Free cash flow generation remains volatile, with margins compressing to 7.7% in 2026Q1, though the company continues to prioritize shareholder returns, including a $500 million share repurchase executed in 2025Q4.
| 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 | 1.29B | 1.41B | 1.85B | 2.19B | 588M | 2.28B | 4.09B | 1.41B | 4.79B | -765M | 5.48B | 7.52B | 6.5B | 7.82B | 4.08B | 3.88B | 4.13B | 2.08B | 4.72B | 4.55B | 4.16B | 4.51B | 2.67B | 3.78B | 2.11B | 1.79B | 1.21B | 2.99B | 2.95B | 3.65B | 3.4B |
| Operating CF Margin % | - | 20.62% | 14.91% | 18.16% | 4.52% | 18.15% | 28.56% | 6.55% | 21.18% | -1.22% | 11.38% | 15.43% | 11.2% | 13.72% | 7.18% | 6.47% | 7.7% | 4.64% | 8.25% | 8.5% | 8.47% | 9.75% | 6.65% | 11.58% | 7.64% | 6.43% | 5.28% | 14.97% | 15.15% | 18.25% | 16.95% |
| Operating CF Growth % | 56.45% | -23.55% | -15.7% | 272.62% | -74.22% | -44.3% | 190.63% | -70.56% | 725.62% | -113.97% | -27.12% | 15.6% | -16.89% | 91.98% | 5.05% | -6.1% | 98.22% | -55.82% | 3.74% | 9.3% | -7.86% | 69.1% | -29.37% | 79.32% | 17.83% | 47.36% | -59.43% | 1.56% | -19.35% | 7.47% | 1.74% |
| Net Income | -29M | 98M | 743M | 494M | 1.01B | 1.16B | -2.43B | -645M | 349M | 1.52B | 4.3B | 7.63B | 3.75B | 4.75B | 1.17B | 2.71B | 2.31B | 538M | 551M | 2.89B | 3.72B | 4.54B | 2.8B | 1.74B | -405M | -417M | 1.51B | 1.33B | 1.31B | 1.81B | 1.91B |
| Depreciation & Amortization | 867M | 647M | 1.19B | 1.15B | 1.14B | 1.11B | 1.37B | 2.07B | 2.17B | 3.97B | 2.86B | 2.52B | 2.75B | 2.68B | 2.7B | 2.88B | 2.96B | 2.83B | 2.24B | 2.19B | 2.07B | 2.08B | 2.09B | 1.9B | 1.82B | 1.81B | 1.31B | 1.3B | 1.3B | 1.29B | 1.33B |
| Stock-Based Compensation | 13M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -53M | 0 | -163M | -381M | -214M | -323M | -692M | -768M | -366M | -2.08B | -1.26B | 305M | 466M | 113M | -465M | 1M | 328M | -652M | -260M | 494M | 104M | 740M | 255M | -378M | -311M | -391M | 125M | 154M | -15M | 150M | 306M |
| Other Non-Cash Items | 169M | 942M | -149M | 1.09B | 22M | 783M | 4.68B | 4.74B | 7.99B | 3.63B | -1.17B | -4.87B | -544M | -1.17B | 880M | -597M | -1.29B | -542M | 920M | -93M | -582M | -2.1B | -576M | -152M | 1.04B | 779M | -456M | -100M | -260M | 424M | -159M |
| Working Capital Changes | -258M | -313M | 222M | -155M | -1.37B | -450M | 1.17B | -3.98B | -5.36B | -7.8B | 752M | 1.93B | 88M | 1.45B | -207M | -1.12B | -177M | -87M | 1.27B | -931M | -1.16B | -738M | -1.89B | 668M | -41M | 3M | -1.28B | 306M | 606M | -26M | 16M |
| Change in Receivables | -99M | -201M | -135M | 202M | -191M | -255M | 308M | -2.23B | -1.61B | -9.78B | -1.54B | -84M | 195M | 113M | 116M | -447M | -171M | -990M | 2.85B | -1B | 242M | -554M | -1.36B | 25M | -299M | 1.34B | -441M | -5M | 564M | -275M | -53M |
| Change in Inventory | 31M | -10M | -7M | 227M | -569M | -537M | 570M | 387M | -1.5B | -2.22B | 610M | 780M | 224M | 130M | -871M | -702M | -750M | 63M | 812M | -712M | -758M | -240M | -931M | 95M | 223M | 34M | -489M | 79M | 52M | 56M | 123M |
| Change in Payables | -7M | 61M | 77M | -310M | -131M | 317M | 177M | -1.05B | 201M | 2.63B | 458M | -681M | -79M | -408M | 261M | 376M | 495M | 304M | -1.06B | 799M | -129M | 106M | 1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -542M | -687M | -849M | 172M | 8.92B | -2.4B | -202M | -2.31B | -2.52B | 14.41B | -3.68B | -1.51B | -3.13B | -1.41B | -2.69B | -1.81B | 206M | -14.78B | -2.74B | -2.92B | -1.91B | -1.14B | -653M | -1.68B | -1.63B | -2.67B | -460M | -2.64B | -1.09B | -3.28B | -2.2B |
| Capital Expenditures | -186M | -333M | -579M | -619M | -743M | -891M | -1.19B | -2.47B | -3.86B | -3.76B | -3.87B | -3.75B | -3.62B | -2.3B | -2.61B | -2.83B | -2.17B | -2.4B | -2.34B | -2.1B | -1.98B | -1.86B | -1.33B | -1.1B | -1.62B | -1.59B | -1.35B | -1.85B | -1.55B | -1.2B | -1.34B |
