# 现金流量表：经营、投资与筹资
从完整原表连起期初与期末现金，并用软件、零售和银行区分现金流分类与经营解释。
Entry: zh-bf07 | Node: BF-07 | Language: zh | Editorial revision: 2026-09-21
## Teaching instructions
你现在教授BF-07《现金流量表：经营、投资与筹资》。对象是有微积分、线性代数及基本概率基础，但不假定受过会计训练的高年级本科至研究生。先确认本篇行业/扩展分支和学习任务。在讲解前，使用读取工具实际取得agent_packet中common及所选branch的全部required_readings完整单元（含表头、脚注和条件）。optional_readings只有选中相应研究/扩展时才转为必读。记录标题、版本、实际范围以及支持当前教学的关键设定；runtime_reading_log初始为空，不以编辑访问或参考清单冒充本次已读。访问失败时尝试同版本官方等价正文；仍缺失就指出具体缺口，不拿摘要代替承重单元。诊断任务：先选择软件或零售，读者自己给出期初至期末现金桥，再检查一组完整CFO。沿当前同源正文、静态表和supplied_inputs逐段推进，先让读者分析再反馈，已会步骤直接跳过。判断理解的尺度：软件必须包括四项净249；零售保留893与963差70；原表补充项目不重复加总。最后迁移：默认在所选公司换读上一年度，重建完整现金总桥并核对一组经营调整；若读者选择银行扩展，先读取 bank-extension 的 JPM 指定完整单元，再用交易资产与存款实际行解释分类。保留历史观测与教学设定身份、单位、期间、未解释差额；不得从本篇生成新估值或账户建议。
Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference.
## Required readings and runtime protocol
```json
{
"export_mode": "public",
"required_readings": [
{
"source_id": "BBC-S05",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-1-explain-the-purpose-of-the-statement-of-cash-flows"
},
"required_unit": {
"locator": "§16.1全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "现金流量表的信息职责"
},
"supports": "现金流量表的信息职责。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S06",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-2-differentiate-between-operating-investing-and-financing-activities"
},
"required_unit": {
"locator": "§16.2全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "三类现金流基本分类"
},
"supports": "经营、投资、筹资活动的分类；实际行业口径回到原表。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S07",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-3-prepare-the-statement-of-cash-flows-using-the-indirect-method"
},
"required_unit": {
"locator": "§16.3全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "净利润至经营现金的完整间接调节"
},
"supports": "间接法调节及其完整性。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-C01",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm"
},
"required_unit": {
"locator": "Cash Flows pp.61–62全表及补充、D&A脚注；Note2合同余额",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "软件CFO全部11行与现金总桥"
},
"supports": "订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。",
"branch": "software",
"required_when_selected": false,
"title": "Salesforce, Inc. FY2026 Form 10-K",
"authors": [
"Salesforce, Inc."
],
"version": "Fiscal year ended 2026-01-31"
}
],
"optional_readings": [
{
"source_id": "BF-S-JPM-FY2025",
"access": {
"kind": "pdf_full_text",
"uri": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf"
},
"required_unit": {
"locator": "Cash Flows印刷p.169/PDF201全表；MD&A Cash Flows p.58",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "交易资产/借入证券/存款分类"
},
"supports": "银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。",
"branch": "bank-extension",
"required_when_selected": true
},
{
"source_id": "BF-S-COST-FY2025-SEC",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm"
},
"required_unit": {
"locator": "Cash Flows p.41全表及补充；Balance Sheets p.39库存/应付；Note1库存政策p.44",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "零售现金、893/963/70的范围"
},
"supports": "会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。",
"branch": "retail",
"required_when_selected": true
}
],
"runtime_reading_log": [],
"supplied_inputs": {
"canonical_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json",
"selected_keys": [
"tables.sf_cash",
"tables.cost_cash",
"tables.jpm_cash",
"inventory.cost"
],
"data": {
"tables": {
"sf_cash": {
"id": "sf_cash",
"title": "Salesforce Consolidated Statements of Cash Flows",
"source_id": "BBC-C01",
"locator": "Printed pp.61–62",
"periods": [
"FY2026 · 2026-01-31",
"FY2025 · 2025-01-31",
"FY2024 · 2024-01-31"
],
"unit": "USD millions",
"data_identity": "historical_observation",
"rows": [
{
"id": "op",
"label_original": "Operating activities",
"label_zh": "经营活动",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "net",
"label_original": "Net income",
"label_zh": "净利润",
"kind": "detail",
"section": "cfo",
"values": [
7457,
6197,
4136
]
},
{
"id": "adjust",
"label_original": "Adjustments to reconcile net income to net cash provided by operating activities",
"label_zh": "由净利润调节至经营活动净现金",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "da",
"label_original": "Depreciation and amortization (1)",
"label_zh": "折旧和摊销（1）",
"kind": "detail",
"section": "cfo",
"values": [
3631,
3477,
3959
]
},
{
"id": "contract_amort",
"label_original": "Amortization of costs capitalized to obtain revenue contracts, net",
"label_zh": "取得收入合同资本化成本的摊销净额",
"kind": "detail",
"section": "cfo",
"values": [
2197,
2095,
1925
]
},
{
"id": "sbc",
"label_original": "Stock-based compensation expense",
"label_zh": "股权薪酬费用",
"kind": "detail",
"section": "cfo",
"values": [
3509,
3183,
2787
]
},
{
"id": "strategic",
"label_original": "(Gains) losses on strategic investments, net",
"label_zh": "战略投资收益／损失净额的现金流调整",
"kind": "detail",
"section": "cfo",
"values": [
-1017,
121,
277
]
},
{
"id": "changes",
"label_original": "Changes in assets and liabilities, net of business combinations",
"label_zh": "资产负债变动，扣除企业合并影响",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "ar",
"label_original": "Accounts receivable, net",
"label_zh": "应收款净额变动",
"kind": "detail",
"section": "cfo",
"values": [
-2160,
-490,
-659
]
},
{
"id": "contract_add",
"label_original": "Costs capitalized to obtain revenue contracts, net",
"label_zh": "取得收入合同的资本化成本净额变动",
"kind": "detail",
"section": "cfo",
"values": [
-2811,
-2121,
-1872
]
},
{
"id": "prepaid",
"label_original": "Prepaid expenses and other current assets and other assets",
"label_zh": "预付及其他资产变动",
"kind": "detail",
"section": "cfo",
"values": [
819,
-1495,
-843
]
},
{
"id": "ap",
"label_original": "Accounts payable and accrued expenses and other liabilities",
"label_zh": "应付、应计费用及其他负债变动",
"kind": "detail",
"section": "cfo",
"values": [
1014,
1089,
-478
]
},
{
"id": "lease",
"label_original": "Operating lease liabilities",
"label_zh": "经营租赁负债变动",
"kind": "detail",
"section": "cfo",
"values": [
-567,
-548,
-621
]
},
{
"id": "unearned",
"label_original": "Unearned revenue",
"label_zh": "未赚取收入变动",
"kind": "detail",
"section": "cfo",
"values": [
2924,
1584,
1623
]
},
{
"id": "cfo",
"label_original": "Net cash provided by operating activities",
"label_zh": "经营活动产生净现金",
"kind": "total",
"section": "cfo",
"values": [
14996,
13092,
10234
]
},
{
"id": "inv",
"label_original": "Investing activities",
"label_zh": "投资活动",
"kind": "heading",
"section": "cfi",
"values": [
null,
null,
null
]
},
{
"id": "acquisitions",
"label_original": "Business combinations, net of cash acquired",
"label_zh": "企业合并，扣取得现金",
"kind": "detail",
"section": "cfi",
"values": [
-9268,
-2734,
-82
]
},
{
"id": "strategic_purchases",
"label_original": "Purchases of strategic investments",
"label_zh": "购入战略投资",
"kind": "detail",
"section": "cfi",
"values": [
-1958,
-539,
-496
]
},
{
"id": "strategic_sales",
"label_original": "Sales of strategic investments",
"label_zh": "出售战略投资",
"kind": "detail",
"section": "cfi",
"values": [
184,
126,
108
]
},
{
"id": "market_purchases",
"label_original": "Purchases of marketable securities",
"label_zh": "购入有价证券",
"kind": "detail",
"section": "cfi",
"values": [
-3763,
-6879,
-3761
]
},
{
"id": "market_sales",
"label_original": "Sales of marketable securities",
"label_zh": "出售有价证券",
"kind": "detail",
"section": "cfi",
"values": [
4414,
4143,
1511
]
},
{
"id": "market_maturities",
"label_original": "Maturities of marketable securities",
"label_zh": "有价证券到期",
"kind": "detail",
"section": "cfi",
"values": [
2395,
3378,
2129
]
},
{
"id": "capex",
"label_original": "Capital expenditures",
"label_zh": "资本支出",
"kind": "detail",
"section": "cfi",
"values": [
-594,
-658,
-736
]
},
{
"id": "cfi",
"label_original": "Net cash used in investing activities",
"label_zh": "投资活动使用净现金",
"kind": "total",
"section": "cfi",
"values": [
-8590,
-3163,
-1327
]
},
{
"id": "fin",
"label_original": "Financing activities",
"label_zh": "筹资活动",
"kind": "heading",
"section": "cff",
"values": [
null,
null,
null
]
},
{
"id": "debtissue",
"label_original": "Proceeds from issuance of debt, net of issuance costs",
