Cash Flow Statement

Operating Cash Flow

+12%

+3%

10Y

Currency: CAD

	Mar-2002	Jul-2002	Sep-2002	Dec-2002	Mar-2003	Jul-2003	Sep-2003	Dec-2003	Mar-2004	Jul-2004	Sep-2004	Dec-2004	Mar-2005	Jul-2005	Sep-2005	Dec-2005	Mar-2006	Jul-2006	Sep-2006	Dec-2006	Mar-2007	Jul-2007	Sep-2007	Dec-2007	Mar-2008	Jul-2008	Sep-2008	Dec-2008	Mar-2009	Jul-2009	Sep-2009	Dec-2009	Mar-2010	Jul-2010	Sep-2010	Dec-2010	Mar-2011	Jul-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jul-2013	Sep-2013	Dec-2013	Mar-2014	Jul-2014	Sep-2014	Dec-2014	Mar-2015	Jul-2015	Sep-2015	Dec-2015	Mar-2016	Jul-2016	Sep-2016	Dec-2016	Mar-2017	Jul-2017	Sep-2017	Dec-2017	Mar-2018	Jul-2018	Sep-2018	Dec-2018	Mar-2019	Jul-2019	Sep-2019	Dec-2019	Mar-2020	Jul-2020	Sep-2020	Dec-2020	Mar-2021	Jul-2021	Sep-2021	Dec-2021	Mar-2022	Jul-2022	Sep-2022	Dec-2022	Mar-2023	Jul-2023	Sep-2023	Dec-2023	Mar-2024	Jul-2024	Sep-2024	Dec-2024	Mar-2025	Jul-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	129	137	144	149	154	161	167	166	167	165	169	173	179	185	190	184	196	224	253	289	294	298	277	283	275	277	292	300	322	343	354	371	375	383	392	425	464	523	546	555	566	587	665	674	982	982	919	903	592	585	606	622	640	661	681	718	739	763	778	775	782	787	802	2 141	2 113	2 086	2 077	824	845	933	969	930	1 004	1 060	1 084	1 114	1 128	1 111	1 121	1 143	1 159	1 192	1 154	1 186	1 214	1 255	1 322	1 312	1 268	1 252	1 250	1 263	1 300	1 325	1 320	1 305
Depreciation & Amortization	61	59	58	59	61	63	65	67	68	71	72	73	74	75	87	109	131	164	178	176	175	169	166	169	171	175	176	178	181	184	189	194	199	202	201	195	190	183	179	181	182	184	184	184	183	180	180	179	178	177	176	175	174	174	177	177	180	182	183	186	188	192	194	198	200	215	234	250	269	283	286	324	361	413	463	468	477	486	478	484	489	494	503	511	515	520	525	536	545	560	570	573	580	590	594	604
Change in Deffered Taxes	32	30	14	13	12	15	16	7	(2)	(13)	(24)	(16)	(8)	0	13	18	19	0	(5)	2	2	0	14	7	6	9	(9)	7	11	19	32	23	22	16	27	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	1	0	0	0	2	1	1	2	4	3	4	4	4	4	4	5	5	5	5	6	6	6	6	6	6	7	6	6	6	6	7	6	6	6	6	7	0	5	5	6	8	8	8	8	9	9	9	9	8	9	9	8	9	8	8	9	9	9	9	9	10	10	10	10	11	11	9	9	9	9	11	11	7	8	8	8	13	13	13	14	14	14
Other Non-Cash Items	(1)	(3)	(4)	(5)	(5)	(3)	(3)	(3)	(4)	(7)	(7)	(9)	(11)	(13)	(18)	(12)	(8)	3	(24)	(27)	(30)	(42)	(21)	(26)	(31)	(21)	(26)	(34)	(37)	(44)	(54)	(47)	(42)	(47)	(40)	(35)	(26)	(17)	19	11	9	4	(69)	(54)	(355)	(342)	(287)	(287)	15	12	11	15	10	18	11	(16)	(20)	(32)	(37)	(30)	(27)	(32)	(35)	(1 366)	(1 345)	(1 309)	(1 253)	73	122	126	71	128	98	109	156	150	148	144	150	147	139	127	177	177	187	200	151	154	176	192	190	198	187	188	225	235
