Morgan Stanley
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 |
|---|---|---|---|
| FY2014 | $1.09B | $-35.32B | $23.14B |
| FY2015 | $-4.46B | $-20.00B | $24.15B |
| FY2016 | $5.38B | $-19.51B | $7.36B |
| FY2017 | $-4.51B | $-12.39B | $16.26B |
| FY2018 | $7.31B | $-22.88B | $24.21B |
| FY2019 | $40.77B | $-33.56B | $-11.97B |
| FY2020 | $-25.23B | $-37.90B | $83.78B |
| FY2021 | $33.97B | $-49.90B | $41.55B |
| FY2022 | $-6.40B | $-11.63B | $22.71B |
| FY2023 | $-33.54B | $-3.08B | $-2.73B |
| FY2024 | $1.36B | $-29.46B | $46.76B |
| FY2025 | $-17.89B | $-46.78B | $67.76B |
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.