Cash Flow Statement

Operating Cash Flow

+32%

+72%

10Y

Currency: EUR

	Dec-2000	Mar-2001	Jun-2001	Sep-2001	Dec-2001	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	Jun-2016	Dec-2016	Jun-2017	Dec-2017	Jun-2018	Dec-2018	Jun-2019	Dec-2019	Jun-2020	Dec-2020	Jun-2021	Dec-2021	Jun-2022	Dec-2022	Jun-2023	Dec-2023	Jun-2024	Dec-2024	Jun-2025
Operating Cash Flow
Net Income	221	166	183	196	203	202	209	200	233	239	251	266	246	252	244	251	254	287	332	381	430	483	560	627	666	699	723	783	915	1 030	1 076	1 097	1 050	953	868	773	471	422	418	419	395	453	473	629	878	807	812	656	670	644	629	530	495	608	598	689	789	786	808	826	701	1 245	1 298	799	896	902	853	938	1 035	1 125	1 125	1 130	1 265	1 406	1 563	1 725	1 797	1 886	2 046	2 091
Depreciation & Amortization	93	97	102	107	97	101	105	176	230	267	307	286	273	275	274	265	260	234	209	186	167	163	157	144	132	129	133	131	126	131	125	129	137	135	139	138	569	566	563	569	584	573	565	550	91	96	98	101	105	109	112	116	119	121	122	124	125	129	132	133	140	144	131	144	159	184	174	220	224	241	256	109	283	327	333	368	377	486	479	501
Change in Deffered Taxes	(7)	2	8	13	20	15	18	14	16	13	4	0	(4)	(7)	(9)	(8)	(14)	(9)	(7)	(9)	(9)	(10)	(12)	(10)	(28)	(26)	(23)	(30)	(15)	(16)	(27)	(32)	(30)	(37)	(27)	(28)	(220)	(211)	(217)	(218)	(206)	(207)	(205)	(193)	7	4	8	13	(57)	(51)	(48)	(57)	2	22	25	35	(49)	(73)	(78)	(72)	3	(10)	(3)	32	(21)	(58)	(36)	(33)	(15)	4	(12)	(37)	(0)	65	65	17	13	4	14	13
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	0	0	0	1	0	0	0	1	0	0	0	0	0	0	0	1	3	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
Other Non-Cash Items	(169)	(71)	(9)	61	32	19	17	(155)	(261)	(239)	(241)	(52)	54	0	2	(11)	(67)	40	39	49	82	(58)	(51)	(61)	122	(36)	(33)	(12)	81	(138)	(136)	(130)	(145)	26	30	8	23	6	3	19	133	5	(16)	(34)	(99)	(79)	(61)	(54)	50	40	43	39	28	(52)	(66)	(54)	(49)	(0)	7	20	33	(555)	(625)	4	(83)	(174)	81	57	59	121	71	(19)	(211)	(89)	125	123	174	(17)	119	299
Cash Taxes Paid	87	100	146	149	129	115	106	147	134	165	191	183	171	181	241	228	302	309	226	253	188	194	285	300	312	343	349	401	524	509	551	549	474	485	328	263	182	120	210	205	179	353	282	310	401	313	287	282	258	205	174	146	93	128	203	206	237	198	198	171	208	272	278	211	309	324	303	530	494	368	382	445	471	427	365	486	577	698	725	735
Cash Interest Paid	1	6	6	6	7	11	11	16	14	14	18	16	20	43	106	26	48	27	(24)	63	54	62	62	64	67	77	87	99	117	143	172	192	264	246	284	243	145	108	104	102	106	108	104	114	120	121	111	104	118	117	99	97	89	94	50	50	52	66	42	156	193	264	258	323	296	306	312	298	323	338	352	315	341	497	661	1 402	1 801	1 833	2 098	1 763
