First Citizens BancShares, Inc. (FCNCA) Cash Flow Statement
Where FCNCA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.92B −2.2% vs 2024
- Capital expenditures
- $852.0M 5.9% of revenue
- Free cash flow
- $2.07B 14.3% margin
- Returned to shareholders
- $3.19B 154% of free cash flow
- Change in cash
- −$13.0M cash at year-end $801.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FCNCA operating cash flow, capex and free cash flow
FCNCA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $230.5M2016 | $2.92B2025 | +32.6%/yr | |
| Capital expenditures | $81.8M2016 | $852.0M2025 | +29.7%/yr | |
| Free cash flow | $148.7M2016 | $2.07B2025 | +34.0%/yr | |
| Free cash flow margin | 11.1%2016 | 14.3%2025 | +3.2 pts | |
| Operating cash flow / net income | 1.022016 | 1.332025 | +0.30 | |
| Stock-based compensation | −$51.7M2016 | $02025 | — | |
| Dividends paid | $14.4M2016 | $161.0M2025 | +30.8%/yr | |
| Share buybacks (net) | $02016 | $3.03B2025 | — | |
| Capex / revenue | 6.1%2016 | 5.9%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FCNCA cash flow by activity
FCNCA 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).
FCNCA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.21B | $2.78B | $11.47B | $1.10B | $547.5M | $491.7M | $457.4M | $400.3M | $323.8M | $225.5M |
| Depreciation & amortization | $405.0M | $130.0M | −$57.0M | $533.0M | $132.2M | $141.4M | $127.7M | $120.4M | $113.6M | $110.6M |
| Stock-based compensation | $0 | $0 | $5.0M | $19.0M | −$125.6M | −$73.3M | −$38.7M | — | −$31.5M | −$51.7M |
| Change in working capital | −$112.0M | −$529.0M | −$173.0M | $744.0M | −$727.8M | −$50.0M | −$50.2M | $16.4M | −$72.9M | −$78.1M |
| Other non-cash items | $424.0M | $610.0M | −$8.58B | $397.0M | −$110.0M | −$169.8M | $44.5M | −$83.3M | $22.2M | $24.2M |
| Cash from operating activities | $2.92B | $2.99B | $2.66B | $2.79B | −$283.8M | $340.0M | $540.6M | $453.8M | $355.3M | $230.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$852.0M | −$1.53B | −$1.43B | −$926.0M | −$107.4M | −$133.4M | −$121.1M | −$140.4M | −$84.8M | −$81.8M |
| Investments (net) | $3.45B | −$10.15B | $2.06B | $1.20B | −$7.88B | −$5.81B | −$1.23B | $58.4M | −$924.7M | −$1.01B |
| Acquisitions & other investing | −$8.21B | $1.53B | $1.80B | −$199.0M | $423.5M | −$3.93B | −$211.0M | $183.2M | $340.9M | −$7.0M |
| Cash from investing activities | −$5.61B | −$10.15B | $2.43B | $75.0M | −$7.57B | −$9.87B | −$1.56B | $101.1M | −$668.7M | −$1.10B |
| Financing activities | ||||||||||
| Dividends paid | −$161.0M | −$158.0M | −$117.0M | −$83.0M | −$41.6M | −$30.4M | −$18.1M | −$16.8M | −$14.4M | −$14.4M |
| Share repurchases & issuance (net) | −$3.03B | −$1.65B | −$448.0M | −$1.24B | $0 | −$333.8M | −$453.1M | −$163.1M | $0 | $0 |
| Net borrowing (repayment) | −$1.01B | −$450.0M | −$4.88B | $352.0M | −$106.7M | $562.4M | $99.0M | −$874.0M | $123.4M | $105.7M |
| Shares issued | $494.0M | $0 | $0 | $0 | $0 | $339.9M | $0 | $0 | $0 | $0 |
| Other financing | $6.38B | $9.33B | $745.0M | −$1.72B | $7.98B | $8.98B | $1.44B | $490.2M | $870,000 | $784.2M |
| Cash from financing activities | $2.67B | $7.07B | −$4.70B | −$2.69B | $7.83B | $9.52B | $1.07B | −$563.6M | $109.8M | $875.5M |
| Summary | ||||||||||
| Net change in cash | −$13.0M | −$94.0M | $390.0M | $180.0M | −$24.2M | −$14.7M | $49.3M | −$8.7M | −$203.6M | $5.7M |
| Cash at end of period | $801.0M | $814.0M | $908.0M | $518.0M | $337.8M | $362.0M | $376.7M | $327.4M | $336.1M | $539.7M |
| Free cash flow | $2.07B | $1.45B | $1.23B | $1.86B | −$391.1M | $206.6M | $419.5M | $313.3M | $270.5M | $148.7M |
| Free cash flow margin | 14.3% | 9.7% | 9.7% | 36.6% | −20.6% | 10.8% | 23.4% | 19.7% | 18.6% | 11.1% |
| Capex / revenue | 5.9% | 10.3% | 11.3% | 18.2% | 5.7% | 7.0% | 6.8% | 8.8% | 5.8% | 6.1% |
| Operating cash flow / net income | 1.33 | 1.08 | 0.23 | 2.54 | −0.52 | 0.69 | 1.18 | 1.13 | 1.10 | 1.02 |
| 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 | $672.0M | $534.0M | $580.0M | $568.0M | $575.0M | $483.0M | $700.0M | $639.0M | $707.0M | $731.0M | $514.0M | $752.0M |
| Depreciation & amortization | $156.0M | $180.0M | $121.0M | $91.0M | $100.0M | $93.0M | $94.0M | $42.0M | $6.0M | −$12.0M | −$45.0M | −$102.0M |
| Stock-based compensation | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $1.0M | $1.0M |
