LON:BATS Cash Flow Statement

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

Millions GBP. 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	7,764	3,068	-14,367	6,666	6,801
Depreciation & Amortization	2,095	2,114	23,836	943	901
Other Amortization	119	120	125	142	129
Asset Writedown & Restructuring Costs	333	867	4,653	220	46
Loss (Gain) on Equity Investments	-1,681	-1,900	-585	-442	-415
Other Operating Activities	1,357	120	-2,915	2,762	2,317
Change in Accounts Receivable	-295	-269	-487	-42	-393
Change in Inventory	112	35	265	-246	433
Change in Accounts Payable	-207	58	640	3	183
Change in Other Net Operating Assets	-3,255	5,912	-451	388	-285
Operating Cash Flow	6,342	10,125	10,714	10,394	9,717
Operating Cash Flow Growth	-37.36%	-5.50%	3.08%	6.97%	-0.70%
Capital Expenditures	-551	-486	-460	-523	-527
Sale of Property, Plant & Equipment	37	145	54	31	31
Divestitures	4	-	159	-	-98
Sale (Purchase) of Intangibles	-122	-83	-114	-130	-218
Investment in Securities	1,817	1,612	-80	-168	-361
Other Investing Activities	202	187	145	85	33
Investing Cash Flow	1,387	1,375	-296	-705	-1,140
Long-Term Debt Issued	3,814	2,404	5,134	3,267	978
Long-Term Debt Repaid	-4,109	-4,991	-6,931	-3,205	-4,997
Net Debt Issued (Repaid)	-295	-2,587	-1,797	62	-4,019
Issuance of Common Stock	1,050	-	-	-	1,681
Repurchase of Common Stock	-2,056	-792	-110	-2,092	-82
Common Dividends Paid	-5,292	-5,269	-5,114	-4,975	-4,910
Other Financing Activities	-2,169	-1,984	-2,293	-1,873	-1,419
Financing Cash Flow	-8,762	-10,632	-9,314	-8,878	-8,749
Foreign Exchange Rate Adjustments	-76	-281	-292	431	-253
Miscellaneous Cash Flow Adjustments	-208	-	368	-368	-
Net Cash Flow	-1,317	587	1,180	874	-425
Free Cash Flow	5,791	9,639	10,254	9,871	9,190
Free Cash Flow Growth	-39.92%	-6.00%	3.88%	7.41%	-0.92%
Free Cash Flow Margin	22.61%	37.26%	37.58%	35.69%	35.78%
Free Cash Flow Per Share	2.63	4.33	4.60	4.35	4.00
Cash Interest Paid	1,671	1,740	1,712	1,603	1,502
Cash Income Tax Paid	2,926	1,854	2,622	2,537	2,314
Levered Free Cash Flow	2,994	10,278	16,090	7,121	6,587
Unlevered Free Cash Flow	4,103	11,386	17,235	8,138	7,507
Change in Working Capital	-3,645	5,736	-33	103	-62

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