Top 100 Stocks by Free Cash Flow
Top companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for US-listed Companies
Free cash flow is the cash a business produces from operations after paying for the capital expenditures needed to keep the lights on. It sits below net income on the cash flow statement because it strips out the non-cash charges, working capital swings, and accrual timing that shape accounting profit. The result is a cleaner view of how much money the business has actually earned and is free to return, reinvest, or use to pay down debt.
Why Free Cash Flow Matters
Dividends, buybacks, and debt paydown all come from this line, which is why free cash flow often anchors capital return policy. A firm that converts reported profit into cash consistently across cycles tends to carry real earnings quality. That said, capex can be deferred to flatter a single period, and high-growth firms reinvesting heavily often show low or negative free cash flow despite healthy underlying economics, so the trend matters more than any one quarter.
What to Read Alongside
Pair free cash flow with Net Income to test whether accounting profit translates into real cash, Share Buybacks to see where that cash is being returned, and Revenue for the conversion rate from sales to cash.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc. | Technology | $98.77B | $5.03T |
| 2 | NVDA | NVIDIA Corporation | Technology | $96.68B | $4.94T |
| 3 | GOOG | Alphabet Inc. | Communication Services | $73.27B | $3.42T |
| 4 | MSFT | Microsoft Corporation | Technology | $66.99B | $3.88T |
| 5 | MU | Micron Technology, Inc. | Technology | $58.96B | $1.00T |
| 6 | META | Meta Platforms, Inc. | Communication Services | $46.11B | $1.60T |
| 7 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | $31.96B | $2.11T |
| 8 | HSBC | HSBC Holdings plc | Financial Services | $28.32B | $292.13B |
| 9 | AVGO | Broadcom Inc. | Technology | $26.91B | $1.56T |
| 10 | COF | Capital One Financial Corporation | Financial Services | $26.14B | $125.67B |
| 11 | BRK | Berkshire Hathaway Inc. | Financial Services | $25.04B | $1.16T |
| 12 | XOM | ExxonMobil Holdings Corporation | Energy | $23.61B | $763.79B |
| 13 | CMCSA | Comcast Corporation | Communication Services | $21.89B | $82.45B |
| 14 | V | Visa Inc. | Financial Services | $21.58B | $773.00B |
| 15 | SMFG | Sumitomo Mitsui Financial Group, Inc. | Financial Services | $19.80B | $151.79B |
| 16 | JNJ | Johnson & Johnson | Healthcare | $19.70B | $657.68B |
| 17 | T | AT&T Inc. | Communication Services | $19.44B | $144.23B |
| 18 | TMUS | T-Mobile US, Inc. | Communication Services | $18.00B | $165.71B |
| 19 | ABBV | AbbVie Inc. | Healthcare | $17.82B | $521.11B |
| 20 | NVS | Novartis AG | Healthcare | $17.60B | $303.67B |
| 21 | GM | General Motors Company | Consumer Cyclical | $17.56B | $74.20B |
| 22 | PGR | The Progressive Corporation | Financial Services | $17.20B | $134.03B |
| 23 | MA | Mastercard Incorporated | Financial Services | $17.16B | $555.82B |
| 24 | BBVA | Banco Bilbao Vizcaya Argentaria, S.A. | Financial Services | $16.60B | $128.92B |
| 25 | CVX | Chevron Corporation | Energy | $16.59B | $459.50B |
| 26 | UNH | UnitedHealth Group Incorporated | Healthcare | $16.07B | $365.29B |
| 27 | AXP | American Express Company | Financial Services | $16.00B | $213.98B |
| 28 | PG | The Procter & Gamble Company | Consumer Defensive | $15.15B | $374.48B |
| 29 | WMT | Walmart Inc. | Consumer Defensive | $14.92B | $979.90B |
