Ermenegildo Zegna N.V. cash flow statement

In fiscal 2025, Ermenegildo Zegna N.V.'s operations generated $379m of cash; it spent $91.0m on capital projects, leaving free cash flow of $288m.

Cash flow statement

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

Ermenegildo Zegna N.V.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	195	81	333	154	298	302	379
Depreciation and amortisation	188	190	183	181	209	243	277
Capital spending	52	32	94	52	62	108	91
Free cash flow	143	49	238	102	236	194	288
Share buybacks	0	0	538	0	0	—	—

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 Ermenegildo Zegna N.V.'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 Ermenegildo Zegna N.V.