Free cash flow remains highly erratic, swinging from a negative $52.5 million in 2025Q1 to a positive $185.9 million in 2026Q1, while capital intensity frequently exceeds 30% of revenue.
| 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 | Mar'05 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Cash from Operations | 692.33M | 622.11M | 429.59M | 310.19M | 203.45M | 237.4M | 335.28M | 290.15M | 225.95M | 201.92M | 274.07M | 427.58M | 379.37M | 355.7M | 389.93M | 120.32M | 364.38M | 477.52M | 484.12M | 239.71M | 212.21M | 144.87M | 166.08M | 187.07M | 133.08M | 88.63M | 47.14M |
| Operating CF Margin % | - | 41.76% | 37.11% | 31.32% | 24.06% | 30.38% | 38.32% | 30.05% | 24.98% | 25.41% | 33.96% | 42.84% | 39.55% | 41.23% | 13.95% | 4.61% | 15.07% | 17.58% | 16.01% | 9.44% | 13.32% | 11.11% | 21.76% | 27.16% | 21.29% | 13.03% | 20.28% |
| Operating CF Growth % | 283.45% | 44.81% | 38.49% | 52.46% | -14.3% | -29.19% | 15.55% | 28.41% | 11.9% | -26.33% | -35.9% | 12.71% | 6.65% | -8.78% | 224.06% | -66.98% | -23.69% | -1.36% | 101.96% | 12.96% | 46.48% | -12.77% | -11.22% | 40.57% | 50.15% | 88% | - |
| Net Income | 325.23M | 318.96M | 172.23M | 105M | 44.3M | 28.22M | -68.44M | 97.6M | 29.16M | 18.46M | -64.82M | -159.37M | 53.21M | 91.73M | -104.01M | -333.65M | -158.56M | -249.22M | -947.75M | 34.57M | 87.66M | 55.55M | 30.79M | 33.52M | 49.41M | -4.39M | -5.98M |
| Depreciation & Amortization | 202.61M | 264.74M | 197.05M | 169.56M | 167.47M | 182.83M | 196.62M | 191.01M | 174.95M | 188.56M | 208.99M | 229.13M | 386.07M | 327.5M | 350.85M | 365.87M | 401.48M | 352.79M | 373.6M | 273.84M | 124.64M | 82.89M | 90.53M | 67.69M | 52.02M | 34.96M | 27.17M |
| Stock-Based Compensation | 8.57M | 0 | 14.65M | 13M | 11.93M | 11.34M | 10.55M | 8.11M | 7.39M | 8.46M | 8.97M | 10.03M | 19.02M | 16.25M | 15.38M | 20.02M | 23.27M | 24.75M | 17.32M | 23.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 77.84M | 97.79M | 58.09M | 35.66M | 15.23M | 10.38M | -17.76M | -39.6M | 5.24M | -59.76M | -25.2M | 49.99M | -8.6M | 21.86M | -93.88M | -52.39M | -129.26M | -6.68M | -47.56M | -43.21M | 26.15M | 25.09M | 7.81M | 18.06M | 20.83M | 108.16M | -2.92M |
| Other Non-Cash Items | 174M | -468K | 13.34M | 14.98M | -10.96M | 14.18M | 195.22M | 22.65M | 22.39M | 43.33M | 97.21M | 258.32M | 60.62M | 32.02M | 183.94M | 260.85M | 158.68M | 307.93M | 1.18B | 52.28M | 7.44M | -92K | 13.94M | 17.92M | 19.79M | 19.22M | -124K |
| Working Capital Changes | -21.23M | -58.91M | -25.76M | -28M | -24.5M | -9.54M | 19.1M | 10.37M | -13.17M | 2.86M | 48.92M | 39.48M | -130.95M | -133.66M | 37.65M | -140.37M | 68.77M | 47.96M | -93.22M | -101.07M | -34.96M | -18.56M | 23.01M | 49.89M | -8.96M | -69.33M | 29M |
| Change in Receivables | 9.43M | -9.29M | 524K | 0 | -19.97M | 4.45M | 36.4M | 3.25M | -21.03M | -6.64M | 32.4M | 9.02M | -88.55M | -31.38M | -10.3M | -58.3M | 36.42M | 147.05M | -112.2M | -124.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.19M | -10.48M | -1.92M | 4.19M | -10.52M | -12.99M | 3.97M | 6.04M | 4.21M | -236K | 32.48M | 16.28M | 17.11M | -27.27M | -34.93M | 26.1M | 97.09M | 39.34M | -125.63M | 93.89M | -67.22M | -12.58M | 5M | 11.87M | 40.05M | -19.27M | 1.54M |
| Change in Payables | 15.43M | 3.5M | -15.85M | -12.17M | 13.53M | 5.27M | -15.09M | -12.73M | 14.96M | 9.62M | -21.89M | -626K | -7.55M | -34.14M | 30.2M | -5.5M | 7.42M | -68.52M | 18.5M | 23.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -536.82M | -606.9M | -1.16B | -232.49M | -130.92M | 16.11M | -85.03M | -514.56M | -284.92M | -174.74M | -89.46M | -328.88M | -929.85M | -196.45M | -205.45M | 50.72M | 6.4M | -301M | -582.9M | -302.27M | -213.19M | -210.46M | -46.85M | -107.7M | -160.26M | -3.32M | -61.1M |
