Cash conversion is volatile with OCF/NI swinging from 2.11 to -0.16, and Q2 2026 capital returns of $81.6M exceeded FCF of $66.0M, indicating reliance on reserves.
Genpact Limited (G) cash flow statement — 21-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 643.96M | 812.86M | 615.42M | 490.81M | 443.67M | 694.28M | 583.69M | 427.89M | 339.51M | 359.08M | 345.77M | 327.44M | 271.84M | 311.6M | 310.66M | 266.61M | 163.1M | 158.17M | 211.24M | 149.99M | 36.57M | 106.73M |
| Operating CF Margin % | - | 16% | 12.91% | 10.96% | 10.15% | 17.26% | 15.74% | 12.15% | 11.31% | 13.12% | 13.45% | 13.3% | 11.93% | 14.62% | 16.33% | 16.66% | 12.95% | 14.12% | 20.29% | 18.23% | 5.96% | 21.7% |
| Operating CF Growth % | -141.33% | 32.08% | 25.39% | 10.63% | -36.1% | 18.95% | 36.41% | 26.03% | -5.45% | 3.85% | 5.6% | 20.45% | -12.76% | 0.3% | 16.52% | 63.47% | 3.12% | -25.12% | 40.84% | 310.16% | -65.74% | - |
| Net Income | 582.65M | 552.49M | 513.67M | 631.25M | 353.4M | 369.45M | 308.28M | 304.88M | 281.26M | 260.84M | 267.55M | 239.82M | 192.17M | 235.05M | 184.59M | 191.08M | 149.03M | 127.3M | 125.14M | 56.42M | 39.77M | 17.1M |
| Depreciation & Amortization | 93.63M | 94.96M | 85.89M | 92.91M | 116.74M | 151.44M | 160.2M | 128.33M | 103.49M | 93.19M | 81.74M | 85.3M | 81.68M | 76.46M | 80.96M | 80.54M | 79.16M | 83.56M | 92.07M | 85.61M | 77.99M | 79.83M |
| Stock-Based Compensation | 96.41M | 89.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.5M | 3.06M |
| Deferred Taxes | 9.99M | 19.94M | 36.61M | -157.93M | -29.15M | -9.26M | -22.59M | -16.32M | 6.05M | -10.39M | 30.45M | -18.71M | -12.25M | -1.12M | -10.03M | -7.98M | -5.4M | -20.74M | -24.42M | -4.87M | -8.8M | -13.2M |
| Other Non-Cash Items | 27.23M | 37.95M | 79.44M | 106.83M | 149.75M | 95.5M | 121.44M | 58.24M | 63.24M | 49.75M | 47.14M | 48.19M | 48.02M | 53.44M | 41.77M | 28.18M | 19.08M | 24.87M | 34.95M | 56.59M | 2.63M | 21.6M |
| Working Capital Changes | -165.96M | 17.89M | -100.18M | -182.24M | -147.08M | 87.16M | 16.36M | -47.24M | -115.3M | -36.58M | -83.25M | -27.15M | -37.6M | -46.89M | 19.73M | -18.41M | -71.93M | -56.81M | -16.5M | -12.27M | -79.52M | -1.67M |
| Change in Receivables | -160.86M | -44.22M | -96.56M | -130.79M | -112.34M | -11.8M | 42.51M | -121.98M | -76.89M | -57.27M | -48.61M | -78.92M | -24.09M | -60.82M | -36.17M | -46.31M | -50.41M | -23.15M | -42.43M | -39.46M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -28.07M | -6.42M | 8.73M | -8.21M | 14.19M | 11.74M | -12.48M | -21.38M | 26.4M | -2.15M | -463K | -3.99M | -7.27M | 1.78M | -4.38M | 6.8M | -2.63M | 4.21M | -3.05M | -2.71M | 0 | 0 |
| Cash from Investing | -91.31M | -495.5M | -105.96M | -78.94M | -36.59M | -122.75M | -266.4M | -357.12M | -276.05M | -361.99M | -125.77M | -100.47M | -192.82M | -78.44M | -157.87M | -535.11M | -33.42M | -13.66M | -239.45M | -115.28M | -49.48M | -84.85M |
| Capital Expenditures | -76.06M | -78.2M | -85.23M | -58.78M | -54.39M | -57.25M | -80.37M | -108.76M | -160.42M | -73.67M | -88.77M | -62.17M | -62.58M | -48.88M | -83.34M | -35.78M | -55.17M | -52.54M | -69.44M | -65.9M | -79.22M | -38.41M |
| CapEx % of Revenue | 1.45% | 1.54% | 1.79% | 1.31% | 1.24% | 1.42% | 2.17% | 3.09% | 5.35% | 2.69% | 3.45% | 2.53% | 2.75% | 2.29% | 4.38% | 2.24% | 4.38% | 4.69% | 6.67% | 8.01% | 12.92% | 7.81% |
