Coca-Cola Europacific Partners PLC (CCEP) Cash Flow Statement
Where CCEP’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €2.95B −3.5% vs 2024
- Capital expenditures
- €750.0M 3.6% of revenue
- Free cash flow
- €2.20B 10.5% margin
- Returned to shareholders
- €1.90B 86% of free cash flow
- Change in cash
- −€645.0M cash at year-end €917.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CCEP operating cash flow, capex and free cash flow
CCEP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €1.19B2016 | €2.95B2025 | +10.6%/yr | |
| Capital expenditures | €521.2M2016 | €750.0M2025 | +4.1%/yr | |
| Free cash flow | €668.1M2016 | €2.20B2025 | +14.2%/yr | |
| Free cash flow margin | 7.3%2016 | 10.5%2025 | +3.2 pts | |
| Operating cash flow / net income | 2.072016 | 1.152025 | −0.92 | |
| Stock-based compensation | €42.0M2016 | €47.0M2025 | +1.3%/yr | |
| Dividends paid | €214.0M2016 | €890.4M2025 | +17.2%/yr | |
| Share buybacks (net) | €2.99B2016 | €1.00B2025 | −11.4%/yr | |
| Capex / revenue | 5.7%2016 | 3.6%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CCEP cash flow by activity
CCEP 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).
CCEP cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €2.57B | €1.42B | €1.67B | €1.96B | €1.38B | €695.0M | €1.45B | €938.1M | €646.3M | €575.8M |
| Depreciation & amortization | €923.0M | €933.0M | €792.0M | €816.0M | €782.0M | €727.0M | €639.0M | €512.0M | €490.0M | €372.0M |
| Stock-based compensation | €47.0M | €45.0M | €57.0M | €33.0M | €16.0M | €14.0M | €15.0M | €17.0M | €14.0M | €42.0M |
| Change in working capital | −€165.2M | €174.0M | €232.0M | €427.0M | €114.0M | €216.0M | −€30.0M | €249.7M | €100.5M | €183.5M |
| Other non-cash items | −€420.8M | €491.0M | €56.0M | −€301.0M | −€177.0M | −€162.0M | −€174.0M | €63.4M | €185.5M | €16.0M |
| Cash from operating activities | €2.95B | €3.06B | €2.81B | €2.93B | €2.12B | €1.49B | €1.90B | €1.78B | €1.44B | €1.19B |
| Investing activities | ||||||||||
| Capital expenditures | −€750.0M | −€791.0M | −€672.0M | −€603.0M | −€446.0M | −€408.0M | −€602.0M | −€619.2M | −€488.4M | −€521.2M |
| Investments (net) | €86.0M | −€1.96B | −€937.0M | −€645.0M | €219.0M | −€370.0M | −€599.0M | −€596.0M | −€488.0M | −€383.0M |
| Acquisitions & other investing | €32.0M | €791.0M | €672.0M | €603.0M | −€5.38B | €408.0M | €602.0M | €600.1M | €518.1M | €502.6M |
| Cash from investing activities | −€632.0M | −€1.96B | −€937.0M | −€645.0M | −€5.61B | −€370.0M | −€599.0M | −€615.1M | −€458.4M | −€401.7M |
| Financing activities | ||||||||||
| Dividends paid | −€890.4M | −€910.0M | −€841.0M | −€763.0M | −€638.0M | −€386.0M | −€574.0M | −€529.4M | −€459.3M | −€214.0M |
| Share repurchases & issuance (net) | −€1.00B | €0 | €364.0M | €1.08B | €4.92B | −€129.0M | −€1.00B | −€502.0M | €1.17B | −€2.99B |
| Net borrowing (repayment) | −€497.0M | −€199.0M | −€465.0M | −€1.38B | €4.06B | €692.0M | €335.0M | −€177.0M | −€580.0M | €2.68B |
| Shares issued | €1.0M | €31.0M | €43.0M | €13.0M | €28.0M | €14.0M | €26.0M | €25.0M | €0 | €0 |
| Other financing | −€498.9M | €105.0M | −€923.0M | −€1.23B | −€5.08B | −€91.0M | −€84.0M | −€32.3M | −€1.12B | −€14.2M |
| Cash from financing activities | −€2.89B | −€973.0M | −€1.82B | −€2.28B | €3.29B | €100.0M | −€1.30B | −€1.22B | −€993.8M | −€541.2M |
| Summary | ||||||||||
| Net change in cash | −€645.0M | €144.0M | €32.0M | −€20.0M | −€116.0M | €1.21B | €7.0M | −€25.0M | €25.0M | €123.0M |
| Cash at end of period | €917.6M | €1.56B | €1.42B | €1.39B | €1.41B | €1.52B | €316.0M | €279.0M | €304.0M | €279.0M |
| Free cash flow | €2.20B | €2.27B | €2.13B | €2.33B | €1.67B | €1.08B | €1.30B | €1.16B | €947.8M | €668.1M |
| Free cash flow margin | 10.5% | 11.1% | 11.7% | 13.4% | 12.1% | 10.2% | 10.8% | 10.1% | 8.6% | 7.3% |
| Capex / revenue | 3.6% | 3.9% | 3.7% | 3.5% | 3.2% | 3.8% | 5.0% | 5.4% | 4.4% | 5.7% |
| Operating cash flow / net income | 1.15 | 2.16 | 1.68 | 1.50 | 1.53 | 2.14 | 1.31 | 1.90 | 2.22 | 2.07 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €986.2M | €1.03B | €913.0M | €621.0M | €797.0M | €815.0M | €854.0M | €427.0M | −€894.0M | €420.5M | €695.2M | €333.5M |
| Depreciation & amortization | €439.0M | €452.1M | €466.3M | €478.8M | €420.0M | €425.7M | €377.0M | €188.5M | −€860.0M | €151.5M | €380.8M | €193.0M |