Cash Taxes Paid	42	34	38	39	41	45	47	71	71	68	74	93	92	106	110	77	87	88	89	122	118	125	128	116	119	126	122	103	112	107	105	104	104	102	114	134	138	144	149	136	138	146	141	153	142	140	133	203	203	207	215	143	143	137	142	152	154	160	147	146	157	159	184	180	169	171	162	413	436	461	477	245	237	209	194	212	217	316	328	317	322	251	258	266	289	303	309	290	290	270	276	334	317	306	288	277
Cash Interest Paid	3	3	3	3	3	2	3	3	3	4	3	3	2	2	4	13	17	47	53	67	69	65	62	62	62	57	55	54	48	47	47	45	46	45	45	45	46	45	45	45	46	47	48	49	48	45	43	41	42	44	47	47	55	61	58	65	58	59	61	60	61	60	59	62	62	89	91	111	111	108	107	119	131	146	158	156	160	158	158	157	156	151	151	148	149	152	158	162	171	180	183	184	181	177	179	182
Change in Working Capital	(16)	0	15	72	8	(36)	(39)	(41)	(32)	26	100	(15)	4	(4)	9	(14)	39	66	(11)	61	(1)	(29)	(72)	(99)	(95)	(130)	16	38	26	(27)	(1)	(63)	(29)	45	(33)	(53)	(96)	(172)	(202)	(187)	(226)	(172)	(234)	(234)	(201)	(287)	(245)	(272)	(339)	(308)	(360)	(389)	(281)	(294)	(190)	(220)	(198)	(182)	(217)	(161)	(242)	(264)	(265)	(290)	(303)	(255)	(307)	(617)	(597)	(631)	(532)	(331)	(227)	(191)	(229)	(105)	(172)	(154)	(166)	(247)	(292)	(403)	(373)	(379)	(386)	(332)	(435)	(476)	(427)	(393)	(330)	(360)	(467)	(421)	(415)	(467)
Cash from Operating Activities	204 N/A	224 +10%	226 +1%	288 +27%	230 -20%	198 -14%	206 +4%	196 -5%	198 +1%	243 +23%	309 +28%	206 -34%	238 +15%	238 +0%	282 +18%	281 0%	373 +33%	470 +26%	392 -17%	494 +26%	433 -12%	391 -10%	363 -7%	327 -10%	319 -2%	310 -3%	450 +45%	488 +8%	503 +3%	475 -6%	520 +10%	479 -8%	524 +9%	599 +14%	548 -9%	563 +3%	558 -1%	538 -4%	542 +1%	560 +3%	530 -5%	603 +14%	546 -9%	569 +4%	609 +7%	533 -12%	567 +6%	524 -8%	447 -15%	465 +4%	433 -7%	423 -2%	543 +28%	559 +3%	678 +21%	660 -3%	701 +6%	731 +4%	707 -3%	770 +9%	702 -9%	683 -3%	696 +2%	683 -2%	666 -2%	736 +11%	750 +2%	531 -29%	638 +20%	710 +11%	795 +12%	1 051 +32%	1 235 +17%	1 391 +13%	1 474 +6%	1 628 +10%	1 582 -3%	1 587 +0%	1 583 0%	1 527 -4%	1 495 -2%	1 410 -6%	1 461 +4%	1 495 +2%	1 530 +2%	1 643 +7%	1 564 -5%	1 526 -2%	1 563 +2%	1 610 +3%	1 680 +4%	1 673 0%	1 599 -4%	1 683 +5%	1 725 +3%	1 677 -3%
Investing Cash Flow