"label_zh": "发行债务所得，扣发行成本",
"kind": "detail",
"section": "cff",
"values": [
6000,
0,
0
]
},
{
"id": "repurchases",
"label_original": "Repurchases of common stock",
"label_zh": "回购普通股现金",
"kind": "detail",
"section": "cff",
"values": [
-12596,
-7829,
-7620
]
},
{
"id": "settlementtax",
"label_original": "Payments for taxes related to net share settlement of equity awards",
"label_zh": "股权奖励净额结算相关税款支付",
"kind": "detail",
"section": "cff",
"values": [
-351,
0,
0
]
},
{
"id": "employee",
"label_original": "Proceeds from employee stock plans",
"label_zh": "员工股票计划所得",
"kind": "detail",
"section": "cff",
"values": [
1039,
1540,
1954
]
},
{
"id": "financeprincipal",
"label_original": "Principal payments on financing obligations",
"label_zh": "融资义务本金支付",
"kind": "detail",
"section": "cff",
"values": [
-584,
-603,
-629
]
},
{
"id": "debtrepay",
"label_original": "Repayments of debt",
"label_zh": "偿还债务",
"kind": "detail",
"section": "cff",
"values": [
0,
-1000,
-1182
]
},
{
"id": "dividends",
"label_original": "Payments of dividends and dividend equivalents",
"label_zh": "股息及股息等价支付",
"kind": "detail",
"section": "cff",
"values": [
-1587,
-1537,
0
]
},
{
"id": "cff",
"label_original": "Net cash used in financing activities",
"label_zh": "筹资活动使用净现金",
"kind": "total",
"section": "cff",
"values": [
-8079,
-9429,
-7477
]
},
{
"id": "fx",
"label_original": "Effect of exchange rate changes",
"label_zh": "汇率变化影响",
"kind": "detail",
"section": "cash",
"values": [
152,
-124,
26
]
},
{
"id": "change",
"label_original": "Net increase (decrease) in cash and cash equivalents",
"label_zh": "现金及等价物净增／减",
"kind": "subtotal",
"section": "cash",
"values": [
-1521,
376,
1456
]
},
{
"id": "begin",
"label_original": "Cash and cash equivalents, beginning of period",
"label_zh": "期初现金及等价物",
"kind": "balance",
"section": "cash",
"values": [
8848,
8472,
7016
]
},
{
"id": "end",
"label_original": "Cash and cash equivalents, end of period",
"label_zh": "期末现金及等价物",
"kind": "balance",
"section": "cash",
"values": [
7327,
8848,
8472
]
},
{
"id": "supp",
"label_original": "Supplemental cash flow disclosure",
"label_zh": "补充现金流披露（不再加入合计）",
"kind": "heading",
"section": "supplement",
"values": [
null,
null,
null
]
},
{
"id": "paidinterest",
"label_original": "Cash paid for interest",
"label_zh": "已付利息",
"kind": "supplement",
"section": "supplement",
"values": [
276,
233,
254
]
},
{
"id": "paidtax",
"label_original": "Cash paid for income taxes, net of tax refunds",
"label_zh": "已付所得税，扣退款",
"kind": "supplement",
"section": "supplement",
"values": [
1282,
2061,
1027
]
}
],
"notes": [
"（1）D&A含取得无形资产摊销、固定资产折旧、使用权资产摊销及减值。",
"资产与负债变动按原表扣除企业合并影响，不能直接用两个期末余额替换。",
"现金集合为cash and cash equivalents。补充已付利息和税款已经体现在现金流中，不重复累加。"
],
"aggregation_rules": [
{
"target": "cfo",
"components": [
"net",
"da",
"contract_amort",
"sbc",
"strategic",
"ar",
"contract_add",
"prepaid",
"ap",
"lease",
"unearned"
],
"operation": "signed_sum"
},
{
"target": "cfi",
"components": [
"acquisitions",
"strategic_purchases",
"strategic_sales",
"market_purchases",
"market_sales",
"market_maturities",
"capex"
],
"operation": "signed_sum"
},
{
"target": "cff",
"components": [
"debtissue",
"repurchases",
"settlementtax",
"employee",
"financeprincipal",
"debtrepay",
"dividends"
],
"operation": "signed_sum"
},
{
"target": "change",
"components": [
"cfo",
"cfi",
"cff",
"fx"
],
"operation": "signed_sum"
},
{
"target": "end",
"components": [
"begin",
"change"
],
"operation": "signed_sum"
}
]
},
"cost_cash": {
"id": "cost_cash",
"title": "Costco Consolidated Statements of Cash Flows",
"source_id": "BF-S-COST-FY2025-SEC",
"locator": "SEC HTML printed p.41",
"periods": [
"FY2025 · 52周",
"FY2024 · 52周",
"FY2023 · 53周"
],
"unit": "USD millions",
"data_identity": "historical_observation",
"rows": [
{
"id": "op",
"label_original": "CASH FLOWS FROM OPERATING ACTIVITIES",
"label_zh": "经营活动现金流",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "net",
"label_original": "Net income",
"label_zh": "净利润",
"kind": "detail",
"section": "cfo",
"values": [
8099,
7367,
6292
]
},
{
"id": "adjust",
"label_original": "Adjustments to reconcile net income to net cash provided by operating activities",
"label_zh": "净利润至经营活动净现金的调整",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "da",
"label_original": "Depreciation and amortization",
"label_zh": "折旧及摊销",
"kind": "detail",
"section": "cfo",
"values": [
2426,
2237,
2077
]
},
{
"id": "lease",
"label_original": "Non-cash lease expense",
"label_zh": "非现金租赁费用",
"kind": "detail",
"section": "cfo",
"values": [
303,
315,
412
]
},
{
"id": "sbc",
"label_original": "Stock-based compensation",
"label_zh": "股权薪酬",
"kind": "detail",
"section": "cfo",
"values": [
860,
818,
774
]
},
{
"id": "noncash",
"label_original": "Impairment of assets and other non-cash operating activities, net",
"label_zh": "资产减值及其他非现金经营活动净额",
"kind": "detail",
"section": "cfo",
"values": [
-117,
-9,
495
]
},
{
"id": "changes",
"label_original": "Changes in operating assets and liabilities",
"label_zh": "经营资产及负债变动",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "inventory",
"label_original": "Merchandise inventories",
"label_zh": "商品存货变动",
"kind": "detail",
"section": "cfo",
"values": [
559,
-2068,
1228
]
},
{
"id": "ap",
"label_original": "Accounts payable",
"label_zh": "应付账款变动",
"kind": "detail",
"section": "cfo",
"values": [
404,
1938,
-382
]
},
{
"id": "other",
"label_original": "Other operating assets and liabilities, net",
"label_zh": "其他经营资产负债净变动",
"kind": "detail",
"section": "cfo",
"values": [
801,
741,
172
]
},
{
"id": "cfo",
"label_original": "Net cash provided by operating activities",
"label_zh": "经营活动产生净现金",
"kind": "total",
"section": "cfo",
"values": [
13335,
11339,
11068
]
},
{
"id": "inv",
"label_original": "CASH FLOWS FROM INVESTING ACTIVITIES",
"label_zh": "投资活动现金流",
"kind": "heading",
"section": "cfi",
"values": [
null,
null,
null
]
},
{
"id": "capex",
"label_original": "Additions to property and equipment",
"label_zh": "物业及设备增加的现金支出",
"kind": "detail",
"section": "cfi",
"values": [
-5498,
-4710,
-4323
]
},
{
"id": "purchases",
"label_original": "Purchases of short-term investments",
"label_zh": "购买短期投资",
"kind": "detail",
"section": "cfi",
"values": [
-1028,
-1470,
-1622
]
},
{
"id": "maturities",
"label_original": "Maturities of short-term investments",
"label_zh": "短期投资到期",
"kind": "detail",
"section": "cfi",
"values": [
1141,
1790,
937
]
},
{
"id": "otherinv",
"label_original": "Other investing activities, net",
"label_zh": "其他投资活动净额",
"kind": "detail",
"section": "cfi",
"values": [
74,
-19,
36
]
},
{
"id": "cfi",
"label_original": "Net cash used in investing activities",
"label_zh": "投资活动使用净现金",
"kind": "total",
"section": "cfi",
"values": [
-5311,
-4409,
-4972
]
},
{
"id": "fin",
"label_original": "CASH FLOWS FROM FINANCING ACTIVITIES",
"label_zh": "筹资活动现金流",
"kind": "heading",
"section": "cff",
"values": [
null,
null,
null
]
},
{
"id": "shortrepay",
"label_original": "Repayments of short-term borrowings",
"label_zh": "偿还短期借款",
"kind": "detail",
"section": "cff",
"values": [
-862,
-920,
-935
]
},
{
"id": "shortissue",
"label_original": "Proceeds from short-term borrowings",
"label_zh": "短期借款所得",
"kind": "detail",
"section": "cff",
"values": [
816,
928,
917
]
},
{
"id": "longrepay",
"label_original": "Repayments of long-term debt",
"label_zh": "偿还长期债务",
"kind": "detail",
"section": "cff",
"values": [
-103,
-1077,
-75
]
},
{
"id": "longissue",
"label_original": "Proceeds from issuance of long-term debt",
"label_zh": "长期债务所得",
"kind": "detail",
"section": "cff",
"values": [
0,
498,
0
]
},
{
"id": "taxwithheld",
"label_original": "Tax withholdings on stock-based awards",
"label_zh": "股票奖励代扣税款",
"kind": "detail",
"section": "cff",
"values": [
-393,
-315,
-303
]
},
{
"id": "repurchases",
"label_original": "Repurchases of common stock",
"label_zh": "回购普通股",
"kind": "detail",
"section": "cff",
"values": [
-903,
-700,
-676
]
},
{
"id": "dividends",
"label_original": "Cash dividend payments",
"label_zh": "支付股息",
"kind": "detail",
"section": "cff",
"values": [
-2183,
-9041,
-1251
]
},
{
"id": "otherfin",
