3 Cash-Flow Machines Investors May Want Heading Into 2026

Of the host of financial metrics investors might consider when deciding whether to buy shares of a target company, cash flow is among the most important. Operating cash flow is a reflection of how a firm actually functions on a day-to-day basis and demonstrates the company's ability to bring in money from sales or other sources and to adequately pay salaries, taxes, and other expenses. Free cash flow, on the other hand, shows what is left over to the company after accounting for operating expenses and capital expenditures (CapEx)—this is the discretionary cash available for things like expansion, shareholder returns, mergers and acquisitions, and more.

A company's cash flow keeps it operating, supports the possibility of growth and expansion, and lowers the risk of bankruptcy. Many investors also find it a metric that is more difficult to manipulate in a financial report than net income, which may look better or worse depending upon accounting methods. Heading into the new year, investors looking for strong cash flow might start with some of the firms below.

Record Free Cash Flow for a Growing Semiconductor Firm

Qualcomm Inc. (NASDAQ: QCOM) is a major provider of semiconductors for use in phones, vehicles, and various smart devices. Shares displayed fairly steady momentum in the last two-thirds of 2025, trending upward from April through the end of the year, but Qualcomm's rally has still brought it short of the astronomical valuations of some of its semiconductor rivals.

For investors looking for cash-generating potential, though, Qualcomm may stand out thanks to its $12.8 billion in free cash flow in the most recently reported quarter, up 15% year-over-year (YOY) and a quarterly record for the company. Operating cash flow also increased significantly as well, thanks to particularly strong sales growth in both Qualcomm's handset and automotive divisions. This means that, despite significant capital spending, Qualcomm ended the quarter with about $7.8 billion in cash reserves—this is mostly unchanged YOY, but indicates a strong financial position heading into the next quarter.

Qualcomm's healthy cash flow should allow it to continue its efforts to expand into high-demand data centers in 2026, while simultaneously keeping up its commitment to strong shareholder returns—the company's dividend yield is an attractive 2.08%.

High Margins and Growing Sales Drive Continued Cash Flow Success

Biopharma giant Gilead Sciences Inc. (NASDAQ: GILD), known for its antiviral therapies for HIV, hepatitis, and more, benefits from climbing sales and strong margins. In the latest quarter, for instance, its HIV medication Descovy saw sales surge by 20% YOY. Gilead also does not rely on a single product or even a particular medical focus, with a broad portfolio covering liver disease, oncology applications, and more.

Free cash flow for the last quarter was almost $4 billion alongside noteworthy operating cash flow of $4.1 billion. Cash flow is especially important for a biopharmaceutical company because the industry requires massive continual investment in R&D. Gilead is in a healthy position to keep developing its pipeline thanks to its cash reserves and flow.

Having cash on hand also allows the company to pay out a compelling dividend ahead of many of its healthcare sector peers, with a dividend yield of 2.57% and a payout ratio of just under 49%. Shares of GILD climbed by more than a third in 2025, but analysts still see room for further growth in the new year.

Huge Oil and Gas Operation Still Maintains Strong Cash Flow

The second-largest oil and gas company globally by market capitalization, Exxon Mobil Corp. (NYSE: XOM) is valued at more than half a trillion dollars, with cash flow in line with that scale as well as the company's large upstream and refining business.

Operating cash flow was $14.8 billion in the latest quarter, and free cash flow came in at $6.3 billion despite fairly high CapEx.

This is to be expected from the oil and gas industry, which is significantly capital-intensive.

Despite its massive size, Exxon maintains healthy liquidity and cash flow.

Not only is this key to its continued operational success and potential expansion, but it has also allowed the company to be a major dividend player, with a yield of 3.42% and more than four decades of consistent increases.

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