Free cash flow
Cash left after keeping the lights on and the assets standing.
In plain English
The cash that actually came in, minus what was spent on buildings and equipment. What is genuinely left over.
Try it with pocket-money numbers. Collected $120 in cash, spent $30 on equipment: 120 − 30 = $90 free.
That is the whole calculation. The tables below run it on what 526 companies actually filed.
| Formula | Operating cash flow − capital expenditure |
|---|---|
| Companies reporting it | 526 of 573 |
| Median | $746.10m |
| Middle half | $87.12m – $2.61bn |
| Range | $-74.15bn – $98.77bn |
When it lies. One year is not a trend: a single working-capital swing or a deferred tax payment moves it more than the business does.
By sector
| Sector | n | Median | 25th | 75th |
|---|---|---|---|---|
| Banks & insurers | 26 | $3.09bn | $1.60bn | $8.71bn |
| Industrials | 79 | $1.71bn | $910.00m | $3.67bn |
| Health care | 41 | $1.36bn | $256.55m | $7.39bn |
| Consumer discretionary | 46 | $1.23bn | $654.65m | $2.61bn |
| Consumer staples | 43 | $1.16bn | $319.09m | $2.81bn |
| Technology | 45 | $1.11bn | $96.36m | $6.12bn |
| Financial services | 27 | $1.00bn | $257.98m | $4.19bn |
| Energy | 37 | $543.00m | $21.17m | $2.82bn |
| Real estate | 48 | $407.20m | $117.39m | $961.70m |
| Materials | 47 | $218.69m | $3.98m | $675.20m |
| Communications | 31 | $181.00m | $43.91m | $811.00m |
| not classified | 2 | $989.00k | $989.00k | $3.43m |
| Utilities | 53 | $-197.77m | $-1.11bn | $187.21m |
| Investment company | 1 | $-425.89m | $-425.89m | $-425.89m |
Highest free cash flow
| # | Ticker | Company | Sector | Free cash flow |
|---|---|---|---|---|
| 1 | AAPL | Apple | Technology | $98.77bn |
| 2 | NVDA | Nvidia | Technology | $96.68bn |
| 3 | GOOGL | Alphabet | Technology | $73.27bn |
| 4 | MSFT | Microsoft | Technology | $66.99bn |
| 5 | META | Meta Platforms | Technology | $46.11bn |
| 6 | AVGO | Broadcom | Technology | $26.91bn |
| 7 | COF | Capital One Financial | Banks & insurers | $26.14bn |
| 8 | XOM | Exxon Mobil | Energy | $23.61bn |
| 9 | CMCSA | Comcast | Communications | $21.89bn |
| 10 | VZ | Verizon Communications | Communications | $20.13bn |
| 11 | JNJ | Johnson & Johnson | Health care | $19.70bn |
| 12 | T | AT&T | Communications | $19.44bn |
| 13 | TMUS | T-Mobile US | Communications | $18.00bn |
| 14 | ABBV | AbbVie | Health care | $17.82bn |
| 15 | GM | General Motors | Industrials | $17.56bn |
| 16 | PGR | Progressive | Banks & insurers | $17.20bn |
| 17 | MA | Mastercard | Financial services | $17.16bn |
| 18 | CVX | Chevron | Energy | $16.59bn |
| 19 | UNH | Unitedhealth Group | Health care | $16.07bn |
| 20 | AXP | American Express | Banks & insurers | $16.00bn |
Lowest
| # | Ticker | Company | Sector | Free cash flow |
|---|---|---|---|---|
| 526 | C | Citigroup | Banks & insurers | $-74.15bn |
| 525 | GS | Goldman Sachs Group | Banks & insurers | $-47.22bn |
| 524 | ORCL | Oracle | Technology | $-23.69bn |
| 523 | MS | Morgan Stanley | Banks & insurers | $-20.79bn |
| 522 | D | Dominion Energy | Utilities | $-7.29bn |
| 521 | XEL | Xcel Energy | Utilities | $-6.83bn |
| 520 | SRE | Sempra | Utilities | $-6.05bn |
| 519 | APD | Air Products & Chemicals | Materials | $-3.77bn |
| 518 | CG | Carlyle Group | Financial services | $-3.37bn |
| 517 | PCG | PG&E | Utilities | $-3.07bn |