Cash Flow Statement

Operating Cash Flow

-5%

+7%

10Y

Currency: CAD

	Feb-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Feb-2004	May-2004	Aug-2004	Nov-2004	Feb-2005	May-2005	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Feb-2010	May-2010	Aug-2010	Nov-2010	Feb-2011	May-2011	Aug-2011	Nov-2011	Feb-2012	May-2012	Aug-2012	Nov-2012	Feb-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Feb-2015	May-2015	Aug-2015	Nov-2015	Feb-2016	May-2016	Aug-2016	Nov-2016	Feb-2017	May-2017	Aug-2017	Nov-2017	Feb-2018	May-2018	Aug-2018	Nov-2018	Feb-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Nov-2020	Feb-2021	May-2021	Aug-2021	Nov-2021	Feb-2022	May-2022	Aug-2022	Nov-2022	Feb-2023	May-2023	Aug-2023	Nov-2023	Feb-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	46	45	40	41	5	3	7	(12)	(14)	(11)	(11)	8	(20)	(18)	(20)	(18)	13	13	23	25	59	59	86	87	66	71	43	46	(85)	(84)	(79)	(67)	59	59	56	73	103	146	198	203	192	193	174	177	204	191	190	200	202	195	210	219	215	246	265	267	287	(161)	(159)	(144)	(141)	323	313	313	399	393	400	401	325	351	368	380	405	400	402	428	425	432	439	438	446	450	458	462	446	371	350	325	316	358	349	359	342	340	335	323
Depreciation & Amortization	97	98	98	102	106	111	115	132	138	141	145	134	134	134	131	127	124	122	127	143	156	173	191	193	212	223	230	243	245	250	257	268	264	264	260	256	228	216	204	207	255	266	280	280	281	339	388	439	468	466	466	465	469	467	473	484	495	503	502	495	485	481	479	475	438	434	437	441	480	483	484	488	490	500	504	505	510	509	515	542	566	604	626	629	633	622	625	629	639	652	678	695	715	729	720	716
Change in Deffered Taxes	(30)	(30)	0	4	5	3	0	32	32	35	0	10	9	9	0	14	19	22	0	0	(3)	(2)	0	9	(15)	(18)	0	(12)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	2	3	3	3	2	2	3	3	3	3	3	3	4	4	4	4	4	4	4	4	5	6	7	8	9	9	9	9	8	8	9	9	10	9	8	8	8	10	12	8	8	8	7	11	10	10	11	10	11	11	9	11	11	11	11	10	10	9	9	0	0	9	11	15	22	15	18	15	11	7	5
Other Non-Cash Items	0	3	(18)	(20)	14	9	8	(21)	(22)	(17)	21	13	49	53	67	57	25	27	42	43	20	28	6	4	54	61	85	99	217	211	213	240	135	161	187	176	162	153	145	148	201	209	192	182	148	160	195	213	219	241	235	234	236	222	235	242	231	677	667	675	694	238	242	239	142	184	207	215	331	1 042	1 027	1 035	988	255	256	256	290	276	271	253	265	287	296	326	340	416	431	447	443	371	379	357	351	370	363	372