| 30 | CRM | Salesforce, Inc. | Technology | $14.40B | $188.61B |
| 31 | HDB | HDFC Bank Limited | Financial Services | $13.22B | $114.06B |
| 32 | ASML | ASML Holding N.V. | Technology | $13.01B | $603.53B |
| 33 | BMY | Bristol-Myers Squibb Company | Healthcare | $12.85B | $127.71B |
| 34 | QCOM | QUALCOMM Incorporated | Technology | $12.82B | $175.97B |
| 35 | CSCO | Cisco Systems, Inc. | Technology | $12.77B | $412.04B |
| 36 | HD | The Home Depot, Inc. | Consumer Cyclical | $12.65B | $328.44B |
| 37 | F | Ford Motor Company | Consumer Cyclical | $12.47B | $48.92B |
| 38 | MRK | Merck & Co., Inc. | Healthcare | $12.36B | $368.89B |
| 39 | IBM | International Business Machines Corporation | Technology | $12.10B | $243.66B |
| 40 | BHP | BHP Group Limited | Basic Materials | $11.93B | $201.18B |
| 41 | VOD | Vodafone Group Public Limited Company | Communication Services | $11.93B | $36.79B |
| 42 | AZN | AstraZeneca PLC | Healthcare | $11.77B | $289.48B |
| 43 | ACN | Accenture plc | Technology | $11.62B | $158.03B |
| 44 | SNDK | Sandisk Corporation | Technology | $11.49B | $165.73B |
| 45 | BUD | Anheuser-Busch InBev SA/NV | Consumer Defensive | $11.23B | $158.28B |
| 46 | STT | State Street Corporation | Financial Services | $10.84B | $46.19B |
| 47 | MELI | MercadoLibre, Inc. | Consumer Cyclical | $10.77B | $82.36B |
| 48 | PM | Philip Morris International Inc. | Consumer Defensive | $10.66B | $325.42B |
| 49 | DIS | The Walt Disney Company | Communication Services | $10.08B | $191.56B |
| 50 | ALL | The Allstate Corporation | Financial Services | $9.88B | $65.71B |
| 51 | ADBE | Adobe Inc. | Technology | $9.85B | $97.39B |
| 52 | UBER | Uber Technologies, Inc. | Technology | $9.76B | $133.28B |
| 53 | NFLX | Netflix, Inc. | Communication Services | $9.46B | $258.50B |
| 54 | GILD | Gilead Sciences, Inc. | Healthcare | $9.46B | $211.70B |
| 55 | COST | Costco Wholesale Corporation | Consumer Defensive | $9.38B | $448.57B |
| 56 | NVO | Novo Nordisk A/S | Healthcare | $9.26B | $176.43B |
| 57 | WF | Woori Financial Group Inc. | Financial Services | $9.22B | $16.43B |
| 58 | BKNG | Booking Holdings Inc. | Consumer Cyclical | $9.09B | $111.30B |
| 59 | PFE | Pfizer Inc. | Healthcare | $9.07B | $173.95B |
| 60 | MO | Altria Group, Inc. | Consumer Defensive | $9.07B | $129.80B |
| 61 | CAT | Caterpillar Inc. | Industrials | $8.92B | $286.26B |
| 62 | AMX | América Móvil, S.A.B. de C.V. | Communication Services | $8.79B | $73.09B |
| 63 | SCHW | The Charles Schwab Corporation | Financial Services | $8.76B | $152.27B |
| 64 | INTU | Intuit Inc. | Technology | $8.66B | $91.15B |
| 65 | NWG | NatWest Group plc | Financial Services | $8.62B | $61.17B |
| 66 | GSK | GSK plc | Healthcare | $8.60B | $99.19B |
| 67 | DELL | Dell Technologies Inc. | Technology | $8.55B | $269.78B |
| 68 | AMP | Ameriprise Financial, Inc. | Financial Services | $8.16B | $42.70B |
| 69 | UL | Unilever PLC | Consumer Defensive | $8.14B | $140.54B |
| 70 | AMGN | Amgen Inc. | Healthcare | $8.10B | $251.94B |
| 71 | RTX | RTX Corporation | Industrials | $7.94B | $269.62B |
| 72 | CVS | CVS Health Corporation | Healthcare | $7.81B | $115.43B |
| 73 | BTI | British American Tobacco p.l.c. | Consumer Defensive | $7.79B | $132.22B |
| 74 | AMZN | Amazon.com, Inc. | Consumer Cyclical | $7.70B | $2.60T |
| 75 | HCA | HCA Healthcare, Inc. | Healthcare | $7.69B | $98.85B |
| 76 | PEP | PepsiCo, Inc. | Consumer Defensive | $7.67B | $187.16B |
