Capital Allocation Plan 2020-2023

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"Our balance sheet is strong, our operating cash flow is robust and diverse, and we have built a strong foundation for additional growth from our rich set of market-access platform opportunities.”

- Tony Tripeny, Executive Vice President and Chief Financial Officer

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As part of the Strategy and Growth Framework, we have evolved the original Capital Allocation Model, which set our leadership priorities for 2016-2019, and unveiled our Capital Allocation Plan, which outlines the sources and uses of cash from 2020 to 2023. Under the Capital Allocation Plan and expected strong business performance from 2020 to 2023, we will:

  • Generate $16 billion to $18 billion in operating cash flow, before RD&E investment
  • Invest $10 billion to $12 billion to extend our leadership and grow
  • Return $8 billion to $10 billion to shareholders through increased dividends and share repurchases


Learn more about the progress we are making through our investments

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