Free cash flow generation remains highly erratic, evidenced by a swing from a negative 4.1% margin in 2024Q1 to a peak of 18.8% in 2024Q4, largely driven by unpredictable working capital fluctuations.
| 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 316.7M | 300.7M | 149.2M | -257M | -387.9M | 123.3M | 18M | 135.8M | -104.1M | 37.1M | 28.4M | 36.7M | 186.91M | 124.22M | 135.51M | 215.4M | 273.35M | 300.85M | 281.15M | 150.26M | 250.42M | 116.86M | 232.65M | 209.9M | 163.5M | 154.36M | 146.19M | 188.6M | 177.2M | 111.3M | 93.6M |
| Operating CF Margin % | - | 7.9% | 3.98% | -6.83% | -11.21% | 3.16% | 0.46% | 3.08% | -2.27% | 0.8% | 0.86% | 1.52% | 6.13% | 4.35% | 4.53% | 7.6% | 9.68% | 11.07% | 8.87% | 5.07% | 8.62% | 4.52% | 9.77% | 9.95% | 8.43% | 8.77% | 8.38% | 14.98% | 14.94% | 9.07% | 9.09% |
| Operating CF Growth % | 930.31% | 101.54% | 158.05% | 33.75% | -414.6% | 585% | -86.75% | 230.45% | -380.59% | 30.63% | -22.62% | -80.36% | 50.46% | -8.33% | -37.09% | -21.2% | -9.14% | 7.01% | 87.11% | -40% | 114.28% | -49.77% | 10.84% | 28.38% | 5.92% | 5.58% | -22.48% | 6.43% | 59.21% | 18.91% | 31.46% |
| Net Income | 109.6M | 94.6M | -14.5M | 1.38B | -585.6M | -78.8M | -269.1M | -341.3M | -566M | -241.5M | -176.7M | 57.8M | 117.02M | -176.52M | 84.4M | 152.1M | -16.68M | 47.84M | 106.41M | 39.54M | 86.55M | 96.75M | 183.96M | 174.78M | 99.15M | 66.89M | 136.92M | 128.9M | 76.1M | 122.5M | 97.4M |
| Depreciation & Amortization | 125M | 127.5M | 132.3M | 136.3M | 126M | 149.1M | 180.4M | 226.1M | 258.7M | 252.2M | 134.8M | -64M | 74.07M | 82.59M | 78.64M | 79.86M | 79.25M | 77.69M | 80.47M | 63.38M | 69.81M | 76.24M | 74.98M | 64.3M | 61.3M | 45.45M | 35.9M | 34.7M | 25.6M | 28.5M | 33M |
| Stock-Based Compensation | 9.5M | 0 | 9.7M | 0 | 13.4M | 0 | 0 | 0 | 36.6M | 33.9M | 22.2M | 12.4M | 21.55M | 15.43M | 13.84M | 14.3M | 12.54M | 11.91M | 12.19M | 13.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -44.8M | -48.1M | -34.1M | 36.6M | 92.9M | -12.6M | -27.1M | 54.2M | -59.6M | 16.6M | -94.6M | -40.1M | -11.3M | -15.13M | -10.56M | -29.34M | -47.78M | 50.38M | -12.55M | 9.57M | -38.39M | 10.06M | 28.49M | -10.17M | 12.98M | -27.45M | 15.3M | 8.5M | -4.2M | 1.1M | -5.3M |
| Other Non-Cash Items | 22.5M | 60.9M | 17.2M | -1.62B | 135.4M | 36.2M | 135.5M | 81.2M | 282.4M | 537.3M | 191.9M | 35.8M | 10.33M | 12.55M | 10.09M | 8.87M | -35.16M | 77.29M | 18.53M | 59.18M | 37.89M | -9.04M | 8.13M | 8.09M | 45.68M | 67.28M | 39.92M | -100K | 15.7M | 11.4M | 17.4M |
| Working Capital Changes | 94.9M | 65.8M | 38.6M | -182.5M | -170M | 29.4M | -1.7M | 115.6M | -56.2M | -62.5M | 151.5M | -82.5M | -15.31M | 77.56M | -53.41M | -28.39M | 70.09M | 95.53M | 75.74M | -23.39M | 88.25M | -57.14M | -62.91M | -27.1M | -55.61M | 2.18M | -81.85M | -7.6M | 23.5M | -58.4M | -53.9M |
