Citizens Financial Group, Inc. (CFG) Cash Flow Statement
Where CFG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.21B +10.5% vs 2024
- Capital expenditures
- $174.0M 1.6% of revenue
- Free cash flow
- $2.04B 18.3% margin
- Returned to shareholders
- $1.89B 93% of free cash flow
- Change in cash
- $2.13B cash at year-end $12.73B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CFG operating cash flow, capex and free cash flow
CFG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.49B2016 | $2.21B2025 | +4.5%/yr | |
| Capital expenditures | $303.0M2016 | $174.0M2025 | −6.0%/yr | |
| Free cash flow | $1.19B2016 | $2.04B2025 | +6.2%/yr | |
| Free cash flow margin | 20.6%2016 | 18.3%2025 | −2.3 pts | |
| Operating cash flow / net income | 1.432016 | 1.212025 | −0.22 | |
| Stock-based compensation | $23.0M2016 | $120.0M2025 | +20.1%/yr | |
| Dividends paid | $255.0M2016 | $888.0M2025 | +14.9%/yr | |
| Share buybacks (net) | $430.0M2016 | $1.00B2025 | +9.8%/yr | |
| Capex / revenue | 5.3%2016 | 1.6%2025 | −3.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CFG cash flow by activity
CFG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CFG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.83B | $1.51B | $1.61B | $2.07B | $2.32B | $1.06B | $1.79B | $1.72B | $1.65B | $1.04B |
| Depreciation & amortization | $478.0M | $498.0M | $478.0M | $565.0M | $625.0M | $578.0M | $633.0M | $489.0M | $487.0M | $515.0M |
| Stock-based compensation | $120.0M | $97.0M | $87.0M | $84.0M | $59.0M | $48.0M | $41.0M | $41.0M | $48.0M | $23.0M |
| Change in working capital | −$306.0M | −$571.0M | $273.0M | −$858.0M | −$962.0M | −$2.98B | −$525.0M | −$914.0M | −$621.0M | −$333.0M |
| Other non-cash items | $88.0M | $468.0M | $515.0M | $2.25B | $234.0M | $1.41B | −$243.0M | $430.0M | $317.0M | $240.0M |
| Cash from operating activities | $2.21B | $2.00B | $2.96B | $4.12B | $2.27B | $111.0M | $1.70B | $1.77B | $1.88B | $1.49B |
| Investing activities | ||||||||||
| Capital expenditures | −$174.0M | −$122.0M | −$172.0M | −$126.0M | −$124.0M | −$118.0M | −$366.0M | −$232.0M | −$440.0M | −$303.0M |
| Investments (net) | −$898.0M | $2.99B | $5.25B | −$11.38B | −$8.83B | −$5.95B | −$3.52B | −$6.02B | −$3.43B | −$10.95B |
| Acquisitions & other investing | −$4.89B | $122.0M | $172.0M | −$1.13B | −$1.53B | −$68.0M | $9.0M | −$828.0M | −$117.0M | −$71.0M |
| Cash from investing activities | −$5.97B | $2.99B | $5.25B | −$12.64B | −$10.49B | −$6.14B | −$3.88B | −$7.08B | −$3.98B | −$11.33B |
| Financing activities | ||||||||||
| Dividends paid | −$888.0M | −$903.0M | −$928.0M | −$892.0M | −$783.0M | −$770.0M | −$682.0M | −$485.0M | −$336.0M | −$255.0M |
| Share repurchases & issuance (net) | −$1.00B | −$1.35B | −$906.0M | −$153.0M | −$545.0M | −$270.0M | −$1.22B | −$1.02B | −$820.0M | −$430.0M |
| Net borrowing (repayment) | −$1.15B | −$1.61B | −$1.93B | $4.83B | −$1.51B | −$5.74B | −$2.90B | $2.80B | −$2.68B | $7.06B |
| Shares issued | $393.0M | $392.0M | $0 | $0 | $296.0M | $395.0M | $730.0M | $593.0M | $0 | $0 |
| Other financing | $8.53B | −$2.55B | −$3.36B | $6.12B | $7.17B | $21.75B | $5.56B | $4.47B | $5.26B | $4.08B |
| Cash from financing activities | $5.88B | −$6.01B | −$7.13B | $9.91B | $4.64B | $15.37B | $1.49B | $6.35B | $1.43B | $10.46B |
| Summary | ||||||||||
| Net change in cash | $2.13B | −$1.03B | $1.08B | $1.39B | −$3.58B | $9.35B | −$688.0M | $1.04B | −$672.0M | $619.0M |
| Cash at end of period | $12.73B | $10.60B | $11.63B | $10.55B | $9.16B | $12.73B | $3.39B | $4.07B | $3.03B | $3.70B |
| Free cash flow | $2.04B | $1.88B | $2.79B | $3.99B | $2.15B | −$7.0M | $1.33B | $1.53B | $1.44B | $1.19B |
| Free cash flow margin | 18.3% | 15.2% | 22.9% | 44.0% | 30.8% | −0.1% | 16.5% | 20.9% | 22.4% | 20.6% |
| Capex / revenue | 1.6% | 1.0% | 1.4% | 1.4% | 1.8% | 1.5% | 4.5% | 3.2% | 6.8% | 5.3% |
| Operating cash flow / net income | 1.21 | 1.33 | 1.84 | 1.99 | 0.98 | 0.11 | 0.95 | 1.03 | 1.14 | 1.43 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $587.0M | $517.0M | $528.0M | $494.0M | $436.0M | $373.0M | $401.0M | $382.0M | $392.0M | $334.0M | $189.0M | $430.0M |
| Depreciation & amortization | $99.0M | $113.0M | $112.0M | $119.0M | $124.0M | $123.0M | $124.0M | $129.0M | $143.0M | $102.0M | $126.0M | $122.0M |