Capital Expenditures	(114)	(127)	(137)	(141)	(134)	(134)	(140)	(144)	(139)	(119)	(106)	(117)	(125)	(140)	(162)	(172)	(179)	(191)	(211)	(229)	(249)	(278)	(273)	(258)	(235)	(202)	(204)	(206)	(220)	(256)	(272)	(287)	(275)	(250)	(196)	(168)	(160)	(155)	(168)	(175)	(195)	(205)	(249)	(252)	(262)	(276)	(228)	(221)	(205)	(187)	(207)	(193)	(194)	(211)	(259)	(289)	(301)	(329)	(314)	(334)	(347)	(339)	(369)	(340)	(326)	(323)	(317)	(321)	(341)	(369)	(396)	(415)	(441)	(460)	(511)	(524)	(548)	(587)	(599)	(651)	(676)	(661)	(621)	(609)	(624)	(629)	(680)	(668)	(616)	(638)	(580)	(552)	(530)	(489)	(511)	(483)
Other Items	(7)	(21)	(19)	(17)	(15)	(8)	(9)	(35)	(24)	(33)	(30)	4	(11)	5	(1 158)	(1 162)	(1 156)	(1 157)	29	26	27	36	14	12	21	15	16	18	17	19	13	(125)	(148)	(155)	(144)	(7)	(12)	(49)	(59)	(181)	(161)	(136)	(108)	27	500	515	492	480	8	5	(92)	(90)	(90)	(89)	6	(29)	(29)	(20)	(15)	20	20	23	36	172	171	(1 674)	(1 360)	(1 428)	(1 420)	413	88	(5)	14	52	67	114	111	121	128	130	132	132	143	151	150	128	107	102	113	124	123	126	116	113	102	93
Cash from Investing Activities	(122) N/A	(147) -21%	(155) -5%	(157) -1%	(150) +5%	(141) +6%	(149) -5%	(179) -20%	(162) +9%	(152) +7%	(136) +11%	(113) +17%	(136) -20%	(135) +0%	(1 320) -875%	(1 334) -1%	(1 336) 0%	(1 349) -1%	(182) +87%	(203) -11%	(222) -10%	(242) -9%	(259) -7%	(246) +5%	(214) +13%	(187) +13%	(189) -1%	(189) 0%	(203) -7%	(237) -17%	(259) -9%	(412) -59%	(423) -3%	(404) +4%	(340) +16%	(175) +49%	(172) +1%	(204) -19%	(227) -11%	(357) -57%	(356) +0%	(341) +4%	(357) -5%	(225) +37%	238 N/A	239 +0%	264 +10%	259 -2%	(197) N/A	(182) +8%	(300) -65%	(283) +5%	(284) 0%	(300) -6%	(253) +16%	(318) -26%	(329) -4%	(349) -6%	(328) +6%	(314) +4%	(327) -4%	(316) +3%	(333) -5%	(168) +50%	(155) +8%	(1 997) -1 190%	(1 678) +16%	(1 749) -4%	(1 761) -1%	45 N/A	(309) N/A	(420) -36%	(427) -2%	(408) +4%	(444) -9%	(410) +8%	(438) -7%	(466) -7%	(472) -1%	(521) -10%	(544) -4%	(529) +3%	(478) +10%	(458) +4%	(474) -3%	(501) -6%	(573) -14%	(566) +1%	(503) +11%	(514) -2%	(456) +11%	(426) +7%	(414) +3%	(376) +9%	(409) -9%	(390) +5%
Financing Cash Flow
Net Issuance of Common Stock	(6)	(30)	(37)	(37)	(41)	(26)	(32)	(30)	(23)	(27)	(19)	(26)	(43)	(31)	(18)	(13)	3	7	3	5	10	7	(21)	(62)	(79)	(106)	(110)	(62)	(51)	(93)	(103)	(142)	(163)	(159)	(151)	(181)	(185)	(174)	(190)	(148)	(226)	(260)	(210)	(251)	(215)	(305)	(402)	(473)	(521)	(489)	(457)	(389)	(285)	(342)	(417)	(505)	(516)	(399)	(328)	(319)	(428)	(371)	(299)	(157)	(32)	(1)	(1)	(1)	(44)	(108)	(128)	(166)	(203)	(200)	(216)	(290)	(372)	(406)	(444)	(460)	(373)	(382)	(449)	(426)	(527)	(648)	(586)	(594)	(523)	(526)	(467)	(451)	(529)	(518)	(777)	(833)
