Vail Resorts
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 | $245.88M | $-117.91M | $-222.21M | $118.31M |
| FY2015 | $303.66M | $-427.07M | $115.25M | $123.88M |
| FY2016 | $436.98M | $-124.02M | $-281.43M | $109.24M |
| FY2017 | $470.98M | $-676.66M | $255.62M | $144.43M |
| FY2018 | $548.49M | $-134.58M | $-350.72M | $140.61M |
| FY2019 | $634.23M | $-596.03M | $-99.56M | $192.04M |
| FY2020 | $394.95M | $-492.74M | $376.23M | $172.33M |
| FY2021 | $525.25M | $-103.33M | $434.66M | $115.10M |
| FY2022 | $710.50M | $-347.92M | $-493.14M | $192.82M |
| FY2023 | $637.86M | $-273.17M | $-914.00M | $314.91M |
| FY2024 | $589.02M | $-241.07M | $-577.04M | $211.20M |
| FY2025 | $554.87M | $-204.50M | $-242.65M | $235.19M |
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.