Slide 5 of 14 · cash_flow

Cash flow — operating, investing, financing and free cash flow.

Statements · cash flow · 5 fiscal years & 8 quarters · US GAAP Collapse Heatmap QoQ YoY better worse

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Imprint · Method

Statements · cash flow · 5 fiscal years & 8 quarters · US GAAPbetterworse

Cash flow — operating, investing, financing and free cash flow.

Cash flow · $m	Fiscal year · $m					Quarter (fiscal) · $m
Cash flow · $m	FY25	FY24	FY23	FY22	FY21	Q1·26	Q4·25	Q3·25	Q2·25	Q1·25	Q4·24	Q3·24	Q2·24
Net cash from operating activities	9,311	2,670	19,587	2,057	2,118	7,342	-763	538	3,177	6,359	-10,827	19,098	—
Net income	8,852	5,942	5,067	7,183	5,855	2,479	2,459	2,358	2,126	1,909	1,840	1,408	—
Depreciation and amortization	—	—	804	652	549	—	—	—	—	—	—	—	—
Stock-based compensation	317	337	320	366	254	138	58	61	72	126	70	65	—
Deferred income taxes	361	-191	-478	-18	53	-10	-36	437	-5	-35	-28	-54	—
Working capital & other, net	-219	-3,418	13,874	-6,126	-4,593	4,735	-3,244	-2,318	984	4,359	-12,709	17,679	—
Operating cash flow margin %	38.9%	13.6%	104.0%	9.9%	11.4%	113.3%	-12.0%	8.8%	54.3%	113.6%	-203.2%	394.0%	—
Net cash used in investing activities	24,538	35,431	57,411	32,048	-75,663	-10	-1,151	6,143	9,076	10,470	7,734	8,516	—
Capital expenditures	-548	-620	-700	-971	-916	-140	-158	-145	-128	-117	-254	-128	—
Acquisitions, net	—	—	—	—	—	-577	—	—	—	-0	—	—	—
Other investing, net	25,086	36,051	58,111	33,019	-74,747	707	-993	6,288	9,204	10,587	7,988	8,644	—
Net cash from financing activities	-29,702	-47,060	-61,245	-68,723	96,323	-3,713	16,710	-7,385	-18,665	-20,362	1,604	-7,726	—
Share repurchases	-7,346	-0	-2,842	-3,395	-0	-2,378	—	—	—	-1,500	-0	-0	—
Dividends paid	-2,329	-2,275	-2,276	-2,110	-1,822	-632	-564	-562	-608	-595	-575	-563	—
Debt repayments, net	—	—	—	-1,036	-1,822	—	—	—	—	—	—	—	—
Other financing, net	-20,027	-44,785	-56,127	-62,182	99,967	-703	17,274	-6,823	-18,057	-18,267	2,179	-7,163	—
Effect of exchange rate & other	0	0	0	0	0	0	0	0	0	0	0	0	—
Net change in cash	4,147	-8,959	15,753	-34,618	22,778	3,619	14,796	-704	-6,412	-3,533	-1,489	19,888	—
Free cash flow (OCF − capex)	8,763	2,050	18,887	1,086	1,202	7,202	-921	393	3,049	6,242	-11,081	18,970	—
Free cash flow margin %	36.6%	10.5%	100.3%	5.2%	6.5%	111.1%	-14.5%	6.4%	52.1%	111.5%	-207.9%	391.4%	—
Capital returned (buybacks + dividends)	-9,675	-2,275	-5,118	-5,505	-1,822	-3,010	-564	-562	-608	-2,095	-575	-563	—
Payout % of free cash flow	110.4%	111.0%	27.1%	506.9%	151.6%	41.8%	-61.2%	143.0%	19.9%	33.6%	-5.2%	3.0%	—

Operating cash flow FY25

$9bn

latest FY

Free cash flow FY25

$9bn

OCF − capex

Cash conversion

94%

FCF / OCF

Latest quarter

$7bn

Q1·26

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