Universal Registration Document Fiscal 2025

4.1.4 Consolidated cash flow statement

Download the table

Including 197 million euros corresponding to the depreciation of right-of-use assets recognized in Fiscal 2025 in accordance with IFRS 16 (179 million euros recognized in Fiscal 2024).
As from the first half of Fiscal 2025, payments and amortization of client investments are reported separately. Previously, they were reported as a change in client investments. This change in presentation has been reflected in the comparative information for Fiscal 2024.
As from the first half of Fiscal 2025, interest received and interest paid are reported separately. Previously, they were reported as net interest expense paid. This change in presentation has been reflected in the comparative information for Fiscal 2024.

(in millions of euros)	NOTES	FISCAL 2025	FISCAL 2024
Operating profit	Operating profit NOTES	Operating profitFISCAL 2025985	Operating profitFISCAL 20241,051
Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets⁽¹⁾	Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets ⁽¹⁾ NOTES	Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets ⁽¹⁾FISCAL 2025 490	Depreciation, amortization and impairment of intangible assets, property, plant and equipment and right-of-use assets ⁽¹⁾FISCAL 2024 470
Payment of client investments during fiscal year⁽²⁾	Payment of client investments during fiscal year ⁽²⁾ NOTES	Payment of client investments during fiscal year ⁽²⁾FISCAL 2025 (167)	Payment of client investments during fiscal year ⁽²⁾FISCAL 2024 (147)
Amortization of client investments during fiscal year⁽²⁾	Amortization of client investments during fiscal year ⁽²⁾ NOTES 4.4	Amortization of client investments during fiscal year ⁽²⁾FISCAL 2025 131	Amortization of client investments during fiscal year ⁽²⁾FISCAL 2024 135
Provisions	Provisions NOTES	Provisions FISCAL 2025 (16)	Provisions FISCAL 2024 (32)
(Gains) losses on disposals and dilution	(Gains) losses on disposals and dilution NOTES	(Gains) losses on disposals and dilution FISCAL 2025 (10)	(Gains) losses on disposals and dilution FISCAL 2024 (83)
Other non-cash items	Other non-cash items NOTES	Other non-cash items FISCAL 2025 28	Other non-cash items FISCAL 2024 29
Dividends received from companies accounted for using the equity method	Dividends received from companies accounted for using the equity method NOTES 8	Dividends received from companies accounted for using the equity method FISCAL 2025 10	Dividends received from companies accounted for using the equity method FISCAL 2024 7
Interest paid⁽³⁾	Interest paid ⁽³⁾ NOTES	Interest paid ⁽³⁾FISCAL 2025 (116)	Interest paid ⁽³⁾FISCAL 2024 (148)
Interest received⁽³⁾	Interest received ⁽³⁾ NOTES	Interest received ⁽³⁾FISCAL 2025 72	Interest received ⁽³⁾FISCAL 2024 111
Interest paid on lease liabilities	Interest paid on lease liabilities NOTES	Interest paid on lease liabilities FISCAL 2025 (26)	Interest paid on lease liabilities FISCAL 2024 (23)
Income tax paid	Income tax paid NOTES	Income tax paid FISCAL 2025 (348)	Income tax paid FISCAL 2024 (179)
Operating cash flow	Operating cash flow NOTES	Operating cash flowFISCAL 20251,033	Operating cash flowFISCAL 20241,191
Change in trade receivables and other current operating assets	Change in trade receivables and other current operating assets NOTES	Change in trade receivables and other current operating assets FISCAL 2025 9	Change in trade receivables and other current operating assets FISCAL 2024 (2)
Change in trade and other payables	Change in trade and other payables NOTES	Change in trade and other payables FISCAL 2025 (249)	Change in trade and other payables FISCAL 2024 (213)
Change in trade and other payables	Change in trade and other payables NOTES	Change in trade and other payables FISCAL 2025 171	Change in trade and other payables FISCAL 2024 172
Change in working capital relating to operating activities	Change in working capital relating to operating activities NOTES	Change in working capital relating to operating activitiesFISCAL 2025(69)	Change in working capital relating to operating activitiesFISCAL 2024(43)
Net cash provided by/(used in) operating activities – continuing operations	Net cash provided by/(used in) operating activities – continuing operations NOTES	Net cash provided by/(used in) operating activities – continuing operationsFISCAL 2025964	Net cash provided by/(used in) operating activities – continuing operationsFISCAL 20241,148
