Cash conversion remains highly unstable, highlighted by a $267.8 million working capital outflow in 2026Q1 and a volatile operating cash flow to net income ratio of 0.34.
| 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 | 995.5M | 890.76M | 1.25B | 1.44B | 1.47B | 1.26B | 2.02B | 892.01M | 1.15B | 815.04M | 946.08M | 1.16B | 790.14M | 1.06B | 906.44M | 624.93M | 678.66M | 845.3M | 530.31M | 641.47M | 433.5M | 440.52M | 555.24M | 402.19M | 272.41M | 333.15M | 314.43M | 366.2M | 284.3M | 250.6M | 328M |
| Operating CF Margin % | - | 3.67% | 5.33% | 6.22% | 6.64% | 6.67% | 12.21% | 5.09% | 6.8% | 5% | 6.17% | 7.59% | 5.15% | 7.51% | 6.97% | 5.02% | 6.06% | 8.4% | 4.81% | 5.92% | 4.15% | 4.5% | 6.1% | 4.76% | 3.3% | 4.05% | 3.76% | 4.61% | 4.32% | 4.17% | 5.73% |
| Operating CF Growth % | 343.75% | -28.81% | -12.84% | -2.14% | 16.59% | -37.7% | 126.41% | -22.11% | 40.5% | -13.85% | -18.4% | 46.73% | -25.23% | 16.58% | 45.05% | -7.92% | -19.71% | 59.4% | -17.33% | 47.97% | -1.59% | -20.66% | 38.05% | 47.64% | -18.23% | 5.96% | -14.14% | 28.81% | 13.45% | -23.6% | 106.68% |
| Net Income | 60.09M | 65.94M | 904.08M | 1.32B | 1.18B | 898.79M | 163.4M | 646.48M | 810.47M | 616.76M | 687.24M | 705.67M | 711.29M | 684.96M | 648.04M | 565.12M | 475.51M | 399.57M | 475.42M | 506.34M | 475.4M | 437.43M | 395.55M | 334.1M | -27.59M | 297.15M | 385.32M | 377.6M | 355.8M | 342.4M | 330.1M |
| Depreciation & Amortization | 553.62M | 538.02M | 407.98M | 350.53M | 347.82M | 290.97M | 272.84M | 257.26M | 241.63M | 167.69M | 147.49M | 141.68M | 148.31M | 133.96M | 98.38M | 88.94M | 89.33M | 90.41M | 88.7M | 87.7M | 73.42M | 65.53M | 62.21M | 69.01M | 70.15M | 85.79M | 92.3M | 90M | 69.3M | 58.9M | 50.4M |
| Stock-Based Compensation | 40.78M | 48.85M | 40.69M | 57.23M | 38.06M | 25.6M | 22.62M | 28.7M | 20.72M | 16.89M | 19.72M | 17.72M | 16.24M | 12.65M | 10.75M | 7.55M | 7.02M | 8.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -256.95M | -256.95M | -18.6M | 42.11M | 2.22M | 31.68M | -27.72M | -55.94M | 3.89M | 65.99M | 33.23M | 35.54M | 54.32M | -21.62M | 14.75M | -2.34M | 11.99M | 27.9M | -40.02M | -8.07M | -5.48M | 43.94M | 19.67M | 27.35M | 43.99M | -21.7M | -6.71M | 12.3M | 10.4M | 13.8M | 13.9M |
| Other Non-Cash Items | 337.18M | 875.25M | 4.42M | -41.63M | -84.43M | 22.57M | 535.01M | 33.02M | -2.65M | -69.12M | -45.25M | -42.57M | -21.48M | -76.63M | -14.96M | -8.37M | -4.94M | -3.07M | 13.56M | 9.86M | 8.94M | 12.72M | 9.62M | 18.15M | 401.85M | 90.95M | -3.24M | 2.6M | -2.3M | -10.2M | 2.7M |
| Working Capital Changes | 260.79M | -380.35M | -87.32M | -289.16M | -19.4M | -11.32M | 1.05B | -17.51M | 71.1M | 16.84M | 103.65M | 301.33M | -118.53M | 323.42M | 149.48M | -25.97M | 99.75M | 321.91M | -9.82M | 42.91M | -123.29M | -119.1M | 68.19M | -46.43M | -216M | -119.03M | -153.24M | -116.3M | -148.9M | -154.3M | -58.9M |