"label_original": "Financing lease payments and other financing activities, net",
"label_zh": "融资租赁支付及其他筹资净额",
"kind": "detail",
"section": "cff",
"values": [
-147,
-137,
-291
]
},
{
"id": "cff",
"label_original": "Net cash used in financing activities",
"label_zh": "筹资活动使用净现金",
"kind": "total",
"section": "cff",
"values": [
-3775,
-10764,
-2614
]
},
{
"id": "fx",
"label_original": "Effect of exchange rate changes on cash and cash equivalents",
"label_zh": "汇率变化对现金及等价物影响",
"kind": "detail",
"section": "cash",
"values": [
6,
40,
15
]
},
{
"id": "change",
"label_original": "Net change in cash and cash equivalents",
"label_zh": "现金及等价物净变动",
"kind": "subtotal",
"section": "cash",
"values": [
4255,
-3794,
3497
]
},
{
"id": "begin",
"label_original": "Cash and cash equivalents, beginning of year",
"label_zh": "期初现金及等价物",
"kind": "balance",
"section": "cash",
"values": [
9906,
13700,
10203
]
},
{
"id": "end",
"label_original": "Cash and cash equivalents, end of year",
"label_zh": "期末现金及等价物",
"kind": "balance",
"section": "cash",
"values": [
14161,
9906,
13700
]
},
{
"id": "supp",
"label_original": "SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION",
"label_zh": "补充披露（不重复加总）",
"kind": "heading",
"section": "supplement",
"values": [
null,
null,
null
]
},
{
"id": "paidinterest",
"label_original": "Cash paid during the year for interest",
"label_zh": "年内已付利息",
"kind": "supplement",
"section": "supplement",
"values": [
106,
129,
125
]
},
{
"id": "paidtax",
"label_original": "Income taxes, net",
"label_zh": "年内已付所得税净额",
"kind": "supplement",
"section": "supplement",
"values": [
2917,
2319,
2234
],
"parent_original": "Cash paid during the year for"
},
{
"id": "noncashheading",
"label_original": "SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES",
"label_zh": "非现金活动补充披露",
"kind": "heading",
"section": "supplement",
"values": [
null,
null,
null
]
},
{
"id": "unpaiddividends",
"label_original": "Dividends declared, but not yet paid",
"label_zh": "已宣布而未支付股息",
"kind": "supplement",
"section": "supplement",
"values": [
0,
0,
452
]
},
{
"id": "unpaidcapex",
"label_original": "Capital expenditures included in liabilities",
"label_zh": "列入负债的资本支出",
"kind": "supplement",
"section": "supplement",
"values": [
193,
203,
170
]
}
],
"notes": [
"零值按原表破折号语义保留数值0；主表标题无金额为null，不等于0。",
"其他非现金经营活动净额为负不能整行解释为本期资产减值。",
"现金集合为cash and cash equivalents；补充的未付资本支出不加到当期现金支出。"
],
"aggregation_rules": [
{
"target": "cfo",
"components": [
"net",
"da",
"lease",
"sbc",
"noncash",
"inventory",
"ap",
"other"
],
"operation": "signed_sum"
},
{
"target": "cfi",
"components": [
"capex",
"purchases",
"maturities",
"otherinv"
],
"operation": "signed_sum"
},
{
"target": "cff",
"components": [
"shortrepay",
"shortissue",
"longrepay",
"longissue",
"taxwithheld",
"repurchases",
"dividends",
"otherfin"
],
"operation": "signed_sum"
},
{
"target": "change",
"components": [
"cfo",
"cfi",
"cff",
"fx"
],
"operation": "signed_sum"
},
{
"target": "end",
"components": [
"begin",
"change"
],
"operation": "signed_sum"
}
]
},
"jpm_cash": {
"id": "jpm_cash",
"title": "JPMorgan Chase Consolidated Statements of Cash Flows",
"source_id": "BF-S-JPM-FY2025",
"locator": "Printed p.169 / physical PDF p.201",
"periods": [
"2025",
"2024",
"2023"
],
"unit": "USD millions",
"data_identity": "historical_observation",
"rows": [
{
"id": "op",
"label_original": "Operating activities",
"label_zh": "经营活动",
"kind": "heading",
"section": "cfo",
"values": [
null,
null,
null
]
},
{
"id": "net",
"label_original": "Net income",
"label_zh": "净利润",
"kind": "detail",
"section": "cfo",
"values": [
57048,
58471,
49552
]
},
{
"id": "provision",
"label_original": "Provision for credit losses",
"label_zh": "信用损失计提",
"kind": "detail",
"section": "cfo",
"values": [
14212,
10678,
9320
]
},
{
"id": "da",
"label_original": "Depreciation and amortization",
"label_zh": "折旧摊销",
"kind": "detail",
"section": "cfo",
"values": [
8821,
7938,
7512
]
},
{
"id": "deferred",
"label_original": "Deferred tax expense (benefit)",
"label_zh": "递延所得税费用／利益",
"kind": "detail",
"section": "cfo",
"values": [
5611,
2004,
-4534
]
},
{
"id": "fr",
"label_original": "Bargain purchase gain associated with First Republic acquisition",
"label_zh": "First Republic收购廉价购买收益调整",
"kind": "detail",
"section": "cfo",
"values": [
0,
-103,
-2775
]
},
{
"id": "visa",
"label_original": "Initial gain on Visa exchange",
"label_zh": "Visa交换初始收益调整",
"kind": "detail",
"section": "cfo",
"values": [
0,
-7990,
0
]
},
{
"id": "otheradjust",
"label_original": "Other adjustments",
"label_zh": "其他调整",
"kind": "detail",
"section": "cfo",
"values": [
1309,
1985,
4301
]
},
{
"id": "hfsorigin",
"label_original": "Originations and purchases of loans held-for-sale",
"label_zh": "待售贷款发放及购买",
"kind": "detail",
"section": "cfo",
"values": [
-260772,
-212238,
-115245
]
},
{
"id": "hfssales",
"label_original": "Proceeds from sales, securitizations and paydowns of loans held-for-sale",
"label_zh": "待售贷款出售、证券化及偿还所得",
"kind": "detail",
"section": "cfo",
"values": [
235232,
205303,
116430
]
},
{
"id": "tradingassets",
"label_original": "Trading assets",
"label_zh": "交易资产变动",
"kind": "detail",
"section": "cfo",
"values": [
-156461,
-95729,
-74091
]
},
{
"id": "securitiesborrowed",
"label_original": "Securities borrowed",
"label_zh": "借入证券变动",
"kind": "detail",
"section": "cfo",
"values": [
-66648,
-18762,
-14902
]
},
{
"id": "receivables",
"label_original": "Accrued interest and accounts receivable",
"label_zh": "应计利息和应收账款变动",
"kind": "detail",
"section": "cfo",
"values": [
-11514,
5735,
19928
]
},
{
"id": "otherassets",
"label_original": "Other assets",
"label_zh": "其他资产变动",
"kind": "detail",
"section": "cfo",
"values": [
-12582,
-7650,
32970
]
},
{
"id": "tradingliabilities",
"label_original": "Trading liabilities",
"label_zh": "交易负债变动",
"kind": "detail",
"section": "cfo",
"values": [
23134,
2276,
5315
]
},
{
"id": "ap",
"label_original": "Accounts payable and other liabilities",
"label_zh": "应付及其他负债变动",
"kind": "detail",
"section": "cfo",
"values": [
5270,
-90,
-25388
]
},
{
"id": "otheroperating",
"label_original": "Other operating adjustments",
"label_zh": "其他经营调整",
"kind": "detail",
"section": "cfo",
"values": [
9558,
6160,
4581
]
},
{
"id": "cfo",
"label_original": "Net cash provided by (used in) operating activities",
"label_zh": "经营活动产生／使用净现金",
"kind": "total",
"section": "cfo",
"values": [
-147782,
-42012,
12974
]
},
{
"id": "inv",
"label_original": "Investing activities",
"label_zh": "投资活动",
"kind": "heading",
"section": "cfi",
"values": [
null,
null,
null
]
},
{
"id": "resale",
"label_original": "Federal funds sold and securities purchased under resale agreements",
"label_zh": "拆出联邦基金及买入返售变动",
"kind": "detail",
"section": "cfi",
"values": [
-41264,
-18706,
39740
]
},
{
"id": "htmmaturity",
"label_original": "Proceeds from maturities and paydowns of held-to-maturity securities",
"label_zh": "HTM到期偿还所得",
"kind": "detail",
"section": "cfi",
"values": [
54791,
99363,
53056
]
},
{
"id": "htmbuy",
"label_original": "Purchases of held-to-maturity securities",
"label_zh": "买入HTM",
"kind": "detail",
"section": "cfi",
"values": [
-5432,
-4709,
-4141
]
},
{
"id": "afspay",
"label_original": "Proceeds from maturities and paydowns of available-for-sale securities",
"label_zh": "AFS到期偿还所得",
"kind": "detail",
"section": "cfi",
"values": [
37414,
38499,
53744
]
},
{
"id": "afssell",
"label_original": "Proceeds from sales of available-for-sale securities",
"label_zh": "出售AFS所得",
"kind": "detail",
"section": "cfi",
"values": [
141295,
104625,
108434
]
},
{
"id": "afsbuy",
"label_original": "Purchases of available-for-sale securities",
"label_zh": "购入AFS",
"kind": "detail",
"section": "cfi",
"values": [
-308772,
-352712,
-115499
]
},
{
"id": "hfi",
"label_original": "Proceeds from sales and securitizations of loans held-for-investment",
"label_zh": "留存投资贷款出售及证券化所得",
"kind": "detail",
"section": "cfi",
"values": [
57565,
57921,
47312
]
},
{
"id": "otherloans",
"label_original": "Other changes in loans, net",
"label_zh": "其他贷款净变动",
"kind": "detail",
"section": "cfi",
"values": [
-188497,
-83176,
