Danone 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	1,825	2,021	881	959	1,924
Depreciation & Amortization	1,355	1,046	1,453	1,087	1,040
Loss (Gain) From Sale of Assets	-1	-225	-7	78	-31
Asset Writedown & Restructuring Costs	-	122	158	776	225
Loss (Gain) on Equity Investments	-68	-7	-13	53	-564
Stock-Based Compensation	109	71	61	25	12
Other Operating Activities	284	270	632	-91	516
Change in Accounts Receivable	-328	-7	74	-424	-231
Change in Inventory	-192	50	41	-667	-81
Change in Accounts Payable	527	353	324	879	425
Change in Other Net Operating Assets	268	137	-162	289	239
Operating Cash Flow	3,779	3,831	3,442	2,964	3,474
Operating Cash Flow Growth	-1.36%	11.30%	16.13%	-14.68%	17.09%
Capital Expenditures	-1,055	-923	-847	-873	-1,043
Sale of Property, Plant & Equipment	44	18	15	30	46
Cash Acquisitions	-858	-153	-162	-100	-300
Divestitures	106	507	177	206	1,834
Other Investing Activities	-1	1	-	-	-
Investing Cash Flow	-1,773	-463	-834	-749	561
Long-Term Debt Issued	2,246	1,397	2,174	600	2,198
Long-Term Debt Repaid	-2,050	-2,814	-2,602	-2,714	-2,543
Net Debt Issued (Repaid)	196	-1,417	-428	-2,114	-345
Issuance of Common Stock	89	76	69	51	46
Repurchase of Common Stock	-486	-	-	-	-801
Common Dividends Paid	-1,379	-1,348	-1,279	-1,238	-1,261
Other Financing Activities	-30	-1,128	-419	1,367	-1,666
Financing Cash Flow	-1,610	-3,817	-2,057	-1,934	-4,027
Foreign Exchange Rate Adjustments	-307	-2	-503	112	58
Miscellaneous Cash Flow Adjustments	1	-1	1	-1	-
Net Cash Flow	90	-452	49	392	66
Free Cash Flow	2,724	2,908	2,595	2,091	2,431
Free Cash Flow Growth	-6.33%	12.06%	24.10%	-13.99%	21.25%
Free Cash Flow Margin	9.98%	10.62%	9.40%	7.56%	10.01%
Free Cash Flow Per Share	4.22	4.51	4.04	3.27	3.76
Cash Interest Paid	5	5	18	18	41
Cash Income Tax Paid	-	766	730	716	569
Levered Free Cash Flow	2,831	2,958	3,031	2,363	2,906
Unlevered Free Cash Flow	3,143	3,333	3,352	2,555	3,107
Change in Working Capital	275	533	277	77	352

Source: S&P Global Market Intelligence. Standard template. Financial Sources.