Truist Financial Corporation (TFC) Cash Flow Statement
Where TFC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.74B +165.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $5.74B 18.9% margin
- Returned to shareholders
- $5.50B 96% of free cash flow
- Change in cash
- −$3.39B cash at year-end $36.38B
Cash from operations
$5.74B
Investments (net)
+$8.45B
Acquisitions & other
−$26.21B
Dividends
−$3.00B
Share buybacks (net)
−$2.50B
Net borrowing (repayment)
+$5.33B
Other financing
+$8.80B
Change in cash
−$3.39B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TFC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TFC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.12B2016 | $5.74B2025 | +7.0%/yr | |
| Capital expenditures | $2.76B2016 | $02025 | −100.0% | |
| Free cash flow | $3.12B2016 | $5.74B2025 | +7.0%/yr | |
| Free cash flow margin | 27.0%2016 | 18.9%2025 | −8.1 pts | |
| Operating cash flow / net income | 1.282016 | 1.082025 | −0.19 | |
| Stock-based compensation | $115.0M2016 | $320.0M2023 | +15.7%/yr | |
| Dividends paid | $1.09B2016 | $3.00B2025 | +11.9%/yr | |
| Share buybacks (net) | $520.0M2016 | $2.50B2025 | +19.1%/yr | |
| Capex / revenue | 23.9%2016 | 0.0%2025 | −23.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TFC cash flow by activity
OperatingInvestingFinancingChange in cash
TFC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TFC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.31B | $4.84B | −$1.05B | $6.27B | $6.44B | $4.49B | $3.24B | $3.26B | $2.42B | $2.44B |
| Depreciation & amortization | $837.0M | $979.0M | $1.22B | $1.37B | $1.38B | $1.61B | $630.0M | $555.0M | $550.0M | $555.0M |
| Stock-based compensation | — | — | $320.0M | $318.0M | $320.0M | $353.0M | $165.0M | $141.0M | $132.0M | $115.0M |
| Change in working capital | −$2.85B | −$8.15B | $271.0M | $4.99B | $655.0M | −$97.0M | −$3.27B | $359.0M | $718.0M | −$230.0M |
| Other non-cash items | $2.44B | $4.50B | $7.87B | −$1.85B | −$904.0M | $1.08B | $763.0M | $37.0M | $820.0M | $233.0M |
| Cash from operating activities | $5.74B | $2.16B | $8.63B | $11.08B | $7.89B | $7.44B | $1.52B | $4.35B | $4.63B | $3.12B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$17.0M | −$564.0M | −$442.0M | −$815.0M | −$656.0M | −$363.0M | −$363.0M | −$2.76B |
| Investments (net) | $8.45B | $18.60B | $22.86B | −$29.97B | −$29.04B | −$39.69B | $36.78B | −$4.53B | −$5.28B | −$392.0M |
| Acquisitions & other investing | −$26.21B | $0 | $17.0M | $564.0M | −$2.58B | −$3.15B | −$27.78B | −$72.0M | $231.0M | $2.17B |
| Cash from investing activities | −$17.76B | $18.60B | $22.86B | −$29.97B | −$32.06B | −$43.65B | $8.35B | −$4.96B | −$5.41B | −$976.0M |
| Financing activities | ||||||||||
| Dividends paid | −$3.00B | −$3.13B | −$3.13B | −$2.99B | −$2.85B | −$2.73B | −$1.46B | −$1.38B | −$1.18B | −$1.09B |
| Share repurchases & issuance (net) | −$2.50B | −$1.75B | −$250.0M | −$250.0M | −$3.03B | −$500.0M | −$1.73B | −$1.21B | −$1.61B | −$520.0M |
| Net borrowing (repayment) | $5.33B | $361.0M | −$2.68B | $26.54B | −$4.03B | −$13.76B | $6.29B | $476.0M | $4.96B | −$5.55B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $3.45B | $1.68B | $0 | $0 | $0 |
| Other financing | $8.80B | −$7.11B | −$16.21B | −$3.28B | $35.51B | $49.55B | $561.0M | $3.61B | −$2.72B | $5.28B |
| Cash from financing activities | $8.63B | −$11.64B | −$22.27B | $20.02B | $25.59B | $36.02B | $5.35B | $1.50B | −$549.0M | −$1.88B |
| Summary | ||||||||||
| Net change in cash | −$3.39B | $9.12B | $9.22B | $1.13B | $1.43B | −$197.0M | $15.22B | $888.0M | −$1.32B | $257.0M |
| Cash at end of period | $36.38B | $39.77B | $30.64B | $21.42B | $20.30B | $18.87B | $19.07B | $3.84B | $2.96B | $4.42B |
| Free cash flow | $5.74B | $2.16B | $8.63B | $10.52B | $7.45B | $6.62B | $2.18B | $3.99B | $4.63B | $3.12B |
| Free cash flow margin | 18.9% | 8.9% | 28.8% | 47.2% | 32.3% | 27.1% | 14.8% | 30.7% | 38.1% | 27.0% |
| Capex / revenue | 0.0% | 0.0% | 0.1% | 2.5% | 1.9% | 3.3% | 4.5% | 2.8% | 3.0% | 23.9% |
| Operating cash flow / net income | 1.08 | 0.45 | — | 1.77 | 1.23 | 1.66 | 0.47 | 1.34 | 1.92 | 1.28 |
