GALDERMA GROUP AG (GALDY) Cash Flow Statement
Where GALDY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.19B +142.8% vs 2024
- Capital expenditures
- $154.0M 2.9% of revenue
- Free cash flow
- $1.03B 19.7% margin
- Returned to shareholders
- $404.0M 39% of free cash flow
- Change in cash
- $323.0M cash at year-end $780.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GALDY operating cash flow, capex and free cash flow
GALDY cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $195.7M2021 | $1.19B2025 | +56.9%/yr | |
| Capital expenditures | $128.0M2021 | $154.0M2025 | +4.7%/yr | |
| Free cash flow | $67.7M2021 | $1.03B2025 | +97.5%/yr | |
| Free cash flow margin | 2.0%2021 | 19.7%2025 | +17.7 pts | |
| Operating cash flow / net income | 2.112024 | 1.932025 | −0.18 | |
| Stock-based compensation | $02023 | $64.0M2025 | — | |
| Share buybacks (net) | $02023 | $363.0M2025 | — | |
| Capex / revenue | 3.7%2021 | 2.9%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GALDY cash flow by activity
GALDY 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).
GALDY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $613.0M | $231.0M | −$57.0M | −$98.5M | −$154.3M |
| Depreciation & amortization | $323.0M | $293.0M | $276.0M | $277.7M | $253.1M |
| Stock-based compensation | $64.0M | $68.0M | $0 | — | — |
| Change in working capital | $194.0M | −$148.0M | −$35.0M | −$78.5M | $25.6M |
| Other non-cash items | −$9.0M | $44.0M | −$19.0M | $10.6M | $71.3M |
| Cash from operating activities | $1.19B | $488.0M | $165.0M | $111.3M | $195.7M |
| Investing activities | |||||
| Capital expenditures | −$154.0M | −$275.0M | −$153.0M | −$159.5M | −$128.0M |
| Investments (net) | — | −$326.0M | −$174.0M | −$66.5M | −$522.8M |
| Financing activities | |||||
| Dividends paid | −$41.0M | — | — | — | — |
| Share repurchases & issuance (net) | −$363.0M | −$15.0M | $0 | — | — |
| Net borrowing (repayment) | −$293.0M | −$2.18B | −$869.0M | −$72.1M | $317.2M |
| Shares issued | $0 | $2.17B | $1.01B | $0 | $0 |
| Summary | |||||
| Net change in cash | $323.0M | $90.0M | $134.0M | −$59.5M | −$37.1M |
| Cash at end of period | $780.0M | $457.0M | $368.0M | $234.1M | $293.6M |
| Free cash flow | $1.03B | $213.0M | $12.0M | −$48.2M | $67.7M |
| Free cash flow margin | 19.7% | 4.8% | 0.3% | −1.3% | 2.0% |
| Capex / revenue | 2.9% | 6.2% | 3.7% | 4.2% | 3.7% |
| Operating cash flow / net income | 1.93 | 2.11 | — | — | — |
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.
GALDY cash generation
In fiscal 2025 (ended December 31, 2025), GALDERMA GROUP generated $1.2 billion of cash from operations (up 142.8%) and spent $154.0 million on capital expenditures, leaving free cash flow of $1.0 billion, 19.7% of revenue. It returned $404.0 million to shareholders through dividends ($41.0 million) and net share buybacks ($363.0 million). Cash and equivalents rose by $323.0 million over the year.
Related: GALDY income statement, GALDY balance sheet, GALDY dividend history. See the GALDY stock overview for the latest quote and news.
GALDY cash flow FAQ
What is GALDERMA GROUP's free cash flow?
GALDERMA GROUP's free cash flow was $1.0 billion in fiscal 2025: $1.2 billion of operating cash flow minus $154.0 million of capital expenditures It was $213.0 million a year earlier..
How much cash does GALDERMA GROUP generate from operations?
GALDERMA GROUP generated $1.2 billion of cash from operating activities in fiscal 2025, 1.93 times its net income of $613.0 million.
How much does GALDERMA GROUP spend on capital expenditures?
GALDERMA GROUP spent $154.0 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with $275.0 million the year before.
How much stock does GALDERMA GROUP buy back?
GALDERMA GROUP spent $363.0 million on net share repurchases in fiscal 2025.
How much does GALDERMA GROUP pay in dividends?
GALDERMA GROUP paid $41.0 million in dividends in fiscal 2025, 4.0% of free cash flow.