LON:0HEC Cash Flow Statement

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

Millions USD. 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	3,696	2,976	2,213	2,306	2,488
Depreciation & Amortization	3,399	3,214	3,187	3,286	3,046
Other Adjustments	-835	-133	317	-65.6	-1,783
Change in Receivables	-246	-156	236	-681.7	-119.7
Changes in Inventories	115	172	-504	-313.9	300.2
Changes in Accounts Payable	252	85	-253	489.2	200.6
Changes in Income Taxes Payable	32	240	22	105.4	218.7
Changes in Other Operating Activities	188	169	-206	163.3	-511.2
Operating Cash Flow	6,944	6,804	5,012	5,288	3,840
Operating Cash Flow Growth	2.06%	35.75%	-5.22%	37.71%	0.18%
Capital Expenditures	-8,583	-7,771	-7,506	-6,772	-5,764
Sale of Property, Plant & Equipment	25	362	1,341	218	118.9
Purchases of Investments	-2,981	-2,923	-2,864	-2,784	-1,955
Proceeds from Sale of Investments	2,935	2,992	2,795	2,744	1,901
Payments for Business Acquisitions	-3,453	-399	-155	-1,207	-767.2
Other Investing Activities	118	143	122	50.3	32.2
Investing Cash Flow	-11,939	-7,596	-6,267	-7,752	-6,434
Short-Term Debt Issued	-338	565	-153	2,484	906
Short-Term Debt Repaid	-678	-871	-1,129	-986.1	-771.3
Net Short-Term Debt Issued (Repaid)	-1,016	-306	-1,282	1,498	134.7
Long-Term Debt Issued	8,261	5,117	5,463	4,650	6,486
Long-Term Debt Repaid	-3,649	-2,685	-2,196	-2,345	-2,989
Net Long-Term Debt Issued (Repaid)	4,612	2,432	3,267	2,304	3,497
Issuance of Common Stock	775	552	1,000	826.5	600.5
Net Common Stock Issued (Repurchased)	775	552	1,000	826.5	600.5
Common Dividends Paid	-2,008	-1,898	-1,752	-1,645	-1,520
Other Financing Activities	-129	2,662	-156	-414.9	-105.6
Financing Cash Flow	5,017	659	1,077	2,569	2,607
Net Cash Flow	22	-133	-178	105.1	13.1
Free Cash Flow	-1,639	-967	-2,494	-1,484	-1,924
FCF Margin	-7.49%	-4.90%	-13.14%	-7.56%	-11.46%
Free Cash Flow Per Share	-	-1.82	-4.79	-2.89	-3.83
Levered Free Cash Flow	2,579	1,202	-1,067	3,067	3,610
Unlevered Free Cash Flow	542.61	470.15	-1,790	431.86	750.57

Updated Dec 31, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.