| 77 | LOW | Lowe's Companies, Inc. | Consumer Cyclical | $7.65B | $117.30B |
| 78 | WSE | Wise Group plc | Technology | $7.53B | $10.32B |
| 79 | ABT | Abbott Laboratories | Healthcare | $7.39B | $183.77B |
| 80 | NEM | Newmont Corporation | Basic Materials | $7.30B | $110.79B |
| 81 | GE | GE Aerospace | Industrials | $7.26B | $313.14B |
| 82 | MCD | McDonald's Corporation | Consumer Cyclical | $7.19B | $182.66B |
| 83 | NTES | NetEase, Inc. | Communication Services | $7.10B | $72.77B |
| 84 | LMT | Lockheed Martin Corporation | Industrials | $6.91B | $147.14B |
| 85 | AMD | Advanced Micro Devices, Inc. | Technology | $6.74B | $824.07B |
| 86 | TMO | Thermo Fisher Scientific Inc. | Healthcare | $6.29B | $257.71B |
| 87 | TSLA | Tesla, Inc. | Consumer Cyclical | $6.22B | $1.58T |
| 88 | ACGL | Arch Capital Group Ltd. | Financial Services | $6.13B | $34.72B |
| 89 | DE | Deere & Company | Industrials | $6.10B | $182.13B |
| 90 | EQNR | Equinor ASA | Energy | $5.98B | $115.40B |
| 91 | HIG | The Hartford Insurance Group, Inc. | Financial Services | $5.75B | $35.46B |
| 92 | MCK | McKesson Corporation | Healthcare | $5.72B | $115.96B |
| 93 | TAK | Takeda Pharmaceutical Company Limited | Healthcare | $5.71B | $66.81B |
| 94 | AMAT | Applied Materials, Inc. | Technology | $5.70B | $309.57B |
| 95 | PYPL | PayPal Holdings, Inc. | Financial Services | $5.56B | $47.36B |
| 96 | UNP | Union Pacific Corporation | Industrials | $5.50B | $180.60B |
| 97 | NTRS | Northern Trust Corporation | Financial Services | $5.46B | $30.64B |
| 98 | SPGI | S&P Global Inc. | Financial Services | $5.46B | $135.25B |
| 99 | E | Eni S.p.A. | Energy | $5.43B | $86.70B |
| 100 | MDT | Medtronic plc | Healthcare | $5.43B | $123.49B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
How is free cash flow different from net income?
Net income is an accounting figure that includes non-cash charges such as depreciation and amortization, along with accrual-based timing of revenue and expenses. Free cash flow starts from operating cash flow and subtracts capital expenditures, stripping out those non-cash items and capturing what actually moved through the bank account. The two figures can diverge sharply in any given period, and persistent gaps between profit and cash often signal either heavy reinvestment or accounting choices worth investigating.
Can free cash flow be manipulated in the short term?
Yes. Management can push free cash flow higher for a quarter or two by delaying capital expenditures, stretching payables, or squeezing receivables faster than usual. These levers typically reverse in subsequent periods, which is why analysts read free cash flow across multiple years rather than quarter by quarter. Capex intensity relative to depreciation is one useful cross-check: persistent capex below depreciation often signals underinvestment that will catch up later.
Why do some fast-growing companies show low or negative free cash flow?
Growth typically requires upfront investment in capacity, technology, or customer acquisition, and the cash outlays hit before the future revenue arrives. A firm investing aggressively in a large market opportunity can show negative free cash flow for years while building long-term value. The honest question is not whether free cash flow is positive today but whether the investments are earning acceptable returns, which requires reading free cash flow alongside return-on-capital measures over a full investment cycle.