Cash conversion remains strained, evidenced by an OCF/NI ratio of -8.23 in 2026Q1 and inconsistent free cash flow margins that reached a low of -5.0% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 259.81M | 228.95M | 285.85M | 322.17M | 470.82M | 323.51M | 205.99M | 170.36M | 255.35M | 151.91M | 110.26M | 146.02M | 143.77M | 93.5M | 84.53M | 100.85M | 26.29M | 11.79M | 105.34M | 143.13M | 168.46M | 147.55M | 136.97M | 74.33M | 88.67M | 64.85M | 127.74M | 114.4M | 72.27M | 76.2M | 30.2M |
| Operating CF Margin % | - | 5.71% | 6.84% | 7.28% | 9.36% | 8.59% | 7.01% | 5.7% | 8.25% | 5.37% | 4.08% | 5.48% | 5.5% | 4.07% | 4.09% | 5.29% | 1.59% | 0.8% | 5.75% | 7.79% | 8.95% | 7.93% | 7.98% | 5.16% | 6.67% | 4.18% | 6.94% | 6.64% | 4.5% | 4.78% | 1.88% |
| Operating CF Growth % | 108.47% | -19.9% | -11.27% | -31.57% | 45.53% | 57.05% | 20.91% | -33.28% | 68.09% | 37.78% | -24.49% | 1.57% | 53.75% | 10.61% | -16.18% | 283.66% | 122.96% | -88.81% | -26.41% | -15.03% | 14.17% | 7.72% | 84.27% | -16.17% | 36.73% | -49.23% | 11.66% | 58.29% | -5.15% | 152.35% | 145.61% |
| Net Income | 55.93M | 60.1M | 173.36M | 195.43M | 298.21M | 213.52M | 71.1M | 39.98M | 67.26M | 59.73M | 18.65M | 44.85M | 46.18M | 15.81M | -7.73M | 6.33M | -32.42M | -127.52M | 29.17M | 56.83M | 84.09M | 104.63M | 75.53M | 46.11M | 16.82M | 41.4M | 76.16M | 50.4M | 28.7M | 15.4M | -36.6M |
| Depreciation & Amortization | 165.33M | 170.34M | 149.09M | 145.73M | 140.04M | 124.22M | 118.39M | 112.47M | 108.64M | 103.07M | 103.05M | 93.04M | 86.22M | 88.39M | 87.75M | 73.97M | 71.83M | 76.5M | 76.87M | 77.32M | 67.73M | 62.1M | 55.05M | 51.92M | 49.22M | 54.55M | 56.45M | 49.76M | 47.61M | 53.08M | -64.7M |
| Stock-Based Compensation | 7.57M | 10.57M | 11.36M | 11.44M | 12.78M | 11.43M | 10.48M | 9.52M | 8.41M | 6.96M | 7.59M | 8.03M | 7M | 5.49M | 6.07M | 6.45M | 5.69M | 6.16M | 6.11M | 4.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 21.71M | 33.37M | 22.44M | -5.57M | -6.25M | -7.59M | 7.71M | 5.41M | 1.87M | -10.21M | 9.52M | 16.43M | 4.69M | -10.37M | -10.36M | 3.06M | -11.46M | -4.94M | 12.57M | 6.16M | 351K | -5.37M | 7.31M | 2.57M | 8.41M | -52K | 10.12M | 3.13M | 1.96M | 16.31M | -3.7M |
| Other Non-Cash Items | 7.87M | -2.64M | -57.36M | -54.45M | -5.1M | -13.98M | -229K | 31M | 13.26M | 8.01M | 7.78M | 1.98M | 7.08M | 4.02M | 789K | 1.16M | 65K | 69.72M | -956K | -2.05M | 7.81M | -15.19M | -6.66M | -6.8M | 22.37M | -4M | -4.46M | 932K | 3.26M | -3.02M | 133.8M |
| Working Capital Changes | 1.4M | -42.79M | -13.04M | 29.58M | 31.14M | -4.09M | -1.47M | -28.02M | 55.91M | -15.63M | -36.34M | -18.32M | -7.4M | -9.85M | 8.01M | 9.88M | -7.42M | -8.13M | -18.42M | -29K | 8.47M | 1.38M | 5.73M | -19.48M | -8.16M | -27.05M | -10.52M | 10.18M | -9.26M | -5.58M | 1.4M |
| Change in Receivables | -17.87M | 30.94M | 45.5M | 41.19M | 6.96M | -122.78M | 4.33M | 1.22M | 2.34M | 4.08M | 1.64M | 998K | 1.94M | 2.06M | 508K | 2.39M | -32.21M | -3.73M | 30.57M | 533K | 6.11M | -16.84M | -19.95M | -3.13M | -15.91M | 35.24M | -12.57M | -24.3M | -2.9M | -7.6M | 13.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -4.33M | -1.22M | -33.22M | -27.96M | -32.96M | 4.7M | -29.83M | -28.95M | 250K | -10.34M | 0 | 0 | 0 | 982K | 4.12M | 3.61M | -14.09M | -21.9M | -14.6M | -11.16M | -1.1M | 5.5M | -1.8M | -8.85M | 3.2M |
