Best examples of interim cash flow statement examples for 2024

Why start with examples of interim cash flow statement examples?

Most people learn cash flow statements from neat, year‑end templates. Then they open a Form 10‑Q, see a six‑month interim cash flow statement, and suddenly:

• Seasonality distorts operating cash flow.
• One‑off financing moves swamp the core business.
• Non‑cash adjustments look outsized versus a short period.

That’s why walking through concrete examples of interim cash flow statement examples is far more useful than memorizing definitions. You see how timing, seasonality, and capital market moves show up in a three‑ or six‑month window.

Below, we’ll walk through several realistic interim scenarios. Numbers are simplified but directionally consistent with what you’ll see in public company filings and private company board packs.

SaaS startup: 6‑month interim cash flow under a growth‑at‑all‑costs strategy

Consider a venture‑backed SaaS company for the six months ended June 30, 2024. Revenue is growing 60% year‑over‑year, but the company is nowhere near GAAP profitability.

A simplified example of an interim cash flow statement (indirect method) might look like this (USD in thousands):

Cash flows from operating activities (6 months)

• Net loss: (8,000)
• Depreciation & amortization: 1,200
• Stock‑based compensation: 2,000
• Change in accounts receivable: (3,500) (strong sales, slower collections)
• Change in deferred revenue: 4,800 (prepaid annual contracts)
• Change in other working capital: (700)
  Net cash used in operating activities: (4,200)

Cash flows from investing activities

• Capitalized software development: (1,500)
• Purchases of equipment: (600)
  Net cash used in investing activities: (2,100)

Cash flows from financing activities

• Proceeds from Series C round: 15,000
• Payment of deferred offering costs: (500)
  Net cash provided by financing activities: 14,500

Net increase in cash: 8,200

This is one of the best examples of how interim cash flows can look healthier than the income statement. On paper, the company is deeply unprofitable, but an investor scanning this interim cash flow sees:

• Operating cash burn is moderate relative to cash raised.
• Deferred revenue (a non‑cash liability) is a major positive driver of cash.
• Financing cash flow dominates the period, which is typical for startups.

When you look at real examples in public SaaS filings (for instance, in the interim statements in Form 10‑Q on SEC.gov), you’ll see the same pattern: negative net income, offset by non‑cash charges and changes in deferred revenue.

Retailer: 3‑month interim cash flow in a highly seasonal business

Retail is where interim cash flow statements get interesting. A specialty apparel chain in the U.S. for the quarter ended March 31, 2025, might show:

Cash flows from operating activities (3 months)

• Net income: 1,000
• Depreciation: 800
• Change in inventory: (4,500) (building up for summer season)
• Change in accounts payable: 3,000 (stretching vendor terms)
• Change in accrued expenses and other: (700)
  Net cash used in operating activities: (400)

Cash flows from investing activities

• Store remodel capex: (1,200)
  Net cash used in investing activities: (1,200)

Cash flows from financing activities

• Net borrowings on revolving credit facility: 2,000
• Dividends paid: (300)
  Net cash provided by financing activities: 1,700

Net increase in cash: 100

Here, the interim cash flow statement tells a different story than the income statement again. Profit is positive, but operating cash flow is negative because the company is loading up on inventory early in the year. These are classic real examples of interim cash flow statement examples where:

• Seasonality makes one quarter look weak on cash, even if the full year looks fine.
• Revolving credit facilities plug the temporary cash gap.
• Analysts focus on year‑over‑year interim comparisons (Q1 2025 vs. Q1 2024) more than quarter‑to‑quarter.

If you scan the interim reports of large U.S. retailers in their 10‑Q filings, you’ll see almost identical patterns in the cash flow statement around pre‑holiday and post‑holiday quarters.

Manufacturer: 6‑month interim cash flow during a capex cycle

Manufacturing provides another strong example of interim cash flow statement behavior, especially during a capacity expansion. Imagine a mid‑sized industrial manufacturer for the six months ended June 30, 2024:

Cash flows from operating activities (6 months)

• Net income: 5,500
• Depreciation: 3,000
• Change in inventories: (2,200)
• Change in receivables: (1,800)
• Change in payables and accruals: 1,500
  Net cash provided by operating activities: 6,000

Cash flows from investing activities

• Purchases of property, plant, and equipment: (10,000)
• Proceeds from sale of old machinery: 1,000
  Net cash used in investing activities: (9,000)

Cash flows from financing activities

• Proceeds from term loan: 7,000
• Principal payments on existing debt: (2,000)
• Dividends: (1,000)
  Net cash provided by financing activities: 4,000

Net increase in cash: 1,000

This is one of the more instructive examples of interim cash flow statement examples for lenders and rating agencies:

• Operating cash flow looks solid and supports the business case.
• Investing cash flow is heavily negative because of capex, but that’s expected.
• Financing cash flow is positive as the company taps debt markets.

