Cash Flow Statement

Operating Cash Flow

-22%

+4%

10Y

Currency: USD

	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(49)	(51)	(48)	(113)	(96)	(103)	(101)	(40)	(61)	(73)	(88)	(88)	(91)	(98)	(101)	(107)	(101)	(103)	(101)	(110)	(75)	(59)	(42)	(43)	(100)	(105)	(81)	(33)	56	91	39	23	11	31	96	31	275	266	275	362	120	137	117	124	147	147	86	93	89	109	207	214	230	233	253	250	228	208	172	161	300	306	330	405	294	329	350	298	278	180	161	170	203	285	260	254	216	261	285	405	522	622	706	683	723	681	721	716	658	620	534	511	444
Depreciation & Amortization	134	133	131	141	160	187	213	229	229	224	221	211	205	203	198	197	196	199	201	199	195	192	209	235	264	290	298	302	305	303	301	295	289	285	281	280	278	275	274	271	267	264	266	273	277	279	280	271	270	271	273	281	281	283	287	292	299	304	304	312	330	365	401	425	431	438	437	437	447	444	456	466	476	479	474	475	489	511	533	548	553	553	579	603	619	628	596	574	557	540	537	524	536
Change in Deffered Taxes	27	27	27	35	10	15	18	15	24	24	24	24	25	25	25	25	20	19	19	19	19	20	23	26	28	32	35	35	20	18	16	16	22	17	14	(4)	(238)	(230)	(210)	(178)	76	85	66	77	63	66	21	31	33	40	108	94	110	109	80	75	77	60	76	73	(54)	(69)	(77)	(85)	26	42	45	40	53	21	16	12	(1)	25	41	51	55	65	64	77	131	144	129	82	22	(24)	(86)	(104)	(119)	(94)	(33)	80	107
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	2	5	8	13	14	17	10	18	19	18	29	28	22	24	19	19	19	17	19	19	18	22	22	20	22	20	21	20	17	10	10	9	10	16	13	14	16	17	20	22	29	31	12	34	5	4	21	27	25	26	30	34	38	42	46	44	51	51	50	62	38	29	20	0
Other Non-Cash Items	19	25	20	53	58	64	68	41	41	41	41	25	25	22	22	21	19	20	25	52	38	21	12	(16)	11	38	47	54	24	10	14	10	14	13	(5)	88	93	114	127	28	23	2	11	(5)	(7)	8	158	182	175	158	(13)	(19)	(12)	(9)	7	4	(1)	(15)	(43)	(52)	(124)	(110)	(83)	(91)	(4)	(4)	(14)	25	61	239	238	218	166	(6)	17	46	78	61	145	141	102	128	38	61	88	82	1	(27)	13	1	47	39	(34)
Cash Taxes Paid	5	0	0	0	4	0	0	0	4	0	0	0	1	0	0	0	1	0	0	0	3	0	0	0	5	0	0	0	8	0	0	0	7	0	0	0	8	0	0	0	9	0	0	0	12	0	0	0	12	0	0	0	0	0	0	0	15	0	0	0	16	0	0	0	26	0	0	0	26	0	0	0	27	0	0	0	25	0	0	0	43	0	0	0	157	0	0	0	281	0	0	0	0
Cash Interest Paid	148	0	0	0	156	0	0	0	135	0	0	0	149	0	0	0	162	0	0	0	168	0	0	0	193	0	0	0	220	0	0	0	181	0	0	0	144	0	0	0	118	0	0	0	90	0	0	0	79	0	0	0	0	0	0	0	65	0	0	0	82	0	0	0	121	0	0	0	127	0	0	0	120	0	0	0	116	0	0	0	176	0	0	0	221	0	0	0	215	0	0	0	0
Change in Working Capital	(44)	(29)	(11)	(27)	24	(45)	(26)	(8)	33	37	27	24	6	11	16	20	7	16	(13)	(33)	(36)	(75)	(53)	(62)	(19)	8	43	105	98	53	55	6	3	24	(26)	(27)	(21)	(11)	(54)	(6)	(17)	(64)	(24)	(20)	(22)	(1)	(43)	(56)	(40)	(54)	(25)	(24)	(19)	4	32	12	(529)	(65)	(217)	(366)	(645)	(783)	(960)	(1 028)	(1 121)	(1 161)	(832)	(572)	(174)	(126)	(120)	(112)	(19)	173	194	69	(229)	(324)	(435)	(401)	(218)	(315)	(359)	(257)	(308)	(280)	(215)	(366)	(268)	(403)	(315)	(344)	(199)