| Change in Payables | 32.44M | -36.24M | -21.04M | -10.26M | 46.93M | 106.06M | 40.67M | -27.04M | 52.02M | 10.39M | -11.26M | -15.09M | 32.46M | 8.57M | 3.61M | 18.46M | 5.2M | -5.62M | -60.65M | -377K | -18.33M | 26.98M | 32.57M | 4.74M | 21.37M | -51.26M | 11M | 32M | -10.5M | 10.9M | -24.5M |
| Cash from Investing | -79.05M | -76.7M | -187.28M | -21.7M | -261.08M | -303.2M | 7.46M | -98.24M | -94.95M | -68.47M | -87.17M | -125.64M | -51.6M | -42.88M | -213.27M | -46.18M | 44.67M | -29.19M | -86.23M | -33.26M | -132.29M | -150.78M | -67.6M | 9.73M | -48.17M | -26.9M | -87.3M | -61.79M | -45.58M | 64.73M | 37.57M |
| Capital Expenditures | -117.14M | -114.78M | -223.1M | -219.02M | -165.5M | -78.47M | -57.49M | -102.43M | -54.09M | -75.62M | -78.74M | -86.94M | -43.9M | -34.04M | -44.5M | -58.52M | -15.78M | -53.22M | -58.73M | -101.27M | -151.58M | -122.25M | -95.44M | -68.17M | -55.67M | -74.67M | -97.25M | -52.59M | -60.87M | -11.64M | -27.75M |
| CapEx % of Revenue | 2.9% | 2.86% | 5.34% | 4.95% | 3.29% | 2.08% | 1.96% | 3.43% | 1.75% | 2.68% | 2.92% | 3.26% | 1.68% | 1.48% | 2.15% | 3.07% | 0.95% | 3.61% | 3.2% | 5.51% | 8.06% | 6.57% | 5.56% | 4.73% | 4.19% | 4.82% | 5.29% | 3.05% | 3.79% | 0.73% | 1.73% |
| Acquisitions | 28.33M | 0 | 0 | 0 | 2.75M | -230.37M | 14.24M | 11.48M | 4.68M | 2.49M | -22M | -29.81M | -2.65M | -4.15M | -180.04M | 5.29M | -4.36M | -4.87M | 0 | -4.6M | 17.33M | 29.13M | 0 | 0 | 0 | 40.45M | 0 | 0 | 0 | 39.03M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.92M | 30.84M | -1.52M | 95.73M | 19.69M | 13.81M | -893K | 2.01M | 4.26M | 4.28M | 8.8M | 6.64M | 4.93M | 2.19M | 6.4M | 1.77M | 10.23M | 4.91M | 11.75M | 16.67M | 16.03M | 25.1M | 27.85M | 77.9M | 7.49M | 7.32M | 9.95M | -9.2M | 15.28M | 37.34M | 65.31M |
| Cash from Financing | -190.83M | -177.66M | -233.35M | -196.61M | -127.98M | -247.65M | -111.41M | -60.4M | -90.98M | -77.92M | -73.78M | -12.45M | -40.48M | -35.98M | 78.14M | -15.95M | -7.72M | -44.15M | -12.03M | -21.08M | -36.92M | -23.36M | -3.75M | -118.45M | -15.71M | -59.83M | -8.02M | -52.83M | -29.35M | -136.15M | -82.9M |
| Debt Issued (Net) | -38.13M | -83.13M | -120.52M | -83.28M | -43.33M | -118.71M | -101.1M | -39.09M | -71.26M | -58.92M | -52.2M | 3.31M | -40.44M | -43.18M | 39.81M | -8.24M | -5.58M | 20.28M | -354K | -3.54M | -2.37M | -1.95M | -362K | -109.52M | -18.8M | -64.57M | -7.66M | -40.9M | -29.13M | -142.1M | -74.5M |
| Equity Issued (Net) | -61M | -75.57M | -75.23M | -91.53M | -65M | -83.1M | -6.59M | -9.11M | -9.4M | -6.02M | -9.51M | -12.77M | 1.14M | 2.79M | 0 | 763K | 1.83M | 469K | 2.98M | -2.26M | -20.99M | -7.23M | 1.13M | -4.85M | 0 | -828K | -3.92M | 0 | 0 | 0 | 0 |
