Flughafen Zürich 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	346.5	326.7	304.2	207	-10.1
Depreciation & Amortization	306.6	293	287.9	292.1	281.3
Loss (Gain) From Sale of Assets	3.5	1.1	1.3	1.6	0.7
Asset Writedown & Restructuring Costs	9.9	13.6	5.9	5.1	-
Loss (Gain) From Sale of Investments	-	-	-	11.8	-2
Loss (Gain) on Equity Investments	-	-	-	-	3.7
Stock-Based Compensation	1.2	1.2	1.3	1.6	0.9
Other Operating Activities	17.6	16.2	19.6	34.1	26.1
Change in Inventory	48.2	-17	-19.3	-78.7	-37.7
Change in Unearned Revenue	-8.9	1.4	38.4	-	-
Change in Other Net Operating Assets	-36.2	5.4	41.3	14	-31.2
Operating Cash Flow	688.4	641.6	680.6	488.6	231.7
Operating Cash Flow Growth	7.29%	-5.73%	39.30%	110.88%	57.30%
Capital Expenditures	-539.1	-476.4	-382.1	-179.8	-153.8
Sale of Property, Plant & Equipment	2.4	0.9	0.1	0.1	0.2
Sale (Purchase) of Intangibles	-17.8	-89.8	-45.4	-13.6	-14.9
Sale (Purchase) of Real Estate	-159.6	-4.7	-10.2	-41.9	-37.6
Investment in Securities	-226.5	216.3	258.6	-334.6	118.9
Other Investing Activities	12.6	9.6	9	2.8	0.6
Investing Cash Flow	-928	-344.1	-170	-567	-86.6
Long-Term Debt Issued	289.4	274.7	73.6	2.9	5.8
Long-Term Debt Repaid	-18.7	-362.6	-411.8	-46.2	-75.5
Net Debt Issued (Repaid)	270.7	-87.9	-338.2	-43.3	-69.7
Repurchase of Common Stock	-1.8	-0.9	-2.1	-1	-0.2
Common Dividends Paid	-132	-122.8	-73.7	-	-
Other Financing Activities	-17.8	-15.7	-21.3	-26.4	-14.6
Financing Cash Flow	76.1	-267.2	-469.1	-70.7	-84.5
Foreign Exchange Rate Adjustments	-0.2	-7.5	-2.3	1.1	-2.5
Miscellaneous Cash Flow Adjustments	-	-	-	-0.1	-
Net Cash Flow	-163.7	22.8	39.2	-148.1	58.1
Free Cash Flow	149.3	165.2	298.5	308.8	77.9
Free Cash Flow Growth	-9.63%	-44.66%	-3.33%	296.41%	-
Free Cash Flow Margin	10.97%	12.46%	24.14%	30.17%	11.46%
Free Cash Flow Per Share	4.86	5.38	9.72	10.05	2.54
Cash Interest Paid	17.4	15.3	20.9	16.2	13.8
Cash Income Tax Paid	81.7	83.7	59.1	5.5	0.3
Levered Free Cash Flow	80.18	10.19	147.33	167.51	66.28
Unlevered Free Cash Flow	93.93	21.25	156.7	181.45	81.09
Change in Working Capital	3.1	-10.2	60.4	-64.7	-68.9

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