Citigroup
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 | $46.34B | $28.58B | $-70.27B | $3.39B |
| FY2015 | $39.74B | $14.88B | $-64.77B | $3.20B |
| FY2016 | $53.73B | $-54.14B | $28.29B | $2.76B |
| FY2017 | $-8.77B | $-38.75B | $66.85B | $3.36B |
| FY2018 | $36.95B | $-73.12B | $44.53B | $3.77B |
| FY2019 | $-12.84B | $-23.37B | $42.93B | $5.34B |
| FY2020 | $-23.49B | $-92.45B | $233.60B | $3.45B |
| FY2021 | $47.09B | $-110.75B | $17.27B | $4.12B |
| FY2022 | $25.07B | $-79.46B | $137.76B | $5.63B |
| FY2023 | $-73.42B | $-8.46B | $687.00M | $6.58B |
| FY2024 | $-19.67B | $86.25B | $-38.30B | $6.50B |
| FY2025 | $-67.63B | $-108.28B | $238.03B | $6.52B |
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.