Operating cash flow of $268.2M against a -$988.1M net loss (OCF/NI of -0.27) confirms the losses are largely non-cash, but capex of $47.0M covers only about a third of recurring ~$165M+ quarterly depreciation, raising reinvestment questions as cash halved to $244.7M.
Concentrix Corporation (CNXC) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 |
|---|
| Cash from Operations | 787.1M | 806.97M | 667.49M | 678.01M | 600.72M | 514.18M | 507.61M | 449.74M | 212.32M |
| Operating CF Margin % | - | 8.21% | 6.94% | 9.53% | 9.5% | 9.2% | 10.76% | 9.55% | 8.62% |
| Operating CF Growth % | -5961.14% | 20.9% | -1.55% | 12.87% | 16.83% | 1.29% | 12.87% | 111.82% | - |
| Net Income | -2.39B | -1.28B | 251.22M | 313.84M | 435.64M | 405.58M | 164.81M | 117.16M | 48.27M |
| Depreciation & Amortization | 642.82M | 660.43M | 705.85M | 388.3M | 309.54M | 277.18M | 276.57M | 305.78M | 154.6M |
| Stock-Based Compensation | 90.5M | 96.39M | 96.06M | 62.11M | 47.14M | 36.18M | 15.57M | 10.35M | 0 |
| Deferred Taxes | -112.27M | -154.88M | -235.25M | -121.71M | -30.82M | -25.73M | -2.63M | 17.13M | -11.38M |
| Other Non-Cash Items | 2.63B | 1.57B | 16.51M | 46.13M | 4.24M | -13.56M | 15.72M | 10.08M | -1.54M |
| Working Capital Changes | -68.48M | -85.76M | -166.89M | -10.66M | -165.01M | -165.46M | 37.57M | -10.76M | 14.72M |
| Change in Receivables | 71.27M | -23.08M | -63.85M | -45.9M | -53.13M | -139.1M | -139.17M | 6.29M | -8.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -22.82M | 19.31M | -7.09M | 0 |
| Change in Payables | 1.86M | 28.47M | -25.82M | 9.34M | 14.63M | -4.55M | 36.56M | -5M | -28.14M |
| Cash from Investing | -207.14M | -250.38M | -244.27M | -2.11B | -1.84B | -78.65M | -109.22M | -151.01M | -1.15B |
| Capital Expenditures | -212.09M | -234.5M | -238.76M | -180.53M | -140.02M | -149.08M | -171.33M | -111.12M | -92.52M |
| CapEx % of Revenue | 2.13% | 2.39% | 2.48% | 2.54% | 2.21% | 2.67% | 3.63% | 2.36% | 3.76% |
| Acquisitions | -15.22M | -15.89M | -5.5M | -1.91B | -1.7B | 70.43M | -5.56M | -9.43M | -1.07B |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 17.02M | 0 | 0 | -14.63M | -1M | 0 | 67.68M | -30.47M | 0 |
| Cash from Financing | -663.35M | -491.44M | -492.53M | 1.8B | 1.24B | -401.87M | -335.22M | -339.64M | 951.22M |
| Debt Issued (Net) | -465.78M | -196.69M | -208.69M | 1.98B | 1.43B | -345M | -330.99M | -148.05M | 0 |
| Equity Issued (Net) | -111.63M | -184.74M | -149.48M | -81.19M | -133.29M | -57.49M | 0 | 0 | 0 |
| Dividends Paid | -92.49M | -89.62M | -83.81M | -63.49M | -53.43M | -13.08M | 0 | 0 | 0 |
| Share Repurchases | -119.46M | -188.71M | -149.48M | -81.19M | -133.29M | -57.49M | 0 | 0 | 0 |
| Other Financing | 6.55M | -20.4M | -50.55M | -36.63M | -2.24M | 13.7M | -4.23M | -191.59M | 951.22M |
| Net Change in Cash | -83.71M | 91.52M | -86.88M | 359.02M | -25.55M | 26.66M | 72.84M | -44.37M | 125K |
| Free Cash Flow | 575.01M | 572.47M | 428.73M | 497.48M | 460.7M | 365.1M | 336.28M | 338.61M | 119.81M |
| FCF Margin % | 5.77% | 5.83% | 4.46% | 6.99% | 7.28% | 6.53% | 7.13% | 7.19% | 4.86% |
| FCF Growth % | 11.48% | 33.53% | -13.82% | 7.98% | 26.19% | 8.57% | -0.69% | 182.64% | - |
| FCF per Share | 9.44 | 9.09 | 6.59 | 9.21 | 8.90 | 7.03 | 6.52 | 6.56 | 2.32 |
| FCF Conversion (FCF/Net Income) | -0.24x | -0.63x | 2.66x | 2.16x | 1.38x | 1.27x | 3.08x | 3.84x | 4.40x |
| Interest Paid | 0 | 0 | 282.27M | 142.6M | 67.6M | 20.77M | 0 | 0 | 36K |
| Taxes Paid | 0 | 0 | 298.44M | 217.25M | 143.87M | 159.83M | 76.61M | 103.64M | 45.22M |
Quick answers to the most common questions about buying CNXC stock.