-88343
]
},
{
"id": "fracquisition",
"label_original": "Cash paid for First Republic acquisition",
"label_zh": "First Republic收购现金支出",
"kind": "detail",
"section": "cfi",
"values": [
0,
-2362,
-9920
]
},
{
"id": "otherinv",
"label_original": "All other investing activities, net",
"label_zh": "其他投资活动净额",
"kind": "detail",
"section": "cfi",
"values": [
-12665,
-2146,
-16740
]
},
{
"id": "cfi",
"label_original": "Net cash provided by (used in) investing activities",
"label_zh": "投资活动产生／使用净现金",
"kind": "total",
"section": "cfi",
"values": [
-265565,
-163403,
67643
]
},
{
"id": "fin",
"label_original": "Financing activities",
"label_zh": "筹资活动",
"kind": "heading",
"section": "cff",
"values": [
null,
null,
null
]
},
{
"id": "deposits",
"label_original": "Deposits",
"label_zh": "客户存款变动",
"kind": "detail",
"section": "cff",
"values": [
153168,
3299,
-32196
]
},
{
"id": "repo",
"label_original": "Federal funds purchased and securities loaned or sold under repurchase agreements",
"label_zh": "拆入联邦基金及证券出借／回购变动",
"kind": "detail",
"section": "cff",
"values": [
145535,
80288,
13801
]
},
{
"id": "short",
"label_original": "Short-term borrowings",
"label_zh": "短期借款变动",
"kind": "detail",
"section": "cff",
"values": [
9422,
7439,
-1934
]
},
{
"id": "vie",
"label_original": "Beneficial interests issued by consolidated VIEs",
"label_zh": "合并VIE发行受益权变动",
"kind": "detail",
"section": "cff",
"values": [
-622,
1543,
9029
]
},
{
"id": "longissue",
"label_original": "Proceeds from long-term borrowings",
"label_zh": "长期借款所得",
"kind": "detail",
"section": "cff",
"values": [
120761,
109915,
75417
]
},
{
"id": "longpay",
"label_original": "Payments of long-term borrowings",
"label_zh": "偿还长期借款",
"kind": "detail",
"section": "cff",
"values": [
-108100,
-96605,
-64880
]
},
{
"id": "preferredissue",
"label_original": "Proceeds from issuance of preferred stock",
"label_zh": "发行优先股所得",
"kind": "detail",
"section": "cff",
"values": [
3000,
2500,
0
]
},
{
"id": "preferredpay",
"label_original": "Redemption of preferred stock",
"label_zh": "赎回优先股",
"kind": "detail",
"section": "cff",
"values": [
-3000,
-9850,
0
]
},
{
"id": "treasury",
"label_original": "Treasury stock repurchased",
"label_zh": "购买库存股",
"kind": "detail",
"section": "cff",
"values": [
-31591,
-18830,
-9824
]
},
{
"id": "dividends",
"label_original": "Dividends paid",
"label_zh": "支付股息",
"kind": "detail",
"section": "cff",
"values": [
-16625,
-14783,
-13463
]
},
{
"id": "otherfin",
"label_original": "All other financing activities, net",
"label_zh": "其他筹资活动净额",
"kind": "detail",
"section": "cff",
"values": [
-2415,
-1469,
-1521
]
},
{
"id": "cff",
"label_original": "Net cash provided by (used in) financing activities",
"label_zh": "筹资活动产生／使用净现金",
"kind": "total",
"section": "cff",
"values": [
269533,
63447,
-25571
]
},
{
"id": "fx",
"label_original": "Effect of exchange rate changes",
"label_zh": "汇率变化影响",
"kind": "detail",
"section": "cash",
"values": [
17835,
-12866,
1871
]
},
{
"id": "change",
"label_original": "Net increase (decrease) in cash and due from banks and deposits with banks",
"label_zh": "指定现金集合净变动",
"kind": "subtotal",
"section": "cash",
"values": [
-125979,
-154834,
56917
]
},
{
"id": "begin",
"label_original": "Cash and due from banks and deposits with banks, beginning of year",
"label_zh": "期初现金、应收银行款及存放银行款",
"kind": "balance",
"section": "cash",
"values": [
469317,
624151,
567234
]
},
{
"id": "end",
"label_original": "Cash and due from banks and deposits with banks, end of year",
"label_zh": "期末现金、应收银行款及存放银行款",
"kind": "balance",
"section": "cash",
"values": [
343338,
469317,
624151
]
},
{
"id": "supp",
"label_original": "Supplemental disclosures of cash flow information",
"label_zh": "补充披露",
"kind": "heading",
"section": "supplement",
"values": [
null,
null,
null
]
},
{
"id": "paidinterest",
"label_original": "Cash interest paid",
"label_zh": "已付现金利息",
"kind": "supplement",
"section": "supplement",
"values": [
96436,
99642,
77114
]
},
{
"id": "paidtax",
"label_original": "Income taxes paid, net",
"label_zh": "已付所得税净额",
"kind": "supplement",
"section": "supplement",
"values": [
5309,
11715,
9908
]
}
],
"notes": [
"此表以原页重新排版；行名称保留业务含义，原文图像位于PDF第201页。",
"JPM现金集合为cash and due from banks and deposits with banks，不能改称普通公司cash equivalents。",
"变化和合计按原表符号；经营资产扩张与客户存款筹资分属不同活动类别。"
],
"aggregation_rules": [
{
"target": "cfo",
"components": [
"net",
"provision",
"da",
"deferred",
"fr",
"visa",
"otheradjust",
"hfsorigin",
"hfssales",
"tradingassets",
"securitiesborrowed",
"receivables",
"otherassets",
"tradingliabilities",
"ap",
"otheroperating"
],
"operation": "signed_sum"
},
{
"target": "cfi",
"components": [
"resale",
"htmmaturity",
"htmbuy",
"afspay",
"afssell",
"afsbuy",
"hfi",
"otherloans",
"fracquisition",
"otherinv"
],
"operation": "signed_sum"
},
{
"target": "cff",
"components": [
"deposits",
"repo",
"short",
"vie",
"longissue",
"longpay",
"preferredissue",
"preferredpay",
"treasury",
"dividends",
"otherfin"
],
"operation": "signed_sum"
},
{
"target": "change",
"components": [
"cfo",
"cfi",
"cff",
"fx"
],
"operation": "signed_sum"
},
{
"target": "end",
"components": [
"begin",
"change"
],
"operation": "signed_sum"
}
]
}
},
"inventory": {
"cost": {
"source_id": "BF-S-COST-FY2025-SEC",
"locator": "Note 1 Merchandise Inventories p.44; balance sheet p.39; cash flows p.41",
"periods": [
"2025-08-31",
"2024-09-01"
],
"rows": [
[
"United States",
"美国",
12868,
13625
],
[
"Canada",
"加拿大",
1907,
1895
],
[
"Other International",
"其他国际",
3341,
3127
]
],
"total": [
18116,
18647
],
"ap": [
19783,
19421
],
"cf_inventory": 559,
"cf_ap": 404,
"lifo_charge_2025": 142,
"policy": "lower of cost or market; US LIFO, other regions primarily FIFO"
}
}
},
"default_results_file": "labs/default-results.json"
},
"diagnosis": "先选择软件或零售，读者自己给出期初至期末现金桥，再检查一组完整CFO。",
"feedback_criteria": "软件必须包括四项净249；零售保留893与963差70；原表补充项目不重复加总。",
"transfer_task": "默认在所选公司换读上一年度，重建完整现金总桥并核对一组经营调整；若读者选择银行扩展，先读取 bank-extension 的 JPM 指定完整单元，再用交易资产与存款实际行解释分类。",
"selected_branch": "software",
"required_readings_by_branch": {
"software": [
{
"source_id": "BBC-S05",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-1-explain-the-purpose-of-the-statement-of-cash-flows"
},
"required_unit": {
"locator": "§16.1全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "现金流量表的信息职责"
},
"supports": "现金流量表的信息职责。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S06",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-2-differentiate-between-operating-investing-and-financing-activities"
},
"required_unit": {
"locator": "§16.2全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "三类现金流基本分类"
},
"supports": "经营、投资、筹资活动的分类；实际行业口径回到原表。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S07",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-3-prepare-the-statement-of-cash-flows-using-the-indirect-method"
},
"required_unit": {
"locator": "§16.3全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "净利润至经营现金的完整间接调节"
},
"supports": "间接法调节及其完整性。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-C01",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm"
},
"required_unit": {
"locator": "Cash Flows pp.61–62全表及补充、D&A脚注；Note2合同余额",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "软件CFO全部11行与现金总桥"
},
"supports": "订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。",
"branch": "software",
"required_when_selected": false,
"title": "Salesforce, Inc. FY2026 Form 10-K",
"authors": [
"Salesforce, Inc."
],
"version": "Fiscal year ended 2026-01-31"
}
],
"retail": [
{
"source_id": "BBC-S05",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-1-explain-the-purpose-of-the-statement-of-cash-flows"
},
"required_unit": {
"locator": "§16.1全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "现金流量表的信息职责"
},
"supports": "现金流量表的信息职责。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S06",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-2-differentiate-between-operating-investing-and-financing-activities"
},
"required_unit": {
"locator": "§16.2全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "三类现金流基本分类"
},
