Oatly Group AB cash flow statement

In fiscal 2025, Oatly Group AB's operations generated −$23.7m of cash; it spent $12.4m on capital projects, leaving free cash flow of −$36.1m.

Cash flow statement

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

Oatly Group AB: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−39	−44	−214	−269	−166	−114	−24
Depreciation and amortisation	8	13	27	49	52	50	49
Stock-based pay	2	1	24	35	21	14	13
Capital spending	54	134	274	202	66	39	12
Free cash flow	−93	−179	−488	−471	−232	−154	−36
Free cash flow after stock pay	−95	−180	−511	−506	−253	−167	−49

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 Oatly Group AB's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Oatly Group AB.