Graham Holdings
S&P 400
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 | $313.50M | $229.02M | $-388.62M | $237.29M |
| FY2015 | $70.65M | $-425.57M | $342.15M | $136.86M |
| FY2016 | $261.26M | $-311.29M | $-43.08M | $66.61M |
| FY2017 | $268.06M | $-442.02M | $-100.11M | $60.36M |
| FY2018 | $287.02M | $-230.96M | $-192.36M | $98.19M |
| FY2019 | $165.16M | $-236.74M | $18.73M | $93.50M |
| FY2020 | $210.66M | $199.37M | $-204.00M | $69.59M |
| FY2021 | $202.43M | $-494.64M | $31.03M | $162.54M |
| FY2022 | $235.60M | $-184.07M | $-18.11M | $82.68M |
| FY2023 | $259.88M | $-152.98M | $-99.84M | $93.45M |
| FY2024 | $406.99M | $-62.33M | $-240.97M | $82.91M |
| FY2025 | $347.19M | $-179.44M | $-165.48M | $71.88M |
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.