| CapEx % of Revenue | 1.92% | 4.86% | 4.67% | 5.13% | 5.71% | 7.09% | 8.33% | 11.49% | 17.1% | 6.01% | 8.03% | 7.7% | 6.23% | 4.04% | 4.6% | 4.72% | 4.05% | 5.34% | 4.09% | 3.93% | 4.04% | 4.02% | 3.32% | 3.37% | 5.88% | 5.71% | 5.86% | 9.27% | 7.95% | 5.98% | 6.7% |
| Acquisitions | -55M | -55M | -313M | -517M | 10.96B | -1.55B | 963M | 119M | 182M | 7.01B | 1.03B | 2.1B | 560M | 79M | -39M | 133M | -49M | -13.52B | -270M | -1.01B | -111M | -109M | 7M | -10M | -1M | -2.3B | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -301M | -296M | 43M | 6M | 12M | 39M | 29M | 20M | 685M | 9.56B | 109M | 17M | 69M | 706M | 207M | 965M | 2.31B | -258M | 252M | 211M | 296M | 105M | 0 | -334M | 109M | 445M | -595M | 53M | 503M | -1.79B | -726M |
| Cash from Financing | -1.71B | -1.87B | -1.85B | -2.99B | -7.67B | -6.51B | 3.24B | -11.55B | -1.92B | -6.55B | -3.69B | -2.88B | -3.56B | -4.79B | -2.53B | -3.55B | -278M | 12.66B | -978M | -2.73B | -3.3B | -2.51B | -1.4B | -1.23B | 787M | 831M | -1.04B | 40M | -1.96B | -2.02B | -2.13B |
| Debt Issued (Net) | -2.34B | -4.07B | -687M | -300M | -2.65B | -3.6B | 4.42B | -160M | 6.67B | -2.41B | -589M | 187M | 1.77B | -3.35B | -757M | -2.56B | 460M | 6.08B | 1.52B | -113M | -1.34B | -1.48B | -779M | -235M | 1.95B | 1.33B | -303M | 262M | -537M | 273M | -238M |
| Equity Issued (Net) | -410M | -468M | -450M | -1.97B | -4.29B | -2.03B | -175M | -2.24B | -4.22B | -481M | -518M | -658M | -3.25B | 79M | 295M | 315M | 276M | 8.52B | -826M | -1.08B | -516M | 330M | 691M | 297M | 132M | 141M | 115M | 585M | -600M | -1.46B | -988M |
| Dividends Paid | -507M | -597M | -635M | -651M | -652M | -630M | -882M | -1.61B | -3.49B | -3.39B | -2.46B | -2.25B | -2.02B | -1.48B | -2.05B | -1.26B | -1.01B | -1.03B | -1.56B | -1.51B | -1.4B | -1.29B | -1.25B | -1.23B | -1.22B | -1.06B | -783M | -771M | -786M | -758M | -749M |
| Share Repurchases | -522M | -500M | -500M | -2B | -4.38B | -2.14B | -232M | -2.33B | -4.42B | -1B | -916M | -1.17B | -4.19B | -307M | 0 | -19M | -14M | -5M | -898M | -1.46B | -739M | -68M | -15M | -6M | -6M | -5M | -3M | -531M | -742M | -1.66B | -1.24B |
| Other Financing | 1.55B | 3.27B | -75M | -65M | -78M | -249M | -120M | -7.54B | -872M | -267M | -121M | -159M | -69M | -39M | -18M | -46M | 0 | -902M | -107M | -20M | -46M | -70M | -57M | -58M | -78M | 420M | -65M | -36M | -33M | -72M | -155M |
| Net Change in Cash | -928M | -1.1B | -947M | -866M | 1.69B | -577M | 984M | -7.01B | -4.85B | 6.83B | -1.97B | 2.92B | -286M | 1.62B | -1.13B | -1.59B | 4.19B | 46M | 1.06B | -1.02B | -1.05B | 3.81B | 0 | 908M | 1.26B | -58M | -291M | 383M | -112M | -1.67B | -2.84B |
| Free Cash Flow | 1.11B | 1.08B | 1.27B | 1.57B | -155M | 1.39B | 2.9B | -1.06B | 923M | -4.52B | 1.61B | 3.77B | 2.88B | 5.52B | 1.46B | 1.05B | 1.96B | -312M | 2.38B | 2.44B | 2.18B | 2.65B | 1.34B | 2.68B | 485M | 202M | -135M | 1.14B | 1.4B | 2.46B | 2.06B |
| FCF Margin % | 11.41% | 15.75% | 10.24% | 13.03% | -1.19% | 11.06% | 20.23% | -4.94% | 4.09% | -7.24% | 3.35% | 7.73% | 4.96% | 9.68% | 2.57% | 1.75% | 3.64% | -0.7% | 4.16% | 4.56% | 4.43% | 5.73% | 3.33% | 8.21% | 1.76% | 0.73% | -0.59% | 5.7% | 7.2% | 12.26% | 10.25% |
| FCF Growth % | -0.72% | -14.91% | -19.34% | 1114.19% | -111.15% | -52.09% | 372.91% | -215.17% | 120.41% | -380.7% | -57.23% | 30.71% | -47.8% | 277.89% | 39.28% | -46.37% | 726.92% | -113.12% | -2.62% | 12.17% | -18% | 98.58% | -50.11% | 452.58% | 140.1% | 249.63% | -111.85% | -18.64% | -42.97% | 19.46% | 6.81% |
| FCF per Share | 8.05 | 7.72 | 9.04 | 10.45 | -0.93 | 7.66 | 11.83 | -4.27 | 3.59 | -25.47 | 12.91 | 27.31 | 21.85 | 38.51 | 11.18 | 8.15 | 15.39 | -2.66 | 22.79 | 22.76 | 20.11 | 24.46 | 12.62 | 26.04 | 4.79 | 2.02 | -1.35 | 15.48 | 19.06 | 31.37 | 25.57 |
| FCF Conversion (FCF/Net Income) | -38.17x | -1.81x | 2.63x | 5.18x | 0.10x | 0.35x | -1.39x | 2.84x | 1.25x | -0.53x | 1.28x | 0.98x | 1.74x | 1.65x | 3.49x | 1.43x | 1.79x | 3.22x | 8.15x | 1.57x | 1.12x | 1.00x | 0.95x | 2.18x | -6.24x | -4.65x | 0.80x | 2.25x | 2.25x | 2.02x | 1.78x |
