Free cash flow volatility is extreme, ranging from a $3.0 billion outflow in 2026Q1 to a $5.1 billion inflow in 2024Q4 due to seasonal working capital requirements.
| 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 |
|---|
| Cash from Operations | 2.62B | 3.41B | 2.15B | 1.77B | 872M | 2.73B | 2.06B | 1.07B | 483M | 247M | 3.36B | 2.32B | 3.71B | 3.18B | 4.85B | 5.15B | 4.56B | 4.74B | 3.13B | 4.29B | 3.74B | 2.54B | 3.23B |
| Operating CF Margin % | - | 19.57% | 12.69% | 10.27% | 5% | 17.42% | 14.52% | 7.73% | 3.38% | 1.01% | 23.91% | 9.22% | 13.07% | 10.96% | 13.94% | 15.29% | 14.47% | 18.14% | 10.25% | 14.6% | 13.62% | 9.54% | 11.82% |
| Operating CF Growth % | 234.22% | 58.79% | 21.25% | 102.87% | -68.02% | 32.12% | 92.9% | 121.53% | 95.55% | -92.64% | 44.95% | -37.61% | 16.77% | -34.44% | -5.88% | 13.01% | -3.84% | 51.52% | -27.06% | 14.83% | 46.97% | -21.32% | - |
| Net Income | 1.17B | 1.2B | 863M | 924M | 1.22B | 1.82B | 701M | -941M | -522M | 2.71B | 2.07B | 1.89B | 3.13B | 2.19B | 2.45B | 3.12B | 3.03B | 1.75B | 2.01B | 2.99B | 3.15B | 2.05B | 1.78B |
| Depreciation & Amortization | 1.2B | 1.2B | 1.23B | 1.21B | 1.22B | 1.24B | 1.18B | 1.6B | 2.79B | 1.26B | 1.26B | 1.34B | 1.62B | 1.6B | 1.71B | 1.56B | 1.38B | 1.5B | 1.44B | 1.37B | 1.38B | 1.36B | 1.35B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 29M | -41M | -365M | -438M | -288M | 199M | -330M | -477M | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43M | -1M | -615M | 0 | 0 |
| Other Non-Cash Items | 651M | 499M | 500M | 858M | 286M | -1.16B | 19M | 1.33B | 1.13B | -3.14B | 1.1B | 675M | 237M | 793M | 670M | 1.04B | 48M | 684M | 565M | 88M | -93M | -1.7B | 1.44B |
| Working Capital Changes | -521M | 541M | -80M | -786M | -1.56B | 622M | 497M | -441M | -2.94B | -583M | -1.07B | -1.59B | -1.28B | -1.41B | 19M | -569M | 100M | 799M | -930M | -156M | -88M | 834M | -1.34B |
| Change in Receivables | -566M | -261M | -705M | 358M | -993M | -113M | 187M | -361M | -1.52B | -162M | -270M | -448M | -88M | -976M | 114M | -360M | -481M | 69M | 488M | -214M | -194M | -74M | -309M |
| Change in Inventory | 25M | -35M | 1.11B | 57M | -1.72B | -422M | 104M | 74M | -498M | -1.21B | -54M | 0 | 0 | -526M | -812M | -902M | -512M | 481M | -663M | -267M | 0 | 203M | -140M |
| Change in Payables | 200M | 231M | -115M | -663M | 807M | 526M | -118M | 149M | 642M | -621M | -674M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 470M | 526M | 0 | -28M |
| Cash from Investing | -586M | -543M | -589M | -1.99B | -632M | -362M | -674M | -904M | -505M | 386M | -1.51B | -1.83B | -337M | 2.94B | -1.35B | -6.24B | -2.44B | -4.3B | -1.61B | -1.75B | -1.34B | -602M | 1.94B |
| Capital Expenditures | -578M | -591M | -597M | -595M | -605M | -573M | -475M | -1.16B | -1.5B | -1.11B | -1.02B | -1.63B | -2.02B | -1.88B | -1.79B | -1.84B | -1.51B | -1.31B | -1.98B | -1.58B | -1.53B | -1.34B | -1.23B |
| CapEx % of Revenue | 3.23% | 3.4% | 3.53% | 3.45% | 3.47% | 3.66% | 3.34% | 8.4% | 10.51% | 4.57% | 7.26% | 6.48% | 7.11% | 6.49% | 5.15% | 5.47% | 4.79% | 5% | 6.48% | 5.4% | 5.59% | 5.03% | 4.51% |
