Cash Flow Statement

Operating Cash Flow

-14%

-44%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	238	192	189	208	241	320	323	310	324	342	360	403	411	406	370	313	266	244	244	371	405	449	430	446	442	484	495	430	370	227	315	417	445	482	534	618	686	704	793	845	852	861	882	933	980	1 024	1 026	1 012	1 047	1 209	1 137	1 139	1 198	1 093	1 175	1 186	1 180	1 121	1 106	1 088	1 121	1 256	1 390	1 085	1 159	1 117	1 189	1 641	1 824	1 794	1 890	1 874	1 313	696	623	939	1 401	2 875	3 045	3 258	3 373	2 408	2 203	1 510	1 092	1 010	556	483	663	409	217	(697)	(873)	(1 133)	(930)	(178)
Depreciation & Amortization	161	162	166	170	172	175	178	182	186	192	194	194	197	197	197	199	200	198	202	205	204	207	215	225	239	251	254	255	258	254	257	256	259	264	267	271	280	294	295	300	297	296	304	312	328	337	348	365	370	385	396	399	403	409	407	412	416	415	423	431	447	464	485	502	516	531	536	544	546	557	568	575	600	611	624	640	639	651	678	699	722	727	722	722	729	744	769	793	810	825	830	832	830	829	821	811
Change in Deffered Taxes	28	(23)	(17)	(15)	(17)	37	29	18	23	18	30	41	42	105	84	64	11	(74)	(71)	(68)	(33)	10	10	14	(54)	(116)	(116)	(109)	(51)	(108)	(123)	(135)	(121)	(25)	3	17	(4)	(25)	(40)	(51)	(45)	(22)	(31)	(31)	(37)	(76)	(81)	(72)	(67)	(56)	(51)	(71)	(79)	(53)	(55)	(52)	(48)	(94)	(105)	(117)	(127)	(118)	(89)	43	50	175	169	23	45	(66)	(46)	(13)	(85)	(143)	(193)	(199)	(181)	(230)	(248)	(224)	(217)	(149)	(145)	(137)	(129)	(186)	(190)	(238)	(281)	(265)	(287)	(474)	(434)	(396)	(351)	(93)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	36	15	27	36	43	47	50	49	47	51	46	49	52	48	50	54	57	68	81	87	95	110	117	121	125	134	137	142	146	148	152	152	153	158	159	162	165	172	175	178	184	203	207	212	219	188	217	240	236	237	235	241	243	241	251	252	213	221	243	258	327	342	350	355	331	305	304	282	267	294	291	309	325	319	316	304	304	318	306
Other Non-Cash Items	53	84	64	63	64	15	16	54	56	54	54	23	22	18	27	104	113	118	124	50	48	60	64	74	74	55	60	51	67	119	127	175	157	78	83	44	57	87	95	91	68	50	61	57	86	150	151	178	219	193	203	208	161	145	159	181	211	202	207	195	161	177	157	191	195	175	165	195	217	234	244	418	806	1 127	1 131	1 034	840	(219)	(197)	(273)	(194)	608	589	795	557	519	493	294	304	760	784	1 640	1 633	1 623	1 632	761
Cash Taxes Paid	130	121	129	144	130	135	139	164	174	193	201	191	186	164	152	166	189	257	262	277	253	200	208	198	201	250	272	272	288	230	212	205	216	265	235	254	253	242	257	276	306	326	366	347	441	500	484	590	518	535	552	499	0	417	0	0	0	451	0	0	0	456	0	0	0	351	0	0	0	588	115	314	472	537	541	543	500	664	670	661	855	760	748	692	521	665	683	679	719	550	614	614	577	630	583	598
