Constellation Software 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	687	731	565	512	310	436
Depreciation & Amortization	233	620	522	425	323	243
Other Amortization	1,107	613	504	399	318	267
Asset Writedown & Restructuring Costs	34	28	26	7	12	12
Loss (Gain) From Sale of Investments	229	-	-2	16	-2	-
Loss (Gain) on Equity Investments	-	-	-5	-	-1	-
Other Operating Activities	341	249	205	-2	295	111
Change in Accounts Receivable	-67	-67	-114	-107	-35	45
Change in Inventory	6	6	4	-9	1	8
Change in Accounts Payable	109	109	151	73	80	38
Change in Unearned Revenue	66	66	75	66	55	36
Change in Other Net Operating Assets	-123	-159	-152	-83	-56	-10
Operating Cash Flow	2,622	2,196	1,779	1,297	1,300	1,186
Operating Cash Flow Growth	29.23%	23.44%	37.16%	-0.23%	9.61%	54.63%
Capital Expenditures	-72	-67	-42	-41	-29	-25
Cash Acquisitions	-1,409	-1,519	-1,695	-1,566	-1,183	-485
Investment in Securities	-212	-1	96	-91	-31	-4
Other Investing Activities	-232	20	2	4	5	2
Investing Cash Flow	-1,925	-1,567	-1,639	-1,694	-1,238	-512
Short-Term Debt Issued	-	-	256	322	-	-
Long-Term Debt Issued	-	1,454	683	567	206	48
Total Debt Issued	636	1,454	939	889	206	48
Short-Term Debt Repaid	-	-578	-	-	-	-65
Long-Term Debt Repaid	-	-267	-391	-196	-111	-103
Total Debt Repaid	-347	-845	-391	-196	-111	-168
Net Debt Issued (Repaid)	289	609	548	693	95	-120
Common Dividends Paid	-85	-85	-85	-85	-85	-85
Other Financing Activities	-240	-410	-147	-125	-51	-42
Financing Cash Flow	-36	114	316	483	-41	-247
Foreign Exchange Rate Adjustments	38	-48	17	-39	-16	15
Miscellaneous Cash Flow Adjustments	2	1	-	1	-	-
Net Cash Flow	701	696	473	48	5	442
Free Cash Flow	2,550	2,129	1,737	1,256	1,271	1,161
Free Cash Flow Growth	29.18%	22.57%	38.30%	-1.18%	9.47%	58.39%
Free Cash Flow Margin	22.87%	21.15%	20.66%	18.97%	24.89%	29.25%
Free Cash Flow Per Share	120.33	100.47	81.97	59.27	59.98	54.79
Cash Interest Paid	206	192	144	85	49	40
Cash Income Tax Paid	527	460	394	343	257	162
Levered Free Cash Flow	2,080	1,317	2,548	1,468	1,260	1,081
Unlevered Free Cash Flow	2,234	1,469	2,648	1,521	1,293	1,106
Change in Working Capital	-9	-45	-36	-60	45	117

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