Net cash provided by/(used in) operating activities – discontinued operations	Net cash provided by/(used in) operating activities – discontinued operations NOTES	Net cash provided by/(used in) operating activities – discontinued operationsFISCAL 2025—	Net cash provided by/(used in) operating activities – discontinued operationsFISCAL 2024172
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES	NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES NOTES	NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIESFISCAL 2025964	NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIESFISCAL 20241,320
Acquisitions of property, plant and equipment and intangible assets	Acquisitions of property, plant and equipment and intangible assets NOTES	Acquisitions of property, plant and equipment and intangible assets FISCAL 2025 (333)	Acquisitions of property, plant and equipment and intangible assets FISCAL 2024 (358)
Disposals of property, plant and equipment and intangible assets	Disposals of property, plant and equipment and intangible assets NOTES	Disposals of property, plant and equipment and intangible assets FISCAL 2025 16	Disposals of property, plant and equipment and intangible assets FISCAL 2024 35
Change in financial assets and share of companies consolidated by the equity method	Change in financial assets and share of companies consolidated by the equity method NOTES	Change in financial assets and share of companies consolidated by the equity method FISCAL 2025 20	Change in financial assets and share of companies consolidated by the equity method FISCAL 2024 35
Acquisition of subsidiaries, net of cash acquired	Acquisition of subsidiaries, net of cash acquired NOTES 3	Acquisition of subsidiaries, net of cash acquired FISCAL 2025 (104)	Acquisition of subsidiaries, net of cash acquired FISCAL 2024 (92)
Disposal of subsidiaries, net of cash transferred	Disposal of subsidiaries, net of cash transferred NOTES 3	Disposal of subsidiaries, net of cash transferred FISCAL 2025 11	Disposal of subsidiaries, net of cash transferred FISCAL 2024 1,073
Net cash provided by/(used in) investing activities – continuing operations	Net cash provided by/(used in) investing activities – continuing operations NOTES	Net cash provided by/(used in) investing activities – continuing operationsFISCAL 2025(390)	Net cash provided by/(used in) investing activities – continuing operationsFISCAL 2024693
Net cash provided by/(used in) investing activities – discontinued operations	Net cash provided by/(used in) investing activities – discontinued operations NOTES	Net cash provided by/(used in) investing activities – discontinued operationsFISCAL 2025—	Net cash provided by/(used in) investing activities – discontinued operationsFISCAL 2024(1,740)
NET CASH USED IN INVESTING ACTIVITIES	NET CASH USED IN INVESTING ACTIVITIES NOTES	NET CASH USED IN INVESTING ACTIVITIES FISCAL 2025(390)	NET CASH USED IN INVESTING ACTIVITIES FISCAL 2024(1,047)
Dividends paid to Sodexo S.A. shareholders	Dividends paid to Sodexo S.A. shareholders NOTES 11.1	Dividends paid to Sodexo S.A. shareholders FISCAL 2025 (388)	Dividends paid to Sodexo S.A. shareholders FISCAL 2024 (1,373)
Dividends paid to non-controlling shareholders of consolidated companies	Dividends paid to non-controlling shareholders of consolidated companies NOTES	Dividends paid to non-controlling shareholders of consolidated companies FISCAL 2025 (14)	Dividends paid to non-controlling shareholders of consolidated companies FISCAL 2024 (4)
Purchases of treasury shares	Purchases of treasury shares NOTES 11.1	Purchases of treasury shares FISCAL 2025 (83)	Purchases of treasury shares FISCAL 2024 (51)
Sales of treasury shares	Sales of treasury shares NOTES 11.1	Sales of treasury shares FISCAL 2025 (4)	Sales of treasury shares FISCAL 2024 (1)
Change in non-controlling interests	Change in non-controlling interests NOTES	Change in non-controlling interests FISCAL 2025—	Change in non-controlling interests FISCAL 2024—
Proceeds from borrowings	Proceeds from borrowings NOTES 12.4	Proceeds from borrowings FISCAL 2025 1 838	Proceeds from borrowings FISCAL 2024 389
Repayment of borrowings	Repayment of borrowings NOTES 12.4	Repayment of borrowings FISCAL 2025 (1,691)	Repayment of borrowings FISCAL 2024 (1,212)
