| Operating Cash Flow |
= EBIT + Depreciation - Taxes |
| Capital Spending |
| = Ending Net Fixed Assets |
| - Beginning Net Fixed Assets |
| + Depreciation |
|
| Additions to NWC |
= Ending NWC - Beginning NWC |
| Net Working Capital |
= Current Assets - Current Liabilities |
| Cash Flow from Assets |
| = Operating Cash Flow |
| - Capital Spending |
| - Additions to NWC |
|
| Cash Flow to Debtholders |
| = Interest Expense |
| - Ending Long-term Debt |
| + Beginning Long-term Debt |
|
| Cash Flow to Common Stockholders |
| = Dividends Paid |
| - (Ending Common Stock - Beginning Common Stock) |
| - (Ending Capital Surplus - Beginning Capital Surplus) |
| + (Ending Treasury Stock - Beginning Treasure Stock) |
|
| Cash Flow to Preferred Stockholders |
| = Preferred Dividends Paid |
| - (Ending Preferred Stock - Beginning Preferred Stock) |
|
| Cash Flow to Investors |
| = Cash Flow to Debtholders |
| + Cash Flow to Common Stockholders |
| + Cash Flow to Preferred Stockholders |
|
