Watsco
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 | $144.98M | $-19.12M | $-120.21M | $21.51M |
| FY2015 | $222.85M | $-22.94M | $-187.79M | $23.70M |
| FY2016 | $281.73M | $-42.83M | $-217.89M | $43.58M |
| FY2017 | $306.52M | $-81.31M | $-202.15M | $17.88M |
| FY2018 | $170.56M | $-26.31M | $-139.60M | $17.15M |
| FY2019 | $335.77M | $-81.04M | $-264.02M | $17.81M |
| FY2020 | $534.38M | $-16.34M | $-448.49M | $16.44M |
| FY2021 | $349.57M | $-148.58M | $-228.60M | $25.46M |
| FY2022 | $571.96M | $-33.84M | $-503.96M | $35.65M |
| FY2023 | $561.95M | $-41.34M | $-460.08M | $35.48M |
| FY2024 | $773.10M | $-290.67M | $-158.53M | $30.09M |
| FY2025 | $569.61M | $-98.12M | $-568.12M | $34.55M |
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.