| Capital Expenditures | -334.32M | -502.46M | -359.03M | -298.63M | -239.87M | -97.89M | -140.3M | -385.2M | -319.1M | -221.69M | -117.57M | -256.14M | -541.7M | -391.73M | -428.73M | -282.79M | -235.99M | -368.9M | -509.27M | -352.19M | -219.31M | -118.08M | -86.56M | -120.75M | -188.02M | -68.01M | -60M |
| CapEx % of Revenue | 22.05% | 33.73% | 31.02% | 30.15% | 28.37% | 12.53% | 16.04% | 39.9% | 35.28% | 27.9% | 14.57% | 25.66% | 56.48% | 45.4% | 15.34% | 10.82% | 9.76% | 13.58% | 16.84% | 13.86% | 13.76% | 9.05% | 11.34% | 17.53% | 30.07% | 10% | 25.81% |
| Acquisitions | 151.07M | -102.77M | -866.17M | 72.21M | 84.94M | 83.34M | 33.65M | -214.02M | 33.93M | 46.95M | -13.78M | 18.77M | -478.69M | 19M | 51.48M | -3M | 0 | 5.64M | -133.59M | 25.87M | -6.29M | 0 | -761K | -1.54M | -160.02M | -464.76M | -5.54M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -348.57M | 3.81M | 65.14M | -6.07M | 24.01M | 30.65M | 21.62M | 84.66M | 34.18M | 46.95M | 41.89M | -72.74M | 90.53M | 176.27M | 171.8M | 47.08M | 243M | -4.17M | 1.57M | -12.23M | 12.41M | 7.62M | 40.47M | 14.58M | 187.78M | 529.45M | 4.44M |
| Cash from Financing | -155.89M | -18.07M | 733.55M | -77.92M | -72.54M | -253.03M | -252.84M | 222.49M | 54.05M | -19.77M | -183.04M | -97.52M | 558.48M | -156.7M | -171.29M | -190.62M | -408.03M | -224M | 86.4M | 135.73M | 8.38M | 65.27M | -69.73M | -13.85M | 21.07M | -75.28M | 12.44M |
| Debt Issued (Net) | 111.15M | 208.26M | 619.31M | 35.77M | 16.75M | -158.5M | -155.38M | 323.5M | 109.19M | -28.19M | -138.5M | -444.85M | 497.79M | -102.07M | -229.65M | -151.25M | -392.19M | -174.26M | 77.82M | 214.15M | -21.49M | -188.39M | -18.19M | -59.75M | -5.82M | -7.4M | -214.85M |
| Equity Issued (Net) | -69.55M | -68.61M | 242.41M | -8.86M | 4.18M | 3.4M | -1.8M | -2.01M | -1.76M | -2.79M | -1.51M | -3.98M | -7.04M | -4.54M | -2.42M | -2.94M | -2.06M | 1.87M | -96.85M | -72.73M | 99.67M | 6M | 9.35M | 7.58M | 1.1M | 35.48M | 151.78M |
| Dividends Paid | -147.32M | -141.6M | -110.37M | -95.8M | -90.31M | -89.34M | -88.83M | -78.53M | -58.29M | -34.06M | -34.92M | -41.58M | -40.32M | 0 | 0 | 0 | 0 | 0 | -14.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -70.02M | -70.24M | -13.34M | -8.86M | 0 | 0 | -1.8M | -2.01M | -1.76M | -2.79M | -1.51M | -3.98M | -7.04M | -4.54M | -2.42M | -2.94M | -2.06M | -976K | -100.96M | -100M | -36.83M | 0 | 0 | 0 | 0 | -800K | -11K |
| Other Financing | -50.16M | -16.13M | -17.8M | -9.04M | -3.15M | -8.59M | -6.82M | -20.48M | 4.9M | 45.27M | -8.11M | 392.9M | 108.05M | -50.1M | 60.78M | -36.42M | -13.78M | -51.61M | 119.91M | -5.69M | -69.8M | 247.66M | -60.89M | -17.56M | -9.13M | -103.37M | -12.21M |
| Net Change in Cash | -375K | -2.87M | 3.08M | -228K | -3K | 472K | -2.59M | -1.93M | -4.93M | 7.4M | 1.57M | 1.19M | 4.07M | 1.06M | 12.7M | -22.58M | -39.13M | -40.16M | -22.83M | 75.94M | 7.74M | 539K | 49.5M | 65.52M | -6.1M | 10.88M | -1.52M |
| Free Cash Flow | 358.01M | 119.64M | 70.56M | 11.55M | -36.42M | 139.51M | 194.98M | -95.05M | -93.16M | -19.78M | 156.5M | 171.44M | -162.33M | -36.02M | -38.81M | -162.47M | 128.38M | 108.62M | -25.15M | -112.48M | -7.1M | 26.79M | 79.52M | 66.32M | -54.94M | 20.63M | -12.86M |
| FCF Margin % | 23.61% | 8.03% | 6.1% | 1.17% | -4.31% | 17.85% | 22.28% | -9.84% | -10.3% | -2.49% | 19.39% | 17.18% | -16.92% | -4.17% | -1.39% | -6.22% | 5.31% | 4% | -0.83% | -4.43% | -0.45% | 2.05% | 10.42% | 9.63% | -8.79% | 3.03% | -5.53% |
| FCF Growth % | 1899.03% | 69.56% | 510.64% | 131.73% | -126.1% | -28.44% | 305.13% | -2.04% | -371.03% | -112.64% | -8.71% | 205.61% | -350.64% | 7.18% | 76.11% | -226.55% | 18.2% | 531.83% | 77.64% | -1484.67% | -126.5% | -66.31% | 19.91% | 220.71% | -366.38% | 260.41% | - |