Concentrix Corporation (CNXC) generated $807.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Concentrix Corporation (CNXC) generated $572.5M 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.
Concentrix Corporation (CNXC) spent $234.5M 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, Concentrix Corporation (CNXC) returned $89.6M to shareholders via cash dividends and spent $188.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Sub-replacement capex amid impairments
Metrics are mathematically derived from official filings.
Earnings–Cash Gap Driven by Non-Cash Losses
Operating cash flow of $268.2M in 2026Q3 stands in stark contrast to the -$988.1M net loss, per Concentrix's quarterly filings. The OCF/NI ratio of -0.27 confirms the reported loss is overwhelmingly non-cash, consistent with goodwill or intangible write-downs rather than operating deterioration.
The persistent and widening gap between net income and operating cash flow—culminating in a -$988.1M loss with positive $268.2M OCF in 2026Q3 and a -$1.5B loss against $344.2M OCF in 2025Q4—appears to be dominated by non-cash impairment charges rather than cash operating weakness. However, the positive working capital swing of $61.1M in Q3 2026 may be artificially flattering OCF, as it follows a massive -$305.7M drain in Q1. Excluding this, underlying cash generation appears more moderate.
FCF Swings Mask Structural Volatility
Free cash flow margin ranged from -5.5% in 2026Q1 to 11.0% in 2025Q4, based on Concentrix's reported quarterly figures. FCF of $221.2M in 2026Q3 recovered from a -$137.1M deficit one quarter prior, reflecting a recurring pattern of seasonal working capital distortion.
The FCF trajectory shows a consistent seasonal pattern: Q1 quarters bleed cash due to heavy working capital outflows (-$305.7M in 2026Q1, -$235.3M in 2025Q1) while Q4 generates strong inflows. This cyclicality makes any single-quarter FCF reading unreliable. More concerning is the underlying trajectory: positive-quarters FCF margins have trended from 11.0% (2025Q4) to 9.0% (2026Q3), a modest but observable softening consistent with the reported top-line contraction.
Capital Spend Trails Depreciation Significantly
Quarterly capex of $47.0M in 2026Q3 covers only about a third of the $165M+ in recurring quarterly depreciation and amortization, according to Concentrix's cash flow statements. Capex intensity remains low at 1.9-2.6% of revenue, reflecting the asset-light BPO model but raising reinvestment questions.
The persistent gap between D&A (consistently $160-177M per quarter) and capex ($47-65M per quarter) is structurally significant. While some of this D&A is non-cash amortization of acquisition-era intangibles (which would never be replaced), the base maintenance capex likely runs below depreciation, potentially signaling underinvestment in technology platforms needed for the AI-plus-human transition. Investors should monitor whether this gap narrows as management shifts capital toward digital infrastructure.
Working Capital Swings Distort Cash Readings
Working capital changes swung from -$305.7M in 2026Q1 to +$151.7M in 2025Q4, representing a ~$450M swing within a single cycle, per reported cash flow statements. These movements appear tied to seasonality and the timing of receivables collection from large enterprise clients.
The magnitude of working capital swings—ranging from -$305.7M in Q1 2026 to +$151.7M in Q4 2025—is unusually large relative to quarterly OCF and significantly distorts period-to-period cash flow comparisons. The negative Q1 swings may reflect annual bonus payments to a large workforce or post-holiday receivables timing. More importantly, if any of the recent positive swings reflect stretched payables or delayed disbursements rather than genuine collection efficiency, the durability of OCF would warrant closer scrutiny.
Steady Dividends Despite Cash Uncertainty
Dividend payments have remained near $23M per quarter across all periods, while buybacks have been erratic—ranging from -$72.2M in 2025Q4 to +$43.1M in 2026Q3, as reported in Concentrix's quarterly filings. The consistent dividend commitment signals management confidence but limits deleveraging flexibility.
The commitment to a steady ~$93M annual dividend (approximately $23M/quarter) while the company posts multi-billion-dollar accounting losses and carries a 1.69 debt-to-equity ratio suggests management is prioritizing shareholder return signaling over balance sheet repair. The erratic buyback activity—including net share issuance of $43.1M in 2026Q3—may indicate opportunistic repurchasing at depressed prices, but the net effect is that approximately $110M+ per quarter is being directed to shareholders and M&A rather than debt reduction.
Positive OCF May Overstate True Cash Generation
Operating cash flow appears healthy relative to reported losses, but the heavy reliance on positive working capital swings (~$150M+ in Q4) and the absence of interest expense visibility obscure whether true cash generation is deteriorating alongside the reported earnings collapse.
The cash flow statement may be obscuring several risks: (1) the $61.1M positive working capital swing in Q3 2026 could reflect temporary timing effects rather than structural improvement; (2) stock-based compensation of ~$20-30M per quarter is a recurring non-cash expense that dilutes shareholders without reducing the cash expense base; (3) the low capex relative to depreciation suggests the asset base is shrinking, which would eventually reduce earning capacity. If interest expense on the 1.69x leveraged balance sheet is rising, OCF may be absorbing financing costs that make the cash picture look tighter than headline figures suggest.