Cash generation is increasingly inconsistent, highlighted by a negative OCF/NI ratio of -0.65 and a free cash flow margin that plummeted to -9.9% in 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 576M | 981M | 695M | 1.16B | 786M | 1.28B | 1.55B | 992M | 974M | 868M | 778M | 874M | 767M | 775M | 612M | 698M | 819M | 738M | 730M | 709M | 522M | 765M | 899M | 803M | 876M | 747M | 658M | 588M | 312.7M | 362.1M | 406.7M |
| Operating CF Margin % | - | 13.81% | 9.8% | 15.67% | 11.06% | 17.38% | 23% | 15.96% | 15.9% | 14.53% | 13.5% | 15.46% | 13.91% | 13.78% | 11.19% | 13.34% | 15.65% | 13.54% | 13.84% | 14.63% | 11.24% | 17.43% | 20.79% | 19.38% | 21.57% | 19.14% | 16.12% | 14.69% | 11.41% | 14.3% | 18.34% |
| Operating CF Growth % | -141.33% | 41.15% | -39.98% | 47.33% | -38.4% | -17.46% | 55.85% | 1.85% | 12.21% | 11.57% | -10.98% | 13.95% | -1.03% | 26.63% | -12.32% | -14.77% | 10.98% | 1.1% | 2.96% | 35.82% | -31.76% | -14.91% | 11.96% | -8.33% | 17.27% | 13.53% | 11.9% | 88.04% | -13.64% | -10.97% | 39.86% |
| Net Income | 756M | 824M | 292M | 161M | 471M | 719M | 939M | 820M | 823M | 703M | 648M | 606M | 579M | 573M | 543M | 287M | 526M | 472M | 461M | 501M | 443M | 517M | 490M | 461M | 357M | 323M | 394M | 246M | 350M | 300M | 222.1M |
| Depreciation & Amortization | 226M | 219M | 235M | 236M | 224M | 211M | 180M | 180M | 166M | 163M | 165M | 169M | 180M | 182M | 178M | 173M | 185M | 190M | 205M | 192M | 188M | 190M | 197M | 191M | 190M | 225M | 201M | 202M | 137.6M | 126.4M | 116.5M |
| Stock-Based Compensation | 66M | 81M | 74M | 73M | 52M | 50M | 50M | 43M | 53M | 51M | 45M | 32M | 36M | 35M | 27M | 32M | 60M | 58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 133M | -18M | -100M | -149M | 5M | -32M | -2M | -20M | -23M | -35M | 5M | -16M | -10M | -11M | -12M | 73M | 24M | -1M | -42M | -15M | -28M | -45M | 26M | 100M | -27M | -41M | -16M | -29M | 32.2M | 2.1M | 2M |
| Other Non-Cash Items | -438M | 86M | 435M | 483M | 133M | 339M | 30M | -29M | 44M | 30M | 11M | -26M | -13M | 15M | -44M | 278M | 40M | 82M | 52M | 74M | 129M | 107M | 106M | 105M | 152M | 78M | 18M | 77M | -1M | -6M | 16.1M |
| Working Capital Changes | -173M | -211M | -241M | 354M | -99M | -11M | 349M | -2M | -88M | -47M | -96M | 109M | -7M | -23M | -80M | -145M | -38M | -82M | 7M | -43M | -210M | 8M | 91M | -62M | 178M | 162M | 56M | 84M | -157.7M | -12M | 50M |
| Change in Receivables | -216M | -145M | -34M | -13M | -84M | 82M | -27M | -32M | -24M | -1M | -52M | 6M | 20M | -10M | -52M | -33M | -21M | -10M | -8M | -15M | -29M | 33M | 8M | 19M | 3M | 123M | -10M | 24M | -76M | -27M | 27.4M |
| Change in Inventory | 53M | 63M | 55M | 58M | -18M | -282M | 50M | -7M | -21M | -19M | -45M | -25M | 1M | -11M | 1M | -37M | 2M | 0 | -26M | -8M | 26M | -17M | -35M | -11M | 3M | 90M | -55M | 40M | -38.9M | -24.3M | -5.1M |
| Change in Payables | -49M | -124M | -140M | 157M | -47M | 311M | 291M | 17M | -47M | -34M | 57M | 93M | -12M | -29M | 10M | -52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -196M | -94M | -175M | -223M | -229M | -452M | -252M | -196M | -859M | -205M | -430M | -106M | -138M | -55M | -277M | 544M | -231M | -197M | -1.08B | -268M | -161M | -154M | -236M | -193M | -109M | -336M | -260M | -313M | -310.2M | -572.6M | -294.7M |
| Capital Expenditures | -196M | -220M | -212M | -228M | -251M | -331M | -254M | -206M | -194M | -231M | -172M | -125M | -138M | -194M | -192M | -228M | -203M | -197M | -170M | -147M | -180M | -151M | -172M | -205M | -177M | -192M | -158M | -292M | -247.4M | -95.2M | -84.8M |