| 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 | $1.55B | $1.48B | $1.35B | $1.45B | $1.24B | $1.26B | $1.28B | $1.44B | $922.0M | $1.20B | −$5.09B | $1.18B |
| Depreciation & amortization | $191.0M | $193.0M | $203.0M | $202.0M | $212.0M | $220.0M | $237.0M | $229.0M | $240.0M | $273.0M | $296.0M | $302.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $320.0M | — |
| Change in working capital | −$1.10B | −$1.47B | $268.0M | −$571.0M | −$1.16B | −$1.38B | −$1.38B | −$952.0M | −$2.75B | −$3.07B | $452.0M | $18.0M |
| Other non-cash items | $395.0M | $479.0M | $757.0M | $414.0M | $626.0M | $648.0M | $646.0M | $815.0M | $2.43B | $609.0M | $6.40B | $904.0M |
| Cash from operating activities | $1.04B | $679.0M | $2.58B | $1.50B | $914.0M | $746.0M | $775.0M | $1.53B | $845.0M | −$990.0M | $2.38B | $2.41B |
| Investing activities | ||||||||||||
| Capital expenditures | −$55.4M | $0 | $0 | $0 | $0 | $0 | $0 | −$95.0M | $0 | $0 | −$3.37B | −$6.37B |
| Investments (net) | — | $94.0M | $1.72B | −$3.63B | −$7.71B | −$1.63B | −$7.96B | −$3.49B | $24.15B | $5.90B | $4.99B | $8.35B |
| Acquisitions & other investing | −$2.82B | −$2.03B | −$6.51B | $0 | $0 | $0 | $0 | $95.0M | $0 | $0 | $3.37B | $15.89B |
| Cash from investing activities | −$2.87B | −$1.94B | −$4.79B | −$3.63B | −$7.71B | −$1.63B | −$7.96B | −$3.49B | $24.15B | $5.90B | $4.99B | $17.86B |
| Financing activities | ||||||||||||
| Dividends paid | −$670.0M | −$749.0M | −$714.0M | −$769.0M | −$730.0M | −$783.0M | −$761.0M | −$801.0M | −$773.0M | −$800.0M | −$770.0M | −$799.0M |
| Share repurchases & issuance (net) | −$1.20B | −$1.13B | −$1.75B | −$500.0M | −$750.0M | −$500.0M | −$1.25B | −$500.0M | $0 | — | −$250.0M | $0 |
| Net borrowing (repayment) | — | −$648.0M | −$1.28B | $10.01B | $5.18B | −$8.58B | $6.71B | −$293.0M | — | — | — | −$4.12B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $6.79B | $3.61B | $5.48B | −$11.20B | $2.37B | $13.15B | $2.62B | $2.31B | −$18.33B | $228.0M | −$5.54B | −$6.01B |
| Cash from financing activities | $4.92B | $1.08B | $1.74B | −$2.46B | $6.07B | $3.29B | $7.31B | $721.0M | −$19.10B | −$572.0M | −$6.56B | −$10.93B |
| Summary | ||||||||||||
| Net change in cash | $3.09B | −$180.0M | −$475.0M | −$4.60B | −$720.0M | $2.40B | $128.0M | −$1.24B | $5.89B | $4.34B | $812.0M | −$178.0M |
| Cash at end of period | $39.29B | $36.20B | $36.38B | $36.85B | $41.45B | $42.17B | $39.77B | $39.64B | $40.88B | $34.98B | $30.64B | $29.83B |
| Free cash flow | $1.04B | $679.0M | $2.58B | $1.50B | $914.0M | $746.0M | $775.0M | $1.53B | $845.0M | −$990.0M | $2.38B | $8.78B |
| Free cash flow margin | 13.7% | 9.2% | 33.7% | 19.1% | 12.1% | 10.1% | 10.1% | 19.6% | 74.2% | −13.0% | 28.2% | — |
| Capex / revenue | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% | 0.0% | 40.1% | — |
| Operating cash flow / net income | 0.67 | 0.46 | 1.91 | 1.03 | 0.74 | 0.59 | 0.61 | 1.06 | 0.92 | −0.82 | — | 2.03 |
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.
TFC cash generation
In fiscal 2025 (ended December 31, 2025), Truist generated $5.7 billion of cash from operations (up 165.2%) and spent $0 on capital expenditures, leaving free cash flow of $5.7 billion, 18.9% of revenue. It returned $5.5 billion to shareholders through dividends ($3.0 billion) and net share buybacks ($2.5 billion). Cash and equivalents fell by $3.4 billion over the year.
Related: TFC income statement, TFC balance sheet, TFC dividend history. See the TFC stock overview for the latest quote and news.
TFC cash flow FAQ
What is Truist's free cash flow?
Truist's free cash flow was $5.7 billion in fiscal 2025: $5.7 billion of operating cash flow minus $0 of capital expenditures It was $2.2 billion a year earlier..
How much cash does Truist generate from operations?
Truist generated $5.7 billion of cash from operating activities in fiscal 2025, 1.08 times its net income of $5.3 billion.
How much stock does Truist buy back?
Truist spent $2.5 billion on net share repurchases in fiscal 2025.
How much does Truist pay in dividends?
Truist paid $3.0 billion in dividends in fiscal 2025, 52.2% of free cash flow.