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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	2,521	2,485	2,168	1,839	1,915	1,869
Depreciation & Amortization	50	40	14	14	13	11
Loss (Gain) From Sale of Investments	-394	-301	33	-288	-110	-162
Loss (Gain) on Equity Investments	-78	-7	-122	21	22	-37
Stock-Based Compensation	125	123	103	33	-48	199
Other Operating Activities	199	246	283	444	196	-191
Change in Accounts Receivable	-21	32	-51	-200	-205	68
Change in Accounts Payable	53	-56	-426	-26	-30	216
Change in Other Net Operating Assets	-130	-461	-390	-398	-2,127	-530
Operating Cash Flow	2,325	2,101	1,612	1,439	-374	1,443
Operating Cash Flow Growth	92.15%	30.34%	12.02%	-	-	-19.20%
Capital Expenditures	-13	-9	-8	-17	-13	-35
Cash Acquisitions	-	6	-	-	-	-
Divestitures	52	52	-	-	-	-
Investment in Securities	-557	-388	-1,773	-202	1,719	-826
Other Investing Activities	104	-	37	-256	-	-
Investing Cash Flow	-414	-339	-1,744	-475	1,706	-861
Short-Term Debt Issued	-	-	67	197	172	1,353
Long-Term Debt Issued	-	2,756	251	-	-	-
Total Debt Issued	2,578	2,756	318	197	172	1,353
Short-Term Debt Repaid	-	-	-	-	-	-907
Long-Term Debt Repaid	-	-	-	-	-1,612	-
Total Debt Repaid	-437	-	-	-	-1,612	-907
Net Debt Issued (Repaid)	2,141	2,756	318	197	-1,440	446
Issuance of Common Stock	12	12	56	-	5,155	52
Repurchase of Common Stock	-672	-412	-	-	-	-
Common Dividends Paid	-2,920	-2,818	-2,478	-2,101	-3,184	-1,395
Other Financing Activities	357	-59	-15	-1	-811	710
Financing Cash Flow	-1,151	-590	-2,119	-1,842	-280	-187
Foreign Exchange Rate Adjustments	4	7	-12	-	-1	-2
Net Cash Flow	764	1,179	-2,263	-878	1,051	393
Free Cash Flow	2,312	2,092	1,604	1,422	-387	1,408
Free Cash Flow Growth	92.19%	30.42%	12.80%	-	-	-20.27%
Free Cash Flow Margin	45.57%	43.43%	40.30%	35.01%	-10.67%	45.61%
Free Cash Flow Per Share	1.42	1.28	0.99	0.89	-0.24	-
Cash Interest Paid	109	87	22	11	37	171
Cash Income Tax Paid	369	426	449	171	291	188
Levered Free Cash Flow	2,918	1,439	1,742	640.5	2,452	1,808
Unlevered Free Cash Flow	3,148	1,607	1,813	703	2,673	2,047
Change in Working Capital	-98	-485	-867	-624	-2,362	-246

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