Telefonaktiebolaget LM Ericsson (publ) (ERIC) Cash Flow Statement
Where ERIC’s cash came from and went, 2025
December 31, 2025 · Swedish kronor- Cash from operations
- SEK 30.98B −36.0% vs 2024
- Capital expenditures
- SEK 2.47B 1.1% of revenue
- Free cash flow
- SEK 28.50B 12.8% margin
- Returned to shareholders
- SEK 8.97B 31% of free cash flow
- Change in cash
- SEK 7.31B cash at year-end SEK 43.93B
Cash from operations
SEK 30.98B
Capital expenditures
−SEK 2.47B
Investments (net)
−SEK 22.07B
Acquisitions & other
+SEK 13.79B
Dividends
−SEK 8.97B
Net borrowing (repayment)
−SEK 5.25B
Other financing
+SEK 857.7M
Currency & other
+SEK 455.0M
Change in cash
SEK 7.31B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ERIC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ERIC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | SEK 14.95B2016 | SEK 30.98B2025 | +8.4%/yr | |
| Capital expenditures | SEK 6.54B2016 | SEK 2.47B2025 | −10.2%/yr | |
| Free cash flow | SEK 8.41B2016 | SEK 28.50B2025 | +14.5%/yr | |
| Free cash flow margin | 3.5%2016 | 12.8%2025 | +9.3 pts | |
| Operating cash flow / net income | 8.162016 | 1.162025 | −7.01 | |
| Stock-based compensation | SEK 957.0M2016 | SEK 1.37B2023 | +5.3%/yr | |
| Dividends paid | SEK 12.86B2016 | SEK 8.97B2025 | −3.9%/yr | |
| Share buybacks (net) | SEK 26.0M2016 | SEK 02021 | −100.0% | |
| Capex / revenue | 2.8%2016 | 1.1%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ERIC cash flow by activity
OperatingInvestingFinancingChange in cash
ERIC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ERIC cash flow statement in Swedish kronor
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | SEK 26.72B | SEK 20.9M | −SEK 25.08B | SEK 19.11B | SEK 22.98B | SEK 17.62B | SEK 1.84B | −SEK 6.75B | −SEK 31.90B | SEK 1.83B |
| Depreciation & amortization | SEK 7.00B | SEK 10.48B | SEK 9.50B | SEK 10.54B | SEK 8.97B | SEK 8.67B | SEK 9.09B | SEK 4.80B | SEK 8.28B | SEK 8.89B |
| Stock-based compensation | — | — | SEK 1.37B | SEK 450.0M | −SEK 4.70B | SEK 374.0M | SEK 406.0M | SEK 1.29B | SEK 1.06B | SEK 957.0M |
| Change in working capital | SEK 355.3M | SEK 23.87B | −SEK 11.38B | SEK 619.0M | SEK 4.00B | −SEK 3.60B | SEK 2.81B | SEK 8.05B | SEK 22.24B | SEK 6.40B |
| Other non-cash items | −SEK 3.10B | SEK 14.03B | SEK 32.40B | SEK 139.0M | SEK 7.81B | SEK 5.87B | SEK 2.73B | SEK 2.27B | SEK 9.73B | −SEK 3.13B |
| Cash from operating activities | SEK 30.98B | SEK 48.40B | SEK 6.81B | SEK 30.86B | SEK 39.06B | SEK 28.93B | SEK 16.87B | SEK 9.66B | SEK 9.40B | SEK 14.95B |
| Investing activities | ||||||||||
| Capital expenditures | −SEK 2.47B | −SEK 2.45B | −SEK 3.13B | −SEK 6.20B | −SEK 4.62B | −SEK 5.31B | −SEK 6.66B | −SEK 4.11B | −SEK 3.80B | −SEK 6.54B |
| Investments (net) | −SEK 22.07B | −SEK 15.95B | −SEK 8.71B | −SEK 34.40B | −SEK 15.30B | −SEK 15.20B | −SEK 3.54B | −SEK 4.13B | −SEK 16.07B | −SEK 8.28B |
| Acquisitions & other investing | SEK 13.79B | SEK 1.71B | SEK 3.58B | SEK 6.20B | SEK 43.0M | SEK 5.31B | SEK 6.66B | SEK 3.97B | SEK 4.13B | SEK 5.99B |
| Cash from investing activities | −SEK 10.75B | −SEK 16.69B | −SEK 8.26B | −SEK 34.40B | −SEK 19.88B | −SEK 15.20B | −SEK 3.54B | −SEK 4.27B | −SEK 15.74B | −SEK 8.84B |
| Financing activities | ||||||||||
| Dividends paid | −SEK 8.97B | −SEK 9.41B | −SEK 8.53B | −SEK 8.41B | −SEK 6.89B | −SEK 6.00B | −SEK 4.45B | −SEK 3.54B | −SEK 3.35B | −SEK 12.86B |
