Alcon Inc. (ALC) Cash Flow Statement
Where ALC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.27B +9.3% vs 2024
- Capital expenditures
- $663.0M 6.4% of revenue
- Free cash flow
- $1.61B 15.5% margin
- Returned to shareholders
- $889.0M 55% of free cash flow
- Change in cash
- −$149.0M cash at year-end $1.53B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ALC operating cash flow, capex and free cash flow
ALC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.25B2016 | $2.27B2025 | +6.9%/yr | |
| Capital expenditures | $506.0M2016 | $663.0M2025 | +3.0%/yr | |
| Free cash flow | $739.0M2016 | $1.61B2025 | +9.0%/yr | |
| Free cash flow margin | 11.2%2016 | 15.5%2025 | +4.3 pts | |
| Operating cash flow / net income | 4.762017 | 2.322025 | −2.44 | |
| Stock-based compensation | $53.0M2016 | $162.0M2025 | +13.2%/yr | |
| Dividends paid | $54.0M2018 | $166.0M2025 | +17.4%/yr | |
| Share buybacks (net) | $16.0M2020 | $723.0M2025 | +114.3%/yr | |
| Capex / revenue | 7.7%2016 | 6.4%2025 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ALC cash flow by activity
ALC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ALC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $980.0M | $1.02B | $974.0M | $335.0M | $376.0M | −$531.0M | −$656.0M | −$227.0M | $256.0M | −$170.0M |
| Depreciation & amortization | $1.33B | $1.23B | $1.22B | $1.12B | $1.22B | $1.62B | $1.43B | $1.62B | $1.30B | $1.29B |
| Stock-based compensation | $162.0M | $150.0M | $144.0M | $140.0M | $138.0M | $105.0M | $83.0M | $93.0M | $71.0M | $53.0M |
| Change in working capital | −$240.0M | −$189.0M | −$431.2M | −$527.0M | −$314.0M | −$45.0M | −$48.0M | $80.0M | −$84.0M | −$10.0M |
| Other non-cash items | $34.0M | −$130.0M | −$519.8M | $146.0M | −$74.0M | −$329.0M | $116.0M | −$428.0M | −$330.0M | $83.0M |
| Cash from operating activities | $2.27B | $2.08B | $1.39B | $1.22B | $1.34B | $823.0M | $920.0M | $1.14B | $1.22B | $1.25B |
| Investing activities | ||||||||||
| Capital expenditures | −$663.0M | −$670.0M | −$851.0M | −$745.0M | −$1.18B | −$567.0M | −$676.0M | −$712.0M | −$496.0M | −$506.0M |
| Investments (net) | $22.0M | −$1.17B | −$1.09B | −$1.86B | −$18.0M | −$572.0M | −$1.01B | −$1.00B | −$679.0M | — |
| Acquisitions & other investing | −$703.0M | $670.0M | $851.0M | $745.0M | $0 | $567.0M | $676.0M | $712.0M | $496.0M | −$337.0M |
| Cash from investing activities | −$1.34B | −$1.17B | −$1.09B | −$1.86B | −$1.20B | −$572.0M | −$1.01B | −$1.00B | −$679.0M | −$843.0M |
| Financing activities | ||||||||||
| Dividends paid | −$166.0M | −$130.0M | −$116.0M | −$100.0M | −$54.0M | −$54.0M | −$54.0M | −$54.0M | — | — |
| Share repurchases & issuance (net) | −$723.0M | −$47.0M | −$49.0M | −$50.0M | −$22.0M | −$16.0M | — | — | — | — |
| Net borrowing (repayment) | −$31.0M | −$137.0M | −$7.0M | $208.0M | −$63.0M | $536.0M | $3.29B | $15.0M | −$91.0M | −$26.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$199.0M | −$8.0M | −$39.0M | −$66.0M | $16.0M | $0 | −$2.58B | −$39.0M | −$448.0M | −$409.0M |
| Cash from financing activities | −$1.12B | −$322.0M | −$211.0M | −$8.0M | −$123.0M | $466.0M | $659.0M | −$78.0M | −$539.0M | −$435.0M |
| Summary | ||||||||||
| Net change in cash | −$149.0M | $582.0M | $114.0M | −$595.0M | $18.0M | $735.0M | $595.0M | $55.0M | $10.0M | −$123.0M |
| Cash at end of period | $1.53B | $1.68B | $1.09B | $980.0M | $1.57B | $1.56B | $822.0M | $227.0M | $172.0M | $162.0M |
| Free cash flow | $1.61B | $1.41B | $537.0M | $472.0M | $165.0M | $256.0M | $244.0M | $428.0M | $722.0M | $739.0M |
| Free cash flow margin | 15.5% | 14.2% | 5.7% | 5.4% | 2.0% | 3.7% | 3.2% | 6.0% | 10.6% | 11.2% |
| Capex / revenue | 6.4% | 6.8% | 9.0% | 8.5% | 14.2% | 8.3% | 9.0% | 10.0% | 7.3% | 7.7% |
| Operating cash flow / net income | 2.32 | 2.04 | 1.43 | 3.63 | 3.58 | — | — | — | 4.76 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $0 | $185.3M | $217.0M | $238.1M | $176.0M | $350.0M | $274.4M | $268.9M | $223.0M | $248.0M | $450.0M | $196.9M |
| Depreciation & amortization | $793.0M | $278.5M | $476.0M | $330.6M | $362.0M | $310.0M | $298.5M | $318.0M | $309.0M | $296.0M | $328.8M | $299.2M |
