Sanofi 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	7,851	5,618	5,436	8,484	6,279
Depreciation & Amortization	5,678	3,586	4,429	3,108	3,351
Stock-Based Compensation	313	278	260	234	244
Other Adjustments	-5,076	-260	-1,267	-1,394	-761
Change in Receivables	-1,202	-28	-472	-500	185
Changes in Inventories	-39	-477	-866	-918	-357
Changes in Accounts Payable	398	789	258	340	451
Changes in Other Operating Activities	2,638	-899	1,493	284	1,130
Operating Cash Flow	10,750	9,081	10,258	10,526	10,522
Operating Cash Flow Growth	18.38%	-11.47%	-2.55%	0.04%	41.84%
Capital Expenditures	-3,538	-3,195	-2,906	-2,103	-2,043
Sale of Property, Plant & Equipment	847	1,461	807	1,340	676
Purchases of Investments	-684	-623	-134	-487	-311
Payments for Business Acquisitions	-9,394	-1,901	-2,535	-987	-5,594
Proceeds from Business Divestments	42	-	-	134	42
Other Investing Activities	10,358	-40	-224	-14	-68
Investing Cash Flow	-2,447	-4,407	-6,200	-2,075	-7,298
Net Short-Term Debt Issued (Repaid)	-1,100	751	59	216	-414
Long-Term Debt Issued	5,559	-	48	1,549	-
Long-Term Debt Repaid	-2,622	-671	-3,683	-2,718	-2,241
Net Long-Term Debt Issued (Repaid)	2,937	-671	-3,635	-1,169	-2,241
Issuance of Common Stock	177	187	195	188	186
Repurchase of Common Stock	-5,030	-302	-593	-497	-382
Net Common Stock Issued (Repurchased)	-4,853	-115	-398	-309	-196
Common Dividends Paid	-4,772	-4,704	-4,454	-4,168	-4,008
Other Financing Activities	-371	-323	-283	-377	-197
Financing Cash Flow	-8,207	-5,763	-8,052	-5,821	-7,056
Effect of Exchange Rate Changes on Cash and Cash Equivalents	167	-167	-32	8	15
Net Cash Flow	216	-1,269	-4,026	2,638	-3,817
Free Cash Flow	7,212	5,886	7,352	8,423	8,479
Free Cash Flow Growth	22.53%	-19.94%	-12.72%	-0.66%	58.93%
FCF Margin	15.44%	13.29%	17.67%	20.77%	21.64%
Free Cash Flow Per Share	2.94	2.34	2.93	3.35	3.37
Levered Free Cash Flow	14,787	5,444	4,232	8,129	6,100
Unlevered Free Cash Flow	10,382	5,764	8,210	8,932	9,043

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