Annaly Capital Management
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 |
|---|---|---|---|
| FY2014 | $6.13B | $-7.80B | $2.86B |
| FY2015 | $-3.64B | $12.15B | $-8.47B |
| FY2016 | $1.58B | $-2.06B | $251.77M |
| FY2017 | $1.63B | $-14.67B | $12.20B |
| FY2018 | $2.62B | $-908.42M | $-684.44M |
| FY2019 | $-1.20B | $-20.64B | $21.96B |
| FY2020 | $527.97M | $40.35B | $-41.49B |
| FY2021 | $3.08B | $4.90B | $-7.88B |
| FY2022 | $5.37B | $-14.53B | $9.39B |
| FY2023 | $2.37B | $-8.42B | $5.88B |
| FY2024 | $3.31B | $-14.98B | $11.75B |
| FY2025 | $692.91M | $-27.36B | $27.22B |
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.