Cash-Flow Reference Library: Reproduce and Understand the Answer
Explore checked schedules for timing, fees, multiple returns and missing solutions. Download the data or load a case.
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Cash-flow workspace
IRR & XIRR Calculator
Turn a cash-flow schedule into an explainable return. Paste from a spreadsheet, compare scenarios, and take the calculation with you.
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01 / Build your schedule
7 / 500 rowsCash flows
Enter money paid out as negative and money received as positive. For an unsold investment, include its estimated ending value as a final positive flow. All amounts must use the same currency; USD is the display label.
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Explore the reference library for complete schedules, mathematical checks and examples you can load here.
Paste a spreadsheet or import a CSV
One signed amount per line, starting with Year 0. An optional Amount header is accepted. Tabs, commas and semicolons are supported. Quote amounts containing grouping commas in CSV.
Import replaces the current schedule only if every row is valid. Files are read locally, not uploaded. Maximum 500 rows / 100 KB.
Compare discount rates
The NPV profile
Where this curve crosses zero, the schedule has an IRR. A sampled chart is not proof that every root has been found.
| Annual rate | NPV / XNPV |
|---|---|
| 0% | $625,000.00 |
| 5% | $393,385.83 |
| 10% (selected) | $221,993.09 |
| 20% | -$5,740.96 |
03 / Check every row
Discounted cash-flow audit
Present value = cash flow ÷ (1 + annual discount rate)elapsed years. Displayed rows are rounded; the total uses unrounded values. Same-date entries may be combined for calculation.
| Year | Elapsed years | Cash flow | Present value |
|---|---|---|---|
| 0 | 0 | -$500,000.00 | -$500,000.00 |
| 1 | 1 | $80,000.00 | $72,727.27 |
| 2 | 2 | $90,000.00 | $74,380.17 |
| 3 | 3 | $95,000.00 | $71,374.91 |
| 4 | 4 | $100,000.00 | $68,301.35 |
| 5 | 5 | $110,000.00 | $68,301.35 |
| 6 | 6 | $650,000.00 | $366,908.05 |
| NPV at 10% | $221,993.09 | ||
IRR or XIRR: choose the timing first
Internal rate of return is the discount rate at which the present value of your cash flows totals zero. Use negative amounts for money paid out and positive amounts for money received. Include all relevant fees, follow-on investments, distributions, and sale proceeds; omitted costs change the answer.
Choose annual IRRfor equally spaced annual payments. The first row occurs at the valuation point, year 0, the next at year 1, and so on. Enter a zero for a year without a payment so later cash flows keep their timing. Excel's IRR function also accepts other regular intervals, but its result is then a rate per interval, not necessarily per year.
Choose dated XIRR for actual payment dates. This workspace uses the earliest date as time zero, sorts dates for calculation, and combines same-date amounts when solving for the return. Elapsed days are divided by 365, including when the schedule crosses a leap year. This follows the day-count convention in Microsoft's XIRR documentation.
NPV(r) = Σ CFᵢ / (1 + r)tᵢ; find r such that NPV(r) = 0.
Annual mode: tᵢ = year number. Dated mode: tᵢ = days since earliest payment / 365.
Enter up to 500 rows, paste cells from a spreadsheet, or import a CSV. A valid import replaces your schedule; an invalid import leaves it unchanged. Review the imported rows in the editor before calculating. Input parsing and calculations run in your browser; this calculator does not upload your cash-flow entries or imported file. Downloads are generated on your device.
Worked example: six-year property cash flows
Suppose an illustrative investment costs $500,000 at year 0. It then pays $80,000, $90,000, $95,000, $100,000, and $110,000 at the next five year-ends. The final year pays $650,000, including the assumed exit proceeds. These are example inputs, not market benchmarks or a forecast.
| Year | Cash flow | Present value at 10% |
|---|---|---|
| 0 | -$500,000.00 | -$500,000.00 |
| 1 | $80,000.00 | $72,727.27 |
| 2 | $90,000.00 | $74,380.17 |
| 3 | $95,000.00 | $71,374.91 |
| 4 | $100,000.00 | $68,301.35 |
| 5 | $110,000.00 | $68,301.35 |
| 6 | $650,000.00 | $366,908.05 |
This schedule produces an annual IRR of 19.6710% and an NPV of $221,993.09 at 10%. The initial $500,000 outflow is included at time zero, with no discounting. Values in this guide are calculated from the same example and calculation engine as the workspace; displayed rows are rounded independently.
Check your answer in Excel
Put the seven example amounts in B2:B8, starting with −500000 in B2. Use =IRR(B2:B8) for the annual return. For the 10% NPV, use =NPV(10%,B3:B8)+B2. Excel's NPV function treats its first supplied amount as occurring one period later, so the time-zero amount must be added separately.
For dated flows, put genuine Excel dates in A2:A8 and amounts in B2:B8, with the earliest date first. Use =XIRR(B2:B8,A2:A8) and =XNPV(10%,B2:B8,A2:A8). Unlike NPV, the XNPV function includes the initial dated payment in its input range. Different dates, omitted zero years, or multiple possible roots can explain differences between tools.
Read the NPV profile, not just the return
NPV expresses value in the same currency units as your inputs at your chosen discount rate. IRR expresses a rate. Doubling every amount doubles NPV without changing IRR, so a higher percentage does not automatically mean a larger financial benefit. The chart lets you examine NPV across discount rates; comparison snapshots keep the assumptions visible.
More than one change between positive and negative cash flows can produce multiple IRRs or no usable IRR. A finite numerical search cannot prove it has found every root. This workspace searches rates from −99.99% to 1,000,000% and flags nonconventional schedules; a “not found” result is not proof that no mathematical solution exists outside the search or between sampled rates.
Modified IRR (MIRR) uses separate financing and reinvestment rates for regular periods. It discounts negative flows to the start, compounds positive flows to the end, then finds the equivalent compound rate. Excel implements this as =MIRR(values,finance_rate,reinvest_rate). Here, MIRR is available for annual mode only. Its assumptions must still fit the project.
The result describes your entered schedule, not the probability of receiving those payments. No universal IRR cutoff accounts for investment risk, taxes, leverage, currency, or liquidity. This is a calculation aid, not personalized investment advice.
Common cash-flow questions
Can IRR be negative or zero?
Yes. Paying 100 now and receiving 90 one year later gives −10% IRR. Receiving 100 instead gives 0%. A negative return is not a calculation error by itself.
Why do I need both positive and negative cash flows?
For rates above −100%, every discount factor is positive. Amounts all having the same sign cannot sum to zero. Both signs are necessary, but do not guarantee one unique IRR.
Can I enter monthly payments?
Use dated XIRR and enter the actual dates to obtain an annualized return. Do not put monthly payments in this tool's annual mode: it would treat each row as a full year apart.
Does the calculator include taxes, borrowing, or fees automatically?
No. Include the relevant amounts in your cash-flow schedule. Keep the perspective consistent: cash flows to the whole project and cash flows to an equity investor are different schedules.