Grand Canyon Education
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 | $167.00M | $-161.01M | $3.43M | $168.65M |
| FY2015 | $185.08M | $-200.88M | $-18.86M | $204.72M |
| FY2016 | $237.76M | $-216.00M | $10.73M | $178.29M |
| FY2017 | $304.90M | $-152.06M | $-35.73M | $113.59M |
| FY2018 | $199.09M | $-238.24M | $-26.85M | $94.53M |
| FY2019 | $306.34M | $-405.88M | $40.09M | $22.39M |
| FY2020 | $308.82M | $-19.35M | $-166.28M | $29.42M |
| FY2021 | $313.12M | $950.98M | $-908.93M | $28.88M |
| FY2022 | $220.82M | $-97.14M | $-604.21M | $35.23M |
| FY2023 | $243.66M | $-80.47M | $-137.12M | $44.54M |
| FY2024 | $289.96M | $61.37M | $-173.18M | $37.25M |
| FY2025 | $273.49M | $-221.59M | $-264.76M | $34.84M |
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.