| Acquisitions | 238K | -80.38M | 2.63M | -20.17M | 17.8M | -65.64M | -186.03M | -250.53M | -115.63M | -287.82M | -27.37M | -19.88M | -130.25M | -43.81M | -55.99M | -576.32M | -41.34M | -19.05M | 7.41M | -16.43M | -5.04M | -9.72M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.49M | -10.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.25M | -18.34M | 0 | 9.79M | 49.36M | -33.97M | -32.52M | 34.77M | -36.72M |
| Cash from Financing | -645.42M | -106.81M | -424.85M | -483M | -571.4M | -332.88M | -91.39M | 39.65M | -135.19M | 47.19M | -232.8M | -218.88M | -177.42M | -65.34M | -105.49M | 326.1M | -32.27M | -51.55M | 364K | 181.16M | 2.57M | -26.46M |
| Debt Issued (Net) | -124.48M | 309.86M | -58.65M | -173.04M | -245.85M | 49.04M | 135.43M | 131.3M | 81.31M | 314.66M | 96.71M | -6.99M | 126.16M | -83.49M | 393.03M | 329.18M | -50.03M | -57.42M | -3.2M | -105.88M | 52.3M | -28.73M |
| Equity Issued (Net) | -296.78M | -265.54M | -235.46M | -186.01M | -186.33M | -263.17M | -111.98M | -10.35M | -140.12M | -204.27M | -327.25M | -211.03M | -275.02M | 37.76M | 10.96M | 3.73M | 24.83M | 13.74M | 13.21M | 295.53M | -49.73M | 2.28M |
| Dividends Paid | -121.66M | -117.75M | -108.47M | -100.01M | -91.84M | -80.48M | -74.21M | -64.67M | -57.1M | -46.69M | 0 | 0 | 0 | 0 | -501.62M | 0 | -7.07M | -7.87M | 0 | 0 | 0 | 0 |
| Share Repurchases | -310.06M | -283.05M | -252.67M | -225.5M | -214.08M | -298.22M | -137.11M | -30.02M | -154.16M | -219.78M | -345.2M | -226.92M | -302.63M | 0 | 0 | 0 | 0 | 0 | 0 | -1.99M | -50.13M | 0 |
| Other Financing | -102.5M | -33.38M | -22.28M | -23.93M | -47.38M | -38.28M | -40.63M | -16.64M | -19.27M | -16.52M | -2.25M | -864K | -28.55M | -19.61M | -7.86M | -6.8M | -7.07M | -7.87M | -9.65M | -8.49M | 0 | 0 |
| Net Change in Cash | -145.87M | 205.59M | 64.58M | -63.09M | -252.69M | 219.02M | 213.34M | 98.7M | -136.07M | 81.84M | -28.28M | -10.88M | -109.49M | 112.05M | 51.21M | 3.99M | 115.3M | 104.68M | -95.26M | 243.88M | -9.27M | -5.08M |
| Free Cash Flow | 572.11M | 734.65M | 530.19M | 432.04M | 389.28M | 637.03M | 513.52M | 319.13M | 179.09M | 285.41M | 257M | 265.27M | 209.26M | 262.73M | 227.32M | 230.84M | 107.93M | 105.63M | 141.8M | 84.09M | -42.65M | 68.32M |
| FCF Margin % | 10.9% | 14.46% | 11.12% | 9.65% | 8.91% | 15.84% | 13.84% | 9.06% | 5.97% | 10.43% | 10% | 10.78% | 9.18% | 12.32% | 11.95% | 14.42% | 8.57% | 9.43% | 13.62% | 10.22% | -6.96% | 13.89% |
| FCF Growth % | 1.54% | 38.56% | 22.72% | 10.98% | -38.89% | 24.05% | 60.91% | 78.19% | -37.25% | 11.05% | -3.12% | 26.76% | -20.35% | 15.57% | -1.52% | 113.88% | 2.18% | -25.51% | 68.63% | 297.17% | -162.43% | - |
| FCF per Share | 3.36 | 4.16 | 2.94 | 2.33 | 2.07 | 3.30 | 2.62 | 1.64 | 0.92 | 1.45 | 1.22 | 1.21 | 0.93 | 1.11 | 0.99 | 1.02 | 0.48 | 0.48 | 0.65 | 0.41 | -1.09 | 0.99 |
| FCF Conversion (FCF/Net Income) | 0.98x | 1.47x | 1.20x | 0.78x | 1.26x | 1.88x | 1.89x | 1.40x | 1.21x | 1.38x | 1.29x | 1.37x | 1.41x | 1.33x | 1.68x | 1.45x | 1.15x | 1.24x | 1.69x | 2.66x | 0.92x | 6.24x |
| Interest Paid | 66.83M | 59.69M | 68.91M | 47.99M | 51.15M | 46.35M | 49.1M | 45.08M | 41.48M | 27.91M | 19.53M | 20.95M | 27.18M | 30.79M | 14.06M | 5.03M | 1.62M | 4.27M | 0 | 0 | 0 | 0 |
| Taxes Paid | 175.7M | 143.65M | 113.63M | 156.73M | 145.98M | 31.76M | 193.95M | 104.22M | 81.41M | 66.24M | 46.73M | 72.1M | 83.8M | 71.86M | 91.83M | 65.69M | 40.47M | 67.56M | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying G stock.