| Acquisitions | -12M | -20M | -7M | -1.46B | -12M | -4M | -1M | 1M | 1M | 1.32B | 316M | 4M | 1.09B | 4.85B | -18M | -6.46B | -637M | -13M | -144M | -13M | -60M | -206M | 3.72B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 16M | 16M | -27M | 23M | 34M | 74M | 76M | 236M | 66M | -214M | -340M | 649M | 619M | 80M | 247M | 2.06B | -294M | -837M | 512M | 0 | 241M | 974M | -350M |
| Cash from Financing | -2.25B | -1.64B | -1.2B | -99M | -1.18B | -1.27B | 303M | -2.93B | -2.62B | 2.4B | -2.38B | -1.82B | -5.07B | -1.47B | -2.7B | 403M | -1.83B | -97M | 878M | -3.07B | -2.32B | -2.85B | -5.55B |
| Debt Issued (Net) | -742M | -141M | 240M | 325M | 205M | 11M | 998M | -7.67B | -4.8B | 4.03B | -240M | 2.14B | -1.7B | 717M | -793M | 1.56B | -778M | 1.39B | 2.09B | -343M | -791M | 1.77B | -3.81B |
| Equity Issued (Net) | -215M | -983M | -1.01B | -756M | -1B | -950M | -275M | -25M | 85M | 265M | -762M | -2.08B | -1.67B | -464M | 150M | 280M | 458M | 1M | 94M | -1.25B | -132M | -3.17B | -260M |
| Dividends Paid | -359M | -475M | -458M | -439M | -418M | -397M | -388M | -511M | -10M | -998M | -1.33B | -1.55B | -1.7B | -1.66B | -1.59B | -1.53B | -1.5B | -1.49B | -1.5B | -1.41B | -1.38B | -1.44B | -1.4B |
| Share Repurchases | -250M | -1.07B | -1.01B | -756M | -1B | -950M | -275M | -25M | 0 | -916M | -916M | -2.35B | -2B | -1B | -400M | -672M | -250M | 0 | 0 | -1.7B | -280M | -3.53B | -457M |
| Other Financing | -934M | -45M | 28M | 771M | 33M | 70M | -32M | 5.28B | 2.1B | -893M | -48M | -339M | -4M | -66M | -460M | 95M | -8M | 3M | 191M | -67M | -22M | -13M | -79M |
| Net Change in Cash | -154M | 1.3B | 264M | -460M | -1.22B | 963M | 1.7B | -2.85B | -2.89B | 3.26B | -542M | -1.61B | -2.03B | 6.68B | -1.33B | -677M | 242M | 376M | 2.34B | -509M | 78M | 1.74B | 0 |
| Free Cash Flow | 2.05B | 2.81B | 1.55B | 1.17B | 267M | 2.15B | 1.59B | -93M | -1.02B | -866M | 2.34B | 687M | 1.69B | 1.3B | 3.06B | 3.31B | 3.05B | 3.43B | 1.15B | 2.71B | 2.2B | 1.2B | 2B |
| FCF Margin % | 11.44% | 16.18% | 9.16% | 6.82% | 1.53% | 13.76% | 11.18% | -0.67% | -7.13% | -3.56% | 16.65% | 2.73% | 5.96% | 4.47% | 8.78% | 9.82% | 9.68% | 13.13% | 3.77% | 9.21% | 8.04% | 4.51% | 7.31% |
| FCF Growth % | -28.86% | 81.85% | 31.86% | 339.7% | -87.6% | 35.56% | 1808.6% | 90.86% | -17.55% | -137.04% | 240.32% | -59.4% | 30.45% | -57.56% | -7.65% | 8.46% | -11.13% | 198.26% | -57.45% | 22.73% | 83.36% | -39.87% | - |
| FCF per Share | - | 999999.00 | 1.78 | 1.35 | 999999.00 | 2.87 | 2.12 | -0.12 | -1.17 | -1.00 | 2.69 | 0.76 | 1.84 | 1.39 | 3.24 | 3.52 | 3.31 | 3.78 | 1.27 | 2.92 | 2.37 | 1.22 | 1.99 |
| FCF Conversion (FCF/Net Income) | 1.75x | 3.09x | 2.36x | 2.41x | 0.76x | 1.55x | 3.03x | -1.12x | -0.10x | 0.10x | 6.67x | 1.19x | 1.02x | 0.66x | 1.76x | 1.48x | 1.50x | 2.70x | 1.56x | 1.44x | 1.19x | 1.24x | 1.82x |
| Interest Paid | 0 | 191M | 244M | 234M | 75M | 30M | 36M | 263M | 923M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 750M | 707M | 535M | 467M | 341M | 229M | 234M | 961M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Extreme Seasonal Cash Volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into extreme negative territory, such as the -129.78 observed in 2024Q4, reflecting the significant disconnect between accounting accruals and actual cash collection cycles.