"supports": "经营、投资、筹资活动的分类；实际行业口径回到原表。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BBC-S07",
"access": {
"kind": "html_full_text",
"uri": "https://openstax.org/books/principles-financial-accounting/pages/16-3-prepare-the-statement-of-cash-flows-using-the-indirect-method"
},
"required_unit": {
"locator": "§16.3全文",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "净利润至经营现金的完整间接调节"
},
"supports": "间接法调节及其完整性。",
"branch": "common",
"required_when_selected": false,
"title": "Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method",
"authors": [
"Mitchell Franklin",
"Patty Graybeal",
"Dixon Cooper"
],
"version": "OpenStax 2019"
},
{
"source_id": "BF-S-COST-FY2025-SEC",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm"
},
"required_unit": {
"locator": "Cash Flows p.41全表及补充；Balance Sheets p.39库存/应付；Note1库存政策p.44",
"scope": "所列完整单元、相关表头、脚注及当前计算所需说明",
"purpose": "零售现金、893/963/70的范围"
},
"supports": "会员零售利润、完整现金流和库存政策；MD&A明确定义Gross Margin。库存和应付的余额反向变化893与现金流调整963不同，70保留未归因。",
"branch": "retail",
"required_when_selected": false,
"title": "Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）",
"authors": [
"Costco Wholesale Corporation"
],
"version": "FY2025；截至2025-08-31；比较列采用同一报告"
}
]
},
"branch_selection_protocol": "开始前确认分支。切换时用 required_readings_by_branch 对应完整数组替换必读，并完成该范围真实读取；跨行业扩展另计阅读时间。",
"experiment_ids": [
"EXP-BF07-CASH-BRIDGE"
]
}
```
## Supplied entry
利润可能已经形成，但钱还没收；现金也可能已经收进来，却还需要在未来完成服务。因此，读完利润表之后，我们还要走一遍实际资金路径：期初有多少现金，经营带来或占用了多少，投资与筹资又改变了什么，最后能不能回到期末余额。
这一篇以软件订阅和会员零售为两个完整分支。选择一个即可完成本次带读，银行留作短扩展。我们的目标不是记住“经营现金流越高越好”，而是能把一个真实现金桥逐行重建，并知道它尚未回答哪些问题。
## 1. 先读现金集合，再读三类活动
**现金流量表**解释一个报告期间内，所定义现金集合的变动。经营、投资和筹资是按现金活动性质组织的类别；它们既不是三种利润，也不是三只互不往来的钱袋。间接法的经营部分从净利润出发，把非现金、时点和分类差异调回来。[^cashbook]
一个简单关系是：`期末现金 = 期初现金 + 经营净现金 + 投资净现金 + 筹资净现金 + 汇率及所列其他影响`。要使用它，先核对两端现金集合是否一致。受限现金、存放银行款等是否在这个集合内，要沿各公司表头和政策读，不能自动换成资产负债表上名字最像的一行。
间接法加回折旧，并不是设备重新吐出了同额现金，而是净利润先扣了一项本期非现金费用，转向现金时需要恢复。同理，已经通过净利润反映的投资收益可能在这里扣回，再由相应投资现金活动列示。每一行都要问“它在修正什么”，而不只是看到正数就叫现金来源。
## 2. 软件：先收服务款，也仍有合同成本、收购与股东分配
Salesforce FY2026截至2026年1月31日。下面是完整现金流主板块及现金、已付利息和税款补充；金额为**百万美元**。每个小计只加自己的明细，不能把小计与明细再次一起累计。[^sf]
| 原行名称 | 中文对照 | FY2026 · 2026-01-31 | FY2025 · 2025-01-31 | FY2024 · 2024-01-31 |
| --- | --- | --- | --- | --- |
| **Operating activities** | **经营活动** | | | |
| Net income | 净利润 | 7,457 | 6,197 | 4,136 |
| **Adjustments to reconcile net income to net cash provided by operating activities** | **由净利润调节至经营活动净现金** | | | |
| Depreciation and amortization (1) | 折旧和摊销（1） | 3,631 | 3,477 | 3,959 |
| Amortization of costs capitalized to obtain revenue contracts, net | 取得收入合同资本化成本的摊销净额 | 2,197 | 2,095 | 1,925 |
| Stock-based compensation expense | 股权薪酬费用 | 3,509 | 3,183 | 2,787 |
| (Gains) losses on strategic investments, net | 战略投资收益／损失净额的现金流调整 | (1,017) | 121 | 277 |
| **Changes in assets and liabilities, net of business combinations** | **资产负债变动，扣除企业合并影响** | | | |
| Accounts receivable, net | 应收款净额变动 | (2,160) | (490) | (659) |
| Costs capitalized to obtain revenue contracts, net | 取得收入合同的资本化成本净额变动 | (2,811) | (2,121) | (1,872) |
| Prepaid expenses and other current assets and other assets | 预付及其他资产变动 | 819 | (1,495) | (843) |
| Accounts payable and accrued expenses and other liabilities | 应付、应计费用及其他负债变动 | 1,014 | 1,089 | (478) |
| Operating lease liabilities | 经营租赁负债变动 | (567) | (548) | (621) |
| Unearned revenue | 未赚取收入变动 | 2,924 | 1,584 | 1,623 |
| **Net cash provided by operating activities** | **经营活动产生净现金** | 14,996 | 13,092 | 10,234 |
| **Investing activities** | **投资活动** | | | |
| Business combinations, net of cash acquired | 企业合并，扣取得现金 | (9,268) | (2,734) | (82) |
| Purchases of strategic investments | 购入战略投资 | (1,958) | (539) | (496) |
| Sales of strategic investments | 出售战略投资 | 184 | 126 | 108 |
| Purchases of marketable securities | 购入有价证券 | (3,763) | (6,879) | (3,761) |
| Sales of marketable securities | 出售有价证券 | 4,414 | 4,143 | 1,511 |
| Maturities of marketable securities | 有价证券到期 | 2,395 | 3,378 | 2,129 |
| Capital expenditures | 资本支出 | (594) | (658) | (736) |
| **Net cash used in investing activities** | **投资活动使用净现金** | (8,590) | (3,163) | (1,327) |
| **Financing activities** | **筹资活动** | | | |
| Proceeds from issuance of debt, net of issuance costs | 发行债务所得，扣发行成本 | 6,000 | 0 | 0 |
| Repurchases of common stock | 回购普通股现金 | (12,596) | (7,829) | (7,620) |
| Payments for taxes related to net share settlement of equity awards | 股权奖励净额结算相关税款支付 | (351) | 0 | 0 |
| Proceeds from employee stock plans | 员工股票计划所得 | 1,039 | 1,540 | 1,954 |
| Principal payments on financing obligations | 融资义务本金支付 | (584) | (603) | (629) |
| Repayments of debt | 偿还债务 | 0 | (1,000) | (1,182) |
| Payments of dividends and dividend equivalents | 股息及股息等价支付 | (1,587) | (1,537) | 0 |
| **Net cash used in financing activities** | **筹资活动使用净现金** | (8,079) | (9,429) | (7,477) |
| Effect of exchange rate changes | 汇率变化影响 | 152 | (124) | 26 |
| **Net increase (decrease) in cash and cash equivalents** | **现金及等价物净增／减** | (1,521) | 376 | 1,456 |
| Cash and cash equivalents, beginning of period | 期初现金及等价物 | 8,848 | 8,472 | 7,016 |
| Cash and cash equivalents, end of period | 期末现金及等价物 | 7,327 | 8,848 | 8,472 |
| **Supplemental cash flow disclosure** | **补充现金流披露（不再加入合计）** | | | |
| Cash paid for interest | 已付利息 | 276 | 233 | 254 |
| Cash paid for income taxes, net of tax refunds | 已付所得税，扣退款 | 1,282 | 2,061 | 1,027 |
原表脚注（1）的D&A包含无形资产摊销、固定资产折旧以及使用权资产的摊销或减值，不能整行改称“服务器折旧”。资产负债变动部分也明确扣除了企业合并影响。补充的利息、税款已经在相应现金流中体现，不是末尾还要再扣的一次支出。[^sf]
### 先把总桥走完
`8,848 + 14,996 − 8,590 − 8,079 + 152 = 7,327`。
经营部分为正，并没有使期末现金必然增加。投资和筹资使用的现金合计16,669，超过经营流入14,996，汇兑又增加152，因此现金净减少1,521。这个解释包含了经营、投入和资金安排，远比“净利润7,457，所以现金应增长7,457”接近实际。
投资部分也不只是一项capex：资本支出594，与收购净支出9,268、有价证券买卖到期是不同活动。把投资现金流净额全部当作维持经营所需资本支出，会把收购和流动性管理混进去。筹资则同时有新债所得6,000、回购12,596、员工计划所得1,039、其他偿付和股息；“筹资净流出”本身并不等于没有融资。[^sf]
### 再回到经营部分：把十一项实际加完
本期完整经营桥为：
`7,457 + 3,631 + 2,197 + 3,509 − 1,017 − 2,160 − 2,811 + 819 + 1,014 − 567 + 2,924 = 14,996`。
我们把它分成两段看。净利润7,457加上D&A、合同成本摊销和股权薪酬，扣回战略投资净收益调整1,017，得到15,777。这里大部分工作是移除净利润中的非现金或不同类别影响，还不是“客户付了多少钱”。
接着，应收变动占用2,160，取得收入合同的资本化成本占用2,811；预付等资产释放819，应付等负债提供1,014，经营租赁负债减少567，未赚取收入增加提供2,924。后一组净额是−781，最后得到14,996。这些项目把真实的开票、获客支出、供应商付款及提前收款的节奏带了回来。
尤其看合同成本：摊销2,197与新增资本化成本现金调整−2,811同时出现。前者说明已确认费用中有过去形成资源的消耗；后者说明本期为未来收入合同继续投入。只加回摊销、不看后续投入，会把业务维护得过于轻松。[^sf]
股权薪酬3,509的加回同样只是现金转换步骤。另有351的奖励净额结算税款列在筹资中，权益和股数也会变化。它不能支持“股权薪酬对原股东没有成本”的结论；这需要在[权益、股数与每股口径](https://ou-liu-red-sugar.github.io/zh/notebook/equity-shares-and-shareholder-claims/)中继续核对。
### 软件练习
**题**。只保留净利润、D&A、合同成本摊销、SBC、应收、合同成本增加和未赚取收入七项，会得到多少？为什么不能把这张简图标成完整经营现金桥？
**解析**。七项合计14,747。还缺战略投资调整−1,017、预付及其他资产+819、应付等负债+1,014、经营租赁负债−567，四项合计+249。补全后才是14,996。重点讲七项当然可以，合计却必须包含全部项目；“其他”只有在能展开回原行时才有解释作用。
**迁移**。应收账面从11,945增加到14,339，增加2,394，而现金流调整为−2,160，可以直接用−2,394替换吗？
**解析**。不可以。原表相关变化扣除了企业合并影响；两端账面还可能受到范围和非现金变化。我们能辨认两口径不同，但没有完整调节时不把234差额擅自归给某个原因。经营现金桥沿现金流原行，余额变化另列。
## 3. 零售：货物周转、设施投入和分配
Costco FY2025截至2025年8月31日，共52周。零售带读先抓住三条线：库存及供应商结算怎样影响经营现金，门店与设备投入怎样使用现金，股东分配及借还款怎样改变剩余资金。完整表把这三条线放在一起。[^cost]
| 原行名称 | 中文对照 | FY2025 · 52周 | FY2024 · 52周 | FY2023 · 53周 |
| --- | --- | --- | --- | --- |
| **CASH FLOWS FROM OPERATING ACTIVITIES** | **经营活动现金流** | | | |
| Net income | 净利润 | 8,099 | 7,367 | 6,292 |
| **Adjustments to reconcile net income to net cash provided by operating activities** | **净利润至经营活动净现金的调整** | | | |
| Depreciation and amortization | 折旧及摊销 | 2,426 | 2,237 | 2,077 |
| Non-cash lease expense | 非现金租赁费用 | 303 | 315 | 412 |
| Stock-based compensation | 股权薪酬 | 860 | 818 | 774 |
| Impairment of assets and other non-cash operating activities, net | 资产减值及其他非现金经营活动净额 | (117) | (9) | 495 |
| **Changes in operating assets and liabilities** | **经营资产及负债变动** | | | |
| Merchandise inventories | 商品存货变动 | 559 | (2,068) | 1,228 |
| Accounts payable | 应付账款变动 | 404 | 1,938 | (382) |
| Other operating assets and liabilities, net | 其他经营资产负债净变动 | 801 | 741 | 172 |
| **Net cash provided by operating activities** | **经营活动产生净现金** | 13,335 | 11,339 | 11,068 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** | **投资活动现金流** | | | |
| Additions to property and equipment | 物业及设备增加的现金支出 | (5,498) | (4,710) | (4,323) |
