TSX:BAM 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	2,398	2,108	2,137	2,865	-
Depreciation & Amortization	40	14	14	13	-
Stock-Based Compensation	123	103	33	-48	-
Other Adjustments	25	254	-121	-842	-
Changes in Other Operating Activities	-485	-867	-624	-2,362	-226
Operating Cash Flow	2,101	1,612	1,439	-374	1,443
Operating Cash Flow Growth	30.34%	12.02%	-	-	-19.20%
Purchases of Investments	-962	-1,909	-286	-363	-
Proceeds from Sale of Investments	307	385	84	2,082	-
Payments for Business Acquisitions	6	-	-	-	-
Proceeds from Business Divestments	52	-	-	-	-
Other Investing Activities	258	-220	-273	-13	-
Investing Cash Flow	-339	-1,744	-475	1,706	-861
Long-Term Debt Issued	2,756	251	-	-1,612	-
Net Long-Term Debt Issued (Repaid)	2,756	251	-	-1,612	-
Repurchase of Common Stock	-412	-	-	-	-
Net Common Stock Issued (Repurchased)	-412	-	-	-	-
Issuance of Preferred Stock	25	-	63	-	-
Repurchase of Preferred Stock	-94	-	-	-	-
Net Preferred Stock Issued (Repurchased)	-69	-	63	-	-
Common Dividends Paid	-2,818	-2,478	-2,101	-3,184	-
Other Financing Activities	-47	108	196	4,516	-
Financing Cash Flow	-590	-2,119	-1,842	-280	-187
Effect of Exchange Rate Changes on Cash and Cash Equivalents	7	-12	-	-1	-
Net Cash Flow	1,172	-2,251	-878	1,052	395
Free Cash Flow	1,531	1,123	1,086	-275.62	1,142
Free Cash Flow Growth	36.27%	3.43%	-	-	-18.62%
FCF Margin	43.62%	40.50%	35.43%	-7.60%	36.98%
Free Cash Flow Per Share	0.94	0.70	0.68	-0.11	-
Levered Free Cash Flow	3,494	1,091	927.55	-1,004	1,672
Unlevered Free Cash Flow	1,488	798.94	1,192	410.28	1,576

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.