L'Oréal Cash Flow Statement

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

Millions EUR. 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	6,134	6,417	6,191	5,713	4,602
Depreciation & Amortization	1,817	1,855	1,715	1,536	1,781
Stock-Based Compensation	248.3	239.1	168.5	169	155.2
Other Adjustments	130.1	1.8	-74.5	-128.1	101.9
Changes in Other Operating Activities	327.4	-226.6	-394.9	-1,011	88
Operating Cash Flow	8,657	8,286	7,605	6,278	6,728
Operating Cash Flow Growth	4.48%	8.96%	21.13%	-6.69%	4.26%
Capital Expenditures	-1,495	-1,642	-1,489	-1,343	-1,075
Sale of Property, Plant & Equipment	5.7	13.6	12.8	9.2	14.5
Purchases of Investments	2,509	-1,927	-170.7	-142.8	-117.3
Payments for Business Acquisitions	-2,427	-148.9	-2,497	-746.9	-455.7
Investing Cash Flow	-1,407	-3,704	-4,144	-2,224	-1,634
Short-Term Debt Issued	-609.7	-1,776	-823.7	-3,564	3,939
Net Short-Term Debt Issued (Repaid)	-609.7	-1,776	-823.7	-3,564	3,939
Long-Term Debt Issued	4,057	1,529	3,567	3,020	-
Long-Term Debt Repaid	-476.2	-482.2	-430.6	-446.9	-396.4
Net Long-Term Debt Issued (Repaid)	3,581	1,047	3,137	2,573	-396.4
Issuance of Common Stock	65.6	69.9	1.5	103.2	5.8
Repurchase of Common Stock	-501.5	-497.5	-503.3	-502.3	-10,061
Net Common Stock Issued (Repurchased)	-435.9	-427.6	-501.8	-399.1	-10,055
Common Dividends Paid	-3,917	-3,615	-3,426	-2,690	-2,352
Other Financing Activities	-16.3	-13.9	-	-	-
Financing Cash Flow	-1,398	-4,785	-1,615	-4,080	-8,864
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-39.2	-32.8	-175.9	-70.7	77.4
Net Cash Flow	5,813	-235.8	1,670	-96.1	-3,692
Free Cash Flow	7,162	6,644	6,116	4,935	5,653
Free Cash Flow Growth	7.79%	8.64%	23.93%	-12.70%	3.14%
FCF Margin	16.26%	15.28%	14.85%	12.90%	17.51%
Free Cash Flow Per Share	13.38	12.39	11.39	9.18	10.10
Levered Free Cash Flow	9,748	5,667	8,328	3,897	8,934
Unlevered Free Cash Flow	7,070	6,599	6,132	4,777	5,482

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.