Official definition · 官方定义
“Cash Flow (CF) is the increase or decrease in the amount of money a business, institution, or individual has.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Cash flow records money actually moving in and out of a business, split into operating, investing and financing activities. It ignores accruals, so it is harder to manipulate than profit.
现金流记录企业实际进出的钱，分为经营、投资、融资三类。它不看权责发生制，因此比利润更难被操纵。
Profit is an opinion; cash is a fact. A company can report growing earnings for several quarters while operating cash flow falls, because sales are sitting in receivables or inventory. That gap is one of the most reliable early warnings in accounting, and it is why credit analysts start with the cash flow statement rather than the income statement.
利润是观点，现金是事实。一家公司可以连续几个季度报出增长的利润，同时经营现金流下滑——因为销售都挂在应收账款或存货里。
这个缺口是会计上最可靠的预警之一，也是信贷分析师从现金流量表而不是利润表看起的原因。
Cash flow is profit
It excludes accruals and includes capex if you look at free cash flow.
Positive operating cash flow means healthy
It can come from stretching payables, which is borrowing from suppliers.
Investing outflow is bad
It is often capex for growth. Check what it buys.
· operating cash flow
· cash conversion
· working capital release
· free cash flow
· cash burn
operating cash flow 经营现金流；cash conversion 现金转化率；working capital release 营运资金释放；free cash flow 自由现金流；cash burn 烧钱。
· cash flow vs profit
· operating vs free cash flow
cash flow 是现金，profit 是利润；operating cash flow 未扣资本开支，free cash flow 已扣。
Operating cash flow rose to $Xbn, while net income was $Ybn.
财报句：经营现金流升至 X 亿美元，净利润为 Y 亿美元——两个数字背离时，解释比数字本身重要。