Sanofi (SNY) Cash Flow Statement
Where SNY’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €12.13B +33.6% vs 2024
- Capital expenditures
- €1.99B 4.3% of revenue
- Free cash flow
- €10.14B 21.7% margin
- Returned to shareholders
- €11.06B 109% of free cash flow
- Change in cash
- €970.5M cash at year-end €8.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SNY operating cash flow, capex and free cash flow
SNY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €7.84B2016 | €12.13B2025 | +5.0%/yr | |
| Capital expenditures | €2.08B2016 | €1.99B2025 | −0.5%/yr | |
| Free cash flow | €5.75B2016 | €10.14B2025 | +6.5%/yr | |
| Free cash flow margin | 16.6%2016 | 21.7%2025 | +5.1 pts | |
| Operating cash flow / net income | 1.662016 | 2.182025 | +0.51 | |
| Stock-based compensation | €250.0M2016 | €283.0M2023 | +1.8%/yr | |
| Dividends paid | €3.76B2016 | €5.39B2025 | +4.1%/yr | |
| Share buybacks (net) | €2.91B2016 | €5.68B2025 | +7.7%/yr | |
| Capex / revenue | 6.0%2016 | 4.3%2025 | −1.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SNY cash flow by activity
SNY 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).
SNY cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €5.57B | €5.50B | €5.06B | €8.37B | €6.22B | €12.29B | €2.75B | €4.31B | €8.43B | €4.71B |
| Depreciation & amortization | €5.68B | €3.59B | €4.43B | €3.42B | €3.35B | €3.67B | €7.45B | €4.28B | €3.69B | €3.30B |
| Stock-based compensation | — | — | €283.0M | −€234.0M | −€108.0M | −€7.38B | −€119.0M | €284.0M | €263.0M | €250.0M |
| Change in working capital | €2.03B | −€615.0M | €413.0M | −€707.0M | €1.41B | −€325.0M | −€419.0M | −€1.28B | €148.0M | €828.0M |
| Other non-cash items | −€1.15B | €614.0M | €71.0M | −€324.0M | −€353.0M | −€843.0M | −€1.95B | −€2.04B | −€5.15B | −€1.25B |
| Cash from operating activities | €12.13B | €9.08B | €10.26B | €10.53B | €10.52B | €7.42B | €7.71B | €5.55B | €7.38B | €7.84B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.99B | −€3.19B | −€2.91B | −€2.20B | −€2.04B | −€2.08B | −€1.79B | −€1.98B | −€1.96B | −€2.08B |
| Investments (net) | — | −€4.41B | −€6.20B | −€2.08B | −€311.0M | €10.23B | −€1.06B | −€12.87B | €639.0M | −€2.51B |
| Acquisitions & other investing | −€773.1M | €3.19B | €2.91B | €2.20B | −€4.94B | −€4.56B | €1.63B | €1.98B | €1.96B | €2.08B |
| Cash from investing activities | −€2.76B | −€4.41B | −€6.20B | −€2.08B | −€7.30B | €3.59B | −€1.21B | −€12.87B | €639.0M | −€2.51B |
| Financing activities | ||||||||||
| Dividends paid | −€5.39B | −€4.70B | −€4.45B | −€4.17B | −€4.01B | −€3.94B | −€3.83B | −€3.77B | −€3.71B | −€3.76B |
| Share repurchases & issuance (net) | −€5.68B | −€302.0M | −€593.0M | −€497.0M | −€382.0M | −€822.0M | −€9.0M | −€1.10B | −€2.16B | −€2.91B |
| Net borrowing (repayment) | €1.50B | −€894.0M | −€3.14B | −€1.25B | −€2.80B | −€1.89B | −€491.0M | €8.72B | −€2.30B | €2.29B |
| Shares issued | €177.0M | €187.0M | €195.0M | €188.0M | €186.0M | €203.0M | €162.0M | €177.0M | €0 | €0 |
| Other financing | €119.1M | −€50.0M | −€63.0M | −€99.0M | −€48.0M | −€44.0M | −€21.0M | −€91.0M | €267.0M | €273.0M |
| Cash from financing activities | −€9.26B | −€5.76B | −€8.05B | −€5.82B | −€7.06B | −€6.49B | −€4.19B | €3.93B | −€7.90B | −€4.10B |
| Summary | ||||||||||
| Net change in cash | €970.5M | −€1.27B | −€4.03B | €2.64B | −€3.82B | €4.49B | €2.50B | −€3.39B | €42.0M | €1.12B |
| Cash at end of period | €8.68B | €7.44B | €8.71B | €12.74B | €10.10B | €13.91B | €9.43B | €6.92B | €10.31B | €10.27B |
| Free cash flow | €10.14B | €5.89B | €7.35B | €8.32B | €8.48B | €5.33B | €5.93B | €3.57B | €5.42B | €5.75B |
| Free cash flow margin | 21.7% | 13.3% | 17.7% | 20.5% | 21.6% | 14.3% | 15.8% | 10.0% | 15.0% | 16.6% |
| Capex / revenue | 4.3% | 7.2% | 7.0% | 5.4% | 5.2% | 5.6% | 4.7% | 5.5% | 5.4% | 6.0% |
