Frontline 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	379.08	495.58	656.41	475.54	-14.96
Depreciation & Amortization	328.46	316.38	212.99	146.04	144.17
Other Amortization	-	22.75	17.98	16.32	16
Loss (Gain) From Sale of Assets	-	-112.08	-21.96	-4.6	-3.23
Loss (Gain) From Sale of Investments	-	-5.8	-31.03	-111.98	-25.19
Loss (Gain) on Equity Investments	-	0.6	-3.38	-14.24	0.72
Stock-Based Compensation	-	-2.19	10.72	4.7	0.19
Other Operating Activities	-25.08	24.91	22.95	15.66	-10.38
Change in Accounts Receivable	-	7.04	15.39	-138.08	-26.24
Change in Inventory	-	-2.32	-28.25	-26.41	-22.93
Change in Accounts Payable	-	3.4	-2.69	36.37	-5.53
Change in Other Net Operating Assets	-	-11.86	7.04	-13.99	32.64
Operating Cash Flow	682.46	736.41	856.18	385.33	85.26
Operating Cash Flow Growth	-7.33%	-13.99%	122.19%	351.94%	-85.89%
Capital Expenditures	-12.53	-915.25	-1,631	-335.82	-473.76
Sale of Property, Plant & Equipment	37.15	431.85	142.74	80	80
Divestitures	-	-	-	-	5.63
Investment in Securities	0.36	-	251.84	-1.51	13.72
Other Investing Activities	-	-	1.39	-	-
Investing Cash Flow	24.98	-483.4	-1,235	-257.32	-374.42
Long-Term Debt Issued	1,434	2,167	1,609	651.25	403.87
Total Debt Issued	1,434	2,167	1,609	651.25	403.87
Long-Term Debt Repaid	-2,096	-1,881	-537.45	-599.96	-228.81
Total Debt Repaid	-2,096	-1,881	-537.45	-599.96	-228.81
Net Debt Issued (Repaid)	-662.59	286.31	1,072	51.29	175.06
Issuance of Common Stock	-	-	-	-	52.45
Common Dividends Paid	-207.04	-434.12	-638.93	-33.39	-
Other Financing Activities	-	-	-	-4.46	-
Financing Cash Flow	-869.62	-147.8	433.07	13.44	227.51
Net Cash Flow	-162.19	105.21	53.8	141.45	-61.65
Free Cash Flow	669.93	-178.84	-775.24	49.52	-388.5
Free Cash Flow Margin	34.09%	-8.72%	-43.02%	3.46%	-51.84%
Free Cash Flow Per Share	3.01	-0.80	-3.48	0.23	-1.95
Cash Interest Paid	-	274.69	165.19	83.04	60.48
Cash Income Tax Paid	-	4.53	0.12	0.2	4.99
Levered Free Cash Flow	533.21	-349.04	-1,032	-63.36	-376.42
Unlevered Free Cash Flow	678.98	-165.84	-925.26	-35.18	-348.92
Change in Working Capital	-	-3.74	-8.51	-142.11	-22.05

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