Kenya Airways Cash Flow Statement

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

Millions KES. 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	-17,134	5,511	-22,717	-38,252	-15,882
Depreciation & Amortization	-	19,229	15,527	14,875	16,136
Other Amortization	-	315	954	509	473
Asset Writedown & Restructuring Costs	-	-1,926	214	461	129
Other Operating Activities	35,226	3,373	28,348	32,009	7,980
Change in Accounts Receivable	-	-1,543	-4,294	-5,191	554
Change in Inventory	-	-223	-530	-121	21
Change in Accounts Payable	-	-1,904	11,179	4,744	620
Change in Unearned Revenue	-	-2,994	9,268	8,059	-3,016
Change in Other Net Operating Assets	-	-2,098	-13,492	-6,727	-2,106
Operating Cash Flow	18,092	17,740	24,457	10,366	4,909
Operating Cash Flow Growth	1.98%	-27.46%	135.94%	111.16%	-24.26%
Capital Expenditures	-6,096	-7,791	-8,135	-7,560	-2,658
Sale of Property, Plant & Equipment	1,053	9	13	6	18
Sale (Purchase) of Intangibles	-	-19	-53	-19	-
Other Investing Activities	484	333	316	3,240	1,057
Investing Cash Flow	-4,559	-7,468	-7,859	-4,333	-1,583
Long-Term Debt Issued	219	7,504	1,402	26,393	14,000
Total Debt Issued	219	7,504	1,402	26,393	14,000
Long-Term Debt Repaid	-13,761	-19,534	-19,555	-28,841	-18,886
Total Debt Repaid	-13,761	-19,534	-19,555	-28,841	-18,886
Net Debt Issued (Repaid)	-13,542	-12,030	-18,153	-2,448	-4,886
Other Financing Activities	-494	-7	-53	-47	-73
Financing Cash Flow	-14,036	-12,037	-18,206	-2,495	-4,959
Foreign Exchange Rate Adjustments	55	-219	-260	-279	-
Net Cash Flow	-448	-1,984	-1,868	3,259	-1,633
Free Cash Flow	11,996	9,949	16,322	2,806	2,251
Free Cash Flow Growth	20.57%	-39.05%	481.68%	24.66%	-53.90%
Free Cash Flow Margin	7.43%	5.28%	9.14%	2.40%	3.21%
Free Cash Flow Per Share	2.06	1.34	2.80	0.48	0.39
Cash Interest Paid	1,641	3,106	3,690	5,528	3,217
Cash Income Tax Paid	49	76	56	82	65
Levered Free Cash Flow	28,218	-1,761	40,252	1,186	1,459
Unlevered Free Cash Flow	35,968	5,961	49,325	7,730	6,595
Change in Working Capital	-	-8,762	2,131	764	-3,927

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