| Purchases of short-term investments | 购买短期投资 | (1,028) | (1,470) | (1,622) |
| Maturities of short-term investments | 短期投资到期 | 1,141 | 1,790 | 937 |
| Other investing activities, net | 其他投资活动净额 | 74 | (19) | 36 |
| **Net cash used in investing activities** | **投资活动使用净现金** | (5,311) | (4,409) | (4,972) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** | **筹资活动现金流** | | | |
| Repayments of short-term borrowings | 偿还短期借款 | (862) | (920) | (935) |
| Proceeds from short-term borrowings | 短期借款所得 | 816 | 928 | 917 |
| Repayments of long-term debt | 偿还长期债务 | (103) | (1,077) | (75) |
| Proceeds from issuance of long-term debt | 长期债务所得 | 0 | 498 | 0 |
| Tax withholdings on stock-based awards | 股票奖励代扣税款 | (393) | (315) | (303) |
| Repurchases of common stock | 回购普通股 | (903) | (700) | (676) |
| Cash dividend payments | 支付股息 | (2,183) | (9,041) | (1,251) |
| Financing lease payments and other financing activities, net | 融资租赁支付及其他筹资净额 | (147) | (137) | (291) |
| **Net cash used in financing activities** | **筹资活动使用净现金** | (3,775) | (10,764) | (2,614) |
| Effect of exchange rate changes on cash and cash equivalents | 汇率变化对现金及等价物影响 | 6 | 40 | 15 |
| **Net change in cash and cash equivalents** | **现金及等价物净变动** | 4,255 | (3,794) | 3,497 |
| Cash and cash equivalents, beginning of year | 期初现金及等价物 | 9,906 | 13,700 | 10,203 |
| Cash and cash equivalents, end of year | 期末现金及等价物 | 14,161 | 9,906 | 13,700 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** | **补充披露（不重复加总）** | | | |
| Cash paid during the year for interest | 年内已付利息 | 106 | 129 | 125 |
| Income taxes, net | 年内已付所得税净额 | 2,917 | 2,319 | 2,234 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES** | **非现金活动补充披露** | | | |
| Dividends declared, but not yet paid | 已宣布而未支付股息 | 0 | 0 | 452 |
| Capital expenditures included in liabilities | 列入负债的资本支出 | 193 | 203 | 170 |
FY2025总桥为 `9,906 + 13,335 − 5,311 − 3,775 + 6 = 14,161`，现金增加4,255。经营桥也可以完整重建：
`8,099 + 2,426 + 303 + 860 − 117 + 559 + 404 + 801 = 13,335`。
注意−117这一行原名包含“资产减值及其他非现金经营活动净额”。它是混合净额，不是说公司发生了负117的单独减值损失。类似地，+801也是多个其他经营资产负债变化的净额，不应凭一个正号就断言某项业务付款延后。
### 存货和应付，能解释一部分，但不是全部
资产负债表里，商品存货从18,647降至18,116，应付从19,421增至19,783。我们只取这两个余额作一个局部观察：
`库存−应付：−774 → −1,667；变化−893`。
在最简单、没有其他变化的模型中，经营资产减少、经营负债增加通常与资金占用下降对应。但真实现金流表给的是库存调整+559、应付调整+404，合计+963，不是+893。两者差70。进一步分开看：库存两期差的反向数为531，与559差28；应付余额增加362，与404差42。[^cost]
这里不是让你放弃勾稽，而是让勾稽诚实地停在证据边界。我们知道963是本表记录的期间调整，893是选定两项账面余额的反向变化；要解释70，还需要完整口径调节，不能把它随手塞进“汇兑”。“库存减应付”为负也不表示企业不需要资本：门店、设备、现金缓冲和其他业务资源仍在全表里。
### 现金增加也可能主要来自分配节奏的变化
2024年公司经营现金仍为11,339，期末现金却下降3,794。比较两年现金表，很快能看到2024股息支付9,041，明显高于2025的2,183。读者可以据此说“两年的现金变化受到分配支出差异影响”，但不能把前一年的现金下降直接叫经营恶化。[^cost]
另外，2025物业设备现金增加5,498，而补充披露还有193的资本支出列在负债中。后者提示取得资源和支付现金的时点不同；它不应该再加到本年现金流净额中。判断资源形成，要回查资产和付款义务；判断本年用了多少钱，则先维护现金表口径。
### 零售练习
**题**。用2024列重建期末现金，并分别解释为何不能从“现金下降”推成“经营没赚到现金”，或从“经营现金为正”推成“本年现金必然上升”。
解析。`13,700 + 11,339 − 4,409 − 10,764 + 40 = 9,906`。经营确实提供现金，但投资及筹资使用更多。后者还含股息、回购、借还款等不同去向。两种错误都把一类活动的结果直接当成全部资金变化。
**迁移**。把库存及应付的调整963改成893，桥会怎样？
**解析**。经营现金会被错减70，期末现金变成14,091，不再等于原表14,161。对账失败提示不能未经依据替换原行；正确动作是并排保留两种计算，并继续追查差异。
银行扩展：为什么负经营现金流还需要继续解释
JPMorgan Chase 2025的经营现金为−147,782。原表中，交易资产变化为−156,461，借入证券为−66,648；待售贷款发放和购买−260,772，与其出售、证券化及偿还+235,232也在经营部分。客户存款变化+153,168却列入筹资。贷款、证券、交易头寸和存款本来就在银行的业务与资金安排中，分类不能照搬零售商品和供应商账期。[^jpm]
因此，这个负数首先告诉我们特定经营资产与负债活动合计使用了现金。下一步应该看资产扩张及资金从何而来，而不是直接写成“主营业务失败”。这也不意味着负数无须担心：期限、流动性和风险暴露还需要另行分析。
本表的现金集合准确叫 **cash and due from banks and deposits with banks**。完整总桥是 `469,317 − 147,782 − 265,565 + 269,533 + 17,835 = 343,338`。它不是把银行存款全都当自由现金的公式；表头规定了集合，资产负债和流动性附注才能进一步解释可用性。
## 4. 用完整桥检查理解
实验的行业和年度选择会一起更换全部输入。软件默认显示十一项经营桥，零售显示其八项经营桥；展开投资及筹资时，原行仍保持可查。所有默认结果都已在正文中给出。
## 5. 最后的问题：这张表回答了什么？
**解释题**。经营现金流是否就是普通股股东本年可以全部取走的钱？
**解析**。不是。原表还展示资本投入、收购、偿债及分配；经营本身还需要未来投入与现金缓冲。经营现金流给出当期一种现金活动分类的结果，不能自动替代可分配现金或股东所得。正确的下一步是把投入、义务和权益归属接上，而不是替它换一个更诱人的名称。
[^cashbook]: OpenStax，[§16.1现金流量表目的](https://openstax.org/books/principles-financial-accounting/pages/16-1-explain-the-purpose-of-the-statement-of-cash-flows)、[§16.2活动分类](https://openstax.org/books/principles-financial-accounting/pages/16-2-differentiate-between-operating-investing-and-financing-activities)、[§16.3间接法](https://openstax.org/books/principles-financial-accounting/pages/16-3-prepare-the-statement-of-cash-flows-using-the-indirect-method)（2019）。
[^sf]: Salesforce，[FY2026 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Consolidated Statements of Cash Flows及脚注／补充，印刷pp.61–62；应收余额见合并资产负债表，年度截至2026-01-31。金额百万美元。
[^cost]: Costco，[FY2025 10-K](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm)，现金流量表及补充p.41、资产负债表p.39；原表三年比较，2023为53周。选定余额差只是局部分析，不是完整营运资本。
[^jpm]: JPMorgan Chase，[2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf)，现金流量表印刷p.169／PDF物理第201页；MD&A现金流分析p.58。银行扩展所列各行均保持该表分类与现金集合。
## Additional teaching material
交互算法：每类只合计detail行，排除标题、小计、补充披露；closing=opening+CFO+CFI+CFF+FX。
边界：原表与附注定义的现金集合不混同；余额差不自动替代CFO行；银行不计算工业企业FCF。
静态结果：https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF07-CASH-BRIDGE。所有输入保留历史/教学身份；行业选择与打印由配套页面提供。
## Experiment inputs and static equivalents
```json
[
{
"id": "EXP-BF07-CASH-BRIDGE",
"title": "现金流量表：经营、投资与筹资：交互实验",
"anchor": "bf07-experiment",
"description": "从完整原表连起期初与期末现金，并用软件、零售和银行区分现金流分类与经营解释。",
"inputs": {
"source": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json",
"selected_keys": [
"tables.sf_cash",
"tables.cost_cash",
"tables.jpm_cash",
"inventory.cost"
],
"units": "各原表自带单位；教学合同/成本/税例使用独立教学货币单位",
"controls": "见labs/interactions.html具名label；全部算法使用engine.js"
},
"outputs": {
"default": {
"sf_cash": [
{
"cfo": 14996,
"cfi": -8590,
"cff": -8079,
"begin": 8848,
"fx": 152,
"end": 7327,
"reported_end": 7327,
"cash_change": -1521,
"checks": [
{
"group": "cfo",
"computed": 14996,
"reported": 14996
},
{
"group": "cfi",
"computed": -8590,
"reported": -8590
},
{
"group": "cff",
"computed": -8079,
"reported": -8079
}
]
},
{
"cfo": 13092,
"cfi": -3163,
"cff": -9429,
"begin": 8472,
"fx": -124,
"end": 8848,
"reported_end": 8848,
"cash_change": 376,
"checks": [
{
"group": "cfo",
"computed": 13092,
"reported": 13092
},
{
"group": "cfi",
"computed": -3163,
"reported": -3163
},
{
"group": "cff",
"computed": -9429,
"reported": -9429
}
]
},
{
"cfo": 10234,
"cfi": -1327,
"cff": -7477,
"begin": 7016,
"fx": 26,
"end": 8472,
"reported_end": 8472,
"cash_change": 1456,
"checks": [
{
"group": "cfo",
"computed": 10234,
"reported": 10234
},
{
"group": "cfi",
"computed": -1327,
"reported": -1327
},
{
"group": "cff",
"computed": -7477,
"reported": -7477
}
]
}
],
"cost_cash": [
{
"cfo": 13335,
"cfi": -5311,
"cff": -3775,
"begin": 9906,
"fx": 6,
"end": 14161,
"reported_end": 14161,
"cash_change": 4255,
"checks": [
{
"group": "cfo",
"computed": 13335,
"reported": 13335
},
{
"group": "cfi",
"computed": -5311,
"reported": -5311
},
{
"group": "cff",
"computed": -3775,
"reported": -3775
}
]
},
{
"cfo": 11339,
"cfi": -4409,
"cff": -10764,
"begin": 13700,
"fx": 40,
"end": 9906,
"reported_end": 9906,
"cash_change": -3794,
"checks": [
{
"group": "cfo",
"computed": 11339,
"reported": 11339
},
{
"group": "cfi",
"computed": -4409,
"reported": -4409
},
{
"group": "cff",
"computed": -10764,
"reported": -10764
}
]
},
{
"cfo": 11068,
"cfi": -4972,
"cff": -2614,
"begin": 10203,
"fx": 15,
"end": 13700,
"reported_end": 13700,
"cash_change": 3497,
"checks": [
{
"group": "cfo",
"computed": 11068,
"reported": 11068
},
{
"group": "cfi",
"computed": -4972,
"reported": -4972
},
{
"group": "cff",
"computed": -2614,
"reported": -2614
}
]
}
],
"jpm_cash": [
{
"cfo": -147782,
"cfi": -265565,
"cff": 269533,
"begin": 469317,
"fx": 17835,
"end": 343338,
"reported_end": 343338,
"cash_change": -125979,
"checks": [
{
"group": "cfo",
"computed": -147782,
"reported": -147782
},
{
"group": "cfi",
"computed": -265565,
"reported": -265565
},
{
"group": "cff",
"computed": 269533,
"reported": 269533
}
]
},
{
"cfo": -42012,
"cfi": -163403,
"cff": 63447,
"begin": 624151,
"fx": -12866,
"end": 469317,
"reported_end": 469317,
"cash_change": -154834,
"checks": [
{
"group": "cfo",
"computed": -42012,
"reported": -42012
},
{
"group": "cfi",
"computed": -163403,
"reported": -163403
},
{
"group": "cff",