Change in Working Capital	(109)	(125)	(140)	(140)	(103)	(34)	3	25	3	(48)	(71)	(89)	(38)	28	7	29	6	(81)	(10)	36	(3)	143	65	35	(48)	99	75	123	(268)	72	76	(89)	266	(120)	(60)	74	(42)	194	141	96	38	(113)	(8)	(49)	(92)	(165)	(10)	(15)	(61)	61	(69)	69	84	44	(33)	(122)	(139)	(6)	31	26	(866)	18	821	8	106	74	227	(182)	(378)	(73)	(28)	(311)	(428)	139	397	25	188	430	(248)	(469)
Cash from Operating Activities	29 N/A	70 +140%	145 +108%	238 +64%	249 +5%	303 +22%	352 +16%	260 -26%	221 -15%	233 +5%	249 +7%	410 +65%	531 +29%	548 +3%	518 -6%	526 +2%	440 -16%	471 +7%	563 +19%	642 +14%	668 +4%	721 +8%	719 0%	735 +2%	843 +15%	865 +3%	874 +1%	994 +14%	840 -16%	1 081 +29%	1 114 +3%	974 -13%	1 279 +31%	956 -25%	949 -1%	966 +2%	802 -17%	976 +22%	908 -7%	884 -3%	944 +7%	712 -25%	810 +14%	903 +11%	786 -13%	663 -16%	847 +28%	700 -17%	708 +1%	803 +14%	667 -17%	697 +4%	728 +5%	744 +2%	645 -13%	672 +4%	677 +1%	836 +23%	900 +8%	933 +4%	10 -99%	841 +8 227%	1 621 +93%	986 -39%	1 056 +7%	927 -12%	1 298 +40%	999 -23%	926 -7%	1 418 +53%	1 412 0%	1 028 -27%	909 -12%	1 849 +103%	2 484 +34%	2 257 -9%	2 549 +13%	2 790 +9%	2 411 -14%	2 435 +1%
Investing Cash Flow
Capital Expenditures	(253)	(157)	(138)	(140)	(113)	(98)	(91)	(146)	(189)	(214)	(232)	(183)	(177)	(154)	(134)	(116)	(80)	(77)	(69)	(63)	(64)	(64)	(60)	(63)	(69)	(72)	(74)	(78)	(80)	(71)	(81)	(88)	(95)	(107)	(104)	(97)	(172)	(189)	(188)	(202)	(134)	(116)	(117)	(120)	(116)	(117)	(127)	(129)	(146)	(147)	(145)	(143)	(128)	(127)	(126)	(125)	(134)	(146)	(149)	(153)	(155)	(165)	(165)	(155)	(149)	(149)	(160)	(167)	(185)	(190)	(196)	(199)	(206)	(259)	(325)	(301)	(268)	(318)	(361)	(367)
Other Items	1	1	1	0	(40)	(78)	(81)	(1 582)	(1 545)	(1 712)	(1 844)	(352)	(236)	(83)	(130)	(213)	46	468	663	825	529	(54)	(60)	(74)	(201)	(151)	(517)	(368)	(1 674)	(1 608)	(1 212)	(1 558)	(845)	(1 933)	(1 699)	(2 446)	(910)	395	143	363	(386)	532	362	1 181	939	(497)	(556)	(653)	(122)	266	455	(221)	(702)	(98)	(46)	141	(117)	(363)	(1 015)	(1 074)	(1 438)	(304)	743	920	331	(952)	952	1 429	(538)	(918)	(592)	(2 262)	(1 962)	(1 057)	(1 081)	(16)	(3 729)	(3 436)	301	6
Cash from Investing Activities	(252) N/A	(156) +38%	(137) +12%	(139) -1%	(153) -10%	(176) -15%	(172) +2%	(1 728) -906%	(1 734) 0%	(1 926) -11%	(2 076) -8%	(535) +74%	(412) +23%	(237) +43%	(264) -12%	(329) -25%	(34) +90%	391 N/A	594 +52%	762 +28%	466 -39%	(117) N/A	(119) -2%	(138) -15%	(270) -96%	(222) +18%	(591) -166%	(446) +25%	(1 753) -293%	(1 679) +4%	(1 293) +23%	(1 646) -27%	(940) +43%	(2 040) -117%	(1 