Pershing Square Holdings 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	2,525	1,174	2,486	-1,172	2,436
Other Adjustments	124.36	-31.11	19.35	-46.21	3.98
Changes in Trading Assets	-2,863	-2,190	-1,693	2,588	-4,175
Change in Receivables	-160.68	193.55	297.2	-351.92	795.83
Changes in Trading Liabilities	77.89	-308.24	-372.68	-132.8	194.13
Changes in Accounts Payable	259.88	-86.83	310.19	-459.76	-228.78
Changes in Income Taxes Payable	6.89	-16.94	32.61	-59.33	59.1
Operating Cash Flow	-29.72	-1,266	1,080	366.04	-914.29
Operating Cash Flow Growth	-	-	195.11%	-	-
Long-Term Debt Issued	1,238	-	-	-	1,277
Long-Term Debt Repaid	-	-	-	-630.62	-369.38
Net Long-Term Debt Issued (Repaid)	1,238	-	-	-630.62	907.52
Repurchase of Common Stock	-371.13	-119.62	-199.96	-262.42	-0
Net Common Stock Issued (Repurchased)	-371.13	-119.62	-199.96	-262.42	-0
Common Dividends Paid	-118.12	-107.17	-98.78	-93.27	-79.65
Other Financing Activities	-14.06	-	-	-0.06	-25.44
Financing Cash Flow	734.7	-226.79	-298.74	-986.37	802.43
Net Cash Flow	704.98	-1,492	781.48	-620.33	-111.86
Free Cash Flow	-29.72	-1,266	1,080	366.04	-914.29
Free Cash Flow Growth	-	-	195.11%	-	-
FCF Margin	-0.86%	-76.20%	34.39%	-37.78%	-28.12%
Free Cash Flow Per Share	-0.17	-6.88	5.72	1.86	-4.59
Levered Free Cash Flow	1,245	-1,428	763.67	133.54	-806.58
Unlevered Free Cash Flow	218.15	-1,403	901.27	775.77	-1,549