Repayments of lease liabilities	Repayments of lease liabilities NOTES 7.1	Repayments of lease liabilities FISCAL 2025 (188)	Repayments of lease liabilities FISCAL 2024 (165)
Net cash provided by/(used in) financing activities – continuing operations	Net cash provided by/(used in) financing activities – continuing operations NOTES	Net cash provided by/(used in) financing activities – continuing operationsFISCAL 2025(530)	Net cash provided by/(used in) financing activities – continuing operationsFISCAL 2024(2,417)
Net cash provided by/(used in) financing activities – discontinued operations	Net cash provided by/(used in) financing activities – discontinued operations NOTES	Net cash provided by/(used in) financing activities – discontinued operationsFISCAL 2025—	Net cash provided by/(used in) financing activities – discontinued operationsFISCAL 20241 065
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES NOTES	NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIESFISCAL 2025(530)	NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIESFISCAL 2024(1,352)
NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH	NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH NOTES	NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASHFISCAL 2025(88)	NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASHFISCAL 2024(17)
Net effect of exchange rates and other effects on cash – continuing operations	Net effect of exchange rates and other effects on cash – continuing operations NOTES	Net effect of exchange rates and other effects on cash – continuing operationsFISCAL 2025(88)	Net effect of exchange rates and other effects on cash – continuing operationsFISCAL 20249
Net effect of exchange rates and other effects on cash – discontinued operations	Net effect of exchange rates and other effects on cash – discontinued operations NOTES	Net effect of exchange rates and other effects on cash – discontinued operationsFISCAL 2025—	Net effect of exchange rates and other effects on cash – discontinued operationsFISCAL 2024(26)
CHANGE IN NET CASH AND CASH EQUIVALENTS	CHANGE IN NET CASH AND CASH EQUIVALENTS NOTES	CHANGE IN NET CASH AND CASH EQUIVALENTSFISCAL 2025(44)	CHANGE IN NET CASH AND CASH EQUIVALENTSFISCAL 2024(1,096)
NET CASH AND CASH EQUIVALENTS, BEGINNING OF FISCAL YEAR	NET CASH AND CASH EQUIVALENTS, BEGINNING OF FISCAL YEAR NOTES	NET CASH AND CASH EQUIVALENTS, BEGINNING OF FISCAL YEARFISCAL 20252,134	NET CASH AND CASH EQUIVALENTS, BEGINNING OF FISCAL YEARFISCAL 20243,230
of which net cash and cash equivalents, beginning of fiscal year – continuing operations	of which net cash and cash equivalents, beginning of fiscal year – continuing operations NOTES	of which net cash and cash equivalents, beginning of fiscal year – continuing operations FISCAL 2025 2,134	of which net cash and cash equivalents, beginning of fiscal year – continuing operations FISCAL 2024 2,025
of which net cash and cash equivalents, beginning of fiscal year – discontinued operations	of which net cash and cash equivalents, beginning of fiscal year – discontinued operations NOTES	of which net cash and cash equivalents, beginning of fiscal year – discontinued operations FISCAL 2025—	of which net cash and cash equivalents, beginning of fiscal year – discontinued operations FISCAL 2024 1,205
NET CASH AND CASH EQUIVALENTS, END OF YEAR	NET CASH AND CASH EQUIVALENTS, END OF YEAR NOTES 12.2	NET CASH AND CASH EQUIVALENTS, END OF YEARFISCAL 20252,090	NET CASH AND CASH EQUIVALENTS, END OF YEARFISCAL 20242,134
of which net cash and cash equivalents, end of fiscal year – continuing operations	of which net cash and cash equivalents, end of fiscal year – continuing operations NOTES	of which net cash and cash equivalents, end of fiscal year – continuing operations FISCAL 2025 2,090	of which net cash and cash equivalents, end of fiscal year – continuing operations FISCAL 2024 2,134
of which net cash and cash equivalents, end of fiscal year – discontinued operations	of which net cash and cash equivalents, end of fiscal year – discontinued operations NOTES	of which net cash and cash equivalents, end of fiscal year – discontinued operations FISCAL 2025—	of which net cash and cash equivalents, end of fiscal year – discontinued operations FISCAL 2024—