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Avantor, Inc. cash flow statement

In fiscal 2025, Avantor, Inc.'s operations generated $624m of cash; it spent $129m on capital projects, leaving free cash flow of $495m. It returned $75.1m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−168201354930954844870841624585
Depreciation and amortisation99405399395379406402406410419
Stock-based pay48186844514641474648
Capital spending25385262111133146149129146
Free cash flow−193163302868843710724692495439
Free cash flow after stock pay−241144235824792664683645449391
Share buybacks——————0075—
Shares issued3,04904,236096700———

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Avantor, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Avantor, Inc.