What is Ermenegildo Zegna's free cash flow?

Ermenegildo Zegna generated free cash flow of EUR 232.66M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 335.56M minus EUR 102.90M of capital expenditures. That was up 30.0% from EUR 179.03M a year earlier. Free cash flow equaled 12.1% of revenue.

How much does Ermenegildo Zegna spend on capital expenditures?

Ermenegildo Zegna spent EUR 102.90M on capital expenditures in fiscal 2025, compared with EUR 100.10M a year earlier. That equals 30.7% of operating cash flow.

Does Ermenegildo Zegna pay dividends or buy back shares?

Yes. In fiscal 2025 Ermenegildo Zegna returned EUR 30.49M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment.

Ermenegildo Zegna (ZGN) Cash Flow: Operating & Free Cash Flow

Ermenegildo Zegna Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Ermenegildo Zegna N.V. (ZGN) - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	109.49	90.86	135.66	135.66	65.28	65.28	-127.66	-127.66	-46.54	12.72	37.71
Depreciation & Amortization	259.92	235.95	193.17	194.95	173.52	173.52	154.20	154.20	166.21	177.07	160.59
Deferred Income Tax	30.56	39.75	33.43	33.43	35.80	35.80	30.70	30.70	0.00	43.79	29.40
Stock Based Compensation	0.00	0.00	0.00	-	13.58	-	16.29	-	0.00	0.00	0.00
Change in Working Capital	-45.46	-117.94	-141.89	-141.89	-151.22	-151.22	11.55	11.55	-52.33	-36.06	-16.59
Change in Accounts Receivable	-3.05	-12.57	-49.98	-51.02	-15.62	-15.62	-12.29	-12.29	35.68	-8.38	-6.23
Change in Inventory	-23.61	-5.90	-71.28	-72.77	-103.11	-103.11	-27.55	-27.55	-39.49	-5.40	-33.59
Change in Accounts Payable	24.17	-13.10	11.43	11.67	43.51	43.51	31.43	31.43	-38.49	-11.00	17.66
Change in Other Working Capital	56.70	-86.37	-32.06	-20.48	-75.99	64.09	19.97	228.75	-10.03	-11.29	5.58
Other Operating Activities	56.70	70.26	55.01	86.66	9.44	64.09	196.08	228.75	3.57	-23.40	-18.34
Net Cash from Operating Activities	335.56	279.13	275.38	275.38	146.40	146.40	281.16	281.16	70.91	174.12	192.77
Investing Activities
Capital Expenditures	-102.90	-100.10	-77.88	-57.03	-73.30	-73.30	-94.33	-94.33	-39.15	-59.51	-60.09
Acquisitions	-4.39	-19.31	-115.27	-117.69	-0.59	-0.59	-4.54	-4.54	-2.25	-9.34	-337.67
Purchases of Investments	-15.14	-30.52	-36.96	-55.31	-32.41	-32.41	-76.06	-76.06	-166.33	-167.31	-253.30
Sales/Maturities of Investments	16.31	49.34	267.07	272.66	46.49	46.49	92.02	92.02	253.20	327.42	291.12
Other Investing Activities	4.39	-29.27	-36.02	-	2.47	-	0.90	-	47.10	-7.31	25.40
Net Cash from Investing Activities	-109.92	-126.01	21.79	21.79	-57.34	-57.34	-82.00	-82.00	92.57	83.96	-334.55
Financing Activities
Debt Repayment	-326.41	-290.78	-227.46	-306.15	-285.27	-281.35	-141.54	-260.82	-46.38	-252.47	144.07
Common Stock Issued	107.22	0.00	3.65	8.06	14.31	14.31	648.08	648.47	0.00	0.00	0.00
Common Stock Repurchased	0.00	0.00	0.00	-	0.00	-	-455.00	-455.38	-0.95	-0.09	0.00
Dividends Paid	-30.49	-30.29	-25.03	-25.03	-21.85	-21.85	-0.10	-0.10	-1.73	-12.73	-14.65
Other Financing Activities	-15.31	-29.63	-1.66	-6.07	-4.19	-8.11	-115.55	-119.84	0.00	-2.19	0.00
Net Cash from Financing Activities	-215.05	-234.53	-250.49	-250.49	-297.00	-297.00	-64.11	-64.11	-49.05	-267.49	131.87
Summary
Effect of Forex Changes on Cash	-9.60	4.27	-4.72	-4.72	2.46	2.46	7.45	7.45	-7.76	1.70	-0.36
Net Change in Cash	0.99	-77.15	41.96	41.96	-205.47	-205.47	142.50	135.05	106.67	-7.71	-10.28
Cash at Beginning of Period	219.13	296.28	254.32	254.32	459.79	459.79	317.29	317.29	210.63	218.33	228.61
Cash at End of Period	220.12	219.13	296.28	296.28	254.32	254.32	459.79	459.79	317.29	210.63	218.33
Free Cash Flow	232.66	179.03	197.51	218.35	73.10	73.10	186.83	186.83	31.75	114.62	132.67
Supplemental Disclosures
Interest Paid	-	38.14	-	29.17	-	24.94	-	-	21.02	-	-
Income Taxes Paid	-	52.77	-	53.99	-	49.26	-	63.30	36.43	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Ermenegildo Zegna (ZGN) Cash Flow Statement

Ermenegildo Zegna Cash Flow Statement Analysis

Frequently Asked Questions About Ermenegildo Zegna Cash Flow