| Interest Paid | 0 | 0 | 394M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 363M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
PFAS litigation and divestiture
As reported in quarterly financial statements, the OCF/NI ratio has exhibited extreme instability, ranging from -37.36 in 2023Q4 to 5.76 in 2025Q2, indicating that net income is currently a poor proxy for the company's underlying cash-generating capacity during this period of intense structural transformation.
The significant divergence between net income and operating cash flow suggests that non-cash charges and restructuring-related accounting noise are heavily distorting bottom-line profitability. Investors should monitor whether this gap narrows as the company completes its transition to a focused specialty materials entity.
Based on the provided cash flow data, free cash flow margins have fluctuated significantly, peaking at 23.4% in 2023Q4 before compressing to 7.7% in 2026Q1, a trend that appears to mirror the company's aggressive divestiture schedule and the resulting contraction in its operational revenue base.
The inconsistency in FCF generation suggests that the company's cash flow profile remains sensitive to the timing of asset sales and associated restructuring costs. Future sustainability of cash flows will likely depend on the core segments' ability to generate organic growth without the support of legacy business units.
According to recent financial disclosures, the company's CapEx/Revenue ratio has remained relatively contained, averaging between 3% and 9% over the last ten quarters, which suggests that management is maintaining a disciplined approach to capital investment despite the ongoing reorganization of its manufacturing footprint.
The moderate capital intensity indicates that the company is not currently over-investing in capacity, which may be a prudent strategy given the current revenue contraction. Analysts should investigate whether this level of investment is sufficient to maintain the technical 'design-in' status required for its semiconductor and water filtration segments.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, with a notable $180 million outflow in 2025Q2 followed by a $103 million inflow in 2025Q3, highlighting the operational friction inherent in managing a rapidly changing portfolio of specialty chemical assets.
These swings suggest that inventory management and collection cycles are being disrupted by the divestiture process and the resulting shifts in customer demand. Investors should watch for stabilization in working capital as a signal that the company's new operational structure is reaching a steady state.
Based on reported figures, the company has consistently returned capital to shareholders through dividends, while also executing significant buybacks, such as the $500 million repurchase in 2025Q4, even as net income remained negative, suggesting a management focus on maintaining investor confidence during the transition.
The decision to prioritize dividends and buybacks during a period of negative net income may indicate management's confidence in the long-term cash-generating potential of the remaining business. However, this strategy warrants further investigation to ensure that capital returns are not coming at the expense of necessary R&D investment.
Quick answers to the most common questions about buying DD stock.
DuPont de Nemours, Inc. (DD) generated $1.41B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DuPont de Nemours, Inc. (DD) generated $1.08B 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.
DuPont de Nemours, Inc. (DD) spent $333.0M 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, DuPont de Nemours, Inc. (DD) returned $597.0M to shareholders via cash dividends and spent $500.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.