Analysts will compare this interim cash flow against covenant tests and projections in credit agreements. The pattern you see here is common in real examples disclosed in industrial company 10‑Qs and in teaching materials from business schools such as Harvard Business School, which often use manufacturing cases to illustrate cash flow dynamics.

High‑growth e‑commerce: 9‑month interim cash flow with working capital whiplash

E‑commerce businesses in 2024–2025 are wrestling with supply chain volatility, higher fulfillment costs, and changing consumer demand. A fast‑growing e‑commerce platform for the nine months ended September 30, 2024, might show:

Cash flows from operating activities (9 months)

• Net income: 2,800
• Depreciation & amortization: 1,100
• Non‑cash lease expense: 900
• Change in inventories: (5,000)
• Change in accounts payable: 4,200
• Change in other working capital: (600)
  Net cash provided by operating activities: 3,400

Cash flows from investing activities

• Capitalized website and app development: (2,300)
  Net cash used in investing activities: (2,300)

Cash flows from financing activities

• Proceeds from employee stock option exercises: 500
• Buyback of shares: (1,000)
  Net cash used in financing activities: (500)

Net increase in cash: 600

This is another example of interim cash flow statement examples where the headline result (cash up slightly) hides the operational tension:

• Inventory swings are large relative to net income.
• The company is funding tech investment out of operating cash, not new financing.
• Share repurchases during a volatile period may raise questions from investors.

Analysts tracking consumer and e‑commerce names often build models that rely heavily on these interim cash flow patterns to estimate cash conversion cycles and future capital needs.

Private equity‑owned company: interim cash flow under tight covenants

Private equity‑backed companies rarely publish public interim cash flow statements, but internally they may prepare monthly or quarterly versions that look very similar to public filings.

Consider a PE‑owned healthcare services provider for the quarter ended June 30, 2025:

Cash flows from operating activities (3 months)

• Net income: 3,000
• Depreciation & amortization: 2,500
• Amortization of debt issuance costs: 300
• Change in receivables: (2,800) (payer delays, typical in healthcare)
• Change in payables and accruals: 1,200
  Net cash provided by operating activities: 4,200

Cash flows from investing activities

• Maintenance capex: (1,000)
• Small tuck‑in acquisition (net of cash acquired): (3,500)
  Net cash used in investing activities: (4,500)

Cash flows from financing activities

• Mandatory term loan amortization: (1,200)
• Dividend to sponsor: (2,000)
  Net cash used in financing activities: (3,200)

Net decrease in cash: (3,500)

This gives you one of the better real examples of interim cash flow statement examples in a leveraged setting:

• Operating cash flow is the core metric for covenant compliance.
• Acquisitions and dividends are heavily scrutinized because they drain cash.
• The pattern over multiple interim periods tells lenders whether the capital structure is sustainable.

For context on how analysts and regulators think about liquidity and cash‑flow‑based risk, the Federal Reserve’s research and data on corporate finance (see federalreserve.gov) is a useful backdrop.

IFRS vs. U.S. GAAP: interim cash flow presentation differences

When looking at examples of interim cash flow statement examples, you’ll notice subtle differences between U.S. GAAP and IFRS reporters, especially in 2024–2025 as more cross‑listed companies publish quarterly data.

Key points you’ll see in practice:

• Interest and dividends classification:
  Under U.S. GAAP, interest paid is typically operating, while IFRS allows more flexibility (operating or financing). This means two otherwise similar interim statements can show different operating cash flows purely due to classification choices.

• Lease payments:
  Under IFRS 16, most lease payments are split between operating and financing cash flows; under U.S. GAAP (ASC 842), operating leases still show up largely in operating cash flows. When you review international real examples of interim cash flow statement examples, this difference is obvious in retailers and airlines with large lease portfolios.

• Disclosure level:
  IFRS interim reports (IAS 34) often provide somewhat more aggregated cash flow information compared to detailed U.S. GAAP 10‑Qs, though practice varies by jurisdiction.

For technical background, the IFRS Foundation and educational institutions like Harvard Law School’s corporate governance program frequently discuss how these differences affect investor interpretation.