"computed": 63447,
"reported": 63447
}
]
},
{
"cfo": 12974,
"cfi": 67643,
"cff": -25571,
"begin": 567234,
"fx": 1871,
"end": 624151,
"reported_end": 624151,
"cash_change": 56917,
"checks": [
{
"group": "cfo",
"computed": 12974,
"reported": 12974
},
{
"group": "cfi",
"computed": 67643,
"reported": 67643
},
{
"group": "cff",
"computed": -25571,
"reported": -25571
}
]
}
]
},
"all_defaults_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/default-results.json"
},
"algorithm": "每类只合计detail行，排除标题、小计、补充披露；closing=opening+CFO+CFI+CFF+FX。",
"boundaries": "原表与附注定义的现金集合不混同；余额差不自动替代CFO行；银行不计算工业企业FCF。",
"static_equivalent": {
"reader_anchors": [
"bf07-experiment"
],
"html": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF07-CASH-BRIDGE",
"markdown": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static-equivalents.md",
"markdown_body": "\n## BF-07 · 现金流量表：经营、投资与筹资\n\n原表与附注定义的现金集合不混同；余额差不自动替代CFO行；银行不计算工业企业FCF。\n\n### Salesforce Consolidated Statements of Cash Flows\n\nPrinted pp.61–62。（1）D&A含取得无形资产摊销、固定资产折旧、使用权资产摊销及减值。 资产与负债变动按原表扣除企业合并影响，不能直接用两个期末余额替换。 现金集合为cash and cash equivalents。补充已付利息和税款已经体现在现金流中，不重复累加。\n\n| 原行／中文 | FY2026 · 2026-01-31 | FY2025 · 2025-01-31 | FY2024 · 2024-01-31 |\n| --- | --- | --- | --- |\n| Operating activities／经营活动 | | | |\n| Net income／净利润 | 7,457 | 6,197 | 4,136 |\n| Adjustments to reconcile net income to net cash provided by operating activities／由净利润调节至经营活动净现金 | | | |\n| Depreciation and amortization (1)／折旧和摊销（1） | 3,631 | 3,477 | 3,959 |\n| Amortization of costs capitalized to obtain revenue contracts, net／取得收入合同资本化成本的摊销净额 | 2,197 | 2,095 | 1,925 |\n| Stock-based compensation expense／股权薪酬费用 | 3,509 | 3,183 | 2,787 |\n| (Gains) losses on strategic investments, net／战略投资收益／损失净额的现金流调整 | -1,017 | 121 | 277 |\n| Changes in assets and liabilities, net of business combinations／资产负债变动，扣除企业合并影响 | | | |\n| Accounts receivable, net／应收款净额变动 | -2,160 | -490 | -659 |\n| Costs capitalized to obtain revenue contracts, net／取得收入合同的资本化成本净额变动 | -2,811 | -2,121 | -1,872 |\n| Prepaid expenses and other current assets and other assets／预付及其他资产变动 | 819 | -1,495 | -843 |\n| Accounts payable and accrued expenses and other liabilities／应付、应计费用及其他负债变动 | 1,014 | 1,089 | -478 |\n| Operating lease liabilities／经营租赁负债变动 | -567 | -548 | -621 |\n| Unearned revenue／未赚取收入变动 | 2,924 | 1,584 | 1,623 |\n| Net cash provided by operating activities／经营活动产生净现金 | 14,996 | 13,092 | 10,234 |\n| Investing activities／投资活动 | | | |\n| Business combinations, net of cash acquired／企业合并，扣取得现金 | -9,268 | -2,734 | -82 |\n| Purchases of strategic investments／购入战略投资 | -1,958 | -539 | -496 |\n| Sales of strategic investments／出售战略投资 | 184 | 126 | 108 |\n| Purchases of marketable securities／购入有价证券 | -3,763 | -6,879 | -3,761 |\n| Sales of marketable securities／出售有价证券 | 4,414 | 4,143 | 1,511 |\n| Maturities of marketable securities／有价证券到期 | 2,395 | 3,378 | 2,129 |\n| Capital expenditures／资本支出 | -594 | -658 | -736 |\n| Net cash used in investing activities／投资活动使用净现金 | -8,590 | -3,163 | -1,327 |\n| Financing activities／筹资活动 | | | |\n| Proceeds from issuance of debt, net of issuance costs／发行债务所得，扣发行成本 | 6,000 | 0 | 0 |\n| Repurchases of common stock／回购普通股现金 | -12,596 | -7,829 | -7,620 |\n| Payments for taxes related to net share settlement of equity awards／股权奖励净额结算相关税款支付 | -351 | 0 | 0 |\n| Proceeds from employee stock plans／员工股票计划所得 | 1,039 | 1,540 | 1,954 |\n| Principal payments on financing obligations／融资义务本金支付 | -584 | -603 | -629 |\n| Repayments of debt／偿还债务 | 0 | -1,000 | -1,182 |\n| Payments of dividends and dividend equivalents／股息及股息等价支付 | -1,587 | -1,537 | 0 |\n| Net cash used in financing activities／筹资活动使用净现金 | -8,079 | -9,429 | -7,477 |\n| Effect of exchange rate changes／汇率变化影响 | 152 | -124 | 26 |\n| Net increase (decrease) in cash and cash equivalents／现金及等价物净增／减 | -1,521 | 376 | 1,456 |\n| Cash and cash equivalents, beginning of period／期初现金及等价物 | 8,848 | 8,472 | 7,016 |\n| Cash and cash equivalents, end of period／期末现金及等价物 | 7,327 | 8,848 | 8,472 |\n| Supplemental cash flow disclosure／补充现金流披露（不再加入合计） | | | |\n| Cash paid for interest／已付利息 | 276 | 233 | 254 |\n| Cash paid for income taxes, net of tax refunds／已付所得税，扣退款 | 1,282 | 2,061 | 1,027 |\n\n\n| 年度 | 期初 | CFO | CFI | CFF | 汇兑 | 计算期末 | 原表期末 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| FY2026 · 2026-01-31 | 8,848 | 14,996 | -8,590 | -8,079 | 152 | 7,327 | 7,327 |\n| FY2025 · 2025-01-31 | 8,472 | 13,092 | -3,163 | -9,429 | -124 | 8,848 | 8,848 |\n| FY2024 · 2024-01-31 | 7,016 | 10,234 | -1,327 | -7,477 | 26 | 8,472 | 8,472 |\n\n\n### Costco Consolidated Statements of Cash Flows\n\nSEC HTML printed p.41。零值按原表破折号语义保留数值0；主表标题无金额为null，不等于0。 其他非现金经营活动净额为负不能整行解释为本期资产减值。 现金集合为cash and cash equivalents；补充的未付资本支出不加到当期现金支出。\n\n| 原行／中文 | FY2025 · 52周 | FY2024 · 52周 | FY2023 · 53周 |\n| --- | --- | --- | --- |\n| CASH FLOWS FROM OPERATING ACTIVITIES／经营活动现金流 | | | |\n| Net income／净利润 | 8,099 | 7,367 | 6,292 |\n| Adjustments to reconcile net income to net cash provided by operating activities／净利润至经营活动净现金的调整 | | | |\n| Depreciation and amortization／折旧及摊销 | 2,426 | 2,237 | 2,077 |\n| Non-cash lease expense／非现金租赁费用 | 303 | 315 | 412 |\n| Stock-based compensation／股权薪酬 | 860 | 818 | 774 |\n| Impairment of assets and other non-cash operating activities, net／资产减值及其他非现金经营活动净额 | -117 | -9 | 495 |\n| Changes in operating assets and liabilities／经营资产及负债变动 | | | |\n| Merchandise inventories／商品存货变动 | 559 | -2,068 | 1,228 |\n| Accounts payable／应付账款变动 | 404 | 1,938 | -382 |\n| Other operating assets and liabilities, net／其他经营资产负债净变动 | 801 | 741 | 172 |\n| Net cash provided by operating activities／经营活动产生净现金 | 13,335 | 11,339 | 11,068 |\n| CASH FLOWS FROM INVESTING ACTIVITIES／投资活动现金流 | | | |\n| Additions to property and equipment／物业及设备增加的现金支出 | -5,498 | -4,710 | -4,323 |\n| Purchases of short-term investments／购买短期投资 | -1,028 | -1,470 | -1,622 |\n| Maturities of short-term investments／短期投资到期 | 1,141 | 1,790 | 937 |\n| Other investing activities, net／其他投资活动净额 | 74 | -19 | 36 |\n| Net cash used in investing activities／投资活动使用净现金 | -5,311 | -4,409 | -4,972 |\n| CASH FLOWS FROM FINANCING ACTIVITIES／筹资活动现金流 | | | |\n| Repayments of short-term borrowings／偿还短期借款 | -862 | -920 | -935 |\n| Proceeds from short-term borrowings／短期借款所得 | 816 | 928 | 917 |\n| Repayments of long-term debt／偿还长期债务 | -103 | -1,077 | -75 |\n| Proceeds from issuance of long-term debt／长期债务所得 | 0 | 498 | 0 |\n| Tax withholdings on stock-based awards／股票奖励代扣税款 | -393 | -315 | -303 |\n| Repurchases of common stock／回购普通股 | -903 | -700 | -676 |\n| Cash dividend payments／支付股息 | -2,183 | -9,041 | -1,251 |\n| Financing lease payments and other financing activities, net／融资租赁支付及其他筹资净额 | -147 | -137 | -291 |\n| Net cash used in financing activities／筹资活动使用净现金 | -3,775 | -10,764 | -2,614 |\n| Effect of exchange rate changes on cash and cash equivalents／汇率变化对现金及等价物影响 | 6 | 40 | 15 |\n| Net change in cash and cash equivalents／现金及等价物净变动 | 4,255 | -3,794 | 3,497 |\n| Cash and cash equivalents, beginning of year／期初现金及等价物 | 9,906 | 13,700 | 10,203 |\n| Cash and cash equivalents, end of year／期末现金及等价物 | 14,161 | 9,906 | 13,700 |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION／补充披露（不重复加总） | | | |\n| Cash paid during the year for interest／年内已付利息 | 106 | 129 | 125 |\n| Income taxes, net／年内已付所得税净额 | 2,917 | 2,319 | 2,234 |\n| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES／非现金活动补充披露 | | | |\n| Dividends declared, but not yet paid／已宣布而未支付股息 | 0 | 0 | 452 |\n| Capital expenditures included in liabilities／列入负债的资本支出 | 193 | 203 | 170 |\n\n\n| 年度 | 期初 | CFO | CFI | CFF | 汇兑 | 计算期末 | 原表期末 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| FY2025 · 52周 | 9,906 | 13,335 | -5,311 | -3,775 | 6 | 14,161 | 14,161 |\n| FY2024 · 52周 | 13,700 | 11,339 | -4,409 | -10,764 | 40 | 9,906 | 9,906 |\n| FY2023 · 53周 | 10,203 | 11,068 | -4,972 | -2,614 | 15 | 13,700 | 13,700 |\n\n\n### JPMorgan Chase Consolidated Statements of Cash Flows\n\nPrinted p.169 / physical PDF p.201。此表以原页重新排版；行名称保留业务含义，原文图像位于PDF第201页。 JPM现金集合为cash and due from banks and deposits with banks，不能改称普通公司cash equivalents。 