FRA:CY2 Cash Flow Statement

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

Millions CAD. 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	4,720	4,448	5,625	5,118	4,899
Depreciation & Amortization	1,938	1,892	1,817	1,729	1,598
Other Amortization	-	-	-	-	97
Loss (Gain) From Sale of Assets	-	78	-129	-	-137
Other Operating Activities	226	189	-295	231	367
Change in Accounts Receivable	92	205	71	-290	-22
Change in Inventory	-24	-6	-18	-82	-7
Change in Accounts Payable	220	-107	-191	-9	141
Change in Other Net Operating Assets	-123	-	85	-30	35
Operating Cash Flow	7,049	6,699	6,965	6,667	6,971
Operating Cash Flow Growth	5.22%	-3.82%	4.47%	-4.36%	13.07%
Capital Expenditures	-3,658	-3,549	-3,187	-2,750	-2,891
Sale of Property, Plant & Equipment	-	-	129	273	-
Cash Acquisitions	-	-	-390	-	-908
Other Investing Activities	-55	-58	-20	-33	926
Investing Cash Flow	-3,713	-3,607	-3,468	-2,510	-2,873
Short-Term Debt Issued	-	-	908	563	66
Long-Term Debt Issued	1,965	3,483	2,554	1,899	403
Total Debt Issued	1,965	3,483	3,462	2,462	469
Short-Term Debt Repaid	-612	-1,381	-	-	-
Long-Term Debt Repaid	-446	-1,038	-250	-383	-861
Total Debt Repaid	-1,058	-2,419	-250	-383	-861
Net Debt Issued (Repaid)	907	1,064	3,212	2,079	-392
Issuance of Common Stock	56	41	49	61	52
Repurchase of Common Stock	-2,129	-2,707	-4,634	-4,882	-1,672
Common Dividends Paid	-2,208	-2,138	-2,071	-2,004	-1,740
Other Financing Activities	3	120	38	79	-105
Financing Cash Flow	-3,371	-3,620	-3,406	-4,667	-3,857
Foreign Exchange Rate Adjustments	-3	5	-1	3	-
Net Cash Flow	-38	-523	90	-507	241
Free Cash Flow	3,391	3,150	3,778	3,917	4,080
Free Cash Flow Growth	7.65%	-16.62%	-3.55%	-4.00%	23.56%
Free Cash Flow Margin	19.60%	18.48%	22.45%	22.90%	28.18%
Free Cash Flow Per Share	5.44	4.96	5.73	5.69	5.74
Cash Interest Paid	979	926	776	542	512
Cash Income Tax Paid	935	1,221	1,197	1,288	759
Levered Free Cash Flow	2,382	2,579	2,858	3,141	2,451
Unlevered Free Cash Flow	2,953	3,136	3,310	3,483	2,736
Change in Working Capital	165	92	-53	-411	147

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