803) +12%	(2 544) -41%	(1 083) +57%	206 N/A	(45) N/A	162 N/A	(520) N/A	416 N/A	246 -41%	1 062 +332%	823 -22%	(614) N/A	(683) -11%	(782) -14%	(267) +66%	119 N/A	310 +160%	(364) N/A	(829) -128%	(225) +73%	(172) +23%	15 N/A	(250) N/A	(509) -103%	(1 164) -129%	(1 227) -5%	(1 592) -30%	(469) +71%	579 N/A	765 +32%	182 -76%	(1 101) N/A	792 N/A	1 262 +59%	(723) N/A	(1 108) -53%	(788) +29%	(2 461) -212%	(2 168) +12%	(1 317) +39%	(1 407) -7%	(318) +77%	(3 997) -1 159%	(3 754) +6%	(60) +98%	(362) -503%
Financing Cash Flow
Net Issuance of Common Stock	0	964	962	962	962	(2)	391	391	391	391	0	0	0	(5)	0	0	0	5	(364)	(436)	(720)	(825)	(516)	(543)	(384)	(404)	(336)	(271)	(379)	(254)	(266)	(426)	(374)	(374)	(370)	(176)	4	4	0	0	0	0	0	0	(112)	0	(147)	(211)	(197)	(198)	(163)	(97)	1	2	0	2	2	2	0	202	203	0	4	0	(23)	(187)	(358)	(194)	6	3	9	12	9	9	12	0	0	(298)	(288)	(178)
Net Issuance of Debt	100	(10)	(10)	(10)	(10)	(90)	(90)	336	194	305	645	168	198	175	(165)	(115)	(3)	(2)	(3)	(2)	(2)	(2)	(3)	(2)	(2)	(2)	(2)	(2)	1 365	1 365	1 589	1 293	(167)	(133)	(312)	(184)	(89)	(223)	(258)	(97)	(201)	(101)	(115)	(109)	(5)	(9)	403	288	284	882	57	47	(104)	(708)	(180)	(165)	(40)	(30)	24	476	974	715	(417)	(322)	0	(8)	(8)	(19)	(43)	267	295	1 319	1 382	714	(338)	(1 018)	2 847	2 770	(316)	(284)
Cash Paid for Dividends	0	0	(31)	(31)	(31)	0	(37)	(37)	(37)	(37)	(49)	(49)	(49)	(49)	(61)	(61)	(61)	0	(74)	(74)	(74)	0	(210)	(210)	(210)	0	(330)	(330)	(330)	0	(403)	(403)	(403)	0	(390)	(390)	(390)	0	(391)	(391)	(391)	0	(391)	(391)	(391)	0	(623)	(623)	(623)	(623)	(387)	(387)	(387)	(387)	(387)	(387)	(387)	(387)	(387)	(387)	(387)	(420)	(420)	(439)	(439)	(453)	(453)	(495)	(495)	(532)	(532)	(551)	(551)	(588)	(588)	(662)	(662)	(698)	(698)	(734)
Other	(59)	0	0	0	0	0	0	0	8	(2)	(2)	(2)	(10)	0	0	0	0	0	5	5	5	0	1	1	4	0	3	3	271	0	0	0	0	0	(2)	(2)	20	0	22	22	4	0	6	6	2	0	(15)	(15)	(15)	(15)	(7)	(8)	(8)	(8)	(16)	(16)	(17)	(17)	(37)	(702)	(714)	(682)	(16)	(23)	(39)	(29)	(14)	(21)	631	626	(27)	(31)	(41)	(41)	(38)	(28)	108	75	(52)	(72)
Cash from Financing Activities	41 N/A	895 +2 068%	921 +3%	921 N/A	921 N/A	(123) N/A	264 N/A	690 +161%	556 -19%	658 +18%	595 -10%	117 -80%	139 +19%	121 -13%	(226) N/A	(176) +22%	(65) +63%	(59) +9%	(436) -641%	(507) -16%	(791) -56%	(896) -13%	(729) +19%	(755) -4%	(592) +22%	(612) -3%	(665) -9%	(600) +10%	927 N/A	1 052 +14%	1 192 +13%	736 -38%	(943) N/A	(910) +4%	(1 074) -18%	(752) +30%	(455) +40%	(589) -29%	(626) -6%	(465) +26%	(588) -26%	(488) +17%	(500) -3%	(494) +1%	(506) -2%	(509) -1%	(383) +25%	(561) -47%	(551) +2%	46 N/A	(499) N/A	