Cash Flow Statement

Operating Cash Flow

+22%

+18%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Oct-2002	Dec-2002	Mar-2003	Jun-2003	Oct-2003	Jan-2004	Mar-2004	Jun-2004	Oct-2004	Jan-2005	Mar-2005	Jun-2005	Oct-2005	Dec-2005	Mar-2006	Jun-2006	Oct-2006	Dec-2006	Mar-2007	Jun-2007	Oct-2007	Dec-2007	Mar-2008	Jun-2008	Oct-2008	Jan-2009	Mar-2009	Jun-2009	Oct-2009	Jan-2010	Mar-2010	Jun-2010	Oct-2010	Jan-2011	Mar-2011	Jun-2011	Oct-2011	Dec-2011	Mar-2012	Jun-2012	Oct-2012	Dec-2012	Mar-2013	Jun-2013	Oct-2013	Dec-2013	Mar-2014	Jun-2014	Oct-2014	Jan-2015	Mar-2015	Jun-2015	Oct-2015	Jan-2016	Mar-2016	Jun-2016	Oct-2016	Dec-2016	Mar-2017	Jun-2017	Oct-2017	Dec-2017	Mar-2018	Jun-2018	Oct-2018	Dec-2018	Mar-2019	Jun-2019	Oct-2019	Dec-2019	Mar-2020	Jun-2020	Oct-2020	Jan-2021	Mar-2021	Jun-2021	Oct-2021	Jan-2022	Mar-2022	Jun-2022	Oct-2022	Dec-2022	Mar-2023	Jun-2023	Oct-2023	Dec-2023	Mar-2024	Jun-2024	Oct-2024	Dec-2024	Mar-2025	Jun-2025	Oct-2025
Operating Cash Flow
Net Income	563	596	630	680	728	753	786	816	845	870	885	925	968	935	947	885	749	741	729	740	(218)	(301)	(382)	(471)	334	344	370	415	560	602	656	686	667	695	680	684	675	705	721	760	769	729	688	669	650	699	735	658	627	576	(72)	(70)	53	79	721	743	589	630	600	851	990	1 035	1 243	1 722	1 526	1 669	1 370	593	800	631	872	1 108	1 131	1 201	1 057	1 064	1 192	1 251	1 523	1 651	1 976	2 114	2 108	2 195	1 994	1 958	2 071	2 145	2 187	2 239	2 196	2 367	2 275	2 308	2 045	2 557
Depreciation & Amortization	359	358	358	356	354	361	372	385	393	406	415	450	473	494	520	535	558	572	585	597	590	592	591	587	588	582	572	570	550	552	559	560	589	599	606	619	628	638	655	681	699	717	737	760	777	790	802	815	824	836	1 029	1 275	1 472	1 647	1 632	1 609	1 592	1 590	1 567	1 554	1 543	1 535	1 549	1 561	1 568	1 577	1 589	1 599	1 592	1 803	2 011	2 300	2 524	2 538	2 556	2 576	2 596	2 612	2 628	2 650	2 664	2 685	2 704	2 751	2 795	2 839	2 877	2 893	2 906	2 921	2 929	2 952	2 966	2 981	2 902	2 809
Change in Deffered Taxes	44	45	40	34	37	33	39	47	50	68	62	78	67	34	70	62	90	92	48	55	(18)	(24)	(27)	(56)	(17)	(7)	0	6	27	42	38	33	(29)	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	72	97	87	96	7	18	21	17	22	0	0	0	44	0	0	0	25	37	42	51	28	24	25	26	32	29	48	63	71	0	0	0	69	0	0	0	60	76	90	105	51	51	49	50	47	48	44	43	42	41	45	46	46	0	0	0	55	0	0	0	69	0	0	0	72	0	0	0	0	0	0	0
Other Non-Cash Items	(50)	0	0	0	0	0	0	0	0	0	0	0	0	55	63	140	146	94	91	15	844	930	998	1 021	222	0	60	36	0	0	(38)	(38)	(9)	154	392	579	805	787	740	738	491	466	445	453	553	554	585	626	739	777	620	578	628	741	979	1 100	1 080	1 062	1 183	1 147	1 241	1 252	1 151	716	986	808	969	1 810	1 514	1 667	1 501	1 129	865	1 276	1 688	1 562	1 734	1 575	1 096	1 183	691	557	488	530	859	1 033	1 109	1 219	1 384	1 513	1 741	1 858	1 737	1 730	1 608	1 603
