Vestas Wind Systems Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	937	499	77	-1,572	134	765
Depreciation & Amortization	694	584	553	558	605	393
Other Amortization	272	272	237	276	309	237
Loss (Gain) From Sale of Assets	-13	-13	-	-8	6	-374
Asset Writedown & Restructuring Costs	10	10	-4	254	68	54
Loss (Gain) on Equity Investments	2	2	-22	-11	-36	52
Stock-Based Compensation	28	28	34	7	13	16
Other Operating Activities	45	195	119	493	-152	188
Change in Accounts Receivable	238	238	655	836	122	-843
Change in Inventory	501	501	91	-763	-705	200
Change in Accounts Payable	391	391	-351	-197	678	199
Change in Other Net Operating Assets	50	-375	-362	-68	-86	-144
Operating Cash Flow	3,155	2,332	1,027	-195	956	743
Operating Cash Flow Growth	46.81%	127.07%	-	-	28.67%	-9.72%
Capital Expenditures	-787	-670	-456	-371	-476	-379
Sale of Property, Plant & Equipment	-	13	55	48	3	1
Cash Acquisitions	-19	-	-	-	-	218
Divestitures	-	-	-8	-	95	-
Sale (Purchase) of Intangibles	-485	-485	-434	-448	-360	-309
Investment in Securities	-60	-204	49	79	-221	202
Other Investing Activities	18	5	12	13	60	-
Investing Cash Flow	-1,333	-1,341	-782	-679	-899	-267
Long-Term Debt Issued	-	84	1,137	1,756	642	94
Long-Term Debt Repaid	-	-522	-383	-860	-1,095	-119
Net Debt Issued (Repaid)	-291	-438	754	896	-453	-25
Repurchase of Common Stock	-132	-40	-11	-	-12	-
Common Dividends Paid	-74	-	-	-50	-228	-209
Other Financing Activities	-	-	-	-	-22	-
Financing Cash Flow	-497	-478	743	846	-715	-234
Foreign Exchange Rate Adjustments	10	-14	-48	-14	15	-67
Net Cash Flow	1,335	499	940	-42	-643	175
Free Cash Flow	2,368	1,662	571	-566	480	364
Free Cash Flow Growth	51.31%	191.07%	-	-	31.87%	-2.15%
Free Cash Flow Margin	12.67%	9.61%	3.71%	-3.91%	3.08%	2.46%
Free Cash Flow Per Share	2.31	1.65	0.56	-0.56	0.48	0.37
Cash Interest Paid	124	124	205	37	39	40
Cash Income Tax Paid	284	245	261	144	174	219
Levered Free Cash Flow	1,969	980.63	51.63	-271.63	322	273.63
Unlevered Free Cash Flow	2,036	1,102	198.5	-232.25	354.5	298.63
Change in Working Capital	1,180	755	33	-192	9	-588

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