United Bankshares
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 | $152.57M | $-212.58M | $396.46M | $8.88M |
| FY2015 | $174.90M | $-185.30M | $114.67M | $5.26M |
| FY2016 | $170.73M | $30.96M | $375.50M | $7.27M |
| FY2017 | $253.93M | $266.68M | $-288.97M | $14.36M |
| FY2018 | $294.04M | $-873.02M | $-66.79M | $5.78M |
| FY2019 | $151.97M | $-383.32M | $48.45M | $11.08M |
| FY2020 | $140.45M | $137.59M | $1.09B | $19.03M |
| FY2021 | $609.54M | $15.65M | $923.91M | $15.38M |
| FY2022 | $760.82M | $-3.45B | $105.32M | $16.86M |
| FY2023 | $435.24M | $38.99M | $-51.94M | $11.69M |
| FY2024 | $445.45M | $571.49M | $-323.64M | $12.13M |
| FY2025 | $498.91M | $-899.31M | $650.41M | $17.71M |
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.