| CapEx % of Revenue | 2.9% | 3.1% | 2.99% | 3.09% | 3.53% | 4.51% | 3.78% | 3.32% | 3.17% | 3.87% | 2.99% | 2.21% | 2.5% | 3.45% | 3.51% | 4.36% | 3.88% | 3.61% | 3.22% | 3.03% | 3.88% | 3.44% | 3.98% | 4.95% | 4.36% | 4.92% | 3.87% | 7.29% | 9.02% | 3.76% | 3.82% |
| Acquisitions | 0 | 128M | 17M | 0 | 0 | -85M | 0 | 0 | -681M | 0 | -290M | 0 | 0 | 0 | -93M | 747M | -19M | 0 | -913M | -123M | -16M | 0 | -13M | 0 | 0 | -126M | -120M | 0 | 0 | 0 | -165.2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -2M | 20M | 5M | 22M | -36M | 2M | 10M | 16M | 26M | 32M | 19M | -1M | 135M | 8M | 25M | -11M | -1M | 1M | 2M | 35M | -3M | -53M | 10M | 59M | -18M | 18M | -21M | -62M | -15M | -44.7M |
| Cash from Financing | 578M | -924M | -655M | -753M | -689M | -1.39B | -523M | -815M | -399M | -645M | -316M | -696M | -592M | -685M | -321M | -1.08B | -706M | -540M | 380M | -456M | -462M | -552M | -605M | -617M | -833M | -407M | -285M | -245M | -13.8M | 220.8M | -158.5M |
| Debt Issued (Net) | 253M | 0 | -45M | -188M | -83M | 0 | 96M | 189M | 277M | -125M | 126M | -128M | -60M | -355M | 133M | -213M | -354M | -323M | 1.44B | -237M | -233M | 1.7B | -282M | 11M | -4M | -210M | -78M | -43M | 173M | 573M | 36M |
| Equity Issued (Net) | -79M | -306M | 1M | 33M | -20M | -802M | -86M | -514M | -226M | -108M | -44M | -183M | -164M | 5M | -139M | -562M | -70M | 41M | -829M | -36M | -56M | -2.19B | -109M | -445M | -377M | 2M | -32M | 31M | -45M | -57M | -84M |
| Dividends Paid | -602M | -602M | -595M | -583M | -571M | -558M | -533M | -490M | -450M | -412M | -398M | -385M | -368M | -335M | -315M | -303M | -282M | -258M | -228M | -183M | -173M | -201M | -229M | -193M | -196M | -199M | -189M | -162M | -132.4M | -120M | -110.4M |
| Share Repurchases | -61M | -332M | 0 | 0 | -25M | -905M | -248M | -661M | -271M | -183M | -254M | -434M | -260M | -128M | -225M | -655M | -150M | 0 | -868M | -155M | -135M | -2.28B | -220M | -486M | -412M | -10M | -135M | -33M | -109M | -99M | -98.1M |
| Other Financing | 1.01B | -16M | -16M | -15M | -15M | -31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132M | 15M | 10M | -256M | 0 | 0 | -100M | 0 | 0 | -100K |
| Net Change in Cash | 958M | -37M | -161M | 182M | -138M | -555M | 766M | -21M | -287M | 17M | 19M | 53M | 30M | 32M | 8M | 172M | -119M | -8M | 32M | -10M | -101M | 61M | 60M | -5M | -74M | -3M | 113M | 30M | -13.8M | 220.8M | -46.5M |
| Free Cash Flow | 380M | 761M | 483M | 930M | 535M | 945M | 1.29B | 786M | 780M | 637M | 606M | 749M | 629M | 581M | 420M | 470M | 616M | 541M | 560M | 562M | 342M | 614M | 727M | 598M | 699M | 555M | 500M | 296M | 65.3M | 266.9M | 321.9M |
| FCF Margin % | 5.62% | 10.71% | 6.81% | 12.59% | 7.53% | 12.87% | 19.22% | 12.65% | 12.74% | 10.66% | 10.52% | 13.24% | 11.41% | 10.33% | 7.68% | 8.98% | 11.77% | 9.93% | 10.62% | 11.59% | 7.36% | 13.99% | 16.81% | 14.43% | 17.21% | 14.22% | 12.25% | 7.39% | 2.38% | 10.54% | 14.51% |
| FCF Growth % | -52.56% | 57.56% | -48.06% | 73.83% | -43.39% | -26.86% | 64.38% | 0.77% | 22.45% | 5.12% | -19.09% | 19.08% | 8.26% | 38.33% | -10.64% | -23.7% | 13.86% | -3.39% | -0.36% | 64.33% | -44.3% | -15.54% | 21.57% | -14.45% | 25.95% | 11% | 68.92% | 353.29% | -75.53% | -17.09% | 41.25% |
| FCF per Share | 3.12 | 6.12 | 3.87 | 7.49 | 4.32 | 7.42 | 10.12 | 6.06 | 5.93 | 4.84 | 4.60 | 5.64 | 4.77 | 4.37 | 3.17 | 3.40 | 4.35 | 3.84 | 3.94 | 3.65 | 2.24 | 3.43 | 3.39 | 2.71 | 2.98 | 2.32 | 2.09 | 1.23 | 0.31 | 1.27 | 1.56 |