Cash Interest Paid	17	18	21	17	24	18	22	26	26	36	28	29	26	23	27	30	34	34	35	34	39	45	45	66	63	74	75	70	69	77	76	83	83	106	98	100	96	73	75	74	75	75	98	90	94	85	67	66	66	66	66	66	0	66	0	0	0	79	0	0	0	96	0	0	0	128	0	0	0	131	32	63	94	153	147	174	167	166	170	162	168	163	166	177	195	235	260	329	337	359	364	350	358	353	352	342
Change in Working Capital	(53)	104	225	203	112	13	(38)	6	100	67	(16)	(66)	(253)	(248)	(167)	(122)	63	224	205	75	66	(65)	(119)	(43)	28	16	(66)	(81)	(165)	205	319	383	448	157	28	(103)	(132)	(34)	(113)	(56)	(2)	(58)	(177)	(98)	(166)	(208)	(63)	(128)	(107)	(195)	(52)	72	68	348	138	184	116	145	0	54	123	21	89	605	548	564	302	(18)	(234)	(2)	(190)	(355)	72	(11)	623	589	413	554	(86)	39	(861)	(554)	(898)	(945)	(161)	(356)	345	585	689	631	554	509	404	349	430	369
Cash from Operating Activities	427 N/A	519 +22%	627 +21%	630 +0%	573 -9%	559 -3%	509 -9%	569 +12%	689 +21%	673 -2%	621 -8%	595 -4%	418 -30%	478 +14%	511 +7%	558 +9%	653 +17%	710 +9%	704 -1%	632 -10%	691 +9%	662 -4%	600 -9%	717 +19%	730 +2%	690 -5%	627 -9%	545 -13%	478 -12%	696 +46%	895 +29%	1 096 +22%	1 188 +8%	957 -19%	915 -4%	848 -7%	886 +5%	1 027 +16%	1 030 +0%	1 129 +10%	1 169 +4%	1 127 -4%	1 038 -8%	1 172 +13%	1 191 +2%	1 226 +3%	1 381 +13%	1 354 -2%	1 462 +8%	1 535 +5%	1 633 +6%	1 747 +7%	1 751 +0%	1 943 +11%	1 824 -6%	1 912 +5%	1 875 -2%	1 789 -5%	1 631 -9%	1 650 +1%	1 725 +4%	1 800 +4%	2 032 +13%	2 426 +19%	2 468 +2%	2 562 +4%	2 361 -8%	2 385 +1%	2 398 +1%	2 517 +5%	2 466 -2%	2 499 +1%	2 706 +8%	2 280 -16%	2 808 +23%	3 003 +7%	3 112 +4%	3 631 +17%	3 192 -12%	3 499 +10%	2 823 -19%	3 040 +8%	2 471 -19%	1 945 -21%	2 088 +7%	1 731 -17%	1 973 +14%	1 917 -3%	2 185 +14%	2 360 +8%	2 098 -11%	1 810 -14%	1 560 -14%	1 272 -18%	1 602 +26%	1 670 +4%
Investing Cash Flow
Capital Expenditures	(199)	(203)	(189)	(176)	(170)	(169)	(175)	(185)	(192)	(212)	(208)	(235)	(244)	(230)	(238)	(224)	(237)	(261)	(282)	(297)	(303)	(312)	(323)	(332)	(350)	(358)	(355)	(355)	(323)	(280)	(249)	(227)	(225)	(271)	(283)	(311)	(333)	(351)	(374)	(388)	(399)	(421)	(435)	(445)	(454)	(461)	(451)	(473)	(498)	(510)	(503)	(481)	(447)	(473)	(484)	(509)	(528)	(525)	(520)	(510)	(507)	(504)	(535)	(559)	(556)	(629)	(641)	(658)	(702)	(744)	(741)	(743)	(771)	(623)	(614)	(582)	(541)	(637)	(726)	(846)	(909)	(1 040)	(987)	(1 000)	(1 042)	(3 289)	(3 432)	(3 397)	(3 331)	(919)	(765)	(665)	(612)	(602)	(557)	(533)