Cash Taxes Paid	277	300	311	323	313	323	339	364	399	392	260	0	400	0	0	0	387	507	585	635	325	272	254	231	220	237	198	154	122	138	141	218	0	199	231	232	298	239	238	243	216	244	242	239	232	227	238	254	272	289	313	292	293	347	330	297	296	263	273	344	329	564	636	799	866	667	697	587	511	558	487	565	630	529	525	453	452	552	528	587	643	556	432	445	439	579	893	929	917	1 006	1 016	1 068	1 143	1 054	1 016	1 017
Cash Interest Paid	191	171	195	181	185	196	192	209	211	226	239	0	254	0	0	0	263	322	409	474	405	441	366	501	397	405	495	394	402	0	0	363	365	445	568	406	418	420	428	389	380	361	326	356	356	357	355	375	370	425	429	491	506	529	551	509	491	493	460	491	474	478	462	465	471	478	504	796	801	927	1 151	1 054	736	629	467	321	705	698	704	682	679	669	661	663	677	709	728	767	791	795	808	847	858	876	886	893
Change in Working Capital	(98)	8	28	(23)	(121)	(65)	(161)	(244)	(256)	(339)	(335)	(351)	(65)	(79)	(146)	(49)	(34)	(190)	(100)	(174)	(18)	148	280	433	118	111	(94)	(178)	(177)	(265)	268	708	727	980	592	212	(79)	(174)	(355)	(402)	(145)	(174)	(14)	(230)	(343)	(378)	(484)	(741)	(699)	(715)	284	572	416	665	(229)	15	(182)	93	(172)	(330)	(255)	(737)	(719)	(1 015)	(871)	(790)	(945)	(729)	(1 405)	(1 074)	(997)	(1 251)	(560)	(202)	(504)	(403)	(331)	(1 208)	(317)	(301)	(504)	(518)	(852)	(845)	(893)	(1 023)	(1 206)	(860)	(823)	(1 078)	(1 159)	(1 557)	(1 176)	(1 120)	(1 216)	(1 315)
Cash from Operating Activities	818 N/A	976 +19%	1 049 +7%	1 030 -2%	998 -3%	1 082 +8%	1 036 -4%	1 004 -3%	1 032 +3%	1 005 -3%	1 027 +2%	1 102 +7%	1 443 +31%	1 439 0%	1 454 +1%	1 573 +8%	1 509 -4%	1 309 -13%	1 353 +3%	1 233 -9%	1 180 -4%	1 345 +14%	1 460 +9%	1 514 +4%	1 245 -18%	1 163 -7%	908 -22%	849 -6%	960 +13%	931 -3%	1 483 +59%	1 949 +31%	1 945 0%	2 393 +23%	2 238 -6%	2 061 -8%	2 029 -2%	1 956 -4%	1 761 -10%	1 777 +1%	1 814 +2%	1 738 -4%	1 856 +7%	1 652 -11%	1 637 -1%	1 665 +2%	1 638 -2%	1 358 -17%	1 491 +10%	1 474 -1%	1 861 +26%	2 355 +27%	2 569 +9%	3 132 +22%	3 103 -1%	3 467 +12%	3 079 -11%	3 375 +10%	3 178 -6%	3 222 +1%	3 519 +9%	3 085 -12%	3 224 +5%	2 984 -7%	3 209 +8%	3 264 +2%	2 983 -9%	3 273 +10%	2 501 -24%	3 027 +21%	3 387 +12%	3 286 -3%	3 960 +21%	4 813 +22%	4 797 0%	4 799 +0%	5 191 +8%	4 230 -19%	4 930 +17%	5 183 +5%	4 827 -7%	4 838 +0%	4 448 -8%	4 631 +4%	4 755 +3%	4 807 +1%	4 851 +1%	5 397 +11%	5 654 +5%	5 595 -1%	5 707 +2%	5 620 -2%	5 802 +3%	5 899 +2%	5 861 -1%	5 654 -4%
Investing Cash Flow
