Volvo Car AB (publ.) Cash Flow Statement

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

Millions SEK. 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	174	15,401	13,053	15,577	12,546
Depreciation & Amortization	15,774	14,358	11,720	11,014	9,942
Other Amortization	8,171	8,358	5,535	5,048	4,974
Loss (Gain) From Sale of Assets	-	1,574	1,267	1,142	5,263
Asset Writedown & Restructuring Costs	-	14	194	29	89
Loss (Gain) on Equity Investments	-	4,722	5,628	-4,443	951
Other Operating Activities	1,319	-1,129	2,643	-1,310	-2,269
Change in Accounts Receivable	-84	-1,386	4,750	-776	2,845
Change in Inventory	2,353	-2,757	-11,341	-7,348	3,643
Change in Accounts Payable	7,205	-7,539	-2,918	18,533	-3,328
Change in Unearned Revenue	644	8,709	8,707	5,941	2,239
Change in Other Net Operating Assets	-931	7,047	3,629	-9,808	-7,043
Operating Cash Flow	34,625	47,372	42,867	33,599	29,852
Operating Cash Flow Growth	-26.91%	10.51%	27.58%	12.55%	-12.93%
Capital Expenditures	-22,825	-25,259	-18,485	-13,784	-11,352
Sale of Property, Plant & Equipment	872	981	642	161	123
Sale (Purchase) of Intangibles	-17,252	-19,774	-20,680	-18,328	-11,972
Investment in Securities	7,996	-2,118	-1,329	-7,307	-11,386
Other Investing Activities	-967	-75	-11,990	-400	-150
Investing Cash Flow	-32,176	-46,245	-51,842	-39,658	-34,737
Long-Term Debt Issued	10,423	6,056	5,470	6,300	1,579
Long-Term Debt Repaid	-9,471	-9,851	-4,420	-6,241	-12,471
Net Debt Issued (Repaid)	952	-3,795	1,050	59	-10,892
Issuance of Common Stock	-	-	-	-	20,807
Repurchase of Common Stock	-219	-190	-	-	-
Common Dividends Paid	-	-	-	-	-10,462
Dividends Paid	-	-	-	-	-10,462
Other Financing Activities	995	9,901	-6,301	4,910	1,725
Financing Cash Flow	1,728	5,916	-5,251	4,969	1,178
Foreign Exchange Rate Adjustments	-2,986	1,469	-1,656	2,568	4,380
Net Cash Flow	1,191	8,512	-15,882	1,478	673
Free Cash Flow	11,800	22,113	24,382	19,815	18,500
Free Cash Flow Growth	-46.64%	-9.31%	23.05%	7.11%	-23.86%
Free Cash Flow Margin	3.30%	5.53%	6.11%	6.00%	6.56%
Free Cash Flow Per Share	3.97	7.42	8.18	6.65	7.17
Cash Interest Paid	1,538	1,623	1,710	1,351	1,139
Cash Income Tax Paid	3,724	4,448	4,486	4,223	3,673
Levered Free Cash Flow	-25,679	-2,380	-6,405	-1,323	3,206
Unlevered Free Cash Flow	-24,897	-545.13	-5,157	-670.25	3,703
Change in Working Capital	9,187	4,074	2,827	6,542	-1,644

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.