Statement of cash flows
| Summary statement of cash flows / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Cash flow from operating activities | 3,946 | 4,567 | –621 | –13.6 |
| Cash flow from investing activities | 271 | –7,757 | +8,028 | – |
| Cash flow from financing activities | 3,333 | 5,752 | –2,419 | –42.1 |
| Net change in cash and cash equivalents | 7,238 | 1,539 | +5,699 | – |
| Cash and cash equivalents as of Dec 31 | 11,408 | 4,170 | +7,238 | +174 |
- The cash inflow from operating activities declined, driven by negative working capital effects. The improved profit development (excluding depreciation) had a partially offsetting effect.
- There was a cash inflow from investing activities (previous year: cash outflow):
- The cash inflow was mainly driven by a cash inflow in connection with the sale of company shares (€ 12,528 million), which resulted primarily from the sale of DB Schenker. The cash inflow in the previous year (€ 1,224 million) resulted primarily from the sale of DB Arriva.
- This was dampened, in particular, by a higher cash outflow for net capital expenditures (€ –4,688 million). In addition to a higher cash outflow for gross capital expenditures (€ –3,027 million), a lower cash inflow from investment grants (€ –1,573 million) was noticeable as a result of the Federal Government’s decision to also finance infrastructure capital expenditures through equity injections (opposite effect in cash flow from financing activities).
- The cash inflow from financing activities decreased:
- This was mainly due to net cash outflows from the taking out and redemption of bank loans and commercial paper (€ –4,177 million). In the previous year, a net cash inflow was recorded here (€ +2,374 million). The higher cash outflow from the issue and redemption of senior bonds (€ –1,210 million) and the cash outflow from the redemption of the hybrid bond (€ –1,000 million) had a supporting effect.
- This was partially offset by the higher cash inflow from equity measures by the Federal Government (2025: € 8,314 million; previous year: € 5,500 million) in connection with the financing of capital expenditures in rail infrastructure and from the disbursement of a Federal loan (€ +3,000 million), as well as the discontinuation of the repayment of interest-free loans (previous year: cash outflow of € 155 million).
- On balance, cash and cash equivalents increased significantly as of December 31, 2025.