Heineken Holding 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	952	498	1,174	1,343	1,663
Depreciation & Amortization	2,147	2,159	1,975	1,899	1,736
Other Amortization	128	134	128	114	104
Loss (Gain) From Sale of Assets	-74	-30	-109	17	-55
Asset Writedown & Restructuring Costs	334	305	773	-220	108
Loss (Gain) From Sale of Investments	-	-	-23	-76	-1,270
Loss (Gain) on Equity Investments	-264	687	-226	-230	-256
Other Operating Activities	1,364	905	916	2,336	2,178
Change in Accounts Receivable	54	347	-42	-668	-697
Change in Inventory	2	-39	-4	-793	-308
Change in Accounts Payable	271	543	-100	981	1,268
Change in Other Net Operating Assets	98	-6	-32	-207	-290
Operating Cash Flow	5,012	5,503	4,430	4,496	4,181
Operating Cash Flow Growth	-8.92%	24.22%	-1.47%	7.53%	33.32%
Capital Expenditures	-2,133	-2,184	-2,434	-1,791	-1,324
Sale of Property, Plant & Equipment	166	152	154	112	86
Cash Acquisitions	-17	-4	-806	-171	54
Divestitures	7	14	257	9	3
Sale (Purchase) of Intangibles	-269	-281	-243	-220	-273
Investment in Securities	-35	-	-356	-37	-667
Investing Cash Flow	-2,455	-2,435	-3,576	-2,286	-2,277
Long-Term Debt Issued	6,582	3,076	6,751	644	1,571
Long-Term Debt Repaid	-4,430	-4,446	-5,004	-2,238	-3,660
Net Debt Issued (Repaid)	2,152	-1,370	1,747	-1,594	-2,089
Issuance of Common Stock	-	-	-	-	12
Repurchase of Common Stock	-658	-5	-942	-43	-
Common Dividends Paid	-1,276	-1,199	-1,335	-1,099	-796
Other Financing Activities	-22	-	-286	-391	-10
Financing Cash Flow	196	-2,574	-816	-3,127	-2,883
Foreign Exchange Rate Adjustments	-151	-166	-231	-21	16
Net Cash Flow	2,602	328	-193	-938	-963
Free Cash Flow	2,879	3,319	1,996	2,705	2,857
Free Cash Flow Growth	-13.26%	66.28%	-26.21%	-5.32%	74.74%
Free Cash Flow Margin	10.01%	11.13%	6.57%	9.42%	13.02%
Free Cash Flow Per Share	10.24	11.73	7.03	9.39	9.92
Cash Interest Paid	621	668	624	439	456
Cash Income Tax Paid	1,000	1,051	1,160	948	717
Levered Free Cash Flow	2,196	2,655	627	2,223	2,303
Unlevered Free Cash Flow	2,583	3,080	1,027	2,510	2,592
Change in Working Capital	425	845	-178	-687	-27

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