Trend Micro Cash Flow Statement

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

Millions JPY. 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	34,523	55,580	31,978	41,897	52,371
Depreciation & Amortization	27,057	28,927	28,315	25,185	20,894
Loss (Gain) From Sale of Assets	15	204	580	13	66
Loss (Gain) From Sale of Investments	149	-438	-1,357	-3,345	-9,291
Loss (Gain) on Equity Investments	1,046	2,573	2,862	456	110
Stock-Based Compensation	1,410	-	-	-	-
Other Operating Activities	-327	-25,680	-18,901	-17,320	-17,219
Change in Accounts Receivable	-42	-2,682	-2,901	-7,089	-4,377
Change in Inventory	-1,490	-1,184	-2,260	-205	-2
Change in Accounts Payable	334	-6,355	3,680	5,022	1,815
Change in Unearned Revenue	4,112	-	-	-	-
Change in Other Net Operating Assets	-2,150	-4,164	15,231	12,289	10,900
Operating Cash Flow	64,637	46,781	57,227	56,903	55,267
Operating Cash Flow Growth	38.17%	-18.25%	0.57%	2.96%	1.76%
Capital Expenditures	-1,158	-1,220	-2,178	-1,402	-2,156
Divestitures	-	-	-	5,518	4,511
Sale (Purchase) of Intangibles	-21,699	-23,720	-24,183	-19,577	-16,631
Investment in Securities	23,618	29,694	57,363	-52,255	18,305
Other Investing Activities	-2	290	-2	-	-1,454
Investing Cash Flow	759	5,044	31,000	-67,716	2,575
Long-Term Debt Issued	-	-	-	-	900
Short-Term Debt Repaid	-176	-	-	-	-
Total Debt Repaid	-176	-	-	-	-
Net Debt Issued (Repaid)	-176	-	-	-	900
Issuance of Common Stock	3,920	5,599	1,831	3,133	2,042
Repurchase of Common Stock	-10,000	-40,000	-24,999	-7,035	-
Common Dividends Paid	-23,489	-96,289	-20,258	-26,541	-20,767
Other Financing Activities	2,278	-210	-7	6	1,380
Financing Cash Flow	-27,467	-130,900	-43,433	-30,437	-16,445
Foreign Exchange Rate Adjustments	5,136	5,200	8,827	23,908	10,121
Miscellaneous Cash Flow Adjustments	1	2	1	-695	-
Net Cash Flow	43,066	-73,873	53,622	-18,037	51,518
Free Cash Flow	63,479	45,561	55,049	55,501	53,111
Free Cash Flow Growth	39.33%	-17.24%	-0.81%	4.50%	0.68%
Free Cash Flow Margin	23.00%	16.71%	22.14%	24.80%	27.90%
Free Cash Flow Per Share	479.72	341.66	402.07	396.53	380.76
Cash Interest Paid	-	-	-	43	9
Cash Income Tax Paid	18,922	25,535	19,015	16,850	17,137
Levered Free Cash Flow	48,200	29,176	42,337	110,303	22,965
Unlevered Free Cash Flow	48,200	29,176	42,337	110,330	22,972
Change in Working Capital	764	-14,385	13,750	10,017	8,336

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