Brown & Brown
S&P 500
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $385.02M | $-707.31M | $589.39M | $24.92M |
| FY2015 | $381.83M | $-144.64M | $-293.84M | $18.38M |
| FY2016 | $411.04M | $-142.41M | $-160.52M | $17.77M |
| FY2017 | $441.98M | $-62.59M | $-336.58M | $24.19M |
| FY2018 | $567.53M | $-951.77M | $337.75M | $41.52M |
| FY2019 | $678.18M | $-413.59M | $-79.22M | $73.11M |
| FY2020 | $713.00M | $-759.10M | $355.00M | $70.70M |
| FY2021 | $808.80M | $-396.80M | $-210.10M | $45.00M |
| FY2022 | $881.00M | $-1.91B | $1.73B | $52.00M |
| FY2023 | $1.01B | $-587.00M | $-187.00M | $69.00M |
| FY2024 | $1.17B | $-898.00M | $-64.00M | $82.00M |
| FY2025 | $1.45B | $-7.91B | $7.71B | $68.00M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.