Cathay Pacific Airways Cash Flow Statement

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

Millions HKD. 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	10,828	9,888	9,789	3,381	-5,527
Depreciation & Amortization	10,917	11,466	11,734	11,563	12,229
Other Amortization	653	593	590	626	557
Loss (Gain) From Sale of Assets	-366	-40	34	152	-46
Asset Writedown & Restructuring Costs	-375	-46	-208	-	1,010
Loss (Gain) From Sale of Investments	-10	-599	-1,918	-88	-156
Other Operating Activities	-136	-1,293	-837	-3,746	927
Change in Accounts Receivable	-1,345	-974	-6	705	-159
Change in Inventory	-478	-419	170	132	340
Change in Accounts Payable	2,907	1,803	5,515	382	-1,376
Change in Unearned Revenue	3,233	3,087	1,656	5,416	281
Change in Other Net Operating Assets	-447	75	-111	-687	755
Operating Cash Flow	25,381	23,541	26,408	17,836	8,835
Operating Cash Flow Growth	7.82%	-10.86%	48.06%	101.88%	-
Capital Expenditures	-9,830	-9,207	-6,801	-3,729	-2,276
Sale of Property, Plant & Equipment	389	190	222	50	112
Investment in Securities	1,451	2,848	3,873	-183	2,464
Other Investing Activities	546	87	38	1,102	193
Investing Cash Flow	-7,444	-6,082	-2,668	-2,760	493
Long-Term Debt Issued	8,722	13,284	4,927	6,115	13,906
Long-Term Debt Repaid	-19,683	-18,841	-16,386	-22,351	-20,838
Net Debt Issued (Repaid)	-10,961	-5,557	-11,459	-16,236	-6,932
Preferred Dividends Paid	-	-471	-1,969	-	-
Common Dividends Paid	-4,491	-4,056	-	-	-
Dividends Paid	-4,491	-4,527	-1,969	-	-
Financing Cash Flow	-15,452	-19,834	-23,178	-16,236	-6,932
Foreign Exchange Rate Adjustments	61	-75	-8	-73	11
Net Cash Flow	2,546	-2,450	554	-1,233	2,407
Free Cash Flow	15,551	14,334	19,607	14,107	6,559
Free Cash Flow Growth	8.49%	-26.89%	38.99%	115.08%	-
Free Cash Flow Margin	13.32%	13.73%	20.75%	27.64%	14.39%
Free Cash Flow Per Share	2.31	1.94	2.65	2.19	1.02
Cash Interest Paid	2,661	3,246	3,364	2,432	1,946
Cash Income Tax Paid	1,449	2,010	3,113	1,247	991
Levered Free Cash Flow	15,606	12,553	19,635	18,872	6,093
Unlevered Free Cash Flow	17,587	14,989	22,111	20,839	7,799
Change in Working Capital	3,870	3,572	7,224	5,948	-159

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