| Share repurchases & issuance (net) | — | — | — | — | SEK 7.84B | −SEK 163.0M | SEK 4.28B | SEK 1.64B | −SEK 15.0M | −SEK 26.0M |
| Net borrowing (repayment) | −SEK 5.25B | −SEK 14.79B | SEK 8.99B | −SEK 7.87B | −SEK 277.0M | −SEK 6.66B | −SEK 2.62B | −SEK 837.0M | SEK 8.59B | SEK 455.0M |
| Shares issued | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 42.0M | SEK 163.0M | SEK 197.0M | SEK 107.0M | SEK 0 | SEK 0 |
| Other financing | SEK 857.7M | −SEK 762.9M | SEK 496.4M | SEK 352.0M | −SEK 10.02B | SEK 164.0M | −SEK 4.31B | −SEK 1.59B | SEK 147.5M | −SEK 91.9M |
| Cash from financing activities | −SEK 13.37B | −SEK 24.97B | SEK 955.2M | −SEK 15.93B | −SEK 9.31B | −SEK 12.49B | −SEK 6.90B | −SEK 4.22B | SEK 5.37B | −SEK 12.53B |
| Summary | ||||||||||
| Net change in cash | SEK 7.31B | SEK 5.31B | −SEK 1.90B | −SEK 15.70B | SEK 10.44B | −SEK 1.47B | SEK 6.69B | −SEK 475.0M | SEK 2.62B | −SEK 6.41B |
| Cash at end of period | SEK 43.93B | SEK 43.94B | SEK 35.16B | SEK 38.35B | SEK 54.05B | SEK 43.61B | SEK 45.08B | SEK 38.96B | SEK 36.67B | SEK 37.17B |
| Free cash flow | SEK 28.50B | SEK 45.96B | SEK 3.68B | SEK 24.67B | SEK 34.44B | SEK 23.62B | SEK 10.21B | SEK 5.55B | SEK 5.61B | SEK 8.41B |
| Free cash flow margin | 12.8% | 17.7% | 1.5% | 9.0% | 14.1% | 11.4% | 4.7% | 2.5% | 2.8% | 3.5% |
| Capex / revenue | 1.1% | 0.9% | 1.3% | 2.3% | 1.9% | 2.6% | 3.1% | 1.9% | 1.9% | 2.8% |
| Operating cash flow / net income | 1.16 | 2,313.01 | — | 1.61 | 1.70 | 1.64 | 9.17 | — | — | 8.16 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | SEK 5.72B | SEK 4.17B | SEK 920.3M | SEK 8.39B | SEK 10.97B | SEK 4.48B | SEK 3.89B | SEK 4.90B | SEK 3.69B | −SEK 11.01B | SEK 2.65B | SEK 3.20B |
| Depreciation & amortization | — | SEK 1.61B | SEK 1.99B | SEK 1.70B | SEK 2.13B | SEK 2.18B | SEK 2.75B | SEK 2.47B | SEK 2.29B | SEK 2.54B | SEK 2.39B | SEK 2.65B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −SEK 6.92B | SEK 1.37B |
| Change in working capital | −SEK 3.81B | −SEK 4.66B | SEK 5.80B | SEK 5.95B | −SEK 600.6M | −SEK 2.62B | −SEK 2.66B | SEK 8.37B | SEK 7.44B | SEK 6.46B | SEK 760.1M | SEK 6.28B |
| Other non-cash items | SEK 4.54B | SEK 816.6M | −SEK 1.04B | −SEK 364.2M | −SEK 4.74B | SEK 45.1M | SEK 106.1M | SEK 2.94B | SEK 331.0M | SEK 11.20B | SEK 6.39B | SEK 148.1M |
| Cash from operating activities | SEK 6.46B | SEK 1.94B | SEK 7.67B | SEK 15.68B | SEK 7.76B | SEK 4.08B | SEK 4.09B | SEK 18.68B | SEK 13.75B | SEK 9.19B | SEK 5.26B | SEK 13.66B |
| Investing activities | ||||||||||||
| Capital expenditures | −SEK 844.9M | −SEK 659.4M | −SEK 642.6M | −SEK 813.4M | −SEK 499.8M | −SEK 558.5M | −SEK 683.5M | −SEK 715.8M | −SEK 516.0M | −SEK 691.7M | −SEK 450.1M | −SEK 664.1M |
| Investments (net) | — | −SEK 1.56B | SEK 2.32B | −SEK 5.44B | SEK 3.15B | −SEK 10.86B | SEK 1.30B | −SEK 8.33B | −SEK 297.0M | −SEK 5.99B | −SEK 1.34B | −SEK 6.81B |
| Acquisitions & other investing | SEK 2.10B | −SEK 1.69B | SEK 249.3M | SEK 1.46B | SEK 92.1M | SEK 1.33B | SEK 602.2M | SEK 204.9M | SEK 525.2M | SEK 714.1M | SEK 400.4M | SEK 1.08B |
| Cash from investing activities | SEK 1.25B | −SEK 3.91B | SEK 1.93B | −SEK 4.79B | SEK 2.75B | −SEK 10.09B | SEK 1.22B | −SEK 8.84B | −SEK 287.8M | −SEK 5.96B | −SEK 1.39B | −SEK 6.39B |
| Financing activities | ||||||||||||
