National Bank of Canada Cash Flow Statement

Financials in millions CAD. Fiscal year is November - October.

Millions CAD. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021
Net Income	4,017	3,816	3,289	3,383	3,140
Depreciation & Amortization	654	514	524	481	456
Provision for Credit Losses	1,246	569	397	145	2
Stock-Based Compensation	24	17	18	17	11
Net Change in Loans Held-for-Sale	-20,817	-21,442	-20,252	-23,354	-15,661
Other Adjustments	-253	-460	-327	-23	-55
Changes in Trading Assets	-32,183	-15,941	-12,619	-2,564	-6,485
Changes in Securities Borrowed	-10,826	-5,005	15,226	-18,970	6,996
Changes in Accrued Interest and Accounts Receivable	86	128	407	150	-186
Changes in Trading Liabilities	-185	-2,787	-8,157	1,551	3,898
Changes in Accrued Expenses	-88	175	-313	-437	272
Changes in Other Operating Activities	62,960	45,068	26,973	37,699	13,650
Operating Cash Flow	4,635	4,652	5,166	-1,922	6,038
Operating Cash Flow Growth	-0.36%	-9.95%	-	-	-69.78%
Net Change in Securities and Investments	-6,707	-6,643	571	-988	1,807
Payments for Business Acquisitions	131	-	-	-	-73
Capital Expenditures	-233	-443	-352	-296	-217
Purchases of Intangible Assets	-269	-260	-299	-374	-275
Other Investing Activities	-2	10	-	202	225
Investing Cash Flow	-7,080	-7,336	-80	-1,456	1,467
Long-Term Debt Issued	1,750	500	-	739	-
Long-Term Debt Repaid	-201	-110	-852	-99	-96
Net Long-Term Debt Issued (Repaid)	1,549	390	-852	640	-96
Issuance of Common Stock	88	153	88	53	92
Repurchase of Common Stock	-213	-	-	-245	-
Net Common Stock Issued (Repurchased)	-125	153	88	-192	92
Issuance of Preferred Stock	-	-	-	500	500
Repurchase of Preferred Stock	-300	-	-	-	-800
Net Preferred Stock Issued (Repurchased)	-300	-	-	500	-300
Common Dividends Paid	-1,952	-1,640	-1,503	-1,325	-1,101
Other Financing Activities	-347	-	-	-4	-334
Financing Cash Flow	-1,175	-1,097	-2,267	-381	-1,739
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-13	96	545	1,750	-1,029
Net Cash Flow	-3,633	-3,685	3,364	-2,009	4,737
Free Cash Flow	4,402	4,209	4,814	-2,218	5,821
Free Cash Flow Growth	4.58%	-12.57%	-	-	-70.60%
FCF Margin	34.57%	38.86%	49.83%	-23.33%	65.22%
Free Cash Flow Per Share	11.51	12.28	14.13	-6.51	17.08
Levered Free Cash Flow	25,586	25,762	23,987	21,531	21,305
Unlevered Free Cash Flow	20,185	21,709	21,689	17,614	18,384

Updated Oct 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.