Other Items	(17)	(14)	(5)	(5)	(11)	(29)	(33)	(34)	(27)	(2)	(3)	(3)	(8)	(7)	(2)	(49)	(49)	(42)	(100)	(53)	(50)	(62)	(122)	(121)	(125)	(121)	(67)	(68)	(64)	(60)	(6)	(6)	(5)	(11)	(260)	(258)	(257)	(256)	(5)	(8)	(8)	(8)	(9)	(11)	(5)	(5)	(5)	(4)	(1)	(1)	6	(595)	(752)	(1 143)	(1 616)	(961)	(1 153)	(744)	(250)	(1 842)	(1 772)	(1 710)	(1 566)	(72)	304	271	267	409	1 262	1 217	1 055	(99)	(1 087)	(1 075)	(1 198)	(163)	(177)	(1 227)	(1 049)	(1 035)	(941)	95	181	184	133	72	(66)	(92)	(94)	(41)	(60)	(32)	(21)	(21)	(22)	(4)
Cash from Investing Activities	(216) N/A	(217) -1%	(195) +10%	(181) +7%	(182) 0%	(198) -9%	(208) -5%	(220) -6%	(220) 0%	(214) +3%	(211) +1%	(237) -12%	(252) -6%	(237) +6%	(240) -1%	(273) -14%	(286) -5%	(303) -6%	(382) -26%	(350) +8%	(353) -1%	(374) -6%	(445) -19%	(453) -2%	(476) -5%	(479) -1%	(422) +12%	(423) 0%	(387) +8%	(340) +12%	(255) +25%	(232) +9%	(230) +1%	(281) -22%	(543) -93%	(569) -5%	(590) -4%	(607) -3%	(379) +38%	(395) -4%	(407) -3%	(428) -5%	(444) -4%	(455) -3%	(460) -1%	(466) -1%	(456) +2%	(476) -4%	(499) -5%	(512) -3%	(497) +3%	(1 076) -116%	(1 200) -12%	(1 616) -35%	(2 100) -30%	(1 470) +30%	(1 681) -14%	(1 269) +24%	(771) +39%	(2 352) -205%	(2 278) +3%	(2 214) +3%	(2 101) +5%	(631) +70%	(252) +60%	(358) -42%	(374) -4%	(249) +33%	560 N/A	473 -16%	314 -34%	(842) N/A	(1 858) -121%	(1 698) +9%	(1 812) -7%	(745) +59%	(718) +4%	(1 864) -160%	(1 775) +5%	(1 881) -6%	(1 850) +2%	(945) +49%	(806) +15%	(816) -1%	(909) -11%	(3 217) -254%	(3 498) -9%	(3 489) +0%	(3 425) +2%	(960) +72%	(825) +14%	(697) +16%	(633) +9%	(623) +2%	(579) +7%	(537) +7%
Financing Cash Flow
Net Issuance of Common Stock	(39)	(42)	(146)	(175)	(211)	(336)	(197)	(167)	(177)	(40)	(140)	(205)	(143)	(358)	(321)	(491)	(524)	(333)	(394)	(272)	(907)	(850)	(795)	(687)	10	(12)	92	89	57	47	(5)	(22)	25	(62)	(191)	(151)	(305)	(241)	(511)	(615)	(501)	(502)	(252)	(306)	(316)	(297)	(199)	(184)	(550)	(582)	(725)	(861)	(580)	(881)	(1 068)	(1 032)	(987)	(806)	(621)	(522)	(426)	(272)	(139)	(265)	(522)	(577)	(1 011)	(1 329)	(1 248)	(1 363)	(1 124)	(1 038)	(908)	(713)	(422)	31	(114)	(518)	(1 072)	(1 871)	(2 253)	(2 158)	(1 721)	(1 027)	(477)	(183)	(87)	23	2	5	(2)	(1)	(10)	(20)	5	(21)
Net Issuance of Debt	(10)	(9)	(21)	(8)	(44)	(133)	66	63	102	(100)	(296)	(288)	(286)	156	143	97	3	(180)	(55)	(28)	604	542	762	580	31	49	(68)	325	227	194	(43)	(238)	(145)	(235)	(217)	(220)	(209)	(16)	(15)	(13)	(13)	69	137	138	136	59	(12)	(12)	(7)	(7)	(10)	42	110	299	730	597	466	608	445	2 079	2 016	1 357	1 458	(236)	(226)	(10)	(375)	(400)	(283)	(172)	(169)	1 780	2 782	2 723	1 974	189	(219)	(607)	141	130	(471)	(22)	(26)	(22)	1 965	2 713	2 714	2 717	388	(362)	(359)	(854)	(507)	(505)	(505)	(5)