Cash Taxes Paid	0	0	6	0	0	0	(1)	0	1	0	3	6	6	6	3	4	5	5	5	4	9	8	7	6	2	2	4	30	34	37	37	50	45	42	43	1	0	0	(2)	39	57	68	83	90	89	95	104	79	80	80	66	69	65	67	76	98	107	129	129	92	71	32	11	102	137	153	181	111	94	67	53	43	40	43	22	47	45	70	102	87	75	57	39	60	78	97	92	48	17	1	5	17	33	16	15	29
Cash Interest Paid	0	0	50	0	0	0	60	78	90	0	58	87	86	103	56	56	56	56	56	65	73	82	84	81	72	67	66	66	67	69	64	63	62	60	63	63	72	71	71	71	62	60	65	63	80	91	96	122	113	128	127	132	128	136	137	136	139	138	139	134	135	129	128	125	135	149	177	183	196	181	169	163	151	146	156	140	149	141	128	136	137	155	164	192	202	217	243	247	267	268	275	274	268	274	278	273
Change in Working Capital	8	(16)	16	3	40	27	14	21	(4)	7	2	(3)	5	9	24	16	2	(4)	4	(30)	(24)	(45)	(73)	(22)	(23)	19	36	5	18	8	30	(41)	(64)	(80)	(77)	(21)	(48)	(42)	(55)	(113)	(106)	(157)	(148)	(159)	(169)	(167)	(221)	(233)	(240)	(235)	(146)	(194)	(185)	(184)	(279)	(227)	(236)	(255)	(251)	(234)	(203)	(150)	(57)	(172)	(184)	(281)	(390)	(304)	(368)	(285)	(255)	(227)	(179)	(162)	(221)	(164)	(194)	(208)	(195)	(141)	(148)	(126)	(121)	(263)	(337)	(399)	(438)	(390)	(307)	(238)	(222)	(255)	(287)	(253)	(291)	(319)
Cash from Operating Activities	122 N/A	100 -18%	136 +37%	130 -4%	169 +30%	153 -9%	143 -7%	152 +6%	131 -14%	155 +18%	157 +1%	163 +4%	177 +9%	187 +5%	201 +8%	196 -3%	183 -7%	180 -1%	196 +9%	181 -7%	208 +15%	213 +2%	210 -1%	270 +29%	294 +9%	355 +21%	394 +11%	379 -4%	402 +6%	389 -3%	421 +8%	393 -7%	393 +0%	404 +3%	425 +5%	484 +14%	444 -8%	473 +7%	491 +4%	445 -9%	542 +22%	511 -6%	498 -3%	481 -4%	464 -3%	522 +13%	552 +6%	618 +12%	649 +5%	666 +3%	765 +15%	724 -5%	735 +2%	751 +2%	694 -8%	766 +10%	778 +2%	764 -2%	759 -1%	792 +4%	834 +5%	891 +7%	977 +10%	856 -12%	795 -7%	730 -8%	655 -10%	753 +15%	768 +2%	1 591 +107%	1 624 +2%	1 675 +3%	1 704 +2%	994 -42%	942 -5%	1 026 +9%	1 032 +1%	1 009 -2%	1 030 +2%	1 092 +6%	1 129 +3%	1 215 +8%	1 258 +4%	1 155 -8%	1 083 -6%	1 010 -7%	968 -4%	1 011 +4%	1 091 +8%	1 143 +5%	1 185 +4%	1 157 -2%	1 121 -3%	1 187 +6%	1 127 -5%	1 093 -3%
Investing Cash Flow
Capital Expenditures	(131)	(127)	(155)	(123)	(118)	(104)	(117)	(75)	(69)	(77)	(106)	(91)	(100)	(102)	(131)	(123)	(131)	(142)	(165)	(181)	(191)	(209)	(251)	(205)	(219)	(218)	(257)	(244)	(248)	(253)	(285)	(273)	(283)	(293)	(321)	(311)	(294)	(282)	(308)	(308)	(341)	(374)	(378)	(367)	(386)	(412)	(411)	(414)	(390)	(361)	(420)	(437)	(459)	(479)	(443)	(486)	(500)	(490)	(470)	(421)	(390)	(396)	(431)	(429)	(444)	(443)	(493)	(499)	(491)	(489)	(439)	(460)	(477)	(504)	(487)	(482)	(486)	(489)	(598)	(623)	(886)	(978)	(984)	(1 077)	(872)	(904)	(866)	(785)	(831)	(914)	(867)	(870)	(815)	(610)	(612)	(615)
