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First Citizens Bancshares cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$689M in Q3 2026 · $2.5B over twelve months

Operating cash flow$902M
Capital spending−$213M
Free cash flow+$689M
Cash / net income1.5×

Analysis

In Q3 2026, First Citizens Bancshares generated $902M of operating cash flow and spent $213M on capital projects, leaving free cash flow of $689M. That is $11.0M more than in Q3 2025 ($678M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.2B; the largest uses were net borrowing (+) / repaid (−) ($13.9B), other investing ($3.4B), buybacks ($3.0B); besides operations, cash came from other financing ($18.1B); the cash balance rose by $107M.

Operating cash flow was $902M against net income of $606M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$567M, prepaid and other assets −$477M, depreciation & amortization +$183M.

Free cash flow

First Citizens Bancshares: free cash flow by quarterFirst Citizens Bancshares: free cash flow by quarter$991MQ4 2024−$5.0MQ1 2025$733MQ2 2025$678MQ3 2025$807MQ4 2025$31.0MQ1 2026$941MQ2 2026$689MQ3 2026
Operating cash flow less capital spending.
First Citizens Bancshares: operating cash flow against capital spendingFirst Citizens Bancshares: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$128MQ4 2024$98.0M$103MQ1 2025$859M$126MQ2 2025$916M$238MQ3 2025$1.1B$243MQ4 2025$172M$141MQ1 2026$1.0B$102MQ2 2026$902M$213MQ3 2026
Latest (Q3 2026): Operating cash flow $902M, Capital spending $213M.

Capital allocation, year by year

First Citizens Bancshares: where the cash came from (up) and went (down), by fiscal yearFirst Citizens Bancshares: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$284MFY2021: Net borrowing −$108MFY2021: Asset sales $1.0MFY2021: Capital spending −$107MFY2021: Dividends −$41.6M$1.0MFY2021FY2022: Operating cash flow $2.8BFY2022: Net borrowing $503MFY2022: Asset sales $13.0MFY2022: Capital spending −$155MFY2022: Acquisitions $134MFY2022: Buybacks −$1.2BFY2022: Dividends −$83.0M$3.4BFY2022FY2023: Operating cash flow $2.7BFY2023: Net borrowing −$4.9BFY2023: Capital spending −$405MFY2023: Dividends −$117M$2.7BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing −$452MFY2024: Capital spending −$429MFY2024: Buybacks −$1.6BFY2024: Dividends −$158M$3.0BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing −$1.0BFY2025: Shares issued $494MFY2025: Capital spending −$710MFY2025: Buybacks −$3.0BFY2025: Dividends −$161M$3.4BFY2025
Over these 5 years operating cash flow totalled $11.1B; the largest uses were net borrowing ($6.5B) and buybacks ($5.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$981M
Debt$24.5B
Net debt$23.5B

First Citizens Bancshares funds itself: free cash flow was $2.5B over the last twelve months, and $981M of cash and investments stands against $24.5B of debt.

Where the cash came from and went

First Citizens Bancshares: sources (+) and uses (−) of cash, Q3 2026First Citizens Bancshares: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$7.6BOther financing$7.2BOperating cash flow$902MBuybacks−$600MCash drawn (+) / kept (−)$538MCapital spending−$213MOther investing−$203MDividends−$53.0M
First Citizens Bancshares: sources (+) and uses (−) of cash, TTM to Q3 2026First Citizens Bancshares: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$18.1BNet borrowing (+) / repaid (−)−$13.9BOther investing−$3.4BOperating cash flow$3.2BBuybacks−$3.0BCapital spending−$699MDividends−$199MCash drawn (+) / kept (−)−$107M

From profit to cash

First Citizens Bancshares: net income to operating cash flow, Q3 2026First Citizens Bancshares: net income to operating cash flow, Q3 2026Net income$606MDepreciation & amortization$183MDeferred taxes−$39.0MPrepaid and other assets−$477MOther liabilities$567MOperating cash flow$902M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$902M−$213M−$600M−$53.0M−$7.6B—$538M$689M
Q2 2026$1.0B−$102M−$606M−$55.0M−$1.8B—−$439M$941M
Q1 2026$172M−$141M−$899M−$51.0M−$2.0B$390M−$279M$31.0M
Q4 2025$1.1B−$243M−$900M−$40.0M−$2.5B—$73.0M$807M
Q3 2025$916M−$238M−$896M−$39.0M$591M—$15.0M$678M
Q2 2025$859M−$126M−$613M−$40.0M−$352M—−$77.0M$733M
Q1 2025$98.0M−$103M−$618M−$42.0M$1.2B—$2.0M−$5.0M
Q4 2024$1.1B−$128M−$948M−$42.0M−$103M—$48.0M$991M

First Citizens Bancshares: income statement and cash flow

First Citizens Bancshares, Q3 2026: revenue $2.4B (0% year over year), operating margin 33.1%. The chart follows the revenue to costs, profit and cash.

First Citizens Bancshares: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.