Zalando SE 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	212.7	251.1	83	16.8	234.5
Depreciation & Amortization	404.9	281.9	268.2	252.6	178
Other Amortization	-	68	65.8	59.8	57.4
Stock-Based Compensation	91.9	82.4	83	72.5	57.3
Other Operating Activities	-36.1	60.6	38.8	-28.4	10.7
Change in Accounts Receivable	-114.1	-26.8	13.7	-169.5	-125.5
Change in Inventory	-179.4	-108.8	368.6	-260.1	-186.3
Change in Accounts Payable	606.5	-18.1	-168.9	489.9	391.7
Change in Other Net Operating Assets	139.9	63.8	197.3	26.3	-1.6
Operating Cash Flow	1,126	654.1	949.5	459.9	616.2
Operating Cash Flow Growth	72.19%	-31.11%	106.46%	-25.36%	16.84%
Capital Expenditures	-98	-120.6	-190.5	-274.5	-240.4
Sale of Property, Plant & Equipment	-	-	3.5	-	-
Sale (Purchase) of Intangibles	-124.5	-86.2	-72.7	-77.1	-92.5
Investment in Securities	-857.8	-67.9	-56.1	-127	-3
Other Investing Activities	-	4.9	-4.9	2.4	-
Investing Cash Flow	-1,080	-269.8	-320.7	-476.2	-335.9
Long-Term Debt Repaid	-562.3	-230	-128.1	-114.1	-462.2
Net Debt Issued (Repaid)	-562.3	-230	-128.1	-114.1	-462.2
Issuance of Common Stock	0.6	4	4.5	30.9	22.5
Repurchase of Common Stock	-98.2	-99.5	-	-136.2	-200
Other Financing Activities	-96.5	-0.1	-	-26.5	-0.1
Financing Cash Flow	-756.4	-325.6	-123.6	-245.9	-639.8
Foreign Exchange Rate Adjustments	-0.1	-4.2	3.2	-0.9	3.5
Miscellaneous Cash Flow Adjustments	0.1	-	-	-	-0.1
Net Cash Flow	-710.4	54.5	508.4	-263.1	-356.1
Free Cash Flow	1,028	533.5	759	185.4	375.8
Free Cash Flow Growth	92.75%	-29.71%	309.39%	-50.67%	7.43%
Free Cash Flow Margin	8.33%	5.05%	7.48%	1.79%	3.63%
Free Cash Flow Per Share	4.01	2.04	2.90	0.71	1.42
Cash Interest Paid	-	70.3	55.8	35.1	32.7
Cash Income Tax Paid	179.7	75.4	39	64.1	106.3
Levered Free Cash Flow	1,002	320.96	711.86	47.34	279.34
Unlevered Free Cash Flow	1,020	379.34	765.36	86.53	316.4
Change in Working Capital	452.9	-89.9	410.7	86.6	78.3

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