Genpact Limited (G) generated $812.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genpact Limited (G) generated $734.7M 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.
Genpact Limited (G) spent $78.2M 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, Genpact Limited (G) returned $117.7M to shareholders via cash dividends and spent $283.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
AI cannibalization of legacy contracts
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Timing Distortions
Genpact's OCF/NI swung from 2.11 in Q3 2025 to -0.16 in Q1 2026, per reported figures, indicating working capital timing rather than earnings quality deterioration.
The extreme quarterly swings in operating cash flow relative to net income, from 2.11x in Q3 2025 to -0.16x in Q1 2026, appear driven by working capital swings, particularly in Q1 quarters. This pattern suggests a seasonal collection cycle or contract transition timing, not a fundamental earnings quality issue. Investors should monitor the cumulative OCF/NI over a full year to assess true conversion quality.
FCF Rebound Masks Seasonal Weakness
Free cash flow margin rebounded to 20.4% in Q4 2025 from -4.2% in Q1 2026, as per financial statements, but the trailing pattern shows persistent Q1 cash outflows.
The FCF trajectory exhibits a clear seasonal pattern, with Q1 quarters consistently negative (2024Q1: -$50.2M, 2025Q1: $17.9M, 2026Q1: -$55.0M) and Q4 quarters strong (2024Q4: $182.8M, 2025Q4: $269.0M). This suggests a working capital cycle tied to client payment terms and year-end collections. The Q2 2026 FCF of $66.0M, while positive, is below the prior year's $152.8M, indicating potential pressure on conversion efficiency.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from +$102.2M in Q3 2025 to -$225.2M in Q1 2026, as reported, indicating significant timing effects in collections and payables.
The working capital line is the primary driver of cash flow volatility, with Q1 quarters showing large negative swings (2024Q1: -$192.3M, 2025Q1: -$150.7M, 2026Q1: -$225.2M). This pattern likely reflects annual client contract renewals or transition costs, but the magnitude of the Q1 2026 swing warrants scrutiny. If this reflects delayed collections, it could signal a shift in client payment behavior, but the subsequent Q2 recovery suggests it is timing-related.
Capital Returns Outpace Cash Generation
Genpact returned $81.6M to shareholders in Q2 2026 via dividends and buybacks, exceeding its $66.0M FCF, as per reported figures, indicating reliance on cash reserves.
The combination of dividends and buybacks consistently exceeds quarterly FCF in several periods, notably Q1 2026 where returns were $101.8M against -$55.0M FCF. This suggests management is prioritizing shareholder returns even during cash-constrained quarters, drawing on the $853M cash balance. While the balance sheet remains healthy, the sustainability of this pace depends on the working capital cycle normalizing.
SBC and Working Capital Obscure True Cash Generation
Stock-based compensation of $48.6M in Q2 2026, as disclosed, represents 33% of net income, while working capital swings distort quarterly cash flow, masking underlying cash generation.
SBC is a significant non-cash charge that, when added back, inflates operating cash flow, but it also dilutes shareholders. The working capital swings, particularly the -$225.2M in Q1 2026, may obscure the underlying cash generation capability. Investors should adjust for these items to assess the true cash earnings power, especially as the company pivots to AI-driven services.