Free cash flow remains highly volatile, swinging from a $1.3 billion inflow in 2025Q4 to an $893 million outflow in 2026Q1, largely driven by unpredictable working capital shifts.
| 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 | 616M | 796M | 698M | 1.03B | 521M | 1.06B | 1.11B | 1.21B | 916M | 1.16B | 1.5B | 1.69B | 340M | 938M | 1.04B | 773M | 924M | 1.3B | -745M | 132M | 560M | 885M | 719.8M | -306.7M | 676.4M | 1.27B | 509.8M | 634.7M | 439.1M | 1.07B | 897.5M |
| Operating CF Margin % | - | 4.35% | 3.7% | 5.14% | 2.5% | 6.08% | 9.05% | 8.19% | 5.92% | 7.53% | 9.92% | 10.26% | 1.87% | 4.8% | 4.94% | 3.4% | 4.91% | 7.96% | -3.82% | 0.67% | 2.99% | 4.89% | 3.92% | -2.03% | 4.88% | 8.94% | 3.54% | 4.75% | 3.36% | 8.17% | 6.91% |
| Operating CF Growth % | -82.07% | 14.04% | -32.36% | 98.08% | -50.94% | -4.75% | -7.62% | 31.77% | -20.9% | -23.01% | -10.85% | 396.18% | -63.75% | -9.63% | 34.28% | -16.34% | -28.76% | 274.09% | -664.39% | -76.43% | -36.72% | 22.95% | 334.69% | -145.34% | -46.59% | 148.43% | -19.68% | 44.55% | -58.88% | 18.97% | 37.48% |
| Net Income | -2.08B | -1.7B | 70M | -687M | 202M | 764M | -1.25B | -311M | 708M | 365M | 1.28B | 376M | 2.52B | 675M | 237M | 417M | -164M | -364M | -77M | 602M | -330M | 228M | 114.8M | -802.1M | -1.11B | -203.6M | 40.3M | 241.1M | 682.3M | 558.7M | 101.7M |
| Depreciation & Amortization | 1.02B | 1.04B | 1.05B | 1B | 964M | 883M | 859M | 795M | 778M | 781M | 727M | 698M | 732M | 722M | 687M | 715M | 652M | 636M | 660M | 659M | 694M | 706M | 714.8M | 693.3M | 602.8M | 636.7M | 630.3M | 581.7M | 487.8M | 469.3M | 460.8M |
| Stock-Based Compensation | 11M | 28M | 0 | 0 | 14M | 36M | 31M | 27M | 16M | 22M | 23M | 19M | 20M | 18M | 15M | 384M | 428M | 287M | -31M | 292M | 361M | 439M | 344.5M | -118.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 10M | 1.36B | -65M | -230M | 28M | -471M | 23M | 0 | 131M | 385M | -229M | 79M | -1.97B | -136M | -285M | -660M | -879M | -298M | 31M | 23M | -48M | -19M | -4.5M | -14.8M | 987.9M | -252M | -138.9M | -142.3M | 144.9M | -30.7M | -238.5M |
| Other Non-Cash Items | 1.24B | -239M | -174M | 554M | 6M | -37M | 265M | 412M | -414M | -18M | 100M | 383M | -1.42B | -1.1B | -367M | 173M | 323M | -328M | -1.13B | -1.39B | -771M | -712M | -784.4M | -567M | 21.6M | 376.6M | 96.9M | -22.3M | -45.9M | 227.8M | -9.2M |
| Working Capital Changes | 423M | 305M | -182M | 394M | -693M | -113M | 1.19B | 284M | -261M | -290M | -328M | 85M | 258M | 531M | 506M | -256M | 564M | 1.36B | -198M | -57M | 654M | 243M | 334.6M | 502.6M | 169.9M | 708.8M | -118.8M | -23.5M | -830M | -157.3M | -250.8M |
| Change in Receivables | 371M | 215M | 127M | -59M | -333M | -300M | 132M | 71M | -172M | -147M | 211M | -31M | 75M | 79M | 291M | -337M | -181M | 139M | 294M | -104M | 91M | 2M | 538.3M | -831.8M | 34.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 83M | 12M | -122M | 908M | -1.04B | -982M | 713M | 6M | -171M | -44M | -172M | -89M | -35M | 366M | 619M | -1.01B | -536M | 1.26B | -700M | -395M | 108M | -253M | -53.9M | 41.6M | 84.9M | 407.8M | -382.6M | 276.9M | -313.6M | -107.1M | -5.5M |
| Change in Payables | -157M | -248M | -87M | -550M | 686M | 923M | 26M | 0 | 223M | 85M | -156M | 78M | -41M | -30M | -453M | 696M | 769M | -323M | 287M | 294M | 92M | 44M | -118.6M | -90.5M | 98.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 391M | 997M | -1B | -1.03B | -914M | -2.79B | -667M | -800M | -867M | -879M | -973M | -1.26B | -851M | -1.14B | -1.12B | -902M | -859M | -663M | -1.14B | 829M | -532M | -440M | -525.2M | -236M | -542.4M | -447.4M | -468.4M | -1.8B | -701.5M | -804M | -690.9M |