Cash from Operating Activities	88 N/A	105 +20%	121 +15%	90 -26%	157 +75%	118 -25%	171 +45%	237 +39%	266 +12%	252 -5%	225 -11%	195 -13%	169 -13%	162 -4%	159 -1%	156 -2%	141 -9%	152 +7%	131 -13%	128 -3%	142 +11%	99 -30%	149 +50%	140 -6%	185 +32%	263 +43%	343 +30%	463 +35%	504 +9%	475 -6%	425 -10%	351 -17%	338 -4%	369 +9%	360 -3%	368 +2%	388 +5%	414 +7%	413 0%	477 +16%	469 -2%	424 -9%	436 +3%	450 +3%	458 +2%	500 +9%	502 +0%	520 +4%	527 +1%	524 0%	550 +5%	546 -1%	589 +8%	620 +5%	659 +6%	633 -4%	74 -88%	491 +564%	291 -41%	129 -56%	(193) N/A	(291) -51%	(389) -34%	(374) +4%	(374) +0%	(356) +5%	(14) +96%	227 N/A	666 +193%	759 +14%	750 -1%	754 +1%	825 +9%	957 +16%	986 +3%	895 -9%	609 -32%	574 -6%	592 +3%	770 +30%	1 090 +42%	1 132 +4%	1 093 -3%	1 172 +7%	1 144 -2%	1 087 -5%	1 017 -6%	793 -22%	841 +6%	664 -21%	770 +16%	810 +5%	854 +5%
Investing Cash Flow
Capital Expenditures	(56)	(63)	(80)	(97)	(137)	(162)	(164)	(164)	(149)	(137)	(129)	(118)	(111)	(100)	(99)	(103)	(95)	(92)	(94)	(92)	(96)	(112)	(137)	(161)	(183)	(183)	(166)	(153)	(130)	(112)	(103)	(108)	(123)	(141)	(154)	(157)	(160)	(165)	(170)	(180)	(203)	(195)	(207)	(228)	(209)	(236)	(234)	(207)	(201)	(203)	(220)	(232)	(244)	(286)	(303)	(321)	(295)	(268)	(253)	(234)	(260)	(276)	(289)	(332)	(395)	(383)	(380)	(355)	(353)	(426)	(501)	(549)	(646)	(639)	(686)	(809)	(802)	(879)	(817)	(659)	(549)	(522)	(573)	(696)	(804)	(939)	(999)	(1 105)	(1 203)	(1 185)	(1 164)	(1 118)	(935)
Other Items	(3)	(3)	0	(77)	(84)	(87)	(80)	(1)	6	5	(7)	(9)	(3)	3	6	10	4	2	3	2	5	37	36	53	39	8	20	2	5	5	(2)	(2)	0	0	(56)	(56)	(52)	(49)	13	17	(91)	(94)	(104)	(48)	65	136	86	24	18	(169)	(110)	(110)	(156)	(329)	(379)	(379)	230	71	261	302	528	548	735	855	1 084	1 069	760	563	129	(17)	(102)	(31)	(2)	47	138	(154)	(1 590)	(1 588)	(1 597)	(1 308)	114	9	12	(247)	(221)	(124)	586	853	861	856	142	142	190
Cash from Investing Activities	(59) N/A	(66) -13%	(80) -21%	(174) -117%	(221) -27%	(249) -13%	(245) +2%	(165) +32%	(143) +13%	(132) +8%	(135) -2%	(126) +7%	(114) +10%	(98) +15%	(93) +4%	(93) +1%	(90) +2%	(90) +0%	(91) -1%	(90) +1%	(91) 0%	(75) +18%	(101) -35%	(107) -6%	(144) -34%	(176) -22%	(147) +17%	(151) -3%	(125) +17%	(108) +14%	(105) +3%	(109) -4%	(123) -12%	(141) -15%	(210) -49%	(213) -2%	(212) +1%	(214) -1%	(157) +26%	(163) -4%	(294) -80%	(288) +2%	(311) -8%	(276) +11%	(144) +48%	(100) +31%	(148) -48%	