Franco-Nevada 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	1,112	552.1	-466.4	700.6	733.7
Depreciation & Amortization	306.7	225.3	273.1	286.2	299.6
Stock-Based Compensation	6.3	5.4	5.5	8.2	8
Other Adjustments	-121.4	0.1	1,134	37.2	-32.4
Change in Receivables	-90.1	-40.8	24.7	-15.9	-26.4
Changes in Accounts Payable	63.8	46.6	-10.6	8.2	-1.5
Changes in Other Operating Activities	216.3	40.8	31.4	-25	-25.6
Operating Cash Flow	1,494	829.5	991.2	999.5	955.4
Operating Cash Flow Growth	80.07%	-16.31%	-0.83%	4.62%	18.85%
Capital Expenditures	-5.1	-2	-1.6	-1.9	-1.8
Purchases of Intangible Assets	-2,192	-406	-520	-139.6	-758.7
Proceeds from Sale of Intangible Assets	-	11.2	7	-	-
Purchases of Investments	-60.3	-74.5	-9.8	-48.5	-17.2
Proceeds from Sale of Investments	109.9	23.3	2	1.8	12.7
Other Investing Activities	114.1	-89.3	-18.7	42.7	-
Investing Cash Flow	-2,033	-537.3	-541.1	-145.5	-765
Short-Term Debt Issued	175	-	-	-	-
Short-Term Debt Repaid	-175	-	-	-	-150
Net Short-Term Debt Issued (Repaid)	-	-	-	-	-150
Long-Term Debt Issued	-	-	-	-	150
Net Long-Term Debt Issued (Repaid)	-	-	-	-	150
Issuance of Common Stock	7.7	2.8	2.9	9.5	0.4
Net Common Stock Issued (Repurchased)	7.7	2.8	2.9	9.5	0.4
Common Dividends Paid	-275.1	-242.4	-233	-197.6	-179.6
Other Financing Activities	-	-0.8	-	-0.9	-1
Financing Cash Flow	-267.4	-240.4	-230.1	-189	-180.2
Effect of Exchange Rate Changes on Cash and Cash Equivalents	26.3	-22.4	5.4	-7.8	-5.1
Net Cash Flow	-780.4	29.4	225.4	657.2	5.1
Free Cash Flow	1,489	827.5	989.6	997.6	953.6
Free Cash Flow Growth	79.89%	-16.38%	-0.80%	4.61%	18.84%
FCF Margin	81.67%	74.31%	81.18%	75.82%	73.35%
Free Cash Flow Per Share	7.71	4.30	5.15	5.20	4.98
Levered Free Cash Flow	1,604	822	-149.4	952.2	978
Unlevered Free Cash Flow	1,555	795.04	-231.1	941.28	980.48

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