Organon & Co.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
OGN$13.89+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
($ in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net income | $187 | $864 | $1,023 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
| Depreciation | 156 | 132 | 120 |
| Amortization | 205 | 145 | 116 |
| Impairment of assets | 9 | — | — |
| Acquired in-process research and development and milestones | 6 | 81 | 8 |
| Accretion and changes in fair value in contingent consideration | (50) | 11 | — |
| Deferred income tax expense (benefit) | 63 | (160) | (485) |
| Stock-based compensation | 77 | 105 | 101 |
| Unrealized foreign exchange (gain) loss | (21) | (2) | 40 |
| Gain on debt repurchase | (73) | — | — |
| Impairment of Goodwill | 301 | — | — |
| Other | 87 | 41 | 31 |
| Net changes in assets and liabilities, net of assets acquired | |||
| Accounts receivable | 79 | 383 | (212) |
| Inventories | (13) | (131) | (230) |
| Other current assets | (32) | (236) | (10) |
| Trade accounts payable | (217) | (157) | 163 |
| Accrued and other current liabilities | (142) | (101) | 102 |
| Income taxes payable | (61) | (65) | 16 |
| Other | 139 | 29 | 16 |
| Net Cash Flows Provided by Operating Activities | 700 | 939 | 799 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (162) | (175) | (251) |
| Proceeds from sale of property, plant and equipment | 1 | 4 | 1 |
| Acquired in-process research and development and milestones | (30) | (71) | (8) |
| Dermavant acquisition, net of cash acquired | (75) | (166) | — |
| Purchase of product rights and asset acquisition | (124) | (105) | (2) |
| Net Cash Flows Used in Investing Activities | (390) | (513) | (260) |
| Cash Flows from Financing Activities | |||
| Proceeds from debt | 1,055 | 1,186 | 80 |
| Repayments of debt | (1,513) | (1,197) | (338) |
| Payment of long-term debt issuance costs | — | (38) | — |
| Employee withholding taxes related to stock-based awards | (15) | (22) | (17) |
| Dividend payments | (88) | (297) | (294) |
| Net Cash Flows Used in Financing Activities | (561) | (368) | (569) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 150 | (76) | 17 |
| Net Decrease in Cash and Cash Equivalents | (101) | (18) | (13) |
| Cash and Cash Equivalents, Beginning of Period | 675 | 693 | 706 |
| Cash and Cash Equivalents, End of Period | $574 | $675 | $693 |
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