Net Issuance of Debt	(57)	(26)	(13)	(71)	(16)	(6)	8	40	19	(31)	(102)	(31)	(16)	(32)	1 146	1 172	1 192	1 161	(91)	(192)	(192)	(108)	(82)	(56)	(81)	(79)	(28)	(49)	(28)	(29)	(5)	(3)	(7)	(7)	(7)	(11)	(6)	(3)	(4)	(8)	(1)	(21)	(79)	(63)	(402)	(388)	(330)	(190)	180	253	384	497	192	163	90	82	243	132	79	1	195	205	200	1 424	1 269	1 472	1 173	(196)	(165)	(307)	(7)	(104)	(131)	(220)	(268)	(271)	(270)	(271)	(263)	(264)	(274)	(503)	(554)	(395)	(271)	(47)	44	76	(143)	(117)	(277)	(310)	(127)	(230)	(5)	68
Cash Paid for Dividends	(19)	(20)	(21)	(22)	(23)	(25)	(26)	(28)	(29)	(30)	(32)	(33)	(34)	(36)	(39)	(42)	(45)	(47)	(48)	(48)	(49)	(51)	(52)	(53)	(54)	(55)	(55)	(56)	(57)	(58)	(59)	(60)	(63)	(66)	(69)	(72)	(74)	(76)	(77)	(79)	(80)	(82)	(83)	(84)	(87)	(90)	(92)	(94)	(96)	(98)	(101)	(103)	(106)	(109)	(112)	(115)	(119)	(123)	(127)	(132)	(136)	(140)	(144)	(148)	(152)	(156)	(165)	(174)	(184)	(194)	(199)	(204)	(209)	(215)	(221)	(226)	(231)	(236)	(240)	(244)	(249)	(254)	(258)	(262)	(267)	(271)	(275)	(279)	(285)	(289)	(295)	(300)	(305)	(311)	(317)	(322)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	(7)	(4)	(14)	(15)	(9)	(15)	(6)	(8)	(6)	(17)	(17)	(21)	(19)	(5)	(4)	(5)	(7)	(8)	(6)	(4)	(2)	(3)	(2)	(1)	(1)	0	(2)	(3)	(0)	(0)	1	0	(4)	(4)	(4)	(2)	(1)	(1)	1	4	2	3	0	(3)	(1)	0	3	2	3	(1)	(3)	(3)	(1)	(106)	(166)	(180)	(244)	(157)	(154)	(164)	(165)	(160)	(160)	(157)	(154)	(155)	(151)	(148)	(151)	(158)	(163)	(176)	(184)	(186)	(186)	(185)	(178)	(179)	(183)
Cash from Financing Activities	(82) N/A	(76) +7%	(71) +7%	(130) -85%	(81) +38%	(57) +29%	(50) +12%	(17) +66%	(33) -92%	(88) -166%	(153) -74%	(91) +41%	(93) -3%	(99) -6%	1 089 N/A	1 117 +3%	1 154 +3%	1 114 -3%	(138) N/A	(249) -80%	(247) +1%	(161) +35%	(170) -5%	(178) -5%	(221) -24%	(245) -11%	(210) +14%	(185) +12%	(157) +15%	(199) -26%	(172) +14%	(209) -22%	(238) -14%	(239) 0%	(235) +2%	(269) -15%	(268) +0%	(254) +5%	(275) -8%	(237) +14%	(309) -30%	(364) -18%	(371) -2%	(401) -8%	(707) -76%	(782) -11%	(824) -5%	(755) +8%	(436) +42%	(337) +23%	(178) +47%	1 N/A	(201) N/A	(288) -43%	(440) -53%	(538) -22%	(387) +28%	(388) 0%	(373) +4%	(450) -20%	(371) +18%	(306) +18%	(242) +21%	1 122 N/A	1 087 -3%	1 318 +21%	1 005 -24%	(374) N/A	(397) -6%	(611) -54%	(440) +28%	(639) -45%	(724) -13%	(879) -21%	(862) +2%	(941) -9%	(1 037) -10%	(1 077) -4%	(1 107) -3%	(1 127) -2%	(1 053) +7%	(1 292) -23%	(1 416) -10%	(1 234) +13%	(1 213) +2%	(1 117) +8%	(975) +13%	(961) +1%	(1 126) -17%	(1 116) +1%	(1 224) -10%	(1 248) -2%	(1 147) +8%	(1 237) -8%	(1 278) -3%	(1 269) +1%