Other Items	(96)	(87)	(70)	(101)	(32)	(31)	0	(22)	(22)	(19)	1	(18)	(17)	(16)	0	(16)	(37)	(17)	(578)	(602)	(585)	(603)	2	(28)	(27)	(48)	(230)	(254)	(250)	(229)	0	(10)	(10)	(10)	0	(8)	(80)	(86)	(205)	(216)	(173)	(164)	(31)	(1 401)	(1 999)	(2 022)	(2 003)	(649)	(19)	3	2	2	2	2	(262)	(262)	(214)	(215)	50	57	10	10	(45)	(32)	(1 794)	(1 755)	(1 702)	(1 778)	(15)	(54)	(54)	2	3	(74)	(73)	(82)	(468)	(391)	(205)	(1 623)	(1 240)	(1 239)	(1 426)	2	3	(92)	(92)	(92)	(149)	(54)	(54)	(35)	24	25	25	8
Cash from Investing Activities	(227) N/A	(214) +6%	(225) -5%	(223) +1%	(150) +33%	(135) +10%	(117) +14%	(97) +17%	(91) +5%	(95) -4%	(105) -11%	(109) -4%	(117) -7%	(118) 0%	(131) -11%	(140) -7%	(168) -20%	(159) +5%	(743) -367%	(783) -5%	(776) +1%	(813) -5%	(249) +69%	(233) +6%	(246) -5%	(267) -8%	(487) -83%	(498) -2%	(498) +0%	(482) +3%	(284) +41%	(283) +0%	(293) -3%	(304) -4%	(321) -6%	(319) +0%	(374) -17%	(368) +2%	(513) -39%	(524) -2%	(514) +2%	(538) -5%	(409) +24%	(1 768) -332%	(2 385) -35%	(2 433) -2%	(2 414) +1%	(1 063) +56%	(409) +62%	(358) +12%	(418) -17%	(436) -4%	(457) -5%	(476) -4%	(705) -48%	(749) -6%	(714) +5%	(706) +1%	(420) +40%	(363) +14%	(381) -5%	(386) -1%	(476) -23%	(461) +3%	(2 238) -385%	(2 197) +2%	(2 195) +0%	(2 277) -4%	(506) +78%	(544) -7%	(493) +9%	(458) +7%	(474) -4%	(577) -22%	(561) +3%	(564) -1%	(954) -69%	(880) +8%	(803) +9%	(2 246) -180%	(2 126) +5%	(2 217) -4%	(2 409) -9%	(1 075) +55%	(869) +19%	(996) -15%	(958) +4%	(877) +8%	(979) -12%	(968) +1%	(922) +5%	(905) +2%	(791) +13%	(585) +26%	(586) 0%	(607) -3%
Financing Cash Flow
Net Issuance of Common Stock	96	0	0	0	0	0	1	1	1	1	1	1	1	2	1	1	2	1	2	2	1	191	339	338	338	151	4	5	5	3	2	(1)	(1)	(2)	(2)	(0)	(3)	(3)	2	2	1	2	(3)	(6)	(4)	(5)	(3)	(5)	(3)	(2)	(3)	(5)	(1)	(2)	(3)	(1)	(2)	(2)	(2)	(0)	(7)	(11)	(13)	(19)	373	376	372	379	(9)	(38)	(47)	(60)	(137)	(168)	(173)	(159)	(117)	(103)	(129)	(158)	(155)	(138)	(129)	(139)	(177)	(146)	(110)	(69)	(282)	(283)	(282)	(283)	0	0	0	(3)
