Toll Brothers
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 | $313.20M | $-1.45B | $952.23M | $15.07M |
| FY2015 | $60.18M | $-52.77M | $325.27M | $9.45M |
| FY2016 | $150.89M | $8.21M | $-444.37M | $28.43M |
| FY2017 | $861.70M | $-7.69M | $-878.25M | $28.87M |
| FY2018 | $588.21M | $81.27M | $-214.30M | $28.23M |
| FY2019 | $437.66M | $-75.91M | $-258.51M | $86.97M |
| FY2020 | $1.01B | $-177.85M | $-753.31M | $109.56M |
| FY2021 | $1.30B | $-4.24M | $-1.01B | $66.88M |
| FY2022 | $986.82M | $-153.18M | $-1.12B | $71.73M |
| FY2023 | $1.27B | $-150.60M | $-1.17B | $72.96M |
| FY2024 | $1.01B | $-167.62M | $-816.46M | $73.64M |
| FY2025 | $1.11B | $-310.03M | $-833.88M | $86.20M |
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.