Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Based on: 10-Q (reporting date: 2025-05-30), 10-Q (reporting date: 2025-02-28), 10-K (reporting date: 2024-11-29), 10-Q (reporting date: 2024-08-30), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-03-01), 10-K (reporting date: 2023-12-01), 10-Q (reporting date: 2023-09-01), 10-Q (reporting date: 2023-06-02), 10-Q (reporting date: 2023-03-03), 10-K (reporting date: 2022-12-02), 10-Q (reporting date: 2022-09-02), 10-Q (reporting date: 2022-06-03), 10-Q (reporting date: 2022-03-04), 10-K (reporting date: 2021-12-03), 10-Q (reporting date: 2021-09-03), 10-Q (reporting date: 2021-06-04), 10-Q (reporting date: 2021-03-05), 10-K (reporting date: 2020-11-27), 10-Q (reporting date: 2020-08-28), 10-Q (reporting date: 2020-05-29), 10-Q (reporting date: 2020-02-28), 10-K (reporting date: 2019-11-29), 10-Q (reporting date: 2019-08-30), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-03-01).
The financial data presents a multifaceted view of operational efficiency, investing and financing activities, and underlying changes in balance sheet items over multiple quarterly periods.
- Net income trends
- Net income demonstrated overall growth, increasing from $674 million at the start to peaks over $1.4 billion in some quarters. While there were intermittent declines, notably a sharp drop to $620 million in early 2024, the company exhibited resilience by regaining strength towards $1.8 billion by mid-2025.
- Depreciation, amortization, and accretion
- This expense item remained relatively stable across the timeline, fluctuating mostly between $145 million and $220 million, indicating consistent asset aging and amortization policies without large asset base changes in this area.
- Stock-based compensation
- There was a clear upward trajectory in stock-based compensation, rising steadily from $185 million to over $475 million. This trend suggests increased reliance on equity-based incentives, potentially reflecting efforts to retain talent or align employee interests with shareholders.
- Operating lease right-of-use assets and impairments
- The introduction and periodic reduction of operating lease right-of-use assets, alongside lease-related impairments recorded late in the timeline, indicate evolving lease accounting practices and some asset impairments impacting operating expenses in recent periods.
- Deferred income taxes volatility
- Deferred income taxes exhibited considerable volatility, with values swinging between negative and positive values, including a pronounced negative $1.2 billion in late 2019. This variability may reflect timing differences in taxable income recognition or changing tax planning strategies.
- Changes in operating assets and liabilities
- Items such as trade receivables, prepaid expenses, trade payables, accrued expenses, and income taxes payable showed significant fluctuations. Notably, prepaid expenses and other assets swung both positively and negatively, while accrued expenses and other liabilities frequently alternated between large negative and positive figures, highlighting dynamic working capital management.
- Deferred revenue
- The deferred revenue figures showed considerable volatility, with large positive values alternating with significant negatives. This pattern suggests irregularities or seasonality in customer prepayments and subscription revenue recognition.
- Net cash provided by operating activities
- Operating cash flow was consistently robust, generally scaling upwards from around $1 billion to over $2 billion, underscoring strong cash generation ability despite fluctuations in net income and working capital impacts.
- Investing activities
- Cash flows from investing activities alternated between negative and positive values. Occasional large negative outflows corresponded with acquisitions and purchases of property and equipment, reflecting ongoing investments in capacity and growth. Notable large negative values appeared in late 2020 and 2021, correlating with significant acquisition activity.
- Financing activities
- Financing cash flows were predominantly negative, driven chiefly by consistent and substantial repurchases of common stock ranging from $500 million to over $3 billion per quarter in later periods. Debt issuance and repayments showed large, albeit less frequent, transactions suggesting strategic debt management. Taxes paid related to net share settlements also accounted for significant cash outflows.
- Effect of foreign currency exchange rates
- The impact of foreign exchange on cash and equivalents was mostly minor but occasionally showed meaningful fluctuations, both positive and negative, indicating exposure to currency risks inherent in global operations.
- Overall cash position
- The net change in cash and cash equivalents presented volatile but generally positive increments in many quarters, with occasional steep declines, particularly in late 2021 and early 2024. This volatility reflects the interplay of strong operating cash inflows, large investing disbursements, and aggressive stock repurchase programs.
In summary, the data illustrate a company with strong and growing profitability accompanied by high non-cash expense growth, active capital allocation through acquisitions and share repurchases, and significant working capital fluctuations. The balancing act between operational cash generation and investing/financing outflows underpins the firm’s financial strategy over the observed period.