adidas AG 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	1,220	764	-75	612	2,116	432
Depreciation & Amortization	1,136	1,170	1,095	1,221	1,142	1,135
Loss (Gain) From Sale of Assets	-8	17	20	16	13	28
Asset Writedown & Restructuring Costs	-	10	75	150	-27	121
Other Operating Activities	221	264	16	-455	-553	-89
Change in Accounts Receivable	-1,188	-839	996	-795	-170	337
Change in Inventory	-1,166	-500	1,280	-1,879	125	-481
Change in Accounts Payable	696	2,024	-857	736	226	-117
Operating Cash Flow	911	2,910	2,550	-479	3,192	1,486
Operating Cash Flow Growth	-66.31%	14.12%	-	-	114.81%	-47.29%
Capital Expenditures	-419	-419	-363	-504	-494	-368
Sale of Property, Plant & Equipment	52	49	9	1	1	16
Divestitures	100	100	-	12	12	1
Sale (Purchase) of Intangibles	-113	-121	-140	-190	-172	-60
Investment in Securities	-20	-22	23	-13	49	240
Other Investing Activities	58	57	20	1,189	180	56
Investing Cash Flow	-342	-356	-451	495	-424	-115
Short-Term Debt Issued	-	3	3	-	-	24
Long-Term Debt Issued	-	-	-	994	-	1,490
Total Debt Issued	17	3	3	994	-	1,514
Short-Term Debt Repaid	-	-	-	-18	-79	-
Long-Term Debt Repaid	-	-1,156	-1,103	-631	-1,172	-582
Total Debt Repaid	-647	-1,156	-1,103	-649	-1,251	-582
Net Debt Issued (Repaid)	-630	-1,153	-1,100	345	-1,251	932
Issuance of Common Stock	25	24	25	25	27	25
Repurchase of Common Stock	-28	-35	-29	-2,530	-1,032	-286
Common Dividends Paid	-357	-125	-125	-610	-585	-
Other Financing Activities	-276	-270	-196	-193	-150	-192
Financing Cash Flow	-1,266	-1,559	-1,425	-2,963	-2,991	479
Foreign Exchange Rate Adjustments	-53	29	-40	-39	57	-75
Miscellaneous Cash Flow Adjustments	-	-	-1	-44	-	-1
Net Cash Flow	-750	1,024	633	-3,030	-166	1,774
Free Cash Flow	492	2,491	2,187	-983	2,698	1,118
Free Cash Flow Growth	-78.80%	13.90%	-	-	141.32%	-49.66%
Free Cash Flow Margin	1.99%	10.52%	10.21%	-4.37%	12.71%	6.07%
Free Cash Flow Per Share	2.75	13.95	12.25	-5.36	13.89	5.73
Cash Interest Paid	233	217	163	140	111	151
Cash Income Tax Paid	360	236	307	424	444	403
Levered Free Cash Flow	305.6	1,825	2,117	-180.08	554.5	1,080
Unlevered Free Cash Flow	457.48	1,963	2,217	-94.45	623.88	1,177
Change in Working Capital	-1,658	685	1,419	-1,938	181	-261

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.