The balance sheet and income statement, as the traditional financial statements, cannot be enough to meet the requirements of users for evaluation and analysis of all relevant aspects of business. For this reason there is a need for analysis of the Cash flow statement, which makes it possible to follow the movement of funds. Analysis of the Cash flow statement can give significant information to its users, such as the company's ability to generate cash, its liquidity etc. In this paper we present the cash flows of the tobacco industry in the Republic of Serbia, and carried out their analysis. In our country in the tobacco industry, there are four companies: Philip Morris Niš, BAT Vranje, JTI Senta and Monus Beograd. Except them, in the tobacco industry up to 2007. was company DIG Gnjilane. In the last part, we did a comparative review based on the analysis results, and at the end give conclusions.