(184) -24%	(183) +0%	(372) -103%	(329) +11%	(342) -4%	(400) -17%	(615) -54%	(682) -11%	(700) -3%	(65) +91%	(197) -202%	7 N/A	68 +814%	268 +297%	272 +1%	446 +64%	523 +17%	689 +32%	686 -1%	379 -45%	207 -45%	(224) N/A	(443) -98%	(603) -36%	(580) +4%	(648) -12%	(592) +9%	(548) +7%	(963) -76%	(2 392) -148%	(2 467) -3%	(2 414) +2%	(1 967) +19%	(435) +78%	(513) -18%	(561) -9%	(943) -68%	(1 025) -9%	(1 063) -4%	(413) +61%	(252) +39%	(342) -36%	(329) +4%	(1 022) -211%	(976) +5%	(745) +24%
Financing Cash Flow
Net Issuance of Common Stock	(0)	(1)	(0)	(1)	(1)	(0)	0	1	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	205	205	205	196	(11)	(11)	(311)	(312)	(311)	(311)	(211)	(216)	(216)	(215)	(15)	(23)	(28)	(44)	(85)	(114)	(146)	(157)	(176)	(172)	(156)	(131)	(72)	(26)	(7)	(4)	(123)	(183)	(202)	(252)	(133)	(197)	(217)	(256)	(325)	(211)	(172)	(83)	(15)	(18)	(25)	(40)	(46)	(77)	(71)	(65)	(76)	(50)	(250)	(241)	(225)	(230)	(144)	(185)	(184)
Net Issuance of Debt	(11)	(29)	(54)	172	154	217	161	(59)	(133)	(123)	(89)	(86)	(45)	(60)	(60)	(62)	(56)	(60)	(30)	(23)	(43)	10	(27)	133	136	73	(40)	(216)	(383)	(427)	(303)	(309)	(217)	(216)	(330)	(368)	(247)	(460)	(389)	(417)	(71)	183	211	219	(80)	(164)	(7)	(144)	(267)	(85)	(258)	(76)	(76)	209	228	260	239	(87)	(96)	(23)	87	152	94	(7)	(63)	(8)	(21)	(41)	(104)	311	464	699	780	351	248	472	2 159	2 113	2 063	1 405	(530)	(429)	(313)	48	109	191	(214)	(194)	(136)	24	511	473	311
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(16)	(33)	(49)	(66)	(65)	(65)	(64)	(72)	(79)	(86)	(93)	(93)	(99)	(105)	(111)	(118)	(117)	(116)	(113)	(109)	(108)	(106)	(103)	(100)	(97)	(93)	(92)	(91)	(90)	(90)	(92)	(100)	(107)	(115)	(123)	(123)	(123)	(122)	(122)	(121)	(124)	(127)	(128)
Other	(12)	0	0	(84)	(86)	0	(86)	(2)	(1)	1	0	0	(4)	(4)	(5)	(5)	(1)	0	(6)	(7)	(7)	(24)	(18)	(17)	(16)	0	(11)	(14)	(16)	0	(5)	(12)	(11)	(11)	(10)	(1)	(0)	(14)	(14)	(9)	(15)	4	(21)	(25)	(20)	(24)	(9)	(11)	(28)	(27)	(20)	(18)	(1)	(2)	(1)	(6)	(2)	1	8	15	9	(1)	(7)	(9)	(13)	(8)	(12)	(15)	(11)	(268)	(264)	(505)	(505)	(406)	(416)	(217)	(274)	(112)	(95)	(51)	2	(2)	(14)	(15)	(16)	(14)	(18)	(17)	(6)	(10)	(2)	(4)	(17)
Cash from Financing Activities	(24) N/A	(42) -78%	(55) -30%	87 N/A	67 -23%	131 +94%	75 -43%	(61) N/A	(133) -119%	(122) +8%	(89) +28%	(86) +3%	(49) +43%	(65) -33%	(66) -1%	(68) -3%	(57) +16%	(59) -4%	(36) +39%	(30) +17%	(50) -66%	(14) +73%	(45) -228%	116 N/A	120 +3%	72 -40%	(51) N/A	(230) -351%	(399) -73%	(444) -11%	(308) +30%	(320) -4%	(227) +29%	(227) +0%	(135) +41%	(164) -22%	(42) +74%	(278) -560%	(414) -49%	(436) -5%	(396) +9%	(126) +68%	(121) +4%	(117) +4%	