XML 440 R10.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - EUR (€)
€ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income € 9,609.4 € 7,571.6 € 7,839.0
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization [1] 1,025.9 918.6 739.8
Impairment and loss on disposal 49.7 35.8 37.5
Share-based compensation expense 202.3 172.6 134.8
Inventory reserves 469.4 554.7 485.3
Deferred tax expense (benefit) 180.7 (144.8) (133.6)
Equity method investments [2] 94.6 4.4 4.2
Changes in assets and liabilities:      
Accounts receivable, net 1,415.5 (139.9) 959.9
Finance receivables, net (227.2) 1,038.7 (88.6)
Inventories (832.5) (1,860.9) (1,646.9)
Other assets (561.9) (1,299.0) (344.3)
Accrued and other liabilities (237.3) 625.5 222.0
Accounts payable 13.4 1,127.6 (261.7)
Current tax assets and liabilities 334.1 689.5 (939.4)
Contract assets and liabilities 1,122.4 1,871.8 (1,564.6)
Net cash provided by operating activities 12,658.5 11,166.2 5,443.4
Cash flows from investing activities      
Purchase of property, plant and equipment [3] (1,573.6) (2,067.2) (2,155.6)
Purchase of intangible assets (57.6) (15.9) (40.6)
Purchase of short-term investments (406.2) (305.2) (23.6)
Maturity of short-term investments 5.3 305.2 125.6
Purchase of equity investments (1,302.2) 0.0 0.0
Loans issued and other investments [4] (703.7) (526.2) (561.5)
Repayment on loans [5] 260.2 0.0 0.0
Acquisition of subsidiaries (net of cash acquired) 0.0 0.0 (33.6)
Net cash used in investing activities (3,777.8) (2,609.3) (2,689.3)
Cash flows from financing activities      
Dividend paid (2,550.3) (2,452.9) (2,348.3)
Purchase of treasury shares (5,950.0) (500.0) (1,000.0)
Net proceeds from issuance of shares 142.3 124.0 99.4
Net proceeds from issuance of borrowings 754.2 22.5 997.8
Repayment of debt and finance lease obligations (1,066.7) (25.7) (752.8)
Net cash used in financing activities (8,670.5) (2,832.1) (3,003.9)
Net cash flows 210.2 5,724.8 (249.8)
Effect of changes in exchange rates on cash (30.1) 6.4 (13.8)
Net increase (decrease) in cash and cash equivalents 180.1 5,731.2 (263.6)
Cash and cash equivalents at beginning of the year 12,735.9 7,004.7 7,268.3
Cash and cash equivalents at end of the year 12,916.0 12,735.9 7,004.7
Supplemental disclosures of cash flow information      
Change in unpaid portion of property, plant and equipment, excluded in investing activities, included in accounts payable 22.3 23.6 49.3
Interest received 201.3 169.5 190.8
Interest paid (114.5) (160.0) (137.8)
Income taxes paid, net of refunds € (1,621.4) € (1,098.0) € (2,568.3)
[1] Depreciation and amortization include depreciation of property, plant and equipment, amortization of intangible assets, and other (amortization
of underwriting commissions, amortization of discounts related to borrowings, credit facilities and accretion of loans issued at a discount).
[2] Equity method investments relates to our 24.9% equity interest in Carl Zeiss SMT Holding GmbH & Co. KG and includes our share of the net
result, dividends received and other equity movements, as well as the capitalization of our R&D funding to Carl Zeiss SMT Holding GmbH &
Co. KG as disclosed in Note 26 Related parties and variable interest entities. The dividend received is a cash inflow of €320.5 million (2024:
€225.4 million; 2023: €218.0 million).
[3] Purchase of property, plant and equipment includes a cash outflow of €0.0 million (2024: €0.0 million; 2023: €45.1 million) to related parties.
[4] Loans issued and other investments includes a cash outflow of €703.7 million (2024: €528.4 million, 2023: €548.0 million) net of €121.8 million
(2024: €81.6 million, 2023: €0.0 million) unamortized discount included in other assets, to related parties.
[5] Repayment on loans includes a cash inflow of €256.9 million (2024:€0.0 million, 2023: €0.0 million) from related parties.