TSX:BAM Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2,613	2,168	1,839	1,915	1,869	398
Depreciation & Amortization	33	14	14	13	11	7
Loss (Gain) From Sale of Investments	-76	33	-288	-110	-162	162
Loss (Gain) on Equity Investments	-140	-122	21	22	-37	87
Stock-Based Compensation	116	103	33	-48	199	99
Other Operating Activities	126	283	444	196	-191	931
Change in Accounts Receivable	34	-51	-200	-205	68	446
Change in Accounts Payable	-518	-426	-26	-30	216	-189
Change in Other Net Operating Assets	-406	-139	-398	-2,127	-530	-155
Operating Cash Flow	1,782	1,863	1,439	-374	1,443	1,786
Operating Cash Flow Growth	-2.14%	29.47%	-	-	-19.20%	115.44%
Capital Expenditures	-10	-8	-17	-13	-35	-20
Investment in Securities	-516	-2,024	-202	1,719	-826	-739
Other Investing Activities	-9	37	-256	-	-	-
Investing Cash Flow	-477	-1,995	-475	1,706	-861	-759
Short-Term Debt Issued	-	67	197	172	1,353	136
Long-Term Debt Issued	-	251	-	-	-	-
Total Debt Issued	1,709	318	197	172	1,353	136
Short-Term Debt Repaid	-	-	-	-	-907	-60
Long-Term Debt Repaid	-	-	-	-1,612	-	-
Total Debt Repaid	-	-	-	-1,612	-907	-60
Net Debt Issued (Repaid)	1,709	318	197	-1,440	446	76
Issuance of Common Stock	12	56	-	5,155	52	65
Common Dividends Paid	-2,734	-2,478	-2,101	-3,184	-1,395	-1,264
Other Financing Activities	32	-15	-1	-811	710	547
Financing Cash Flow	-1,141	-2,119	-1,842	-280	-187	-576
Foreign Exchange Rate Adjustments	-5	-12	-	-1	-2	4
Net Cash Flow	159	-2,263	-878	1,051	393	455
Free Cash Flow	1,772	1,855	1,422	-387	1,408	1,766
Free Cash Flow Growth	-2.21%	30.45%	-	-	-20.27%	113.28%
Free Cash Flow Margin	39.50%	46.61%	35.01%	-10.67%	45.61%	81.99%
Free Cash Flow Per Share	1.10	1.17	0.87	-0.24	-	-
Cash Interest Paid	85	22	11	37	171	257
Cash Income Tax Paid	384	449	171	291	188	177
Levered Free Cash Flow	1,849	1,783	788.5	2,452	1,808	-
Unlevered Free Cash Flow	1,995	1,854	851	2,673	2,047	-
Change in Working Capital	-890	-616	-624	-2,362	-246	102

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.