| Capital Expenditures | -742M | -826M | -1.19B | -1.05B | -1.06B | -981M | -647M | -770M | -811M | -881M | -996M | -983M | -923M | -1.17B | -1.13B | -1.04B | -944M | -746M | -1.13B | -739M | -671M | -634M | -518.6M | -446.6M | -457.9M | -435.4M | -614.5M | -1.7B | -1.06B | -826.1M | -617.5M |
| CapEx % of Revenue | 4.14% | 4.52% | 6.29% | 5.23% | 5.1% | 5.61% | 5.25% | 5.22% | 5.24% | 5.73% | 6.57% | 5.98% | 5.09% | 5.98% | 5.37% | 4.58% | 5.01% | 4.58% | 5.81% | 3.76% | 3.58% | 3.5% | 2.83% | 2.96% | 3.3% | 3.07% | 4.26% | 12.71% | 8.07% | 6.32% | 4.76% |
| Acquisitions | 471M | 0 | 0 | 0 | 43M | -1.86B | 647M | 0 | 811M | 5M | 24M | -320M | 0 | 0 | 0 | 0 | 0 | 43M | 58M | 0 | -41M | -2M | -61.8M | 0 | 53.3M | 118.2M | 172.6M | 49.5M | 493.3M | 37.6M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 662M | 1.82B | 183M | 23M | 72M | 37M | -667M | -30M | -867M | 2M | 35M | 49M | 49M | 48M | 33M | 141M | 59M | -7M | 15M | 1.57B | 180M | 196M | 55.2M | 184M | -111.6M | -129.8M | -28.2M | -159.8M | -138.8M | -17.7M | -62.4M |
| Cash from Financing | -1.16B | -1.77B | 225M | -333M | 575M | 1.31B | 203M | -307M | -243M | -415M | -860M | -985M | -11M | 1.08B | -426M | 994M | 179M | -654M | 348M | -1.44B | 1.65B | -175M | 189.1M | 1.13B | -156.8M | -103M | -3.6M | 1.18B | 246.3M | -205.8M | -206.8M |
| Debt Issued (Net) | -1.15B | -1.76B | 264M | -343M | 582M | 1.41B | 250M | -66M | 135M | 129M | -256M | -477M | 309M | 1.14B | -265M | 562M | 212M | -619M | 387M | -2.25B | 1.72B | -66M | 328M | 1.23B | -90.2M | 47M | 207.7M | 1.36B | 480.6M | -30.2M | -133.9M |
| Equity Issued (Net) | -2M | -6M | -3M | -2M | -6M | 9M | 0 | 0 | -220M | -400M | -487M | -127M | -234M | 22M | 3M | 492M | 1M | 2M | 5M | 937M | 12M | 7M | 2M | 200K | 18.7M | 1.7M | 4.2M | 14.1M | -46.4M | 2.7M | 86.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -37M | -148M | -138M | -110M | -82M | -68M | -75M | -41M | -29M | -15M | 0 | 0 | -55M | -100M | -69M | -52M | -28.9M | -15.7M | -86M | -175.6M | -215.5M | -187.5M | -187.9M | -178.3M | -159.7M |
| Share Repurchases | -2M | -6M | -3M | -2M | -6M | 0 | -1M | 0 | -220M | -400M | -500M | -180M | -234M | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -85.2M | -78.4M | 0 |
| Other Financing | -9M | -5M | -36M | 12M | -1M | -106M | -10M | -93M | -20M | -34M | -24M | -313M | -11M | -42M | -135M | -45M | -34M | -37M | 11M | -27M | -16M | -64M | -140.9M | -85.2M | -79.1M | 23.9M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -246M | 46M | -121M | -326M | 147M | -460M | 650M | 101M | -237M | -79M | -344M | -685M | -835M | 715M | -491M | 767M | 83M | 28M | -1.57B | -399M | 1.74B | 210M | 421.6M | 646.8M | -36.4M | 706.5M | 11.6M | 2.3M | -19.6M | 20.1M | -29.8M |
| Free Cash Flow | -126M | -30M | -490M | -18M | -540M | 81M | 468M | 437M | 105M | 277M | 508M | 704M | -583M | -230M | -89M | -270M | -20M | 551M | -1.88B | -607M | -111M | 251M | 201.2M | -753.3M | 218.5M | 831.1M | -104.7M | -1.06B | -617.2M | 241.7M | 280M |
