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 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	813	586	767	62	551	169
Depreciation & Amortization	1,462	1,400	1,238	1,021	819	639
Other Adjustments	1,138	1,309	697	1,126	332	705
Changes in Income Taxes Payable	-556	-556	-460	-394	-343	-257
Changes in Other Operating Activities	-51	-6	-45	-36	-60	45
Operating Cash Flow	2,803	2,732	2,196	1,779	1,297	1,300
Operating Cash Flow Growth	22.56%	24.41%	23.44%	37.16%	-0.23%	9.61%
Capital Expenditures	-72	-68	-67	-42	-41	-29
Purchases of Investments	-437	-580	-8	-23	-97	-44
Proceeds from Sale of Investments	49	50	7	119	6	13
Payments for Business Acquisitions	-1,930	-1,340	-1,519	-1,695	-1,566	-1,216
Proceeds from Business Divestments	-	-	-	-	-	33
Other Investing Activities	51	57	19	2	5	5
Investing Cash Flow	-2,336	-1,881	-1,567	-1,639	-1,694	-1,238
Short-Term Debt Issued	-187	130	73	27	91	30
Net Short-Term Debt Issued (Repaid)	-187	130	73	27	91	30
Long-Term Debt Issued	903	686	803	912	798	176
Long-Term Debt Repaid	-428	-377	-289	-391	-196	-89
Net Long-Term Debt Issued (Repaid)	475	309	514	521	602	87
Common Dividends Paid	-84	-85	-85	-85	-85	-85
Preferred Share Dividends Paid	-	-	-	-	-7	-
Other Financing Activities	-195	-200	-386	-145	-118	-74
Financing Cash Flow	10	156	114	316	483	-41
Effect of Exchange Rate Changes on Cash and Cash Equivalents	57	102	-48	17	-39	-16
Net Cash Flow	534	1,109	696	473	48	5
Free Cash Flow	2,731	2,664	2,129	1,737	1,256	1,271
Free Cash Flow Growth	2.51%	25.13%	22.57%	38.30%	-1.18%	9.47%
FCF Margin	22.48%	22.92%	21.15%	20.66%	18.97%	24.89%
Free Cash Flow Per Share	128.87	125.71	100.47	81.97	59.27	59.98
Levered Free Cash Flow	1,438	1,721	1,984	1,158	1,618	683
Unlevered Free Cash Flow	2,134	1,951	1,776	822.23	1,043	790.15