Cash Paid for Dividends	(71)	(71)	(71)	(59)	(94)	(82)	(64)	(58)	(74)	(69)	0	(159)	(90)	(90)	0	(85)	(85)	(85)	0	(104)	(104)	(104)	(104)	(107)	(107)	(107)	(107)	(108)	(108)	(108)	(108)	(109)	(109)	(109)	(109)	(148)	(148)	(148)	(148)	(204)	(204)	(204)	(204)	(280)	(349)	(419)	(489)	(288)	(295)	(302)	(310)	(322)	(336)	(350)	(362)	(382)	(402)	(423)	(444)	(457)	(472)	(486)	(501)	(517)	(532)	(546)	(561)	(576)	(592)	(609)	(624)	(642)	(658)	(503)	(521)	(541)	(562)	(753)	(771)	(794)	(816)	(840)	(863)	(882)	(903)	(925)	(946)	(948)	(948)	(947)	(951)	(839)	(729)	(618)	(505)	(507)
Other	0	(1)	(1)	(3)	(5)	(5)	8	8	9	(8)	(9)	(6)	(6)	(8)	(2)	(2)	(1)	4	(1)	(7)	(5)	(0)	1	8	5	(8)	(7)	(7)	(7)	(7)	(8)	(7)	(6)	(1)	48	63	83	92	53	60	53	52	54	49	48	46	44	42	32	34	30	19	40	37	34	38	17	15	22	19	25	31	0	16	5	(39)	(40)	(41)	(41)	(29)	(30)	(50)	(50)	(46)	(44)	(24)	(31)	(14)	0	(13)	(6)	(16)	0	0	(15)	(15)	(6)	(6)	(1)	(731)	(730)	(730)	(746)	(1)	(152)	(152)
Cash from Financing Activities	(120) N/A	(123) -2%	(239) -94%	(246) -3%	(353) -44%	(555) -57%	(187) +66%	(155) +17%	(140) +10%	(216) -55%	(513) -137%	(657) -28%	(525) +20%	(300) +43%	(270) +10%	(482) -78%	(607) -26%	(595) +2%	(535) +10%	(410) +23%	(411) 0%	(412) 0%	(136) +67%	(206) -52%	(62) +70%	(78) -26%	(90) -15%	298 N/A	168 -44%	126 -25%	(165) N/A	(376) -128%	(234) +38%	(406) -73%	(469) -16%	(455) +3%	(579) -27%	(313) +46%	(621) -98%	(771) -24%	(665) +14%	(585) +12%	(265) +55%	(400) -51%	(481) -20%	(612) -27%	(656) -7%	(442) +33%	(820) -85%	(857) -5%	(1 015) -18%	(1 122) -11%	(767) +32%	(895) -17%	(666) +26%	(780) -17%	(906) -16%	(605) +33%	(597) +1%	1 118 N/A	1 143 +2%	630 -45%	839 +33%	(1 002) N/A	(1 275) -27%	(1 172) +8%	(1 987) -70%	(2 346) -18%	(2 164) +8%	(2 173) 0%	(1 947) +10%	50 N/A	1 166 +2 232%	1 461 +25%	987 -32%	(345) N/A	(926) -168%	(1 892) -104%	(1 716) +9%	(2 548) -48%	(3 546) -39%	(3 036) +14%	(2 626) +14%	(1 946) +26%	570 N/A	1 590 +179%	1 675 +5%	1 786 +7%	(559) N/A	(2 035) -264%	(2 042) 0%	(2 424) -19%	(1 992) +18%	(1 144) +43%	(1 157) -1%	(685) +41%
Change in Cash
Effect of Foreign Exchange Rates	(5)	21	7	10	20	12	12	20	10	4	7	8	8	1	1	(12)	(9)	3	3	9	7	9	11	10	16	15	3	(11)	(29)	(20)	(4)	7	18	(13)	(9)	(4)	1	25	(4)	(7)	(4)	(19)	6	8	(5)	(1)	(1)	(11)	(51)	(33)	(48)	(56)	(27)	(40)	(44)	(36)	(20)	(22)	(7)	(23)	(7)	6	10	50	60	13	(1)	(19)	(32)	(11)	(17)	13	(40)	(8)	25	36	55	61	27	(12)	10	(60)	(96)	(61)	(54)	(32)	2	0	(31)	1	29	(42)	(5)	21	3	48