| Dividends Paid | -10.86M | -10.97M | -11.29M | -11.54M | -10.83M | -8.14M | -8.16M | -8.19M | -8.24M | -8.26M | -8.32M | -6.84M | -4.1M | -3.23M | -3.22M | -3.18M | -3.13M | -15.52M | -15.34M | -15.16M | -15.27M | -13.7M | -12.01M | -7.96M | 0 | -2.49M | -4.12M | -4.3M | -4.3M | -4.3M | -4.49M |
| Share Repurchases | -61M | -75.57M | -75.23M | -91.53M | -65M | -83.1M | -6.59M | -9.11M | -9.4M | -6.02M | -9.51M | -12.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.95M | -26.87M | -12.62M | -7.53M | -4.85M | 0 | -828K | -3.92M | 0 | 0 | 0 | 0 |
| Other Financing | -80.84M | -7.99M | -26.3M | -10.26M | -8.82M | -37.7M | 4.45M | -4.01M | -2.08M | -4.71M | -3.75M | 3.85M | 2.93M | 7.65M | 41.55M | -5.29M | -839K | -49.38M | 692K | -117K | 1.71M | -473K | 7.49M | 3.87M | 3.09M | 8.06M | 7.69M | -7.63M | 4.07M | 10.55M | -3.91M |
| Net Change in Cash | -10.06M | -25.41M | -134.78M | 103.85M | 81.75M | -227.33M | 102.05M | 11.72M | 69.41M | 5.53M | -50.69M | 7.93M | 51.69M | 14.65M | -50.59M | 38.72M | 63.25M | -61.55M | 7.08M | 88.8M | -758K | -26.59M | 65.62M | -34.39M | 24.78M | -21.88M | 32.42M | -224K | -2.66M | 4.78M | -15.14M |
| Free Cash Flow | 169.15M | 114.18M | 45.85M | 90.17M | 305.31M | 245.04M | 148.5M | 67.93M | 201.26M | 76.29M | 31.52M | 59.08M | 99.86M | 59.47M | 40.04M | 42.33M | 10.51M | -41.43M | 46.61M | 41.86M | 16.88M | 25.3M | 41.53M | 6.16M | 33M | -9.82M | 30.49M | 61.81M | 11.41M | 64.55M | 2.45M |
| FCF Margin % | 4.18% | 2.85% | 1.1% | 2.04% | 6.07% | 6.51% | 5.05% | 2.27% | 6.51% | 2.7% | 1.17% | 2.22% | 3.82% | 2.59% | 1.94% | 2.22% | 0.63% | -2.81% | 2.54% | 2.28% | 0.9% | 1.36% | 2.42% | 0.43% | 2.48% | -0.63% | 1.66% | 3.59% | 0.71% | 4.05% | 0.15% |
| FCF Growth % | 176.3% | 149.05% | -49.16% | -70.47% | 24.6% | 65.01% | 118.6% | -66.25% | 163.79% | 142.09% | -46.66% | -40.84% | 67.93% | 48.53% | -5.41% | 302.76% | 125.37% | -188.89% | 11.33% | 148.07% | -33.29% | -39.08% | 574.06% | -81.33% | 435.95% | -132.21% | -50.67% | 441.91% | -82.33% | 2535.93% | 102.11% |
| FCF per Share | 7.57 | 4.98 | 1.92 | 3.66 | 11.97 | 9.15 | 5.62 | 2.57 | 7.54 | 2.89 | 1.20 | 2.23 | 3.84 | 2.31 | 1.57 | 1.67 | 0.42 | -1.65 | 1.84 | 1.67 | 0.66 | 0.98 | 1.62 | 0.24 | 1.30 | -0.39 | 1.34 | 2.83 | 0.57 | 3.26 | 0.14 |
| FCF Conversion (FCF/Net Income) | 3.02x | 3.81x | 1.64x | 1.65x | 1.58x | 1.52x | 2.90x | 4.26x | 3.80x | 2.54x | 5.91x | 3.26x | 3.11x | 5.91x | -10.93x | 15.92x | -0.81x | -0.09x | 3.61x | 2.52x | 2.00x | 1.41x | 1.81x | 1.61x | 5.27x | 1.45x | 1.68x | 2.27x | 2.52x | 4.95x | -0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical margin compression risk
As evidenced by the provided financial data, ArcBest exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio frequently swinging into negative territory, most notably reaching -8.23 in 2026Q1, which suggests significant underlying accrual-based distortions in reported profitability metrics.
The frequent divergence between net income and operating cash flow indicates that reported earnings are often not representative of actual cash generation. Investors should monitor whether this disconnect stems from persistent working capital swings or non-cash charges that mask the true cash-generating capacity of the core LTL operations.