Capital Expenditures	(1 108)	(1 122)	(1 086)	(1 084)	(1 079)	(1 077)	(1 151)	(1 203)	(1 271)	(1 294)	(1 341)	(1 355)	(1 258)	(1 283)	(1 199)	(1 165)	(1 156)	(1 126)	(1 083)	(1 011)	(937)	(839)	(798)	(701)	(613)	(633)	(589)	(570)	(750)	(760)	(872)	(959)	(971)	(985)	(969)	(1 118)	(1 190)	(1 208)	(1 186)	(1 077)	(987)	(966)	(1 079)	(1 047)	(1 060)	(1 054)	(970)	(933)	(877)	(866)	(915)	(990)	(1 086)	(1 200)	(1 182)	(1 208)	(1 241)	(1 167)	(1 160)	(1 187)	(1 224)	(1 221)	(1 261)	(1 242)	(1 259)	(1 327)	(1 319)	(1 339)	(1 334)	(1 286)	(1 249)	(1 262)	(1 193)	(1 210)	(1 170)	(1 153)	(1 158)	(1 169)	(1 258)	(1 208)	(1 182)	(1 166)	(1 210)	(1 312)	(1 571)	(1 700)	(1 821)	(2 084)	(2 072)	(2 144)	(2 216)	(2 211)	(2 200)	(2 059)	(1 973)	(1 968)
Other Items	(173)	(191)	(84)	(145)	84	190	192	88	(177)	(165)	(260)	200	81	321	367	288	253	(120)	(462)	(344)	(371)	(340)	(34)	(253)	(238)	32	(328)	105	172	46	422	45	(241)	(375)	(431)	(641)	(191)	78	46	296	131	(142)	(29)	(133)	71	55	(55)	(1 600)	(962)	(630)	(5 689)	(3 860)	(4 598)	(4 909)	118	(220)	3	66	144	253	(213)	(333)	(455)	280	225	(906)	(1 110)	(1 909)	(1 962)	118	389	515	904	30	(361)	(286)	(218)	(147)	258	(89)	(89)	(362)	(698)	(889)	(797)	(712)	(600)	153	227	557	490	575	179	(311)	(68)	(50)
Cash from Investing Activities	(1 281) N/A	(1 313) -2%	(1 170) +11%	(1 229) -5%	(995) +19%	(887) +11%	(959) -8%	(1 115) -16%	(1 448) -30%	(1 459) -1%	(1 601) -10%	(1 155) +28%	(1 177) -2%	(962) +18%	(832) +14%	(877) -5%	(903) -3%	(1 246) -38%	(1 545) -24%	(1 355) +12%	(1 308) +3%	(1 179) +10%	(832) +29%	(954) -15%	(851) +11%	(601) +29%	(917) -53%	(465) +49%	(578) -24%	(714) -24%	(450) +37%	(914) -103%	(1 212) -33%	(1 360) -12%	(1 400) -3%	(1 759) -26%	(1 381) +21%	(1 130) +18%	(1 140) -1%	(781) +31%	(856) -10%	(1 108) -29%	(1 108) N/A	(1 180) -6%	(989) +16%	(999) -1%	(1 025) -3%	(2 533) -147%	(1 839) +27%	(1 496) +19%	(6 604) -341%	(4 850) +27%	(5 684) -17%	(6 109) -7%	(1 064) +83%	(1 428) -34%	(1 238) +13%	(1 101) +11%	(1 016) +8%	(934) +8%	(1 437) -54%	(1 554) -8%	(1 716) -10%	(962) +44%	(1 034) -7%	(2 233) -116%	(2 429) -9%	(3 248) -34%	(3 296) -1%	(1 168) +65%	(860) +26%	(747) +13%	(289) +61%	(1 180) -308%	(1 531) -30%	(1 439) +6%	(1 376) +4%	(1 316) +4%	(1 000) +24%	(1 297) -30%	(1 271) +2%	(1 528) -20%	(1 908) -25%	(2 201) -15%	(2 368) -8%	(2 412) -2%	(2 421) 0%	(1 931) +20%	(1 845) +4%	(1 587) +14%	(1 726) -9%	(1 636) +5%	(2 021) -24%	(2 370) -17%	(2 041) +14%	(2 018) +1%
Financing Cash Flow
Net Issuance of Common Stock	(1)	0	0	(5)	(15)	(55)	(55)	(50)	(74)	(42)	(69)	(69)	(35)	(26)	1	(15)	(15)	(16)	(16)	0	4	0	0	0	0	0	0	0	218	0	0	0	(56)	(56)	(56)	(56)	0	3	16	(3)	(18)	(21)	(34)	(14)	6	(29)	15	613	616	661	1 112	469	452	415	106	(116)	(284)	(551)	(862)	(737)	(756)	(693)	(816)	(1 157)	(1 098)	(1 377)	(1 425)	(919)	(1 040)	(736)	(664)	(972)	(917)	(888)	(661)	(722)	(868)	(1 005)	(1 345)	(1 271)	(1 148)	(944)	(1 236)	(1 347)	(1 308)	(1 566)	(1 433)	(1 455)	(1 740)	(1 730)	(1 702)	(1 796)	(1 679)	(1 976)	(1 917)	(1 879)