| Operating cash flow / net income | 2.18 | 1.65 | 2.03 | 1.26 | 1.69 | 0.60 | 2.80 | 1.29 | 0.87 | 1.66 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €343.0M | €1.61B | −€801.0M | €2.80B | €3.94B | €1.87B | €2.81B | €2.21B | €1.13B | €1.97B |
| Depreciation & amortization | €2.91B | €535.0M | €1.97B | €461.0M | — | €399.0M | €401.0M | €1.25B | €484.0M | €2.97B |
| Stock-based compensation | €184.0M | — | — | €171.0M | €171.0M | — | — | €173.0M | — | €283.0M |
| Change in working capital | −€688.2M | — | — | €800.0M | — | — | — | −€2.56B | — | €1.58B |
| Other non-cash items | €2.66B | −€466.0M | €2.27B | −€484.0M | −€2.65B | −€178.0M | €632.0M | €461.5M | −€1.53B | −€114.1M |
| Cash from operating activities | €5.42B | €1.68B | €3.44B | €3.75B | €1.46B | €2.09B | €3.85B | €1.54B | €88.0M | €6.70B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.51B | €0 | −€1.86B | −€845.0M | €0 | €0 | €0 | −€1.95B | €0 | −€2.11B |
| Investments (net) | — | — | — | −€9.04B | €9.50B | −€776.0M | — | −€3.04B | −€372.0M | — |
| Acquisitions & other investing | −€1.57B | −€2.28B | −€273.0M | €845.0M | — | €0 | — | €1.30B | — | −€1.02B |
| Cash from investing activities | −€3.08B | −€2.28B | −€2.13B | −€9.04B | — | −€776.0M | — | −€3.69B | — | −€3.13B |
| Financing activities | ||||||||||
| Dividends paid | −€5.74B | — | — | — | — | — | — | −€5.08B | — | −€138.0M |
| Share repurchases & issuance (net) | −€1.18B | — | — | −€29.0M | — | — | — | −€326.4M | — | −€230.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | €3.03B | −€1.53B | −€2.57B | −€1.12B | −€3.86B | −€592.0M | −€1.87B | €5.51B | €760.0M | −€2.47B |
| Cash from financing activities | −€3.89B | −€1.53B | −€2.57B | −€1.15B | −€3.86B | −€592.0M | −€1.87B | €96.2M | €760.0M | −€2.84B |
| Summary | ||||||||||
| Net change in cash | −€1.42B | −€2.11B | −€1.25B | −€6.45B | €7.37B | €550.0M | — | −€2.34B | €471.0M | €717.0M |
| Cash at end of period | €7.26B | €5.54B | €7.66B | €8.91B | €15.36B | €7.99B | — | €7.28B | €8.71B | €8.71B |
| Free cash flow | €3.90B | €1.68B | €1.59B | €4.59B | €42.0M | €2.09B | €5.65B | −€412.9M | €88.0M | €4.59B |
| Free cash flow margin | 31.7% | 15.0% | 13.0% | 34.9% | 0.4% | 19.7% | 39.9% | −3.6% | 0.9% | 37.6% |
| Capex / revenue | 12.3% | 0.0% | 15.2% | 6.4% | 0.0% | 0.0% | 0.0% | 17.1% | 0.0% | 17.3% |
| Operating cash flow / net income | 15.79 | 1.04 | — | 1.34 | 0.37 | 1.12 | 1.37 | 0.70 | 0.08 | 3.40 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
SNY cash generation
In fiscal 2025 (ended December 31, 2025), Sanofi generated €12.1 billion of cash from operations (up 33.6%) and spent €2.0 billion on capital expenditures, leaving free cash flow of €10.1 billion, 21.7% of revenue. It returned €11.1 billion to shareholders through dividends (€5.4 billion) and net share buybacks (€5.7 billion). Cash and equivalents rose by €970.5 million over the year.
Related: SNY income statement, SNY balance sheet, SNY dividend history. See the SNY stock overview for the latest quote and news.
SNY cash flow FAQ
What is Sanofi's free cash flow?
Sanofi's free cash flow was €10.1 billion in fiscal 2025: €12.1 billion of operating cash flow minus €2.0 billion of capital expenditures It was €5.9 billion a year earlier..
How much cash does Sanofi generate from operations?
Sanofi generated €12.1 billion of cash from operating activities in fiscal 2025, 2.18 times its net income of €5.6 billion.
How much does Sanofi spend on capital expenditures?
Sanofi spent €2.0 billion on capital expenditures in fiscal 2025, 4.3% of revenue, compared with €3.2 billion the year before.
How much stock does Sanofi buy back?
Sanofi spent €5.7 billion on net share repurchases in fiscal 2025.
How much does Sanofi pay in dividends?
Sanofi paid €5.4 billion in dividends in fiscal 2025, 53.1% of free cash flow.