(444) +11%	(498) -12%	(1 101) -121%	(581) +47%	(566) +3%	(441) +22%	(431) +2%	(397) +8%	(411) -4%	76 N/A	(184) N/A	(849) -360%	(780) +8%	(501) +36%	(677) -35%	(833) -23%	(728) +13%	99 N/A	363 +266%	(254) N/A	749 N/A	799 +7%	93 -88%	(951) N/A	(1 696) -78%	2 293 N/A	1 850 -19%	(1 354) N/A	(1 267) +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	0	0	0	0	0	0	0	0	0	0	0	(6)	(4)	5	12	22	17	7	3	(1)	12	6	4	(7)	(13)	(3)	(1)	7	(2)	4	(3)	2	4	(4)	(2)	(3)	(0)	(2)	2	5	1	(6)	(5)	24	81	52	(10)	(13)	2	5	4	3	(9)	(38)	(6)	(46)	(38)	37	(2)	(31)	(29)	14
Net Change in Cash	(182) N/A	809 N/A	929 +15%	1 020 +10%	1 017 0%	4 -100%	444 +12 586%	(778) N/A	(957) -23%	(1 035) -8%	(1 232) -19%	(8) +99%	257 N/A	432 +68%	27 -94%	21 -24%	341 +1 549%	804 +135%	721 -10%	897 +24%	342 -62%	(293) N/A	(129) +56%	(158) -22%	(19) +88%	31 N/A	(382) N/A	(51) +87%	13 N/A	448 +3 243%	1 008 +125%	69 -93%	(592) N/A	(1 971) -233%	(1 910) +3%	(2 323) -22%	(734) +68%	593 N/A	249 -58%	586 +135%	(160) N/A	633 N/A	542 -14%	1 468 +171%	1 103 -25%	(454) N/A	(221) +51%	(639) -189%	(113) +82%	971 N/A	482 -50%	(114) N/A	(600) -425%	(585) +2%	(108) +82%	120 N/A	(12) N/A	(99) -701%	(659) -569%	(711) -8%	(1 511) -113%	211 N/A	1 433 +578%	1 023 -29%	727 -29%	(863) N/A	1 259 N/A	1 538 +22%	307 -80%	676 +121%	361 -47%	(722) N/A	(467) +35%	580 N/A	88 -85%	280 +218%	844 +201%	855 +1%	968 +13%	820 -15%
Free Cash Flow
Free Cash Flow	(224) N/A	(87) +61%	7 N/A	98 +1 388%	136 +38%	205 +51%	261 +27%	114 -56%	32 -72%	19 -42%	17 -8%	228 +1 231%	354 +55%	394 +12%	384 -3%	411 +7%	360 -12%	394 +10%	494 +25%	579 +17%	604 +4%	657 +9%	659 +0%	671 +2%	774 +15%	793 +2%	800 +1%	917 +15%	760 -17%	1 010 +33%	1 032 +2%	886 -14%	1 184 +34%	850 -28%	845 0%	868 +3%	629 -28%	787 +25%	720 -8%	683 -5%	810 +19%	596 -26%	693 +16%	783 +13%	670 -14%	546 -19%	720 +32%	571 -21%	562 -2%	657 +17%	522 -21%	554 +6%	601 +9%	617 +3%	520 -16%	547 +5%	544 -1%	690 +27%	751 +9%	780 +4%	(144) N/A	676 N/A	1 457 +115%	832 -43%	907 +9%	778 -14%	1 138 +46%	832 -27%	741 -11%	1 228 +66%	1 217 -1%	829 -32%	703 -15%	1 589 +126%	2 158 +36%	1 956 -9%	2 281 +17%	2 472 +8%	2 050 -17%	2 068 +1%

Income Statement Balance Sheet Cash Flow Statement

Deutsche Boerse AG
XETRA:DB1

Cash Flow Statement

Cash Flow Statement
Deutsche Boerse AG

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Deutsche Boerse AG XETRA:DB1

Cash Flow Statement

Cash Flow Statement Deutsche Boerse AG

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Deutsche Boerse AG
XETRA:DB1

Cash Flow Statement
Deutsche Boerse AG