| Dividends paid | −SEK 65.8M | −SEK 5.27B | SEK 0 | −SEK 4.50B | −SEK 126.0M | −SEK 4.50B | SEK 0 | −SEK 4.80B | −SEK 10.4M | −SEK 4.71B | SEK 0 | −SEK 4.21B |
| Share repurchases & issuance (net) | −SEK 4.56B | −SEK 3.38B | — | — | — | −SEK 116.0M | — | — | — | — | — | — |
| Net borrowing (repayment) | — | −SEK 592.0M | −SEK 459.0M | −SEK 3.26B | −SEK 533.0M | −SEK 788.0M | −SEK 672.0M | −SEK 514.0M | −SEK 4.57B | — | — | — |
| Shares issued | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 |
| Other financing | SEK 5.14B | −SEK 371.8M | −SEK 1.90B | −SEK 614.0M | −SEK 567.9M | SEK 2.12B | −SEK 14.4M | −SEK 571.4M | SEK 542.7M | −SEK 841.7M | −SEK 8.81B | SEK 7.73B |
| Cash from financing activities | SEK 513.1M | −SEK 9.61B | −SEK 2.36B | −SEK 8.37B | −SEK 1.23B | −SEK 3.28B | −SEK 686.4M | −SEK 5.88B | −SEK 4.04B | −SEK 5.55B | −SEK 8.81B | SEK 3.52B |
| Summary | ||||||||||||
| Net change in cash | −SEK 40.97B | −SEK 11.43B | SEK 6.89B | SEK 2.08B | SEK 9.48B | −SEK 8.64B | SEK 4.68B | SEK 3.21B | SEK 9.77B | −SEK 2.80B | −SEK 5.53B | SEK 10.23B |
| Cash at end of period | — | SEK 41.59B | SEK 52.03B | SEK 43.93B | SEK 42.51B | SEK 33.44B | SEK 44.43B | SEK 43.94B | SEK 37.12B | SEK 28.68B | SEK 32.11B | SEK 35.16B |
| Free cash flow | SEK 5.61B | SEK 1.28B | SEK 7.03B | SEK 14.86B | SEK 7.26B | SEK 3.52B | SEK 3.40B | SEK 17.97B | SEK 13.23B | SEK 8.50B | SEK 4.81B | SEK 12.99B |
| Free cash flow margin | 9.6% | 2.4% | 13.7% | 21.9% | 13.1% | 6.4% | 6.6% | 24.0% | 22.1% | 14.4% | 8.7% | 19.1% |
| Capex / revenue | 1.4% | 1.2% | 1.3% | 1.2% | 0.9% | 1.0% | 1.3% | 1.0% | 0.9% | 1.2% | 0.8% | 1.0% |
| Operating cash flow / net income | 1.13 | 0.47 | 8.34 | 1.87 | 0.71 | 0.91 | 1.05 | 3.81 | 3.73 | — | 1.98 | 4.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swedish kronor as reported; data from EODHD.
ERIC cash generation
In fiscal 2025 (ended December 31, 2025), Telefonaktiebolaget LM Ericsson generated SEK 31.0 billion of cash from operations (down 36.0%) and spent SEK 2.5 billion on capital expenditures, leaving free cash flow of SEK 28.5 billion, 12.8% of revenue. It returned SEK 9.0 billion to shareholders through dividends (SEK 9.0 billion) and net share buybacks (SEK 0). Cash and equivalents rose by SEK 7.3 billion over the year.
Related: ERIC income statement, ERIC balance sheet, ERIC dividend history. See the ERIC stock overview for the latest quote and news.
ERIC cash flow FAQ
What is Telefonaktiebolaget LM Ericsson's free cash flow?
Telefonaktiebolaget LM Ericsson's free cash flow was SEK 28.5 billion in fiscal 2025: SEK 31.0 billion of operating cash flow minus SEK 2.5 billion of capital expenditures It was SEK 46.0 billion a year earlier..
How much cash does Telefonaktiebolaget LM Ericsson generate from operations?
Telefonaktiebolaget LM Ericsson generated SEK 31.0 billion of cash from operating activities in fiscal 2025, 1.16 times its net income of SEK 26.7 billion.
How much does Telefonaktiebolaget LM Ericsson spend on capital expenditures?
Telefonaktiebolaget LM Ericsson spent SEK 2.5 billion on capital expenditures in fiscal 2025, 1.1% of revenue, compared with SEK 2.4 billion the year before.
How much does Telefonaktiebolaget LM Ericsson pay in dividends?
Telefonaktiebolaget LM Ericsson paid SEK 9.0 billion in dividends in fiscal 2025, 31.5% of free cash flow.