| Stock-based compensation | $49.0M | $33.0M | $23.0M | $23.0M | $43.0M | $31.0M | $21.0M | $21.0M | $21.0M | $34.0M | $14.0M | $18.0M |
| Change in working capital | $146.0M | −$326.0M | −$628.0M | $670.0M | $188.0M | −$536.0M | −$8.0M | −$524.0M | $214.0M | −$253.0M | $287.0M | −$177.0M |
| Other non-cash items | −$155.0M | −$100.0M | −$193.0M | $390.0M | $95.0M | −$204.0M | −$55.0M | $122.0M | $64.0M | $337.0M | $54.0M | $622.0M |
| Cash from operating activities | $726.0M | $237.0M | −$158.0M | $1.70B | $886.0M | −$213.0M | $483.0M | $130.0M | $834.0M | $554.0M | $670.0M | $1.01B |
| Investing activities | ||||||||||||
| Capital expenditures | −$21.0M | $0 | −$92.0M | −$35.0M | −$33.0M | −$14.0M | −$48.0M | −$34.0M | −$30.0M | −$10.0M | −$48.0M | −$33.0M |
| Investments (net) | −$1.03B | −$674.0M | $122.0M | −$1.50B | −$1.43B | −$1.11B | $1.61B | $161.0M | $179.0M | $1.04B | $225.0M | −$833.0M |
| Acquisitions & other investing | −$4.41B | −$1.13B | −$1.96B | $35.0M | $33.0M | $14.0M | $48.0M | $34.0M | $30.0M | $10.0M | $48.0M | $1.25B |
| Cash from investing activities | −$5.46B | −$1.80B | −$1.93B | −$1.50B | −$1.43B | −$1.11B | $1.61B | $161.0M | $179.0M | $1.04B | $225.0M | $382.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$231.0M | −$236.0M | −$233.0M | −$217.0M | −$218.0M | −$220.0M | −$226.0M | −$225.0M | −$224.0M | −$228.0M | −$230.0M | −$231.0M |
| Share repurchases & issuance (net) | −$225.0M | −$300.0M | −$525.0M | −$75.0M | −$200.0M | −$200.0M | −$225.0M | −$625.0M | −$200.0M | −$300.0M | $26.0M | −$250.0M |
| Net borrowing (repayment) | $4.03B | $1.02B | $620.0M | −$2.13B | $451.0M | −$95.0M | −$1.56B | $860.0M | — | — | — | $2.39B |
| Shares issued | $0 | $0 | $0 | $393.0M | $0 | $0 | $1.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.59B | $679.0M | $3.31B | $4.93B | −$2.48B | $2.78B | −$395.0M | −$1.16B | −$417.0M | −$1.09B | −$4.46B | $537.0M |
| Cash from financing activities | $5.17B | $1.17B | $3.17B | $2.90B | −$2.45B | $2.26B | −$2.40B | −$1.15B | −$841.0M | −$1.62B | −$4.67B | $2.44B |
| Summary | ||||||||||||
| Net change in cash | $430.0M | −$397.0M | $1.08B | $3.10B | −$2.99B | $940.0M | −$314.0M | −$856.0M | $172.0M | −$29.0M | −$3.77B | $3.83B |
| Cash at end of period | $12.76B | $12.33B | $12.73B | $11.65B | $8.55B | $11.54B | $10.60B | $10.91B | $11.77B | $11.60B | $11.63B | $15.40B |
| Free cash flow | $705.0M | $237.0M | −$250.0M | $1.66B | $853.0M | −$227.0M | $435.0M | $96.0M | $804.0M | $544.0M | $622.0M | $982.0M |
| Free cash flow margin | 22.1% | 7.8% | −11.6% | 53.8% | 28.4% | −7.8% | 14.4% | 3.1% | 25.7% | 17.4% | 19.6% | — |
| Capex / revenue | 0.7% | 0.0% | 4.3% | 1.1% | 1.1% | 0.5% | 1.6% | 1.1% | 1.0% | 0.3% | 1.5% | — |
| Operating cash flow / net income | 1.24 | 0.46 | −0.30 | 3.43 | 2.03 | −0.57 | 1.20 | 0.34 | 2.13 | 1.66 | 3.54 | 2.36 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CFG cash generation
In fiscal 2025 (ended December 31, 2025), Citizens Financial generated $2.2 billion of cash from operations (up 10.5%) and spent $174.0 million on capital expenditures, leaving free cash flow of $2.0 billion, 18.3% of revenue. It returned $1.9 billion to shareholders through dividends ($888.0 million) and net share buybacks ($1.0 billion). Cash and equivalents rose by $2.1 billion over the year.
Related: CFG income statement, CFG balance sheet, CFG dividend history. See the CFG stock overview for the latest quote and news.
CFG cash flow FAQ
What is Citizens Financial's free cash flow?
Citizens Financial's free cash flow was $2.0 billion in fiscal 2025: $2.2 billion of operating cash flow minus $174.0 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Citizens Financial generate from operations?
Citizens Financial generated $2.2 billion of cash from operating activities in fiscal 2025, 1.21 times its net income of $1.8 billion.
How much does Citizens Financial spend on capital expenditures?
Citizens Financial spent $174.0 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $122.0 million the year before.
How much stock does Citizens Financial buy back?
Citizens Financial spent $1.0 billion on net share repurchases in fiscal 2025.
How much does Citizens Financial pay in dividends?
Citizens Financial paid $888.0 million in dividends in fiscal 2025, 43.6% of free cash flow.