First Citizens BancShares, Inc. Series C Preferred Stock (FCNCO) Cash Flow Statement
Where FCNCO’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.
FCNCO operating cash flow, capex and free cash flow
FCNCO 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) | $21.5M2016 | $3.03B2025 | +73.3%/yr | |
| 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.
FCNCO cash flow by activity
FCNCO 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).
FCNCO 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 | $15.6M | −$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 | −$98.9M | $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 | $75.0M | −$7.88B | −$5.82B | $32.2M | $1.38B | $126.3M | — |
| Acquisitions & other investing | −$8.21B | $1.53B | $1.80B | $926.0M | $423.5M | −$3.92B | −$1.47B | −$1.14B | −$710.2M | −$1.02B |
| 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 | −$46.1M | −$333.8M | −$453.1M | −$163.1M | −$168.1M | −$21.5M |
| Net borrowing (repayment) | −$1.01B | −$450.0M | −$4.88B | $352.0M | −$106.7M | $562.4M | $99.0M | −$874.0M | $123.4M | — |
| Shares issued | $494.0M | $0 | $0 | $0 | $0 | $339.9M | $0 | $0 | $0 | $0 |
| Other financing | $6.38B | $9.33B | $745.0M | −$1.72B | $8.02B | $8.98B | $1.44B | $490.2M | $169.0M | $911.4M |
| 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% | — |
| Capex / revenue | 5.2% | 5.6% | 9.0% | 2.5% | 9.4% | 7.7% | 12.0% | 12.5% | 9.1% | 7.7% | 11.3% | — |
| 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.
FCNCO cash generation
In fiscal 2025 (ended December 31, 2025), First Citizens Series C Preferred 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: FCNCO income statement, FCNCO balance sheet, FCNCO dividend history. See the FCNCO stock overview for the latest quote and news.
FCNCO cash flow FAQ
What is First Citizens Series C Preferred's free cash flow?
First Citizens Series C Preferred'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 Series C Preferred generate from operations?
First Citizens Series C Preferred 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 Series C Preferred spend on capital expenditures?
First Citizens Series C Preferred 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 Series C Preferred buy back?
First Citizens Series C Preferred spent $3.0 billion on net share repurchases in fiscal 2025.
How much does First Citizens Series C Preferred pay in dividends?
First Citizens Series C Preferred paid $161.0 million in dividends in fiscal 2025, 7.8% of free cash flow.