| FCF Conversion (FCF/Net Income) | 0.50x | 1.21x | 2.48x | 7.77x | 1.70x | 1.80x | 1.65x | 1.21x | 1.18x | 1.24x | 1.20x | 1.51x | 1.37x | 1.35x | 1.13x | 1.25x | 1.36x | 1.37x | 1.58x | 1.42x | 1.18x | 0.70x | 1.64x | 1.63x | 2.72x | 2.31x | 1.67x | 2.39x | 0.91x | 1.21x | 1.83x |
| Interest Paid | 0 | 97M | 102M | 99M | 89M | 89M | 89M | 87M | 75M | 78M | 79M | 104M | 76M | 129M | 123M | 131M | 149M | 161M | 153M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 264M | 347M | 73M | 100M | 303M | 241M | 207M | 245M | 347M | 323M | 236M | 312M | 263M | 292M | 295M | 301M | 275M | 299M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile operating cash conversion
As reported in recent financial filings, the relationship between net income and operating cash flow has become increasingly erratic, highlighted by a negative OCF/NI ratio of -0.65 in 2026Q3, which suggests a significant disconnect between accounting profitability and the actual cash generated by core operations.
The frequent swings in the OCF/NI ratio indicate that reported net income may be heavily influenced by non-cash items or timing differences that do not translate into liquidity. Investors should monitor whether this divergence reflects structural inefficiencies in working capital management or simply the lingering impact of one-time operational disruptions.
Based on the provided quarterly data, free cash flow margins have exhibited extreme instability, plummeting to -9.9% in 2026Q3 from a peak of 16.1% in 2026Q2, which underscores the difficulty the company faces in maintaining consistent cash generation amidst fluctuating operational and capital requirements.
This trajectory suggests that the company's ability to fund its dividend and capital allocation strategy is highly sensitive to short-term operational volatility. The inability to maintain a stable FCF margin may force management to rely more heavily on external financing or balance sheet liquidity to sustain shareholder returns.
According to the cash flow statements, working capital changes have been a persistent drag on liquidity, with a notable $127 million outflow in 2026Q1, indicating that the company is struggling to optimize its cash conversion cycle in the current retail environment.
The recurring negative working capital adjustments suggest that inventory management or collection cycles are not currently aligned with revenue recognition patterns. This trend warrants further investigation into whether the company is forced to extend credit terms to maintain market share or if inventory build-ups are becoming a structural burden.
As evidenced by recent quarterly disclosures, the company has continued to prioritize dividend payments and share repurchases despite periods of negative free cash flow, such as the $165 million FCF deficit in 2026Q3, which may indicate a reliance on debt to fund shareholder returns.
The decision to maintain aggressive capital returns while operating cash flow is under pressure suggests a management commitment to shareholder yield that may be unsustainable if cash generation does not improve. Investors should monitor the sustainability of this payout policy if the current cash flow volatility persists.
Quick answers to the most common questions about buying CLX stock.
The Clorox Company (CLX) generated $981.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Clorox Company (CLX) generated $761.0M 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.
The Clorox Company (CLX) spent $220.0M 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, The Clorox Company (CLX) returned $602.0M to shareholders via cash dividends and spent $332.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.