(311) -166%	(404) -30%	(232) +43%	(370) -59%	(309) +17%	(135) +56%	(322) -138%	(171) +47%	(211) -23%	27 N/A	16 -42%	32 +100%	(3) N/A	(331) -10 561%	(323) +2%	(225) +30%	(70) +69%	32 N/A	(18) N/A	(125) -582%	(311) -148%	(318) -2%	(352) -11%	(424) -21%	(361) +15%	(263) +27%	(124) +53%	(168) -35%	(152) +9%	(366) -140%	(437) -20%	79 N/A	1 778 +2 165%	1 892 +6%	1 853 -2%	1 224 -34%	(666) N/A	(608) +9%	(505) +17%	(147) +71%	(106) +28%	4 N/A	(605) N/A	(574) +5%	(489) +15%	(337) +31%	241 N/A	157 -35%	(18) N/A
Change in Cash
Effect of Foreign Exchange Rates	1	2	0	0	1	1	0	1	1	0	0	0	(0)	(0)	(0)	(0)	0	1	1	1	1	2	1	(0)	1	(0)	0	2	0	1	(1)	0	1	2	4	(0)	(1)	(1)	(2)	1	1	(1)	(2)	(2)	(2)	0	2	(3)	(5)	(9)	(9)	(7)	(5)	0	(1)	0	(2)	(2)	(1)	(0)	3	2	0	(1)	(2)	(3)	0	(1)	2	(5)	(4)	(0)	1	6	5	1	(2)	(4)	(8)	(11)	(6)	(2)	(2)	(3)	(1)	(7)	(6)	2	(15)	(5)	6	3	13
Net Change in Cash	6 N/A	(2) N/A	(14) -820%	3 N/A	4 +19%	(0) N/A	1 N/A	11 +918%	(10) N/A	(2) +78%	2 N/A	(17) N/A	5 N/A	(2) N/A	0 N/A	(4) N/A	(5) -32%	3 N/A	5 +55%	8 +80%	2 -75%	12 +510%	4 -67%	148 +3 603%	161 +9%	159 -1%	145 -9%	84 -42%	(20) N/A	(75) -271%	11 N/A	(78) N/A	(11) +86%	4 N/A	20 +460%	(9) N/A	133 N/A	(79) N/A	(160) -103%	(121) +25%	(220) -83%	9 N/A	2 -76%	56 +2 543%	1 -99%	(4) N/A	124 N/A	(37) N/A	29 N/A	9 -70%	(110) N/A	26 N/A	(27) N/A	32 N/A	(8) N/A	(36) -342%	4 N/A	(38) N/A	(26) +31%	(29) -9%	8 N/A	15 +82%	38 +154%	23 -41%	3 -86%	10 +216%	14 +41%	9 -35%	82 +816%	48 -42%	19 -61%	7 -64%	26 +284%	6 -78%	5 -7%	12 +113%	(7) N/A	(5) +29%	23 N/A	16 -30%	(17) N/A	9 N/A	25 +178%	79 +216%	12 -85%	21 +75%	(7) N/A	(31) -343%	(5) +84%	(7) -40%	(5) +29%	(6) -20%	104 N/A
Free Cash Flow
Free Cash Flow	32 N/A	42 +33%	40 -4%	(7) N/A	20 N/A	(44) N/A	6 N/A	73 +1 033%	117 +61%	115 -2%	97 -16%	78 -20%	58 -25%	62 +5%	60 -2%	53 -11%	47 -12%	60 +28%	38 -37%	35 -6%	46 +30%	(13) N/A	12 N/A	(21) N/A	1 N/A	80 +6 031%	176 +121%	310 +76%	374 +20%	363 -3%	322 -11%	244 -24%	215 -12%	228 +6%	206 -10%	211 +2%	228 +8%	249 +9%	243 -3%	297 +23%	265 -11%	230 -13%	229 0%	222 -3%	249 +12%	264 +6%	268 +2%	312 +16%	325 +4%	322 -1%	331 +3%	315 -5%	345 +10%	334 -3%	356 +7%	312 -12%	(221) N/A	224 N/A	37 -83%	(105) N/A	(453) -330%	(567) -25%	(678) -20%	(707) -4%	(769) -9%	(739) +4%	(394) +47%	(128) +67%	313 N/A	333 +6%	249 -25%	206 -17%	178 -13%	318 +78%	300 -6%	86 -71%	(193) N/A	(305) -58%	(225) +26%	111 N/A	541 +387%	610 +13%	520 -15%	476 -8%	340 -29%	148 -56%	18 -88%	(312) N/A	(362) -16%	(521) -44%	(394) +24%	(308) +22%	(81) +74%

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Cash Flow Statement
Graphic Packaging Holding Co