Mercedes-Benz Group AG 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	5,141	10,207	14,261	14,501	23,006
Depreciation & Amortization	4,829	4,767	4,523	4,469	4,917
Other Amortization	2,410	2,018	2,152	2,061	2,073
Loss (Gain) From Sale of Assets	65	18	-92	-990	-695
Loss (Gain) on Equity Investments	1,330	1,918	2,056	1,605	1,625
Other Operating Activities	-1,741	-1,887	-2,179	-511	-9,556
Change in Accounts Receivable	895	-1,199	1,310	1,029	1,694
Change in Inventory	724	737	-2,420	-4,111	-2,561
Change in Other Net Operating Assets	4,353	1,156	-5,141	-1,159	4,046
Operating Cash Flow	18,006	17,735	14,470	16,894	24,549
Operating Cash Flow Growth	1.53%	22.56%	-14.35%	-31.18%	9.93%
Capital Expenditures	-5,482	-4,039	-3,745	-3,481	-4,579
Sale of Property, Plant & Equipment	191	188	285	469	826
Sale (Purchase) of Intangibles	-4,260	-4,626	-4,468	-3,418	-2,741
Investment in Securities	363	-272	585	2,950	-1,089
Other Investing Activities	-12	-1	28	27	1,357
Investing Cash Flow	-9,200	-8,750	-7,315	-3,453	-6,226
Short-Term Debt Issued	-	-	-	172	1,463
Long-Term Debt Issued	28,598	38,338	39,288	38,429	42,196
Total Debt Issued	28,598	38,338	39,288	38,601	43,659
Short-Term Debt Repaid	-3,558	-3,171	-512	-	-
Long-Term Debt Repaid	-30,970	-35,355	-39,473	-51,945	-60,859
Total Debt Repaid	-34,528	-38,526	-39,985	-51,945	-60,859
Net Debt Issued (Repaid)	-5,930	-188	-697	-13,344	-17,200
Repurchase of Common Stock	-360	-4,921	-1,941	-48	-
Common Dividends Paid	-4,140	-5,486	-5,556	-5,349	-1,444
Other Financing Activities	-23	-157	-197	-291	-415
Financing Cash Flow	-10,453	-10,752	-8,391	-19,032	-19,059
Foreign Exchange Rate Adjustments	-593	311	-471	88	870
Net Cash Flow	-2,240	-1,456	-1,707	-5,503	134
Free Cash Flow	12,524	13,696	10,725	13,413	19,970
Free Cash Flow Growth	-8.56%	27.70%	-20.04%	-32.83%	20.37%
Free Cash Flow Margin	9.47%	9.41%	7.04%	8.94%	14.92%
Free Cash Flow Per Share	13.01	13.67	10.12	12.54	18.67
Cash Interest Paid	4,003	3,902	3,068	486	367
Cash Income Tax Paid	1,664	4,452	5,621	5,009	3,812
Levered Free Cash Flow	-1,038	-897.88	2,448	7,002	8,195
Unlevered Free Cash Flow	-960.88	-804.75	2,581	7,229	8,425
Change in Working Capital	5,972	694	-6,251	-4,241	3,179

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