| FCF per Share | 2.05 | 0.68 | 0.43 | 0.07 | -0.24 | 0.92 | 1.29 | -0.69 | -0.85 | -0.28 | 2.27 | 2.51 | -2.35 | -0.54 | -0.61 | -2.59 | 2.07 | 1.77 | -0.39 | -2.43 | -0.23 | 0.82 | 2.54 | 2.14 | -1.82 | 1.37 | -1.46 |
| FCF Conversion (FCF/Net Income) | 1.10x | 1.93x | 2.49x | 2.95x | 4.59x | 8.41x | -4.90x | 2.98x | 10.73x | 10.65x | -5.02x | -3.23x | 6.22x | 3.78x | -9.88x | -0.35x | -3.58x | -0.87x | -0.51x | 6.93x | 2.45x | -3.81x | 4.94x | 6.08x | 3.97x | 1.79x | -10.74x |
| Interest Paid | 0 | 0 | 0 | 107.77M | 98.41M | 100M | 99.8M | 0 | 0 | 0 | 0 | -101.73M | 87.41M | 78.55M | 95.42M | 100.73M | 109.95M | 112.52M | 133.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 1.31M | 407K | 247K | 94K | 0 | 0 | 0 | 0 | 2.06M | 521K | 1.14M | 29.09M | 59.73M | 48.31M | 69.51M | 48.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital intensity
According to the provided financial data, Archrock consistently reports operating cash flow significantly higher than net income, with an OCF/NI ratio peaking at 3.40 in 2024Q1, which suggests that non-cash charges or aggressive working capital management are heavily inflating the reported cash-generating profile of the business.
The persistent gap between net income and operating cash flow warrants further investigation into the nature of these accruals. Investors should monitor whether this divergence reflects sustainable operational efficiency or if it masks underlying earnings quality issues that could impact future cash availability.
As reported in quarterly filings, Archrock's free cash flow trajectory has been highly erratic, swinging from a negative $52.5 million in 2025Q1 to a positive $185.9 million in 2026Q1, indicating that the company's ability to fund dividends and operations remains sensitive to lumpy capital expenditures.
The extreme variance in FCF margins suggests that the company's capital allocation strategy is subject to significant timing risks. This volatility may indicate that the business is struggling to balance necessary fleet maintenance with the cash requirements of its dividend policy.
Based on the reported figures, Archrock's capital intensity remains elevated, with CapEx/Revenue ratios frequently exceeding 30%, such as the 48.4% observed in 2025Q1, which suggests that the firm must continuously reinvest heavily just to maintain its existing compression fleet and competitive market position.
This high level of capital intensity appears to be a structural requirement of the business model rather than a discretionary choice. The reliance on heavy reinvestment may limit the company's financial flexibility, especially given the reported thin cash position.
Analysis of the cash flow statements reveals significant fluctuations in working capital, including a $37.7 million outflow in 2025Q1 followed by a $23.3 million inflow in 2025Q4, which suggests that the company's cash conversion cycle is highly sensitive to operational timing and customer payment patterns.
These swings in working capital appear to be a primary driver of the company's inconsistent liquidity profile. Investors should monitor whether these movements are indicative of deteriorating collection efficiency or simply the result of lumpy project-based billing in the Aftermarket Services segment.
Quick answers to the most common questions about buying AROC stock.
Archrock, Inc. (AROC) generated $622.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Archrock, Inc. (AROC) generated $119.6M 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.
Archrock, Inc. (AROC) spent $502.5M 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, Archrock, Inc. (AROC) returned $141.6M to shareholders via cash dividends and spent $70.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.