| Change in Receivables | 29.3M | 25.9M | 99.6M | -91.7M | -49.4M | 16.4M | -19.7M | 111.5M | 51M | 23.9M | 78.9M | -22.6M | -58.59M | 23.98M | -75.28M | -22.79M | -69.38M | 123.4M | 60.22M | 107.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 31.2M | 65.1M | 20.9M | 52.7M | -74.5M | -84.8M | -14.8M | 104.9M | -5.1M | 21.8M | 124.3M | -51.2M | -53.24M | 21.34M | 20.95M | -12.6M | 3.14M | 76M | -53.65M | 8.96M | -24.77M | -23.56M | -52.43M | -10.54M | 4.69M | -27.5M | -7M | -4.6M | 200K | -18.7M | -18.4M |
| Change in Payables | 14.2M | -68.3M | -42.2M | -65.4M | -66.5M | 241.4M | 10.6M | -33.1M | -34.5M | -6.3M | -112.1M | 57.6M | 59.28M | -9.66M | 2.56M | 11.74M | 65.77M | -54.19M | 36.48M | 6.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -77.4M | -97.6M | -45.5M | -36.1M | -23.8M | -36.5M | -82.6M | -6.8M | 34.4M | -120.8M | -561.4M | -64.9M | 13.8M | -52.72M | -72.83M | -90.71M | -164.76M | -93.23M | -142.48M | -80.37M | -182.08M | -120.41M | -184.31M | -82.08M | -6.85M | -138.53M | -215.36M | -281.8M | -96.5M | -102.7M | -52.5M |
| Capital Expenditures | -57.7M | -61.7M | -17.4M | -47.8M | -53.1M | -51.3M | -44.7M | -56.2M | -58.5M | -102.5M | -67.7M | -58.6M | -61.45M | -35.45M | -49.74M | -54.75M | -51.3M | -44.29M | -57.93M | -43.26M | -44.28M | -62.6M | -61.24M | -72.82M | -50.34M | -68.66M | -42.69M | -199.4M | -30.8M | -67.7M | -33.6M |
| CapEx % of Revenue | 1.5% | 1.62% | 0.46% | 1.27% | 1.53% | 1.31% | 1.15% | 1.27% | 1.28% | 2.22% | 2.04% | 2.42% | 2.01% | 1.24% | 1.66% | 1.93% | 1.82% | 1.63% | 1.83% | 1.46% | 1.52% | 2.42% | 2.57% | 3.45% | 2.59% | 3.9% | 2.45% | 15.84% | 2.6% | 5.52% | 3.26% |
| Acquisitions | -24.5M | -24.5M | 0 | 0 | 10.5M | 15.5M | -26.8M | 29.9M | -5.9M | 15.3M | -853.3M | -54.4M | -11.75M | 35.45M | -28.29M | 2.52M | 1.81M | -5.36M | -4.46M | -18.12M | -62.16M | -27.7M | -62.22M | -10.61M | -3.68M | -36.77M | -143.33M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 26.1M | 1M | -21.7M | 0 | 6M | 0 | 15.6M | 0 | 181.4M | -20.2M | 378.1M | -2.5M | -1.35M | 92K | 6.44M | 8.96M | -28.56M | -43.58M | -80.09M | -29.08M | -36.94M | -38.63M | -33.11M | -24.31M | 7.7M | -77.77M | -72.75M | -46.1M | -29.4M | -42.6M | -10.1M |
| Cash from Financing | -193.3M | -143.9M | -366.5M | 559.5M | 349.8M | -16.3M | 16.9M | -215.5M | 10.9M | -63.7M | 881.6M | 42.2M | -81.15M | -204.45M | -36.23M | -123.53M | -111.1M | -132.5M | -84.17M | -135.28M | -24.06M | 27.22M | -37.57M | -119.93M | -76.48M | -4.01M | 107.05M | 78M | -58.5M | -10.2M | -35M |
| Debt Issued (Net) | 0 | 0 | -300.1M | 565.2M | 376.1M | -7.3M | 91.6M | -115.5M | 398.8M | -10.8M | 958M | 116.9M | -15.9M | -126.7M | 23.63M | 61.31M | -15.96M | -61.46M | -17.77M | -64.06M | 170.41M | 214.54M | 79.69M | -54.83M | -27.61M | -30.19M | 144.81M | 117.5M | 0 | 20.8M | 0 |