| Change in Receivables | 0 | -77.4M | -50.94M | 31.99M | -244.37M | -258.99M | 957.51M | -134.16M | -72.04M | -19.27M | -53.54M | 1.97M | -225.18M | -116.08M | 13.37M | -85.01M | -140.56M | 69.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -208.19M | -440.55M | -69.15M | -380.42M | -329.24M | 58.46M | -54.77M | -73.17M | -9.92M | -64.21M | -21.82M | -100.82M | -79.25M | -25.84M | -19.62M | 44.87M | 194.74M | -20.71M | -42.09M | -7.24M | -19.87M | -28.41M | 20.23M | -243M | -45.06M | -84.51M | -28.7M | -107.3M | -87.8M | -106.4M |
| Change in Payables | 0 | -132.71M | 512.35M | 2.04M | 676.41M | 777.32M | 89.35M | 82.74M | 364.64M | 61.47M | 240.72M | 331.42M | 292.26M | 473.42M | 220.69M | 85.77M | 280.74M | 49.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -649.68M | -711.59M | -1.51B | -705.79M | -1.68B | -506.16M | 171.64M | -563.21M | -496.12M | -1.63B | -594M | -263.63M | -386.71M | -825.58M | -651.87M | -231.5M | -172.35M | -264.42M | -214.33M | -87.6M | -145.6M | -70.17M | -67.95M | -75.28M | -60.66M | -53.04M | -106.75M | -162.5M | -325.6M | -102.8M | -114.1M |
| Capital Expenditures | -447.55M | -469.84M | -567.34M | -512.67M | -339.63M | -266.14M | -153.5M | -277.87M | -232.42M | -156.76M | -160.64M | -109.54M | -107.68M | -124.06M | -101.99M | -103.47M | -85.38M | -142.26M | -105.03M | -115.65M | -126.04M | -85.71M | -72.08M | -73.9M | -64.76M | -41.94M | -71.13M | -177.6M | -399.2M | -90.4M | -95.2M |
| CapEx % of Revenue | 1.81% | 1.93% | 2.42% | 2.22% | 1.54% | 1.41% | 0.93% | 1.59% | 1.38% | 0.96% | 1.05% | 0.72% | 0.7% | 0.88% | 0.78% | 0.83% | 0.76% | 1.41% | 0.95% | 1.07% | 1.21% | 0.88% | 0.79% | 0.87% | 0.78% | 0.51% | 0.85% | 2.23% | 6.06% | 1.51% | 1.66% |
| Acquisitions | -225.84M | -318.29M | -1.08B | -273.6M | -1.65B | -266.58M | 318.21M | -290.11M | -278.37M | -1.49B | -462.17M | -154.08M | -287.9M | -701.52M | -549.88M | -128.03M | -86.97M | -122.16M | -121.03M | -39.61M | -29.01M | -27.52M | -3.02M | -14.99M | -6.04M | -16.36M | -46.23M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 23.71M | 76.54M | 122.43M | 0 | 145.01M | 26.55M | 6.93M | 4.78M | 14.66M | 21.27M | 28.81M | 8.62M | 8.87M | 10.66M | -549.88M | -128.03M | -172.35M | -194.97M | 11.72M | 67.66M | 9.45M | 43.06M | 7.14M | 13.62M | 10.14M | 5.26M | 10.61M | 15.1M | 73.6M | -12.4M | -18.9M |
| Cash from Financing | -281.28M | -209.25M | -333.94M | -292.16M | 205.1M | -989.53M | -1.51B | -385.96M | -608.83M | 872.06M | -322.41M | -806.07M | -455.44M | -425.12M | -378.83M | -394.14M | -320.57M | -330.38M | -472.57M | -469.5M | -340.73M | -317.47M | -369.33M | -330.64M | -277.82M | -221.58M | -225.58M | -243M | 53.5M | -142.4M | -190.8M |
| Debt Issued (Net) | 342.5M | 394.22M | 399.14M | 531.17M | 960.87M | -160.73M | -895M | 139.4M | -59.97M | 1.45B | 250M | -142.97M | -7.94M | 24.6M | 0 | 0 | 0 | -52M | 0 | 0 | -881K | -87K | -176.8M | -112.98M | -101.07M | -28.3M | 82.22M | 49.3M | 299.2M | 88.3M | 51.7M |
| Equity Issued (Net) | -15.81M | 0 | -150M | -261.47M | -222.73M | -333.6M | -96.22M | -85.6M | -91.98M | -173.52M | -181.42M | -301.85M | -118M | -136.4M | -81.83M | -122.08M | -75.01M | -26.02M | -273M | -230.69M | -114.8M | -101.51M | 16.05M | -13.11M | 24.39M | 1.74M | -117.81M | -104.6M | -70.6M | -63.9M | -86.8M |