Net Issuance of Debt	15	25	17	41	22	14	(24)	(53)	(37)	(58)	(50)	(51)	(57)	(66)	(66)	(30)	(9)	(15)	635	615	436	451	(295)	(371)	(204)	(168)	73	151	138	75	(115)	(102)	(108)	(97)	(74)	52	(28)	(3)	72	(64)	129	136	120	1 326	1 886	1 862	1 753	529	(173)	(262)	(269)	(239)	(257)	(170)	175	73	51	32	(359)	(347)	(380)	(361)	(261)	(205)	1 292	1 109	1 142	1 187	(271)	(525)	(507)	(573)	(536)	(59)	(242)	(294)	(67)	(98)	178	1 573	1 376	1 333	1 234	31	80	241	218	(248)	(24)	(122)	(184)	114	(133)	(264)	(380)	(332)
Cash Paid for Dividends	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(4)	(4)	(4)	(4)	(4)	(4)	(4)	(4)	(11)	(5)	(5)	(5)	(18)	(5)	(5)	(5)	(21)	(6)	(6)	(6)	(25)	(7)	(7)	(8)	(32)	(9)	(10)	(11)	(45)	(12)	(12)	(13)	(13)	(13)	(14)	(14)	(15)	(15)	(16)	(16)	(17)	(18)	(19)	(19)	(20)	(21)	(21)	(22)	(23)	(23)	(24)	(25)	(26)	(26)	(27)	(27)	(28)	(28)	(29)	(30)	(30)	(31)	(32)	(33)	(35)	(26)	(37)	(38)	(40)	(51)	(42)	(44)	(45)	(47)	(44)	(41)	(37)	(33)	(33)	(34)	(35)	(35)
Other	(24)	72	72	0	0	0	0	0	0	0	0	(1)	(1)	(2)	(2)	(3)	(4)	(4)	(14)	(14)	174	(15)	0	0	(192)	(8)	4	(18)	(18)	(15)	0	(17)	(17)	(18)	(6)	(27)	(22)	(22)	(0)	(29)	(35)	(38)	(2)	(31)	(47)	(49)	(51)	(53)	(42)	(42)	(41)	(42)	(44)	(46)	(49)	(50)	(52)	(54)	(53)	(55)	(56)	(58)	(59)	(70)	(74)	(75)	(77)	(69)	(69)	(73)	(76)	(87)	(88)	(86)	(85)	(83)	(84)	(86)	(88)	(66)	(90)	(94)	(95)	(118)	(97)	(94)	(95)	(93)	(34)	(39)	(43)	(44)	(107)	(109)	(125)	(137)
Cash from Financing Activities	84 N/A	95 +12%	86 -9%	110 +28%	19 -83%	11 -44%	(27) N/A	(56) -108%	(40) +29%	(60) -51%	(52) +13%	(54) -3%	(60) -12%	(69) -15%	(71) -2%	(36) +49%	(15) +58%	(21) -41%	619 N/A	599 -3%	607 +1%	622 +3%	33 -95%	(38) N/A	(63) -69%	(29) +54%	63 N/A	133 +109%	120 -9%	57 -53%	(135) N/A	(126) +6%	(132) -5%	(124) +7%	(107) +13%	17 N/A	(60) N/A	(36) +40%	41 N/A	(99) N/A	85 N/A	89 +4%	71 -20%	1 277 +1 701%	1 823 +43%	1 796 -1%	1 686 -6%	458 -73%	(232) N/A	(320) -38%	(328) -2%	(301) +8%	(318) -6%	(234) +26%	106 N/A	4 -97%	(21) N/A	(43) -101%	(435) -916%	(423) +3%	(464) -10%	(452) +3%	(355) +21%	(318) +11%	1 566 N/A	1 385 -12%	1 412 +2%	1 472 +4%	(375) N/A	(663) -77%	(658) +1%	(748) -14%	(790) -6%	(343) +57%	(531) -55%	(568) -7%	(300) +47%	(320) -6%	(73) +77%	1 323 N/A	1 093 -17%	1 062 -3%	971 -9%	(277) N/A	(236) +15%	(44) +81%	(33) +25%	(457) -1 291%	(383) +16%	(484) -26%	(547) -13%	(246) +55%	(274) -11%	(406) -48%	(539) -33%	(508) +6%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	1	3	1	1	(1)	(2)	1	1	2	2	(1)	0	(1)	(2)	(1)	(1)	(2)	0	0	0	0	0	0	0	0	1	2	3	3	4	3	2	3	3	3	5	4	2	2	(0)	0	0	1	(2)	(1)	(1)	(0)	2	1	(0)	1	(0)	(0)	3	4	(4)	(6)	(13)	(30)	(8)	(4)	0	13	7	12	15	16	7	0	(2)	(1)	(3)	0	4	(5)	(3)	(5)