| Stock-based compensation | — | €26.0M | €21.0M | €25.0M | €20.0M | €28.0M | €29.0M | €14.5M | €10.5M | €10.5M | €12.0M | €6.0M |
| Change in working capital | −€677.2M | €388.9M | −€1.31B | €729.0M | −€555.0M | €688.0M | −€580.0M | −€369.0M | €25.0M | €74.0M | €475.3M | −€337.0M |
| Other non-cash items | €171.9M | €37.9M | €892.7M | €85.2M | €440.0M | −€457.7M | €627.0M | €392.5M | €305.5M | −€17.0M | €57.4M | €631.0M |
| Cash from operating activities | €919.9M | €1.93B | €986.0M | €1.94B | €1.12B | €1.50B | €1.31B | €653.5M | −€1.41B | €639.5M | €1.62B | €826.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −€316.2M | −€425.6M | −€343.0M | −€401.0M | −€390.0M | −€408.0M | −€264.0M | −€132.0M | −€625.5M | −€161.0M | −€208.5M | −€89.0M |
| Investments (net) | — | — | — | — | — | — | −€319.5M | −€319.5M | −€13.0M | −€13.0M | −€85.0M | −€85.0M |
| Acquisitions & other investing | −€284.5M | €348.5M | −€290.0M | €66.0M | −€1.23B | €332.0M | −€277.5M | — | €427.0M | −€37.5M | €62.1M | €63.0M |
| Cash from investing activities | −€600.7M | −€77.2M | −€633.0M | −€335.0M | −€1.62B | −€76.0M | −€861.0M | — | −€211.5M | −€211.5M | −€231.4M | −€111.0M |
| Financing activities | ||||||||||||
| Dividends paid | −€372.3M | −€579.0M | −€367.0M | −€567.0M | −€343.0M | −€533.0M | −€305.1M | −€154.0M | −€479.0M | −€253.5M | −€266.8M | −€128.0M |
| Share repurchases & issuance (net) | −€530.3M | −€1.04B | −€405.0M | — | — | −€80.1M | −€33.5M | — | €660.0M | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | −€118.5M | −€118.5M | −€349.5M | −€349.5M | −€338.5M | −€338.5M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | €1.42B | −€942.7M | €568.0M | −€738.0M | €675.0M | −€315.9M | −€435.9M | −€174.0M | −€1.57B | −€18.0M | −€370.2M | −€50.5M |
| Cash from financing activities | €513.0M | −€2.56B | −€204.0M | −€1.30B | €332.0M | −€929.0M | −€893.0M | −€446.5M | −€1.74B | −€621.0M | −€975.6M | −€517.0M |
| Summary | ||||||||||||
| Net change in cash | €809.7M | −€739.8M | €1.66B | −€1.28B | €1.28B | €496.2M | −€556.3M | −€231.5M | −€2.60B | −€216.0M | €406.9M | €206.0M |
| Cash at end of period | €1.75B | €917.6M | €1.66B | €1.62B | €1.28B | €1.42B | €924.0M | −€231.5M | €1.39B | €1.60B | €1.81B | €206.0M |
| Free cash flow | €603.8M | €1.51B | €643.0M | €1.54B | €732.0M | €1.09B | €1.04B | €521.5M | −€787.5M | €478.5M | €1.41B | €737.5M |
| Free cash flow margin | 5.6% | 14.2% | 6.3% | 14.5% | 7.4% | 11.7% | 11.6% | 11.6% | −8.7% | 10.6% | 17.1% | 17.8% |
| Capex / revenue | 2.9% | 4.0% | 3.3% | 3.8% | 4.0% | 4.4% | 2.9% | 2.9% | 6.9% | 3.6% | 2.5% | 2.1% |
| Operating cash flow / net income | 0.93 | 1.88 | 1.08 | 3.12 | 1.41 | 1.84 | 1.53 | 1.53 | — | 1.52 | 2.33 | 2.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
CCEP cash generation
In fiscal 2025 (ended December 31, 2025), Coca-Cola Europacific generated €3.0 billion of cash from operations (down 3.5%) and spent €750.0 million on capital expenditures, leaving free cash flow of €2.2 billion, 10.5% of revenue. It returned €1.9 billion to shareholders through dividends (€890.4 million) and net share buybacks (€1.0 billion). Cash and equivalents fell by €645.0 million over the year.
Related: CCEP income statement, CCEP balance sheet, CCEP dividend history. See the CCEP stock overview for the latest quote and news.
CCEP cash flow FAQ
What is Coca-Cola Europacific's free cash flow?
Coca-Cola Europacific's free cash flow was €2.2 billion in fiscal 2025: €3.0 billion of operating cash flow minus €750.0 million of capital expenditures It was €2.3 billion a year earlier..
How much cash does Coca-Cola Europacific generate from operations?
Coca-Cola Europacific generated €3.0 billion of cash from operating activities in fiscal 2025, 1.15 times its net income of €2.6 billion.
How much does Coca-Cola Europacific spend on capital expenditures?
Coca-Cola Europacific spent €750.0 million on capital expenditures in fiscal 2025, 3.6% of revenue, compared with €791.0 million the year before.
How much stock does Coca-Cola Europacific buy back?
Coca-Cola Europacific spent €1.0 billion on net share repurchases in fiscal 2025.
How much does Coca-Cola Europacific pay in dividends?
Coca-Cola Europacific paid €890.4 million in dividends in fiscal 2025, 40.4% of free cash flow.