| Dividends Paid | -571.23M | -563.84M | -554.93M | -526.67M | -495.92M | -465.65M | -453.28M | -438.89M | -415.98M | -395.48M | -386.86M | -368.28M | -347.27M | -326.22M | -300.98M | -276.37M | -257.9M | -253.56M | -251.81M | -243.24M | -228.05M | -215.87M | -208.57M | -204.56M | -201.15M | -195.02M | -190M | -184.2M | -178M | -169.2M | -160.2M |
| Share Repurchases | 0 | 0 | -150M | -261.47M | -222.73M | -333.6M | -96.22M | -74.19M | -91.98M | -173.52M | -181.42M | -292.27M | -95.95M | -120.67M | -81.83M | -123.13M | -75.01M | -26.02M | -273M | -241.22M | -123.48M | -119.24M | -21.48M | -17.71M | -11.62M | -12.66M | -117.81M | -111.1M | -76.3M | -76.8M | -94.7M |
| Other Financing | -36.73M | -39.64M | -28.15M | -35.19M | -37.12M | -29.55M | -69.27M | -871K | -40.89M | -5.24M | -4.13M | 7.02M | 17.77M | 12.9M | 3.98M | 4.31M | 12.34M | 1.19M | 52.23M | 4.44M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | -3.5M | 2.9M | 2.4M | 4.5M |
| Net Change in Cash | 79.58M | -2.81M | -622.02M | 448.54M | -61.24M | -275.46M | 713.17M | -56.55M | 18.65M | 72.02M | 31.25M | 73.9M | -59.16M | -206.2M | -121.96M | -4.91M | 193.16M | 269.03M | -164.06M | 95.86M | -52.94M | 53.97M | 119.55M | -4.6M | -65.78M | 58.03M | -18M | -39.3M | 12.1M | 5.4M | 23.1M |
| Free Cash Flow | 547.96M | 420.92M | 683.91M | 922.93M | 1.13B | 992.15M | 1.87B | 614.14M | 912.74M | 658.28M | 785.43M | 1.05B | 682.46M | 932.67M | 804.45M | 521.46M | 593.28M | 703.04M | 425.28M | 525.82M | 307.46M | 354.8M | 483.16M | 328.28M | 207.65M | 291.21M | 243.3M | 188.6M | -114.9M | 160.2M | 232.8M |
| FCF Margin % | 2.22% | 1.73% | 2.91% | 4% | 5.1% | 5.26% | 11.28% | 3.5% | 5.42% | 4.04% | 5.12% | 6.87% | 4.45% | 6.63% | 6.18% | 4.19% | 5.29% | 6.99% | 3.86% | 4.85% | 2.94% | 3.63% | 5.31% | 3.89% | 2.51% | 3.54% | 2.91% | 2.37% | -1.74% | 2.67% | 4.07% |
| FCF Growth % | 70.9% | -38.45% | -25.9% | -18.13% | 13.63% | -46.83% | 203.85% | -32.72% | 38.66% | -16.19% | -25.18% | 53.83% | -26.83% | 15.94% | 54.27% | -12.11% | -15.61% | 65.31% | -19.12% | 71.02% | -13.34% | -26.57% | 47.18% | 58.09% | -28.69% | 19.69% | 29% | 264.14% | -171.72% | -31.19% | 242.86% |
| FCF per Share | 3.97 | 3.02 | 4.90 | 6.54 | 7.92 | 6.88 | 12.86 | 4.19 | 6.20 | 4.46 | 5.24 | 6.88 | 4.42 | 5.99 | 5.14 | 3.31 | 3.74 | 4.40 | 2.61 | 3.09 | 1.78 | 2.03 | 2.75 | 1.88 | 1.19 | 1.68 | 1.39 | 1.05 | -0.64 | 0.89 | 1.28 |
| FCF Conversion (FCF/Net Income) | 9.12x | 13.51x | 1.38x | 1.09x | 1.24x | 1.40x | -69.40x | 1.44x | 1.41x | 1.32x | 1.38x | 1.64x | 1.11x | 1.54x | 1.40x | 1.11x | 1.43x | 2.12x | 1.12x | 1.27x | 0.91x | 1.01x | 1.40x | 1.20x | -9.87x | 1.12x | 0.82x | 0.97x | 0.80x | 0.73x | 0.99x |
| Interest Paid | 0 | 0 | 124.98M | 90.41M | 73.37M | 65.73M | 91.34M | 95.28M | 102.13M | 38.4M | 19.04M | 23.69M | 25.16M | 27.22M | 20.42M | 27.64M | 28.06M | 27.63M | 31.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 264.63M | 366.27M | 362.86M | 305.33M | 223.02M | 303.74M | 236.54M | 298.83M | 374.87M | 352.15M | 408.6M | 342.37M | 381.41M | 317.75M | 275.98M | 219.89M | 338.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial filings, GPC's operating cash flow to net income ratio has exhibited extreme volatility, swinging from a negative 0.62 in 2025Q4 to a 2.14 in 2024Q3, which suggests that reported earnings are frequently decoupled from actual cash generation capabilities.