Net Issuance of Debt	444	218	(145)	(14)	370	266	472	574	661	580	577	296	(44)	(24)	(88)	(122)	39	99	23	44	49	(233)	(364)	(347)	(241)	(38)	146	(145)	(301)	(423)	(643)	(349)	(5)	(456)	(223)	(326)	(31)	(803)	(713)	(590)	(262)	(125)	(176)	(200)	(4)	(14)	(182)	1 929	1 599	1 958	4 887	2 487	2 396	1 989	(1 119)	(754)	(671)	(611)	(522)	(618)	(147)	(147)	255	228	206	1 497	1 775	1 980	2 386	(43)	(291)	(406)	(1 461)	(356)	(562)	(1 260)	(1 175)	(1 437)	(1 824)	(1 276)	(1 010)	(743)	(633)	(301)	(213)	(576)	(44)	(915)	(845)	(746)	(750)	(882)	(794)	(577)	(1 055)	(389)
Cash Paid for Dividends	(110)	(110)	(116)	(127)	(127)	(132)	(140)	(157)	(198)	(165)	(176)	(198)	(209)	0	(215)	(225)	(230)	(230)	(230)	(230)	(173)	(231)	(230)	(230)	(230)	(230)	(230)	(230)	(288)	(230)	(231)	(152)	(112)	0	(71)	(68)	(65)	0	(64)	(149)	(193)	(193)	(236)	(236)	(177)	(239)	(242)	(259)	(259)	(265)	(328)	(395)	(496)	(428)	(404)	(412)	(416)	0	(420)	(426)	(425)	(428)	(430)	(431)	(327)	(432)	(430)	(440)	(440)	(445)	(452)	(460)	(460)	(463)	(466)	(460)	(580)	(464)	(467)	(479)	(484)	0	(491)	(520)	(529)	0	(537)	(554)	(562)	0	(569)	(601)	(459)	(617)	(630)	(646)
Other	19	42	3	6	(2)	(20)	(4)	(3)	(3)	(4)	(1)	(3)	(2)	(2)	(2)	(2)	(2)	0	0	0	0	0	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	(418)	0	0	0	(380)	(63)	(159)	(253)	(356)	(357)	(355)	(429)	(435)	(490)	(527)	(528)	(507)	(536)	(528)	(477)	(468)	(471)	(436)	(471)	(454)	(469)	(456)	(460)	(466)	(489)	(553)	(840)	(838)	(963)	(1 155)	(1 069)	(768)	(666)	(530)	(362)	(659)	(653)	(610)	(585)	(607)	(615)	(590)	(622)	(701)	(630)	(682)	(728)	(785)	(851)	(892)	(947)	(884)	(714)	(550)	(368)
Cash from Financing Activities	352 N/A	150 -57%	(258) N/A	(140) +46%	226 N/A	59 -74%	273 +363%	364 +33%	386 +6%	369 -4%	331 -10%	26 -92%	(290) N/A	(261) +10%	(304) -16%	(364) -20%	(208) +43%	(147) +29%	(223) -52%	(186) +17%	(120) +35%	(460) -283%	(590) -28%	(573) +3%	(472) +18%	(269) +43%	(85) +68%	(376) -342%	(371) +1%	(435) -17%	(656) -51%	(283) +57%	(173) +39%	(624) -261%	(350) +44%	(450) -29%	(514) -14%	(865) -68%	(761) +12%	(742) +2%	(853) -15%	(402) +53%	(605) -50%	(703) -16%	(531) +24%	(639) -20%	(764) -20%	1 854 N/A	1 521 -18%	1 864 +23%	5 144 +176%	2 033 -60%	1 845 -9%	1 440 -22%	(1 945) N/A	(1 759) +10%	(1 839) -5%	(2 049) -11%	(2 240) -9%	(2 252) -1%	(1 782) +21%	(1 737) +3%	(1 447) +17%	(1 820) -26%	(1 685) +7%	(801) +52%	(633) +21%	(219) +65%	68 N/A	(2 187) N/A	(2 562) -17%	(2 907) -13%	(3 606) -24%	(2 373) +34%	(2 219) +6%	(2 804) -26%	(3 282) -17%	(3 559) -8%	(4 246) -19%	(3 611) +15%	(3 249) +10%	(2 786) +14%	(2 950) -6%	(2 790) +5%	(2 751) +1%	(3 301) -20%	(2 696) +18%	(3 652) -35%	(3 932) -8%	(3 889) +1%	(3 913) -1%	(4 226) -8%	(3 816) +10%	(3 884) -2%	(4 152) -7%	(3 282) +21%