Based on reported quarterly figures, ArcBest's free cash flow trajectory remains highly inconsistent, with margins fluctuating from a peak of 8.2% in 2025Q2 to a low of -5.0% in 2024Q1, highlighting the company's struggle to maintain positive cash flow during periods of cyclical revenue contraction.
The inability to consistently generate positive free cash flow suggests that the company's capital-intensive business model is highly sensitive to volume fluctuations. This volatility warrants further investigation into whether the current capital expenditure levels are sustainable given the thin operating margins observed in recent periods.
According to the cash flow statements, ArcBest maintains a significant capital expenditure profile, with CapEx/Revenue ratios peaking at 8.5% in 2023Q4, indicating that the company must continuously reinvest in its terminal network and fleet to remain competitive within the asset-based LTL industry.
The high level of capital intensity relative to revenue suggests that a substantial portion of cash flow is committed to maintenance rather than growth. Analysts should evaluate whether these expenditures are effectively modernizing the fleet or merely offsetting the depreciation of aging assets in a high-cost unionized environment.
As reported in recent filings, working capital changes have been a major source of cash flow volatility, with a significant outflow of $69.6M in 2025Q1 followed by a $41.2M inflow in 2025Q2, reflecting the cyclical nature of freight collections and inventory-related payables management.
These sharp swings in working capital suggest that the company's cash conversion cycle is highly susceptible to shifts in industrial demand. Investors should monitor whether these fluctuations are indicative of deteriorating collection efficiency or simply a reflection of the transactional nature of the logistics segment.
Based on the provided data, ArcBest has continued to prioritize share repurchases despite inconsistent free cash flow, with buybacks totaling $7.4M in 2026Q1, a strategy that appears aggressive given the company's recent struggles to maintain positive cash generation from its core operations.
The decision to return capital to shareholders while operating cash flow remains volatile may indicate management's confidence in long-term stability, yet it also limits the liquidity buffer available for potential downturns. This allocation strategy warrants further investigation into the long-term impact on the company's balance sheet health.
Quick answers to the most common questions about buying ARCB stock.
ArcBest Corporation (ARCB) generated $229.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ArcBest Corporation (ARCB) generated $114.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ArcBest Corporation (ARCB) spent $114.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ArcBest Corporation (ARCB) returned $11.0M to shareholders via cash dividends and spent $75.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.