Change in Cash
Net Change in Cash	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	6 N/A	(1) N/A	2 N/A	3 +24%	21 +688%	2 -90%	8 +295%	4 -52%	51 +1 170%	64 +25%	192 +201%	236 +23%	72 -69%	43 -41%	(36) N/A	(11) +69%	(65) -472%	(97) -48%	(116) -20%	(122) -5%	51 N/A	115 +124%	143 +25%	39 -72%	90 +128%	(142) N/A	(137) +4%	(44) +68%	(27) +39%	119 N/A	118 -1%	80 -32%	41 -49%	(34) N/A	(135) -297%	(102) +24%	(182) -78%	(57) +69%	140 N/A	(10) N/A	8 N/A	27 +265%	(186) N/A	(54) +71%	(45) +17%	141 N/A	58 -59%	(29) N/A	(15) +50%	(196) -1 250%	(16) +92%	(5) +68%	6 N/A	7 +10%	4 -42%	62 +1 529%	121 +96%	1 637 +1 248%	1 598 -2%	58 -96%	78 +35%	(1 592) N/A	(1 519) +5%	144 N/A	47 -68%	(8) N/A	85 N/A	103 +22%	168 +63%	277 +65%	107 -61%	44 -58%	4 -90%	(121) N/A	(102) +16%	(411) -303%	(432) -5%	(197) +54%	(157) +21%	25 N/A	16 -35%	(1) N/A	(66) -6 490%	(19) +71%	(0) +99%	(1) -400%	39 N/A	70 +82%	38 -46%	18 -53%
Free Cash Flow
Free Cash Flow	90 N/A	97 +8%	90 -8%	147 +64%	96 -35%	65 -32%	66 +1%	52 -21%	59 +14%	124 +110%	204 +65%	89 -57%	113 +27%	98 -13%	120 +23%	109 -10%	194 +78%	279 +44%	181 -35%	266 +47%	184 -31%	113 -39%	90 -21%	69 -23%	84 +22%	108 +29%	246 +128%	282 +15%	283 +0%	219 -23%	248 +13%	191 -23%	250 +30%	350 +40%	352 +1%	395 +12%	398 +1%	383 -4%	374 -2%	384 +3%	335 -13%	397 +19%	297 -25%	317 +6%	347 +9%	257 -26%	339 +32%	302 -11%	242 -20%	278 +15%	226 -19%	230 +2%	349 +52%	348 0%	420 +20%	371 -12%	400 +8%	402 +1%	394 -2%	436 +11%	354 -19%	345 -3%	327 -5%	343 +5%	340 -1%	414 +22%	433 +5%	210 -52%	297 +41%	341 +15%	398 +17%	637 +60%	794 +25%	931 +17%	963 +4%	1 104 +15%	1 033 -6%	1 001 -3%	984 -2%	876 -11%	819 -6%	749 -9%	840 +12%	886 +5%	906 +2%	1 015 +12%	884 -13%	858 -3%	947 +10%	972 +3%	1 100 +13%	1 122 +2%	1 069 -5%	1 194 +12%	1 214 +2%	1 194 -2%

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Metro Inc
TSX:MRU

Cash Flow Statement

Cash Flow Statement
Metro Inc

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Metro Inc TSX:MRU

Cash Flow Statement

Cash Flow Statement Metro Inc

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Metro Inc
TSX:MRU

Cash Flow Statement
Metro Inc