Net Change in Cash	86 N/A	200 +134%	200 0%	212 +6%	59 -72%	(183) N/A	126 N/A	215 +71%	340 +58%	248 -27%	(96) N/A	(292) -205%	(350) -20%	(58) +83%	2 N/A	(208) N/A	(250) -20%	(185) +26%	(209) -13%	(119) +43%	(66) +44%	(115) -73%	31 N/A	68 +121%	208 +207%	148 -29%	117 -21%	409 +249%	231 -44%	463 +101%	470 +2%	495 +5%	741 +50%	256 -65%	(106) N/A	(181) -71%	(282) -56%	132 N/A	26 -80%	(44) N/A	94 N/A	95 +1%	334 +253%	325 -3%	246 -24%	148 -40%	269 +81%	424 +58%	92 -78%	133 +46%	73 -45%	(507) N/A	(242) +52%	(608) -151%	(987) -62%	(373) +62%	(732) -96%	(107) +85%	256 N/A	394 +54%	583 +48%	222 -62%	780 +251%	843 +8%	1 001 +19%	1 045 +4%	(1) N/A	(229) -22 800%	762 N/A	806 +6%	816 +1%	1 720 +111%	1 974 +15%	2 035 +3%	2 008 -1%	1 949 -3%	1 523 -22%	(64) N/A	(272) -325%	(942) -246%	(2 563) -172%	(1 001) +61%	(1 057) -6%	(878) +17%	1 695 N/A	72 -96%	152 +111%	214 +41%	(1 830) N/A	(634) +65%	(740) -17%	(1 353) -83%	(1 070) +21%	(474) +56%	(131) +72%	496 N/A
Free Cash Flow
Free Cash Flow	228 N/A	316 +39%	438 +38%	454 +4%	403 -11%	390 -3%	334 -14%	384 +15%	497 +29%	461 -7%	413 -10%	360 -13%	174 -52%	249 +42%	273 +10%	334 +22%	415 +24%	449 +8%	422 -6%	335 -21%	388 +16%	350 -10%	277 -21%	385 +39%	379 -1%	332 -12%	272 -18%	190 -30%	155 -18%	416 +169%	646 +55%	870 +35%	962 +11%	686 -29%	632 -8%	537 -15%	553 +3%	676 +22%	656 -3%	742 +13%	770 +4%	706 -8%	602 -15%	727 +21%	737 +1%	765 +4%	930 +22%	881 -5%	963 +9%	1 025 +6%	1 130 +10%	1 266 +12%	1 304 +3%	1 470 +13%	1 340 -9%	1 403 +5%	1 347 -4%	1 263 -6%	1 110 -12%	1 141 +3%	1 218 +7%	1 296 +6%	1 497 +16%	1 867 +25%	1 912 +2%	1 933 +1%	1 720 -11%	1 727 +0%	1 696 -2%	1 773 +5%	1 725 -3%	1 756 +2%	1 935 +10%	1 657 -14%	2 194 +32%	2 421 +10%	2 571 +6%	2 994 +16%	2 466 -18%	2 653 +8%	1 914 -28%	2 000 +4%	1 484 -26%	945 -36%	1 046 +11%	(1 558) N/A	(1 459) +6%	(1 480) -1%	(1 146) +23%	1 441 N/A	1 333 -7%	1 145 -14%	948 -17%	670 -29%	1 045 +56%	1 137 +9%

Income Statement Balance Sheet Cash Flow Statement

Estee Lauder Companies Inc
SWB:ELAA

Cash Flow Statement

Cash Flow Statement
Estee Lauder Companies Inc

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Estee Lauder Companies Inc SWB:ELAA

Cash Flow Statement

Cash Flow Statement Estee Lauder Companies Inc

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Estee Lauder Companies Inc
SWB:ELAA

Cash Flow Statement
Estee Lauder Companies Inc