| Stock-based compensation | $42.0M | $45.0M | −$118.0M | $41.0M | $38.0M | $39.0M | — | — | $34.0M | $43.0M | $50.0M | $35.0M |
| Change in working capital | −$225.0M | −$269.7M | $81.0M | $78.9M | −$102.0M | −$224.0M | −$43.4M | $159.9M | −$84.0M | −$318.9M | $5.6M | $225.8M |
| Other non-cash items | −$100.0M | $170.7M | $2.0M | $10.2M | $31.0M | −$91.0M | −$66.6M | −$22.1M | $48.0M | $72.9M | −$354.9M | −$255.2M |
| Cash from operating activities | $510.0M | $409.9M | $658.0M | $698.8M | $505.0M | $384.0M | $462.9M | $724.7M | $530.0M | $341.0M | $479.4M | $501.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$96.0M | −$136.3M | −$201.0M | −$160.1M | −$133.0M | −$140.0M | −$149.8M | −$111.5M | −$120.0M | −$143.0M | −$370.0M | −$137.9M |
| Investments (net) | −$82.0M | −$28.0M | −$101.0M | −$312.0M | −$154.0M | −$578.0M | −$333.0M | −$483.0M | −$133.0M | −$218.0M | — | −$3.0M |
| Acquisitions & other investing | −$44.0M | −$49.5M | $2.0M | $168.5M | $133.0M | $140.0M | $151.0M | $116.4M | $120.0M | $143.0M | −$27.3M | $3.7M |
| Cash from investing activities | −$222.0M | −$213.8M | −$300.0M | −$303.6M | −$154.0M | −$578.0M | −$331.8M | −$478.1M | −$133.0M | −$218.0M | −$397.3M | −$137.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$174.0M | — | $0 | −$5.4M | −$166.0M | — | −$1.6M | −$5.8M | −$130.0M | — | −$509,286 | −$1.9M |
| Share repurchases & issuance (net) | −$289.0M | −$73.5M | −$308.0M | −$250.5M | −$126.0M | −$33.0M | −$2.0M | −$3.0M | −$9.0M | −$33.0M | −$3.0M | −$3.0M |
| Net borrowing (repayment) | −$26.0M | −$16.0M | −$56.0M | $77.0M | −$35.0M | −$17.0M | — | — | — | — | — | $13.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$21.0M | −$40.9M | $34.0M | −$103.5M | −$56.0M | −$46.0M | −$4.1M | −$63.3M | −$32.0M | −$33.0M | −$55.1M | $4.4M |
| Cash from financing activities | −$510.0M | −$130.4M | −$330.0M | −$282.3M | −$383.0M | −$96.0M | −$7.7M | −$72.2M | −$171.0M | −$66.0M | −$58.6M | $12.4M |
| Summary | ||||||||||||
| Net change in cash | −$223.0M | $60.6M | $29.0M | $83.8M | −$4.0M | −$264.0M | $113.6M | $187.5M | $231.0M | $47.0M | $43.4M | $389.8M |
| Cash at end of period | $1.35B | $1.59B | $1.53B | $1.50B | $1.41B | $1.41B | $1.67B | $1.56B | $1.37B | $1.14B | $1.09B | $1.05B |
| Free cash flow | $414.0M | $273.6M | $457.0M | $538.7M | $372.0M | $244.0M | $313.2M | $613.2M | $410.0M | $198.0M | $109.4M | $363.8M |
| Free cash flow margin | 14.7% | 10.3% | 16.8% | 20.6% | 14.3% | 9.9% | 12.5% | 25.0% | 16.4% | 8.1% | 4.7% | 15.6% |
| Capex / revenue | 3.4% | 5.1% | 7.4% | 6.1% | 5.1% | 5.7% | 6.0% | 4.5% | 4.8% | 5.8% | 15.7% | 5.9% |
| Operating cash flow / net income | — | 2.21 | 3.03 | 2.93 | 2.87 | 1.10 | 1.69 | 2.69 | 2.38 | 1.38 | 1.07 | 2.55 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ALC cash generation
In fiscal 2025 (ended December 31, 2025), Alcon generated $2.3 billion of cash from operations (up 9.3%) and spent $663.0 million on capital expenditures, leaving free cash flow of $1.6 billion, 15.5% of revenue. It returned $889.0 million to shareholders through dividends ($166.0 million) and net share buybacks ($723.0 million). Cash and equivalents fell by $149.0 million over the year.
Related: ALC income statement, ALC balance sheet, ALC dividend history. See the ALC stock overview for the latest quote and news.
ALC cash flow FAQ
What is Alcon's free cash flow?
Alcon's free cash flow was $1.6 billion in fiscal 2025: $2.3 billion of operating cash flow minus $663.0 million of capital expenditures It was $1.4 billion a year earlier..
How much cash does Alcon generate from operations?
Alcon generated $2.3 billion of cash from operating activities in fiscal 2025, 2.32 times its net income of $980.0 million.
How much does Alcon spend on capital expenditures?
Alcon spent $663.0 million on capital expenditures in fiscal 2025, 6.4% of revenue, compared with $670.0 million the year before.
How much stock does Alcon buy back?
Alcon spent $723.0 million on net share repurchases in fiscal 2025.
How much does Alcon pay in dividends?
Alcon paid $166.0 million in dividends in fiscal 2025, 10.3% of free cash flow.