The wide divergence between net income and operating cash flow suggests that traditional earnings metrics are poor proxies for the company's underlying cash generation capabilities. Investors should monitor whether these periodic cash flow deficits are merely a function of seasonal working capital requirements or if they indicate a more structural issue with the timing of revenue recognition.
Based on EIDP's reported figures, free cash flow exhibits extreme quarterly swings, ranging from a $3.0 billion outflow in 2026Q1 to a $5.1 billion inflow in 2024Q4, highlighting a business model that is fundamentally tethered to the agricultural planting and harvest calendar.
The trajectory of free cash flow appears to be entirely dependent on the timing of seasonal inflows rather than consistent operational performance. This volatility makes it difficult to assess the company's true cash-generating capacity without normalizing for the massive working capital swings that occur throughout the fiscal year.
According to recent SEC filings, working capital changes are the primary driver of cash flow volatility, with quarterly fluctuations reaching as high as $4.9 billion in 2024Q4, illustrating the intense pressure placed on the balance sheet during peak agricultural input distribution and collection periods.
The massive shifts in working capital suggest that the company acts as a significant financier for its customer base, effectively carrying the cost of inputs until the harvest cycle concludes. This dynamic warrants further investigation into the credit quality of the receivables and the potential for bad debt exposure during periods of agricultural stress.
As indicated by the data, capital expenditures remain relatively stable, with CapEx/Revenue ratios consistently hovering between 1.7% and 6.6%, suggesting that the company is successfully balancing necessary maintenance of its proprietary germplasm assets with disciplined investment in its core agricultural technology infrastructure.
The relatively low capital intensity appears to support the company's ability to generate significant cash during peak seasons without requiring excessive reinvestment. This suggests that the primary competitive advantage is embedded in existing intellectual property rather than a need for constant, massive physical asset expansion.
Quick answers to the most common questions about buying CTA-PA stock.
EIDP, Inc. (CTA-PA) generated $3.41B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EIDP, Inc. (CTA-PA) generated $2.81B 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.
EIDP, Inc. (CTA-PA) spent $591.0M 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, EIDP, Inc. (CTA-PA) returned $475.0M to shareholders via cash dividends and spent $1.07B on share repurchases. This shows the company's commitment to returning capital to its equity investors.