| Equity Issued (Net) | -121.1M | -130.7M | 0 | 0 | 0 | 0 | 0 | -1.9M | -3M | -4.7M | -1.9M | 500K | 12.7M | 12.6M | 13.23M | -107.77M | -22.44M | -404K | 0 | 8.54M | -136.34M | -138.21M | -63.48M | 7.75M | 6.24M | -7.7M | 7.1M | 2.7M | -3.7M | 4.8M | 1.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.7M | -30.6M | -64.6M | -75.6M | -74.95M | -74M | -72.83M | -72.9M | -71.9M | -69.45M | -66.56M | -62.44M | -57.41M | -57.77M | -53.24M | -49.24M | -47.53M | -45.77M | -44.27M | -41.7M | -38.6M | -34.5M | -31.2M |
| Share Repurchases | -121.1M | -130.7M | 0 | 0 | 0 | 0 | 0 | -1.9M | -3M | -5M | -2.2M | -3M | -1.92M | -4.1M | -3.45M | -111.81M | -25.77M | -1.92M | 0 | 0 | -148.06M | -138.21M | -71.9M | -12.37M | -1.47M | -12.78M | -2.3M | -1.2M | -8.3M | 0 | 0 |
| Other Financing | -72.2M | -13.2M | -66.4M | -5.7M | -26.3M | -9M | -74.7M | -98.1M | -377.2M | -17.6M | -9.9M | -100K | -3.01M | -16.35M | -249K | -4.18M | -800K | 323K | -3.35M | -17.32M | -718K | 8.66M | -540K | -23.61M | -7.57M | 79.65M | -590K | -500K | -16.2M | -1.3M | -5M |
| Net Change in Cash | 53.4M | 76M | -281M | 273.2M | -69.8M | 64.4M | 43.6M | -177.5M | -84.8M | -109.5M | 339.1M | -12.5M | 91.31M | -138.08M | 34.87M | 5.26M | 232K | 86.99M | 35.1M | -47.63M | 45.91M | 23.86M | 14.09M | 14.51M | 81.68M | 8.58M | 37.88M | -15.2M | -58.5M | -10.2M | -35M |
| Free Cash Flow | 266M | 263.3M | 131.8M | -281.9M | -441M | 72M | -26.7M | 92.9M | -162.6M | -65.4M | -39.3M | -21.9M | 125.45M | 88.78M | 85.77M | 160.64M | 222.06M | 256.56M | 223.22M | 107M | 206.15M | 54.26M | 171.41M | 137.08M | 113.16M | 85.7M | 103.5M | -10.8M | 146.4M | 43.6M | 60M |
| FCF Margin % | 6.9% | 6.92% | 3.51% | -7.5% | -12.74% | 1.84% | -0.68% | 2.11% | -3.55% | -1.42% | -1.19% | -0.91% | 4.11% | 3.11% | 2.87% | 5.66% | 7.86% | 9.44% | 7.04% | 3.61% | 7.09% | 2.1% | 7.2% | 6.5% | 5.83% | 4.87% | 5.94% | -0.86% | 12.35% | 3.55% | 5.82% |
| FCF Growth % | 46.4% | 99.77% | 146.75% | 36.08% | -712.5% | 369.66% | -128.74% | 157.13% | -148.62% | -66.41% | -79.45% | -117.46% | 41.31% | 3.51% | -46.61% | -27.66% | -13.45% | 14.94% | 108.62% | -48.09% | 279.92% | -68.34% | 25.04% | 21.13% | 32.05% | -17.2% | 1058.34% | -107.38% | 235.78% | -27.33% | 67.13% |
| FCF per Share | 7.45 | 7.08 | 3.51 | -4.38 | -5.58 | 0.92 | -0.34 | 1.21 | -2.14 | -0.87 | -0.57 | -0.33 | 1.93 | 1.39 | 1.34 | 2.48 | 3.37 | 3.84 | 3.36 | 1.60 | 3.07 | 0.76 | 2.36 | 1.88 | 1.57 | 1.19 | 1.45 | -0.16 | 2.11 | 0.63 | 0.87 |
| FCF Conversion (FCF/Net Income) | 2.43x | 3.18x | -9.04x | -0.19x | 0.67x | -1.56x | -0.07x | -0.40x | 0.18x | -0.15x | -0.16x | 0.48x | 1.63x | -0.68x | 1.73x | 1.49x | -13.50x | 7.23x | 3.01x | 3.80x | 2.89x | 1.21x | 1.26x | 1.20x | 1.65x | 2.31x | 1.07x | 1.46x | 2.33x | 0.91x | 0.96x |
| Interest Paid | 37.4M | 0 | 149.4M | 0 | 231.6M | 0 | 0 | 0 | 129.6M | 99.9M | 85.4M | 32.6M | 31.2M | 29.5M | 28.92M | 30.71M | 32.05M | 24.49M | 30.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 29.2M | 0 | 56.1M | 0 | 33.1M | 0 | 0 | 0 | 64.9M | 78.2M | 83.8M | 64.8M | 49.2M | 76.5M | 49.01M | 27.47M | 15.86M | 34.29M | 42.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High fixed cost sensitivity
