Smith & Nephew 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	625	412	263	223	524
Depreciation & Amortization	508	503	527	548	563
Other Amortization	65	52	-	-	-
Loss (Gain) From Sale of Assets	23	22	18	11	14
Asset Writedown & Restructuring Costs	-1	90	152	69	3
Loss (Gain) From Sale of Investments	1	-	4	-	-74
Loss (Gain) on Equity Investments	-113	10	30	141	-9
Stock-Based Compensation	43	40	39	40	41
Other Operating Activities	7	-35	-93	-29	-35
Change in Accounts Receivable	-175	-81	-49	-103	-81
Change in Inventory	208	-42	-178	-407	-151
Change in Accounts Payable	94	16	-105	-25	82
Operating Cash Flow	1,285	987	608	468	877
Operating Cash Flow Growth	30.19%	62.34%	29.92%	-46.64%	-6.20%
Capital Expenditures	-433	-381	-427	-358	-408
Sale of Property, Plant & Equipment	38	-	-	-	-
Cash Acquisitions	-9	-186	-21	-113	-285
Investment in Securities	-2	-2	-	-1	2
Investing Cash Flow	-406	-569	-448	-472	-691
Short-Term Debt Issued	43	-	326	-	-
Long-Term Debt Issued	-	1,000	-	485	-
Total Debt Issued	43	1,000	326	485	-
Short-Term Debt Repaid	-39	-705	-151	-407	-267
Long-Term Debt Repaid	-140	-55	-52	-528	-59
Total Debt Repaid	-179	-760	-203	-935	-326
Net Debt Issued (Repaid)	-136	240	123	-450	-326
Issuance of Common Stock	12	1	-	6	14
Repurchase of Common Stock	-502	-	-	-158	-
Common Dividends Paid	-330	-327	-327	-327	-329
Other Financing Activities	1	-	4	3	-4
Financing Cash Flow	-955	-86	-200	-926	-645
Foreign Exchange Rate Adjustments	12	-15	-4	-11	-7
Net Cash Flow	-64	317	-44	-941	-466
Free Cash Flow	852	606	181	110	469
Free Cash Flow Growth	40.59%	234.81%	64.55%	-76.55%	-4.67%
Free Cash Flow Margin	13.82%	10.43%	3.26%	2.11%	9.00%
Free Cash Flow Per Share	0.98	0.69	0.21	0.13	0.53
Cash Interest Paid	142	140	104	73	80
Cash Income Tax Paid	147	140	125	47	97
Levered Free Cash Flow	876.63	565.13	248.63	134.25	648
Unlevered Free Cash Flow	964.13	655.75	331.13	184.25	698
Change in Working Capital	127	-107	-332	-535	-150

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