adidas AG Cash Flow Statement

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

Millions EUR. 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	1,340	764	-75	612	2,116
Depreciation & Amortization	1,121	1,170	1,095	1,221	1,142
Loss (Gain) From Sale of Assets	20	17	20	16	13
Asset Writedown & Restructuring Costs	14	10	75	150	-27
Other Operating Activities	299	264	16	-455	-553
Change in Accounts Receivable	-562	-839	996	-795	-170
Change in Inventory	-1,104	-500	1,280	-1,879	125
Change in Accounts Payable	-377	2,024	-857	736	226
Operating Cash Flow	751	2,910	2,550	-479	3,192
Operating Cash Flow Growth	-74.19%	14.12%	-	-	114.81%
Capital Expenditures	-363	-419	-363	-504	-494
Sale of Property, Plant & Equipment	4	49	9	1	1
Divestitures	100	100	-	12	12
Sale (Purchase) of Intangibles	-114	-121	-140	-190	-172
Investment in Securities	-88	-22	23	-13	49
Other Investing Activities	57	57	20	1,189	180
Investing Cash Flow	-404	-356	-451	495	-424
Short-Term Debt Issued	166	3	3	-	-
Long-Term Debt Issued	498	-	-	994	-
Total Debt Issued	664	3	3	994	-
Short-Term Debt Repaid	-	-	-	-18	-79
Long-Term Debt Repaid	-1,143	-1,156	-1,103	-631	-1,172
Total Debt Repaid	-1,143	-1,156	-1,103	-649	-1,251
Net Debt Issued (Repaid)	-479	-1,153	-1,100	345	-1,251
Issuance of Common Stock	39	24	25	25	27
Repurchase of Common Stock	-43	-35	-29	-2,530	-1,032
Common Dividends Paid	-357	-125	-125	-610	-585
Other Financing Activities	-263	-270	-196	-193	-150
Financing Cash Flow	-1,103	-1,559	-1,425	-2,963	-2,991
Foreign Exchange Rate Adjustments	-82	29	-40	-39	57
Miscellaneous Cash Flow Adjustments	-	-	-1	-44	-
Net Cash Flow	-838	1,024	633	-3,030	-166
Free Cash Flow	388	2,491	2,187	-983	2,698
Free Cash Flow Growth	-84.42%	13.90%	-	-	141.32%
Free Cash Flow Margin	1.56%	10.52%	10.21%	-4.37%	12.71%
Free Cash Flow Per Share	2.17	13.95	12.25	-5.36	13.89
Cash Interest Paid	220	217	163	140	111
Cash Income Tax Paid	399	236	307	424	444
Levered Free Cash Flow	344.05	1,769	2,117	-180.08	554.5
Unlevered Free Cash Flow	486.55	1,907	2,217	-94.45	623.88
Change in Working Capital	-2,043	685	1,419	-1,938	181

Source: S&P Global Market Intelligence. Standard template. Financial Sources.