According to recent quarterly filings, Diebold Nixdorf's operating cash flow to net income ratio has fluctuated wildly, reaching an extreme 35.04 in 2024Q4, which suggests that reported net income is a poor proxy for the company's actual ability to generate cash from its core operations.
The massive divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of reported results. Investors should monitor this disconnect, as it implies that the company's underlying earnings power remains obscured by accounting adjustments and timing differences in cash collection.
As reported in financial statements, Diebold Nixdorf's free cash flow margins have exhibited extreme variance, swinging from a negative 4.1% in 2024Q1 to a peak of 18.8% in 2024Q4, highlighting the inherent instability in the company's cash generation profile following its recent restructuring.
The inconsistency in free cash flow suggests that the business remains highly sensitive to the timing of large-scale hardware deployments and service contract renewals. This volatility warrants further investigation into whether the company can achieve a sustainable, positive cash flow trajectory without relying on favorable working capital shifts.
Based on Diebold Nixdorf's reported figures, quarterly working capital changes have been the primary determinant of cash flow, with a significant $171.1 million inflow in 2024Q4 contrasting sharply with the $57.5 million outflow observed in 2024Q2, indicating a highly irregular cash conversion cycle.
These dramatic fluctuations suggest that the company's liquidity is heavily dependent on the timing of customer payments and inventory management. Such reliance on working capital volatility may indicate that the business lacks a stable, self-funding mechanism for its ongoing operational requirements.
Data from recent financial statements indicates that Diebold Nixdorf has directed significant cash toward share repurchases, totaling $51.1 million in 2025Q4 alone, despite the company's history of financial distress and the ongoing need to fund its high-cost, labor-intensive service infrastructure.
The decision to prioritize buybacks over potential debt reduction or reinvestment in software-led solutions appears aggressive given the company's recent emergence from bankruptcy. Investors should monitor whether this capital allocation strategy undermines the company's long-term ability to compete in a shifting banking technology landscape.
Quick answers to the most common questions about buying DBD stock.
Diebold Nixdorf, Incorporated (DBD) generated $300.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Diebold Nixdorf, Incorporated (DBD) generated $263.3M 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.
Diebold Nixdorf, Incorporated (DBD) spent $61.7M 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, Diebold Nixdorf, Incorporated (DBD) spent $130.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.