Free cash flow is the cash a business generates after paying for the investment needed to keep running and growing. It is the money left for dividends, buybacks, debt repayment or acquisitions.
自由现金流是企业支付完维持和扩张所需的资本开支后，真正剩下的现金。它可以用来分红、回购、还债或并购。
Free cash flow is harder to dress up than earnings. Profit can be lifted by accounting choices; cash either arrived or it did not. That is why a company reporting record earnings and negative free cash flow is a warning: growth is consuming cash, and it will need to raise more. For lenders and buyout firms, FCF is the number that determines how much debt the business can carry.
自由现金流比利润更难修饰。利润可以通过会计选择抬高，现金要么到了要么没到。
所以「利润创纪录、自由现金流为负」是警告信号：增长在消耗现金，未来还得融资。对债权人和并购基金来说，FCF 决定这门生意能背多少债。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The AI trade splits in two 自由现金流 · 第 9 张术语卡 | This is why the hyperscalers rose: less construction means less capex, and the same revenue turns into more free cash flow. 自由现金流是财报里最难修饰的一项，因为它是现金而非会计口径。常见陷阱是「经营现金流很好，但资本开支更大」，于是自由现金流为负——重资产扩张期的公司常常如此。看它的趋势，比看单季绝对值有用。 |
| $9.1bn | AI's bill is now paid with borrowed money 自由现金流 · 第 1 张术语卡 | Alphabet's was minus $9.1bn in the quarter; Amazon's minus $42.4bn over twelve months. 三个数字要分清：净利润（会计口径）、经营现金流（实际收付）、自由现金流（再扣掉买设备的钱）。一家公司可以利润很高而自由现金流为负——只要它在大规模买设备。判断危险与否，要看这笔支出未来能不能赚回来。 |
| $2.12bn | The AI boom's real bill arrives in the depreciation line 自由现金流 · 第 2 张术语卡 | Meta's was minus $2.12 billion in the quarter — the clearest sign that the build-out has outgrown internal funding. 自由现金流是利润的照妖镜。会计利润可以靠折旧年限变好看，自由现金流不能——服务器买下去，钱就出去了。当一家公司同时出现「利润增长」和「自由现金流为负」，先问它把钱花到哪去了。 |
| — | Nestlé sells more coffee and chocolate as price rises slow 自由现金流 · 第 8 张术语卡 | Nestlé still expects more than CHF 9 billion of free cash flow this year. 利润可以靠会计处理变好看，自由现金流很难。看一家公司能不能持续分红，先看这个数。 |
| — | The AI trade meets a $20 billion reality check 自由现金流 · 第 8 张术语卡 | Oracle's free cash flow is negative and is expected to stay that way until more AI data centers are finished and earning revenue. 它是最难粉饰的科目之一，因为现金进出有银行流水。判断一家重资产公司，先看自由现金流的方向和缺口由谁补：如果是靠股权融资补，会稀释老股东；靠债务补，会抬高利息负担；靠供应商垫资（如本文的供应商融资），则把风险转移给了上游。三种补法的含义完全不同。 |
| $2.8bn | Accenture Brushes Off the AI Disruption Fears With a Record Year of Bookings 自由现金流 · 第 7 张术语卡 | Accenture generated $2.8 billion of free cash flow in the quarter and $11.6 billion for the year — enough to cover the $11.5 billion it handed back to shareholders. 利润是会计概念，现金是事实。看公司质量的顺序：先看经营现金流，再看自由现金流，最后才看净利润。埃森哲全年自由现金流 116 亿美元，和 115 亿美元的股东回报几乎相等——这正是它能同时派息和回购的原因。反过来，利润漂亮但自由现金流常年为负的公司要警惕。 |
FCF is profit
Profit includes accruals and excludes capex. They can diverge for years.
Capex is always bad for FCF
Maintenance capex is necessary; only growth capex is discretionary.
High FCF means a good business
It can mean underinvestment. Check capex against depreciation.
· free cash flow of $Xbn
· FCF conversion
· capex discipline
· cash generative
· burn cash
free cash flow of $Xbn 自由现金流 X 亿美元；FCF conversion 自由现金流转化率；capex discipline 资本开支纪律；cash generative 能产生现金；burn cash 烧钱。
· free cash flow vs operating cash flow
· FCF vs EBITDA
free cash flow 扣了资本开支，operating cash flow 没扣；FCF 是现金，EBITDA 是会计利润。
Free cash flow fell to $Xm as capital spending rose to build new capacity.
财报句：为建新产能增加资本开支，自由现金流降至 X 百万美元——as 从句交代原因。
“This is why the hyperscalers rose: less construction means less capex, and the same revenue turns into more f…”
“Alphabet's was minus $9.1bn in the quarter; Amazon's minus $42.4bn over twelve months.”
“Meta's was minus $2.12 billion in the quarter — the clearest sign that the build-out has outgrown internal fu…”
“Nestlé still expects more than CHF 9 billion of free cash flow this year.”
“Oracle's free cash flow is negative and is expected to stay that way until more AI data centers are finished…”
“Accenture generated $2.8 billion of free cash flow in the quarter and $11.6 billion for the year — enough to…”