BCE Inc. Cash Flow Statement

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

Millions CAD. 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	6,514	375	2,327	2,926	2,892
Depreciation & Amortization	5,238	5,041	4,918	4,723	4,609
Other Adjustments	-4,102	2,106	858	391	222
Changes in Other Operating Activities	-657	-534	-157	325	285
Operating Cash Flow	6,993	6,988	7,946	8,365	8,008
Operating Cash Flow Growth	0.07%	-12.06%	-5.01%	4.46%	4.00%
Capital Expenditures	-3,700	-3,897	-4,581	-5,133	-4,852
Purchases of Intangible Assets	-3	-531	-183	-3	-2,082
Purchases of Investments	317	566	-1,000	-	-
Proceeds from Sale of Investments	4,684	12	-	-	-
Payments for Business Acquisitions	-4,905	-624	-222	-429	-12
Proceeds from Business Divestments	102	-	209	52	-
Other Investing Activities	-95	36	-4	-4	-72
Investing Cash Flow	-3,600	-4,438	-5,781	-5,517	-7,018
Short-Term Debt Issued	452	1,945	-646	811	201
Net Short-Term Debt Issued (Repaid)	452	1,945	-646	811	201
Long-Term Debt Issued	7,809	3,834	5,195	1,951	4,985
Long-Term Debt Repaid	-10,092	-3,303	-1,858	-2,023	-2,751
Net Long-Term Debt Issued (Repaid)	-2,283	531	3,337	-72	2,234
Issuance of Common Stock	-	-	18	171	261
Repurchase of Common Stock	-216	-235	-223	-255	-297
Net Common Stock Issued (Repurchased)	-216	-235	-205	-84	-36
Repurchase of Preferred Stock	-182	-92	-140	-125	-
Net Preferred Stock Issued (Repurchased)	-182	-92	-140	-125	-
Common Dividends Paid	-2,026	-3,613	-3,486	-3,312	-3,132
Preferred Share Dividends Paid	-151	-187	-182	-136	-125
Other Financing Activities	-240	-99	-220	-70	-67
Financing Cash Flow	-4,646	-1,750	-1,542	-2,988	-925
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1	-	-	-	-
Net Cash Flow	-1,252	800	448	-190	65
Free Cash Flow	3,293	3,091	3,365	3,232	3,156
Free Cash Flow Growth	6.54%	-8.14%	4.12%	2.41%	-9.78%
FCF Margin	13.46%	12.66%	13.64%	13.37%	13.46%
Free Cash Flow Per Share	3.54	3.39	3.69	3.55	3.48
Levered Free Cash Flow	5,355	3,249	4,947	3,370	5,186
Unlevered Free Cash Flow	-8,440	-7,257	3,791	3,750	3,626

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