| Change in working capital | $783.0M | −$783.0M | $431.0M | $100.0M | $55.0M | −$586.0M | −$115.0M | $78.0M | −$140.0M | −$352.0M | $367.0M | −$196.0M |
| Other non-cash items | −$568.0M | $241.0M | −$82.0M | $157.0M | $129.0M | $108.0M | $440.0M | $232.0M | −$156.0M | $94.0M | $64.0M | $750.0M |
| Cash from operating activities | $1.04B | $172.0M | $1.05B | $916.0M | $859.0M | $98.0M | $1.12B | $991.0M | $417.0M | $461.0M | $901.0M | $1.21B |
| Investing activities | ||||||||||||
| Capital expenditures | −$188.0M | −$194.0M | −$330.0M | −$92.0M | −$341.0M | −$273.0M | −$441.0M | −$471.0M | −$338.0M | −$285.0M | −$416.0M | −$298.0M |
| Investments (net) | −$654.0M | −$1.56B | $3.72B | −$3.80B | −$562.0M | −$4.88B | −$3.74B | −$301.0M | −$1.82B | −$4.29B | −$358.0M | −$3.75B |
| Acquisitions & other investing | $90.0M | −$4.79B | $236.0M | $92.0M | $341.0M | $273.0M | $441.0M | $471.0M | $338.0M | $285.0M | $416.0M | $298.0M |
| Cash from investing activities | −$752.0M | −$6.54B | $3.63B | −$3.80B | −$562.0M | −$4.88B | −$3.74B | −$301.0M | −$1.82B | −$4.29B | −$358.0M | −$3.75B |
| Financing activities | ||||||||||||
| Dividends paid | −$55.0M | −$51.0M | −$40.0M | −$39.0M | −$40.0M | −$42.0M | −$42.0M | −$38.0M | −$39.0M | −$39.0M | −$39.0M | −$26.0M |
| Share repurchases & issuance (net) | −$606.0M | −$899.0M | −$900.0M | −$896.0M | −$613.0M | −$618.0M | −$948.0M | −$700.0M | $0 | $0 | $0 | — |
| Net borrowing (repayment) | −$1.75B | −$2.01B | −$2.50B | $594.0M | −$351.0M | $1.24B | −$102.0M | −$316.0M | — | — | — | — |
| Shares issued | $0 | $390.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.56B | $9.21B | −$1.32B | $3.21B | $784.0M | $4.20B | $3.67B | $462.0M | $1.51B | $3.66B | −$387.0M | $2.45B |
| Cash from financing activities | $148.0M | $6.64B | −$4.75B | $2.87B | −$220.0M | $4.78B | $2.58B | −$592.0M | $1.47B | $3.62B | −$426.0M | $2.42B |
| Summary | ||||||||||||
| Net change in cash | $439.0M | $279.0M | −$73.0M | −$15.0M | $77.0M | −$2.0M | −$48.0M | $98.0M | $66.0M | −$210.0M | $117.0M | −$126.0M |
| Cash at end of period | $1.52B | $1.08B | $801.0M | $874.0M | $889.0M | $812.0M | $814.0M | $862.0M | $764.0M | $698.0M | $908.0M | $791.0M |
| Free cash flow | $855.0M | −$22.0M | $720.0M | $1.01B | $518.0M | −$175.0M | $678.0M | $520.0M | $79.0M | $176.0M | $485.0M | $907.0M |
| Free cash flow margin | 23.7% | −0.6% | 19.7% | 27.3% | 14.3% | −5.0% | 18.4% | 13.7% | 2.1% | 4.8% | 13.2% | 24.5% |
| Capex / revenue | 5.2% | 5.6% | 9.0% | 2.5% | 9.4% | 7.7% | 12.0% | 12.5% | 9.1% | 7.7% | 11.3% | 8.0% |
| Operating cash flow / net income | 1.55 | 0.32 | 1.81 | 1.61 | 1.49 | 0.20 | 1.60 | 1.55 | 0.59 | 0.63 | 1.75 | 1.60 |
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.
FCNCA cash generation
In fiscal 2025 (ended December 31, 2025), First Citizens BancShares generated $2.9 billion of cash from operations (down 2.2%) and spent $852.0 million on capital expenditures, leaving free cash flow of $2.1 billion, 14.3% of revenue. It returned $3.2 billion to shareholders through dividends ($161.0 million) and net share buybacks ($3.0 billion). Cash and equivalents fell by $13.0 million over the year.
Related: FCNCA income statement, FCNCA balance sheet, FCNCA dividend history. See the FCNCA stock overview for the latest quote and news.
FCNCA cash flow FAQ
What is First Citizens BancShares's free cash flow?
First Citizens BancShares's free cash flow was $2.1 billion in fiscal 2025: $2.9 billion of operating cash flow minus $852.0 million of capital expenditures It was $1.5 billion a year earlier..
How much cash does First Citizens BancShares generate from operations?
First Citizens BancShares generated $2.9 billion of cash from operating activities in fiscal 2025, 1.33 times its net income of $2.2 billion.
How much does First Citizens BancShares spend on capital expenditures?
First Citizens BancShares spent $852.0 million on capital expenditures in fiscal 2025, 5.9% of revenue, compared with $1.5 billion the year before.
How much stock does First Citizens BancShares buy back?
First Citizens BancShares spent $3.0 billion on net share repurchases in fiscal 2025.
How much does First Citizens BancShares pay in dividends?
First Citizens BancShares paid $161.0 million in dividends in fiscal 2025, 7.8% of free cash flow.