Cash Flow Statement
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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
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Raytheon Co., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Net Income and Related Measures
- Net income demonstrated an overall upward trend from 2015 to 2019, increasing from $2,067 million to $3,329 million. Income from continuing operations closely followed this pattern, rising from $2,054 million in 2015 to $3,328 million in 2019. Discontinued operations had minimal impact with values close to zero throughout the periods.
- Depreciation, Amortization, and Stock-based Compensation
- Depreciation and amortization steadily increased each year, from $489 million in 2015 to $605 million in 2019. Stock-based compensation also saw an upward trend, growing from $140 million in 2015 to $184 million in 2019, indicating possibly increasing employee incentives or compensation costs.
- Unusual and Non-Recurring Items
- The gain on sale of equity method investments showed a significant negative value in 2016 (-$158 million) and loss on repayment of long-term debt appeared in 2017 ($39 million), but these did not persist in other years. Deferred income taxes fluctuated substantially with gains in 2016 and 2017, and negative values in 2018 and 2019. Other non-recurring items like tax benefits from stock-based awards were only recorded in 2015.
- Changes in Working Capital
- Movement in working capital items was volatile. Receivables experienced large negative adjustments in 2017 and 2018 but reversed to positive in 2019. Contract assets and liabilities fluctuated significantly, with negative values in 2015, 2016, and 2019 but positive in 2017 and 2018. Inventories showed swinging changes with alternating negative and positive values, reflecting inventory management variability. Accounts payable and accrued employee compensation generally increased, which may suggest rising operational activities or wage expenses.
- Operating Cash Flow
- Net cash provided by operating activities consistently increased, from $2,346 million in 2015 to $4,482 million in 2019, reflecting stronger cash generation from core operations.
- Investing Activities
- Additions to property, plant, and equipment steadily increased, indicating ongoing investment in physical assets. Sales of property, plant, and equipment remained low or negligible. Purchases and maturities of short-term investments presented inconsistent patterns, with significant purchases early on and reduced activity in later years. Payments for acquisitions mostly decreased over time. Overall, net cash used in investing activities showed variability, shifting from a negative $1,744 million in 2015 to a negative $1,006 million in 2019, with a net positive figure only in 2016.
- Financing Activities
- Dividends paid consistently increased, moving from $797 million in 2015 to $1,036 million in 2019, reflecting growing returns to shareholders. Repurchases of common stock under share repurchase programs were significant annually, peaking at $1,325 million in 2018, followed by a drop in 2019. Repayments of long-term debt occurred primarily in 2017, accompanied by related losses. Net cash used in financing activities deepened over time from negative $1,509 million in 2015 to negative $2,803 million in 2019, suggesting increased capital return and debt management efforts.
- Cash and Cash Equivalents
- Cash and equivalents at year-end showed a general increase, rising from $2,328 million in 2015 to $4,298 million in 2019. The net increase in cash fluctuated yearly, with a notable decrease in 2015 and moderate increases in subsequent periods, affirming strengthening liquidity positions.