The Swatch Group AG Cash Flow Statement

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

Millions CHF. 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	3	193	869	807	765
Depreciation & Amortization	423	370	351	371	400
Other Amortization	-	44	39	35	37
Loss (Gain) From Sale of Assets	-16	1	-2	-9	2
Asset Writedown & Restructuring Costs	-	2	-	1	1
Loss (Gain) From Sale of Investments	-25	4	-12	37	-11
Loss (Gain) on Equity Investments	-8	2	1	21	9
Stock-Based Compensation	5	7	8	9	9
Other Operating Activities	117	-83	153	20	46
Change in Accounts Receivable	-25	71	-72	33	-19
Change in Inventory	63	-220	-698	-548	-19
Change in Accounts Payable	-12	-30	25	-3	27
Change in Other Net Operating Assets	-18	-28	-47	-50	51
Operating Cash Flow	507	333	615	724	1,298
Operating Cash Flow Growth	52.25%	-45.85%	-15.05%	-44.22%	58.49%
Capital Expenditures	-409	-503	-730	-339	-251
Sale of Property, Plant & Equipment	15	3	20	5	10
Cash Acquisitions	-	-	-2	-	-
Sale (Purchase) of Intangibles	-40	-44	-54	-46	-43
Investment in Securities	91	89	4	268	-462
Other Investing Activities	-3	-15	-6	-2	19
Investing Cash Flow	-346	-470	-768	-114	-727
Short-Term Debt Issued	21	-	-	1	-
Total Debt Issued	21	-	-	1	-
Short-Term Debt Repaid	-	-3	-	-	-37
Long-Term Debt Repaid	-	-	-	-	-1
Total Debt Repaid	-	-3	-	-	-38
Net Debt Issued (Repaid)	21	-3	-	1	-38
Issuance of Common Stock	30	1	1	1	12
Repurchase of Common Stock	-	-50	-	-2	-12
Common Dividends Paid	-234	-335	-311	-285	-181
Other Financing Activities	-22	-23	-17	-15	-15
Financing Cash Flow	-205	-410	-327	-300	-234
Foreign Exchange Rate Adjustments	-53	28	-80	-21	10
Net Cash Flow	-97	-519	-560	289	347
Free Cash Flow	98	-170	-115	385	1,047
Free Cash Flow Growth	-	-	-	-63.23%	71.36%
Free Cash Flow Margin	1.56%	-2.52%	-1.46%	5.13%	14.32%
Free Cash Flow Per Share	1.89	-3.29	-2.22	7.42	20.21
Cash Income Tax Paid	119	202	228	277	256
Levered Free Cash Flow	249.88	-250.63	-208.13	199.5	937.63
Unlevered Free Cash Flow	252.38	-248.75	-205.63	201.38	940.75
Change in Working Capital	8	-207	-792	-568	40

Source: S&P Global Market Intelligence. Standard template. Financial Sources.