | 17,910 | 15,604 | 18,062 | 26,744 | -7,376 | -3,072 |
Issuance of Common Stock | 34 | 420 | - | 1,003 | - | - |
Repurchase of Common Stock | -1,651 | - | -1,144 | - | -235 | -1,071 |
Common Dividends Paid | -3,226 | -3,835 | -5,175 | -11,732 | -4,362 | -2,994 |
Other Financing Activities | -317 | -271 | -603 | -7 | 16,198 | -617 |
Financing Cash Flow | 12,750 | 11,918 | 11,140 | 16,008 | 4,225 | -7,754 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Foreign Exchange Rate Adjustments | 772 | -938 | 55 | -1,764 | -285 | 942 |
Miscellaneous Cash Flow Adjustments | -1 | - | 1 | -3 | 1 | -2 |
Net Cash Flow | 3,278 | -1,495 | -3,226 | 13,785 | -9,385 | 5,691 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Free Cash Flow | 1,247 | -290 | -51 | 4,703 | 15,548 | 27,978 |
Free Cash Flow Growth | - | - | - | -69.75% | -44.43% | 105.30% |
Free Cash Flow Margin | 0.39% | -0.09% | -0.02% | 1.46% | 5.57% | 11.18% |
Free Cash Flow Per Share | 2.49 | -0.58 | -0.10 | 9.38 | 31.02 | 55.81 |
Levered Free Cash Flow | 10,051 | 12,737 | -83,664 | 17,099 | 26,792 | 14,563 |
Unlevered Free Cash Flow | 13,044 | 14,180 | -82,117 | 19,374 | 27,047 | 15,699 |
Free Cash Flow After Leases | -207 | -1,766 | -1,385 | 3,513 | 14,300 | 26,732 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 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 |
Cash Interest Paid | 8,103 | 8,103 | 8,780 | 7,011 | 3,274 | 2,471 |
Cash Income Tax Paid | 4,200 | 5,152 | 6,187 | 7,716 | 4,416 | 4,216 |
Change in Working Capital | -27,832 | -26,544 | -28,898 | -28,741 | -19,886 | -4,063 |