变化和合计按原表符号；经营资产扩张与客户存款筹资分属不同活动类别。\n\n| 原行／中文 | 2025 | 2024 | 2023 |\n| --- | --- | --- | --- |\n| Operating activities／经营活动 | | | |\n| Net income／净利润 | 57,048 | 58,471 | 49,552 |\n| Provision for credit losses／信用损失计提 | 14,212 | 10,678 | 9,320 |\n| Depreciation and amortization／折旧摊销 | 8,821 | 7,938 | 7,512 |\n| Deferred tax expense (benefit)／递延所得税费用／利益 | 5,611 | 2,004 | -4,534 |\n| Bargain purchase gain associated with First Republic acquisition／First Republic收购廉价购买收益调整 | 0 | -103 | -2,775 |\n| Initial gain on Visa exchange／Visa交换初始收益调整 | 0 | -7,990 | 0 |\n| Other adjustments／其他调整 | 1,309 | 1,985 | 4,301 |\n| Originations and purchases of loans held-for-sale／待售贷款发放及购买 | -260,772 | -212,238 | -115,245 |\n| Proceeds from sales, securitizations and paydowns of loans held-for-sale／待售贷款出售、证券化及偿还所得 | 235,232 | 205,303 | 116,430 |\n| Trading assets／交易资产变动 | -156,461 | -95,729 | -74,091 |\n| Securities borrowed／借入证券变动 | -66,648 | -18,762 | -14,902 |\n| Accrued interest and accounts receivable／应计利息和应收账款变动 | -11,514 | 5,735 | 19,928 |\n| Other assets／其他资产变动 | -12,582 | -7,650 | 32,970 |\n| Trading liabilities／交易负债变动 | 23,134 | 2,276 | 5,315 |\n| Accounts payable and other liabilities／应付及其他负债变动 | 5,270 | -90 | -25,388 |\n| Other operating adjustments／其他经营调整 | 9,558 | 6,160 | 4,581 |\n| Net cash provided by (used in) operating activities／经营活动产生／使用净现金 | -147,782 | -42,012 | 12,974 |\n| Investing activities／投资活动 | | | |\n| Federal funds sold and securities purchased under resale agreements／拆出联邦基金及买入返售变动 | -41,264 | -18,706 | 39,740 |\n| Proceeds from maturities and paydowns of held-to-maturity securities／HTM到期偿还所得 | 54,791 | 99,363 | 53,056 |\n| Purchases of held-to-maturity securities／买入HTM | -5,432 | -4,709 | -4,141 |\n| Proceeds from maturities and paydowns of available-for-sale securities／AFS到期偿还所得 | 37,414 | 38,499 | 53,744 |\n| Proceeds from sales of available-for-sale securities／出售AFS所得 | 141,295 | 104,625 | 108,434 |\n| Purchases of available-for-sale securities／购入AFS | -308,772 | -352,712 | -115,499 |\n| Proceeds from sales and securitizations of loans held-for-investment／留存投资贷款出售及证券化所得 | 57,565 | 57,921 | 47,312 |\n| Other changes in loans, net／其他贷款净变动 | -188,497 | -83,176 | -88,343 |\n| Cash paid for First Republic acquisition／First Republic收购现金支出 | 0 | -2,362 | -9,920 |\n| All other investing activities, net／其他投资活动净额 | -12,665 | -2,146 | -16,740 |\n| Net cash provided by (used in) investing activities／投资活动产生／使用净现金 | -265,565 | -163,403 | 67,643 |\n| Financing activities／筹资活动 | | | |\n| Deposits／客户存款变动 | 153,168 | 3,299 | -32,196 |\n| Federal funds purchased and securities loaned or sold under repurchase agreements／拆入联邦基金及证券出借／回购变动 | 145,535 | 80,288 | 13,801 |\n| Short-term borrowings／短期借款变动 | 9,422 | 7,439 | -1,934 |\n| Beneficial interests issued by consolidated VIEs／合并VIE发行受益权变动 | -622 | 1,543 | 9,029 |\n| Proceeds from long-term borrowings／长期借款所得 | 120,761 | 109,915 | 75,417 |\n| Payments of long-term borrowings／偿还长期借款 | -108,100 | -96,605 | -64,880 |\n| Proceeds from issuance of preferred stock／发行优先股所得 | 3,000 | 2,500 | 0 |\n| Redemption of preferred stock／赎回优先股 | -3,000 | -9,850 | 0 |\n| Treasury stock repurchased／购买库存股 | -31,591 | -18,830 | -9,824 |\n| Dividends paid／支付股息 | -16,625 | -14,783 | -13,463 |\n| All other financing activities, net／其他筹资活动净额 | -2,415 | -1,469 | -1,521 |\n| Net cash provided by (used in) financing activities／筹资活动产生／使用净现金 | 269,533 | 63,447 | -25,571 |\n| Effect of exchange rate changes／汇率变化影响 | 17,835 | -12,866 | 1,871 |\n| Net increase (decrease) in cash and due from banks and deposits with banks／指定现金集合净变动 | -125,979 | -154,834 | 56,917 |\n| Cash and due from banks and deposits with banks, beginning of year／期初现金、应收银行款及存放银行款 | 469,317 | 624,151 | 567,234 |\n| Cash and due from banks and deposits with banks, end of year／期末现金、应收银行款及存放银行款 | 343,338 | 469,317 | 624,151 |\n| Supplemental disclosures of cash flow information／补充披露 | | | |\n| Cash interest paid／已付现金利息 | 96,436 | 99,642 | 77,114 |\n| Income taxes paid, net／已付所得税净额 | 5,309 | 11,715 | 9,908 |\n\n\n| 年度 | 期初 | CFO | CFI | CFF | 汇兑 | 计算期末 | 原表期末 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| 2025 | 469,317 | -147,782 | -265,565 | 269,533 | 17,835 | 343,338 | 343,338 |\n| 2024 | 624,151 | -42,012 | -163,403 | 63,447 | -12,866 | 469,317 | 469,317 |\n| 2023 | 567,234 | 12,974 | 67,643 | -25,571 | 1,871 | 624,151 | 624,151 |\n\n\nSF七项重点合计14,747，另四行−1,017+819+1,014−567=249，共14,996。Costco选定余额反向变化893与现金流调整963差70，保留未归因。\n"
},
"data_identity": "historical_observations_and_separately_labelled_teaching_assumptions"
}
]
```
## Sources
- [Salesforce, Inc. FY2026 Form 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm): 订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。
BF-F/G 本批采用：完整收付账、净现金和债务账面/本金、PPA对价及三种回购/股数口径；FX单列。
- [Principles of Accounting, Volume 1: Financial Accounting — §16.1 Explain the Purpose of the Statement of Cash Flows](https://openstax.org/books/principles-financial-accounting/pages/16-1-explain-the-purpose-of-the-statement-of-cash-flows): 现金流量表的信息职责。
- [Principles of Accounting, Volume 1: Financial Accounting — §16.2 Differentiate between Operating, Investing, and Financing Activities](https://openstax.org/books/principles-financial-accounting/pages/16-2-differentiate-between-operating-investing-and-financing-activities): 经营、投资、筹资活动的分类；实际行业口径回到原表。
- [Principles of Accounting, Volume 1: Financial Accounting — §16.3 Prepare the Statement of Cash Flows Using the Indirect Method](https://openstax.org/books/principles-financial-accounting/pages/16-3-prepare-the-statement-of-cash-flows-using-the-indirect-method): 间接法调节及其完整性。
- [Costco Wholesale Corporation · FY2025 Form 10-K（SEC HTML）](https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm): Costco 的 2025 财年末合并资产为77,099百万美元，负债47,935，权益29,164。业务说明把商品快速周转与供应商付款安排联系起来；会员费的确认则需要结合收入政策和递延余额。
本组带读将存货与应付的两期余额变化接到现金流量表。两种计算并不完全相同，差额留待附注和其他口径解释。
EI-B 本批采用：会员制度、尾随续费率定义、会员费收入及合并营业利润桥。美元百万转换为十亿美元；全球公司边界不等于美国单一零售市场。
BF-F/G 本批采用：零售利润/现金/普通股及债务时间的历史原件。SEC具名表定位优先；不混用IR PDF页码。
- [JPMorgan Chase & Co. · 2025 Annual Report](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2025.pdf): JPMorgan 的 2025 年末集团合并表没有照普通工业企业划分流动／非流动。证券和贷款各有计量类别；贷款损失准备是贷款账面余额的减项，表下注明的合并VIE金额已包含在集团总额内。
从总权益到普通股权益，还要扣除优先股；每股账面值的股数使用已发行股数减库存股。原表、附注和普通股权利因此要连在一起读。
BF-F/G 本批采用：集团季度平均LCR、期末资产和有条件融资能力分别记录；银行法人另列；完整主表支持综合带读。
## Content relations
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"scope": "订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。"
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"locator": "Income p.37；Cash Flows p.41; Balance Sheets p.39；MD&A Gross Margin p.27；Note 1 Merchandise Inventories p.44; Revenue/Membership Fees pp.47–48；Item 1有关制造及设施说明",
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"to": "BF-S-JPM-FY2025",
"reason": "该案例的原表与附注",
"locator": "Income printed p.165 / physical PDF p.197；Cash Flows printed p.169 / physical PDF p.201；Balance Sheets printed p.167 / physical PDF p.199；MD&A Cash Flows Analysis p.58",
"scope": "银行GAAP合并利润表与现金流分类。交易资产、借入证券与待售贷款是经营资产，存款变动在筹资。"
},
{
"from": "zh-bf07",
"relation": "supported_by",
"to": "BBC-S05",
"reason": "定义、机制或选读研究的直接来源",
"locator": "§16.1完整单元",
"scope": "现金流量表的信息职责。"
},
{
"from": "zh-bf07",
"relation": "supported_by",
"to": "BBC-S06",
"reason": "定义、机制或选读研究的直接来源",
"locator": "§16.2完整单元",
"scope": "经营、投资、筹资活动的分类；实际行业口径回到原表。"
},
{
"from": "zh-bf07",
"relation": "supported_by",
"to": "BBC-S07",
"reason": "定义、机制或选读研究的直接来源",
"locator": "§16.3完整单元",
"scope": "间接法调节及其完整性。"
},
{
"from": "bf07-software",
"relation": "compares_with",
"to": "bf07-retail",
"reason": "合同余额与库存周转的不同现金关系"
},
{
"from": "bf07-experiment",
"relation": "illustrated_by",
"to": "EXP-BF07-CASH-BRIDGE",
"reason": "从完整原表连起期初与期末现金，并用软件、零售和银行区分现金流分类与经营解释。",
"at_section": "bf07-experiment",
"conditions": "原表与附注定义的现金集合不混同；余额差不自动替代CFO行；银行不计算工业企业FCF。"
}
]
```
## Related entries
## Optional reading path
拆一份企业财报: step 4/14
选软件或零售，重建完整现金桥，区分余额变化和现金流调整。
现金的使用还会改变所有者权益和股数，接着分别重建这两条桥。
Next: [权益变动、每股口径与股东所得](https://ou-liu-red-sugar.github.io/zh/notebook/equity-shares-and-shareholder-claims/)