Liquidity has tightened significantly, with cash balances falling to $222.7 million in 2026Q1, while aggressive capital returns of $69 million in the same period appear inconsistent with negative free cash flow.
| Cash from Operations | 722.34M | 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 % | -5972.92% | 20.9% | -1.55% | 12.87% | 16.83% | 1.29% | 12.87% | 111.82% | - |
| Net Income | -1.33B | -1.28B | 251.22M | 313.84M | 435.64M | 405.58M | 164.81M | 117.16M | 48.27M |
| Depreciation & Amortization | 555.63M | 660.43M | 705.85M | 388.3M | 309.54M | 277.18M | 276.57M | 305.78M | 154.6M |
| Stock-Based Compensation | 97.6M | 96.39M | 96.06M | 62.11M | 47.14M | 36.18M | 15.57M | 10.35M | 0 |
| Deferred Taxes | -125.47M | -154.88M | -235.25M | -121.71M | -30.82M | -25.73M | -2.63M | 17.13M | -11.38M |
| Other Non-Cash Items | 1.68B | 1.57B | 16.51M | 46.13M | 4.24M | -13.56M | 15.72M | 10.08M | -1.54M |
| Working Capital Changes | -156.13M | -85.76M | -166.89M | -10.66M | -165.01M | -165.46M | 37.57M | -10.76M | 14.72M |
| Change in Receivables | 62.7M | -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 | 21.41M | 28.47M | -25.82M | 9.34M | 14.63M | -4.55M | 36.56M | -5M | -28.14M |
| Cash from Investing | -249.85M | -250.38M | -244.27M | -2.11B | -1.84B | -78.65M | -109.22M | -151.01M | -1.15B |
| Capital Expenditures | -237.78M | -234.5M | -238.76M | -180.53M | -140.02M | -149.08M | -171.33M | -111.12M | -92.52M |
| CapEx % of Revenue | 2.39% | 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 | 0 | 0 | 0 | -14.63M | -1M | 0 | 67.68M | -30.47M | 0 |
| Cash from Financing | -575.24M | -491.44M | -492.53M | 1.8B | 1.24B | -401.87M | -335.22M | -339.64M | 951.22M |
| Debt Issued (Net) | -270.78M | -196.69M | -208.69M | 1.98B | 1.43B | -345M | -330.99M | -148.05M | 0 |
| Equity Issued (Net) | -200.29M | -184.74M | -149.48M | -81.19M | -133.29M | -57.49M | 0 | 0 | 0 |
| Dividends Paid | -90.38M | -89.62M | -83.81M | -63.49M | -53.43M | -13.08M | 0 | 0 | 0 |
| Share Repurchases | -206.67M | -188.71M | -149.48M | -81.19M | -133.29M | -57.49M | 0 | 0 | 0 |
| Other Financing | -13.79M | -20.4M | -50.55M | -36.63M | -2.24M | 13.7M | -4.23M | -191.59M | 951.22M |
| Net Change in Cash | -59.94M | 91.52M | -86.88M | 359.02M | -25.55M | 26.66M | 72.84M | -44.37M | 125K |
| Free Cash Flow | 484.56M | 572.47M | 428.73M | 497.48M | 460.7M | 365.1M | 336.28M | 338.61M | 119.81M |
| FCF Margin % | 4.87% | 5.83% | 4.46% | 6.99% | 7.28% | 6.53% | 7.13% | 7.19% | 4.86% |
| FCF Growth % | 0.44% | 33.53% | -13.82% | 7.98% | 26.19% | 8.57% | -0.69% | 182.64% | - |
| FCF per Share | 7.90 | 9.09 | 6.59 | 9.21 | 8.90 | 7.03 | 6.52 | 6.56 | 2.32 |
| FCF Conversion (FCF/Net Income) | -0.36x | -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 |
Integration and liquidity volatility
As reported in recent SEC filings, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2026Q1 OCF/NI ratio of -3.85, which suggests that accounting-based earnings are currently failing to capture the underlying cash-generative reality of the business operations.
The significant divergence between net income and operating cash flow indicates that non-cash charges and integration-related accounting adjustments are heavily distorting the bottom line. Investors should monitor whether this disconnect persists, as it complicates the assessment of the company's true ability to convert service delivery into actual liquidity.
Based on the company's reported financial statements, free cash flow trajectory remains inconsistent, swinging from a negative $137.1 million in 2026Q1 to a positive $281.2 million in 2025Q4, highlighting the sensitivity of cash generation to seasonal working capital cycles and integration-related outflows.
The erratic nature of free cash flow suggests that the company's core operations are currently struggling to maintain a predictable cash conversion profile. This volatility may indicate that the business is still in a transitional phase where capital requirements are frequently overriding the cash-generating potential of its service contracts.
According to quarterly data, working capital changes have been a major source of cash flow volatility, with a massive $305.7 million outflow in 2026Q1 alone, suggesting that the company is facing significant challenges in managing its receivables and payables cycle during the post-merger integration period.
These sharp fluctuations in working capital imply that the company's cash position is highly susceptible to the timing of client payments and the settlement of integration-related liabilities. Such instability warrants further investigation into whether the current collection processes are being hampered by the complexity of the combined entity's billing systems.
As disclosed in financial filings, the company has continued to prioritize dividends and share repurchases despite significant cash flow volatility, with $69 million returned to shareholders in 2026Q1, a move that appears aggressive given the recent negative free cash flow and ongoing integration-related capital requirements.
The decision to maintain shareholder returns while facing substantial cash outflows suggests a management focus on signaling stability, though it may limit the financial flexibility needed to navigate potential operational headwinds. Investors should monitor whether this capital allocation strategy remains sustainable if the current cash flow volatility continues to persist.
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.