Change in Cash
Effect of Foreign Exchange Rates	0	0	19	19	19	(18)	(156)	(149)	(175)	(129)	21	(51)	(45)	(23)	(42)	(41)	(31)	(62)	(91)	(27)	1	1	(24)	(43)	(60)	(41)	(2)	38	87	82	48	(27)	(27)	(45)	(9)	46	(8)	(6)	(5)	1	4	2	6	(7)	(4)	5	(1)	10	8	6	7	4	9	13	12	15	17	5	3	1	(4)	1	5	(4)	(6)	(8)	(10)	(2)	(6)	(3)	(1)	(2)	3	(5)	(1)	(1)	2	10	7	6	1	1	(1)	(6)	(4)	(6)	(2)	0	3	7	5	7	9	5	0	3
Net Change in Cash	(111) N/A	(187) -68%	(360) -93%	(320) +11%	248 N/A	236 -5%	194 -18%	104 -46%	(205) N/A	(214) -4%	(222) -4%	(78) +65%	(69) +12%	193 N/A	276 +43%	291 +5%	367 +26%	(146) N/A	(506) -247%	(335) +34%	(247) +26%	(293) -19%	14 N/A	(56) N/A	(138) -146%	252 N/A	(96) N/A	46 N/A	98 +113%	(136) N/A	425 N/A	725 +71%	533 -26%	364 -32%	479 +32%	(102) N/A	126 N/A	(45) N/A	(145) -222%	255 N/A	109 -57%	230 +111%	149 -35%	(238) N/A	113 N/A	32 -72%	(152) N/A	689 N/A	1 181 +71%	1 848 +56%	408 -78%	(458) N/A	(1 261) -175%	(1 524) -21%	106 N/A	295 +178%	19 -94%	230 +1 111%	(75) N/A	37 N/A	296 +700%	(205) N/A	66 N/A	198 +200%	484 +144%	222 -54%	(89) N/A	(196) -120%	(733) -274%	(331) +55%	(36) +89%	(370) -928%	68 N/A	1 255 +1 746%	1 046 -17%	555 -47%	535 -4%	(635) N/A	(309) +51%	281 N/A	308 +10%	525 +70%	(411) N/A	(366) +11%	(368) -1%	(912) -148%	(268) +71%	(186) +31%	(120) +35%	126 N/A	73 -42%	(235) N/A	(26) +89%	(350) -1 246%	(332) +5%	357 N/A
Free Cash Flow
Free Cash Flow	(290) N/A	(146) +50%	(37) +75%	(54) -46%	(81) -50%	5 N/A	(115) N/A	(199) -73%	(239) -20%	(289) -21%	(314) -9%	(253) +19%	185 N/A	156 -16%	255 +63%	408 +60%	353 -13%	183 -48%	270 +48%	222 -18%	243 +9%	506 +108%	662 +31%	813 +23%	632 -22%	530 -16%	319 -40%	279 -13%	210 -25%	171 -19%	611 +257%	990 +62%	974 -2%	1 408 +45%	1 269 -10%	943 -26%	839 -11%	748 -11%	575 -23%	700 +22%	827 +18%	772 -7%	777 +1%	605 -22%	577 -5%	611 +6%	668 +9%	425 -36%	614 +44%	608 -1%	946 +56%	1 365 +44%	1 483 +9%	1 932 +30%	1 921 -1%	2 259 +18%	1 838 -19%	2 208 +20%	2 018 -9%	2 035 +1%	2 295 +13%	1 864 -19%	1 963 +5%	1 742 -11%	1 950 +12%	1 937 -1%	1 664 -14%	1 934 +16%	1 167 -40%	1 741 +49%	2 138 +23%	2 024 -5%	2 767 +37%	3 603 +30%	3 627 +1%	3 646 +1%	4 033 +11%	3 061 -24%	3 672 +20%	3 975 +8%	3 645 -8%	3 672 +1%	3 238 -12%	3 319 +3%	3 184 -4%	3 107 -2%	3 030 -2%	3 313 +9%	3 582 +8%	3 451 -4%	3 491 +1%	3 409 -2%	3 602 +6%	3 840 +7%	3 888 +1%	3 686 -5%

Income Statement Balance Sheet Cash Flow Statement

Loblaw Companies Ltd
TSX:L

Cash Flow Statement

Cash Flow Statement
Loblaw Companies Ltd

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Loblaw Companies Ltd TSX:L

Cash Flow Statement

Cash Flow Statement Loblaw Companies Ltd

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Loblaw Companies Ltd
TSX:L

Cash Flow Statement
Loblaw Companies Ltd