Stifel
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 | $250.27M | $-392.94M | $123.20M | $26.63M |
| FY2015 | $-261.81M | $-1.97B | $2.36B | $69.82M |
| FY2016 | $-441.41M | $-5.25B | $5.66B | $28.21M |
| FY2017 | $679.92M | $-2.65B | $1.76B | $28.22M |
| FY2018 | $529.53M | $-989.24M | $1.75B | $108.21M |
| FY2019 | $626.86M | $-350.33M | $-1.08B | $157.90M |
| FY2020 | $1.66B | $-1.69B | $1.20B | $73.36M |
| FY2021 | $872.09M | $-6.97B | $5.79B | $188.18M |
| FY2022 | $1.16B | $-4.32B | $3.19B | $82.33M |
| FY2023 | $499.33M | $1.04B | $-254.58M | $51.98M |
| FY2024 | $490.44M | $-2.31B | $980.10M | $73.79M |
| FY2025 | $1.12B | $-1.61B | $91.25M | $62.09M |
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.