SAP SE Cash Flow Statement

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

Millions EUR. 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	7,327	3,124	6,139	2,284	5,256
Depreciation & Amortization	1,311	1,052	1,150	1,569	1,537
Other Amortization	-	228	223	-	-
Loss (Gain) From Sale of Investments	-	-627	145	1,194	-2,413
Stock-Based Compensation	878	1,103	1,129	251	279
Other Operating Activities	517	-283	-2,549	521	1,310
Change in Accounts Receivable	-388	-247	-393	196	497
Change in Accounts Payable	-521	603	633	154	429
Change in Unearned Revenue	1,336	869	443	643	-59
Change in Other Net Operating Assets	-1,304	-602	-710	-1,136	-654
Operating Cash Flow	9,156	5,220	6,332	5,647	6,223
Operating Cash Flow Growth	75.40%	-17.56%	12.13%	-9.26%	-13.50%
Capital Expenditures	-739	-797	-785	-877	-701
Sale of Property, Plant & Equipment	121	122	99	95	89
Cash Acquisitions	-702	-1,114	-1,168	-679	-1,032
Divestitures	-	-	-	289	-72
Investment in Securities	-66	1,132	-2,659	1,870	-1,139
Other Investing Activities	421	1	5,419	-31	-208
Investing Cash Flow	-965	-656	906	667	-3,063
Long-Term Debt Issued	2	2,767	13	158	1,680
Long-Term Debt Repaid	-3,490	-1,495	-4,413	-1,855	-2,327
Net Debt Issued (Repaid)	-3,488	1,272	-4,400	-1,697	-647
Repurchase of Common Stock	-1,937	-2,106	-949	-1,500	-
Common Dividends Paid	-2,743	-2,565	-2,395	-2,280	-2,182
Other Financing Activities	-577	-13	10	-275	2,773
Financing Cash Flow	-8,745	-3,412	-7,734	-6,337	-56
Foreign Exchange Rate Adjustments	-836	333	-388	134	484
Miscellaneous Cash Flow Adjustments	-	-	-	-1	-1
Net Cash Flow	-1,390	1,485	-884	110	3,587
Free Cash Flow	8,417	4,423	5,547	4,770	5,522
Free Cash Flow Growth	90.30%	-20.26%	16.29%	-13.62%	-13.42%
Free Cash Flow Margin	22.87%	12.94%	17.77%	16.16%	20.49%
Free Cash Flow Per Share	7.16	3.75	4.70	4.06	4.68
Cash Interest Paid	574	550	393	244	198
Cash Income Tax Paid	2,198	2,277	2,161	1,642	2,047
Levered Free Cash Flow	7,800	8,536	6,098	6,572	6,717
Unlevered Free Cash Flow	8,660	8,877	6,498	6,742	6,846
Change in Working Capital	-877	623	-27	-143	213

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