Net Change in Cash	(21) N/A	(19) +10%	(2) +88%	17 N/A	38 +124%	29 -24%	0 -100%	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	(0) N/A	0 N/A	0 N/A	21 N/A	0 -100%	0 N/A	72 N/A	(2) N/A	42 N/A	23 -46%	(5) N/A	(1) +85%	(17) -2 063%	60 N/A	(29) N/A	16 N/A	27 +65%	(37) N/A	2 N/A	(17) N/A	(35) -104%	(25) +29%	(4) +85%	180 N/A	10 -94%	69 +592%	19 -72%	(178) N/A	113 N/A	62 -45%	160 +157%	(11) N/A	(97) -826%	(113) -17%	(172) -51%	17 N/A	12 -27%	(9) N/A	20 N/A	(10) N/A	(37) -271%	44 N/A	100 +127%	25 -75%	45 +79%	17 -61%	(96) N/A	6 N/A	(10) N/A	55 N/A	144 +163%	76 -47%	122 +61%	(83) N/A	(126) -52%	(51) +59%	(114) -122%	385 N/A	473 +23%	470 -1%	443 -6%	78 -82%	(153) N/A	(112) +27%	(235) -111%	(221) +6%	146 N/A	164 +12%	96 -41%	73 -24%	(173) N/A	(185) -7%	(8) +96%	(14) -65%	(15) -12%	(322) -2 023%	(273) +15%	(311) -14%	(286) +8%	6 N/A	60 +906%	191 +220%	(2) N/A	(27) -1 166%
Free Cash Flow
Free Cash Flow	(10) N/A	(27) -182%	(19) +29%	8 N/A	51 +575%	50 -3%	27 -46%	77 +188%	62 -20%	78 +26%	52 -34%	72 +40%	77 +7%	85 +11%	70 -17%	73 +3%	52 -29%	38 -27%	31 -18%	0 N/A	17 N/A	3 -81%	(41) N/A	66 N/A	75 +14%	137 +82%	137 +0%	135 -1%	154 +14%	136 -12%	136 +0%	120 -12%	110 -8%	110 +0%	105 -5%	173 +65%	150 -13%	191 +27%	183 -4%	137 -25%	201 +47%	138 -31%	120 -13%	113 -6%	78 -31%	110 +42%	142 +28%	205 +44%	259 +27%	305 +18%	345 +13%	287 -17%	276 -4%	272 -1%	252 -8%	279 +11%	278 0%	273 -2%	289 +6%	371 +29%	444 +20%	495 +12%	546 +10%	426 -22%	350 -18%	287 -18%	162 -44%	254 +57%	277 +9%	1 102 +298%	1 185 +8%	1 215 +3%	1 227 +1%	491 -60%	454 -7%	544 +20%	546 +0%	519 -5%	432 -17%	468 +9%	243 -48%	237 -2%	275 +16%	78 -72%	211 +171%	107 -49%	102 -5%	226 +122%	260 +15%	229 -12%	318 +39%	286 -10%	306 +7%	577 +88%	515 -11%	478 -7%

Income Statement Balance Sheet Cash Flow Statement

Cogeco Inc
TSX:CGO

Cash Flow Statement

Cash Flow Statement
Cogeco Inc

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Cogeco Inc TSX:CGO

Cash Flow Statement

Cash Flow Statement Cogeco Inc

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Cogeco Inc
TSX:CGO

Cash Flow Statement
Cogeco Inc