The wide variance between net income and operating cash flow indicates that non-cash items and accruals are significantly distorting the company's true profitability. Investors should monitor whether this disconnect stems from aggressive revenue recognition or the timing of vendor rebates, as it complicates the assessment of core operational health.
Based on GPC's reported figures, free cash flow margins have fluctuated wildly over the last ten quarters, hitting a low of negative 2.7% in 2025Q1, which highlights the difficulty in maintaining consistent cash conversion amidst the company's ongoing global expansion and integration efforts.
The inability to sustain positive free cash flow margins suggests that the company's capital-intensive business model is struggling to generate surplus cash after accounting for necessary maintenance and growth investments. This trend warrants further investigation into whether the current dividend payout policy is sustainable without relying on external financing.
According to quarterly data, GPC experienced a significant working capital outflow of $267.8 million in 2026Q1, a sharp reversal from the $359 million inflow seen in 2025Q2, indicating that inventory and receivables management remains a primary source of cash flow instability for the firm.
The erratic nature of working capital changes suggests that the company may be struggling to optimize its inventory levels across its vast hub-and-spoke distribution network. Such volatility often points to potential inefficiencies in supply chain management or an inability to align procurement cycles with fluctuating end-market demand.
As detailed in recent statements, GPC has maintained consistent dividend payments despite periods of negative free cash flow, such as the $141.7 million distributed in 2026Q1, which suggests a rigid commitment to shareholder returns that may be straining the company's liquidity position.
The prioritization of dividends during periods of cash flow volatility may limit the company's flexibility to fund strategic acquisitions or invest in automation technologies. This approach appears to favor short-term shareholder optics over the long-term necessity of strengthening the balance sheet during cyclical downturns.
Quick answers to the most common questions about buying GPC stock.
Genuine Parts Company (GPC) generated $890.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genuine Parts Company (GPC) generated $420.9M 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.
Genuine Parts Company (GPC) spent $469.8M 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, Genuine Parts Company (GPC) returned $563.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.