2024–2025 trends that show up in interim cash flow statements

When you look across the best examples of interim cash flow statement examples from current filings, a few themes keep popping up:

• Higher interest costs:
  With rates elevated relative to the 2010s, interest paid is a bigger drag on operating or financing cash flows. This is especially visible in interim cash flow statements of leveraged companies and real estate investment trusts.

• Working capital volatility:
  Post‑pandemic supply chain adjustments, shorter product cycles, and shifting consumer demand have made quarterly inventory and receivable swings much larger. Interim cash flow statements in 2024–2025 often show wild quarter‑to‑quarter moves, even when full‑year numbers look stable.

• Shift toward digital and intangible investment:
  More companies are capitalizing software development and cloud implementation costs. In examples of interim cash flow statement examples for tech, banks, and even industrials, you’ll see investing cash flows increasingly dominated by intangible‑related outflows rather than traditional plant and equipment.

• Share‑based compensation and buybacks:
  Many U.S. companies show a combination of high stock‑based compensation (non‑cash add‑back in operating cash flows) and share repurchases (cash outflow in financing activities). Interim cash flow statements are one of the best ways to see how this plays out over the year, not just at year‑end.

For investors and analysts, the interim view is often where you spot early signs of stress: deteriorating operating cash flow, heavier reliance on short‑term borrowing, or repeated one‑off financing moves.

How to read these examples like an analyst

Looking at examples of interim cash flow statement examples is useful, but the real value comes when you read them the way a lender, investor, or board member would. A few practical habits:

• Compare interim periods year‑over‑year, not just sequentially.
  Seasonality can make Q1 vs. Q4 comparisons meaningless. Instead, compare Q1 2025 to Q1 2024 to see whether operating cash flow is improving.

• Track the relationship between net income and operating cash flow.
  In healthy businesses, operating cash flow should generally exceed net income over time. If interim cash flow repeatedly lags net income, working capital or earnings quality may be an issue.

• Separate recurring from non‑recurring items.
  Large acquisition‑related cash flows, restructuring payments, or tax settlements often appear in interim periods. Flag these when you’re using interim cash flows to forecast.

• Watch financing cash flows as a stress barometer.
  Frequent short‑term borrowings, emergency equity raises, or skipped dividends often first show up in interim cash flow statements, not just in the balance sheet.

For foundational background on financial statement analysis, including cash flows, educational resources from universities such as MIT OpenCourseWare can be helpful supplements to these real‑world style examples.

FAQ: examples of interim cash flow statement examples and common questions

Q: Can you give another simple example of an interim cash flow statement for a service business?
Imagine a consulting firm for the three months ended March 31, 2025. It bills heavily in March but collects later:

• Net income: 1,200
• Depreciation: 100
• Increase in accounts receivable: (1,800)
• Increase in accrued expenses (bonuses, rent): 600
• Net cash used in operating activities: 100 (slightly negative)
• Minimal investing and financing activity.

This is one of the simpler examples of interim cash flow statement examples where the income statement looks healthy, but cash is temporarily tight because collections lag billings.

Q: Are interim cash flow statements required for all companies?
Public companies in the U.S. generally present condensed interim cash flow statements in Form 10‑Q filings, following SEC and U.S. GAAP requirements. Private companies often prepare interim cash flows for banks, investors, or boards, but they’re not legally required in the same way unless specified in loan agreements or investor reporting packages.

Q: How do auditors treat interim cash flow statements?
Quarterly or half‑year interim financial statements are usually reviewed, not fully audited, in many jurisdictions. That means a lower level of assurance compared with year‑end audits, but still enough scrutiny that the patterns you see in examples of interim cash flow statement examples are generally reliable for analysis.

Q: What’s the most important line to watch in an interim cash flow statement?
There’s no single magic line, but most professionals start with net cash from operating activities. Across the best examples of interim cash flow statement examples, that’s the line that tells you whether the core business is funding itself or relying on external capital.

Q: Where can I find real examples of interim cash flow statement examples for practice?
The easiest way is to download recent Form 10‑Q filings from SEC.gov for companies in different industries—tech, retail, manufacturing, healthcare—and compare their interim cash flow statements. Over a few filings, patterns will start to jump out: seasonality, capex cycles, and financing behavior.

Interim cash flow statements are where theory meets reality. By studying multiple examples of interim cash flow statement examples across industries, you get a far sharper picture of how cash actually moves through a business over the year—and how investors and lenders in 2024–2025 are reading those signals.