| FCF Margin % | -0.7% | -0.16% | -2.6% | -0.09% | -2.6% | 0.46% | 3.8% | 2.96% | 0.68% | 1.8% | 3.35% | 4.28% | -3.21% | -1.18% | -0.42% | -1.19% | -0.11% | 3.38% | -9.64% | -3.09% | -0.59% | 1.39% | 1.1% | -4.99% | 1.58% | 5.87% | -0.73% | -7.95% | -4.72% | 1.85% | 2.16% |
| FCF Growth % | 75.68% | 93.88% | -2622.22% | 96.67% | -766.67% | -82.69% | 7.09% | 316.19% | -62.09% | -45.47% | -27.84% | 220.75% | -153.48% | -158.43% | 67.04% | -1250% | -103.63% | 129.34% | -209.39% | -446.85% | -144.22% | 24.75% | 126.71% | -444.76% | -73.71% | 893.79% | 90.14% | -72.12% | -355.36% | -13.68% | 652.69% |
| FCF per Share | 146.51 | -0.10 | -1.70 | -0.06 | -1.89 | 0.31 | 2.00 | 1.88 | 0.44 | 1.09 | 1.91 | 2.58 | -2.09 | -0.83 | -0.36 | -1.00 | -0.08 | 2.29 | -7.79 | -2.62 | -0.63 | 1.20 | 1.05 | -4.30 | 1.31 | 5.20 | -0.81 | -6.68 | -3.90 | 1.53 | 1.79 |
| FCF Conversion (FCF/Net Income) | 0.06x | -0.46x | 9.97x | -1.50x | 2.58x | 1.39x | -0.89x | -3.88x | 1.32x | 3.35x | 1.19x | 5.50x | 0.14x | 1.49x | 4.90x | 2.25x | -4.28x | -3.46x | 9.68x | 0.22x | -1.70x | 3.88x | 6.26x | 0.38x | -0.54x | -4.98x | 12.65x | 2.61x | 0.69x | 1.91x | 8.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 324M | 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 | 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 |
Persistent Liquidity and Leverage
According to the provided cash flow data, Goodyear exhibits a profound disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio that frequently swings into extreme negative territory, such as the -4.68x observed in 2025Q1, signaling significant underlying accrual-based volatility.
The recurring divergence between reported net income and cash generated from operations suggests that non-cash charges and working capital swings are masking the true cash-generative capacity of the core business. Investors should monitor whether this volatility is a byproduct of the ongoing restructuring plan or a structural inability to convert accounting profits into tangible liquidity.
As reported in financial statements, Goodyear's free cash flow trajectory remains highly erratic, with quarterly figures oscillating between a $1.3 billion inflow in 2025Q4 and a $893 million outflow in 2026Q1, reflecting a business model that struggles to maintain consistent positive cash generation.
The extreme variance in FCF margins, which reached -23.0% in the most recent quarter, indicates that the company is currently unable to self-fund its operations and capital requirements. This instability appears to be driven by the cyclical nature of the tire industry combined with the heavy burden of restructuring-related cash outflows.
Based on the reported figures, working capital changes have become a primary driver of cash flow volatility, with a massive $725 million outflow in 2026Q1 following a $1.3 billion inflow in 2025Q4, suggesting that inventory and receivables management remains highly sensitive to production and demand shifts.
The sharp swings in working capital suggest that the company is frequently forced to adjust inventory levels to manage liquidity, which may be exacerbating the cash flow deficits during periods of lower demand. This pattern warrants further investigation into whether the company is effectively managing its supply chain or merely reacting to volatile market conditions.
As indicated by the quarterly data, Goodyear maintains a consistent capital expenditure profile, with CapEx/Revenue ratios frequently exceeding 5%, such as the 7.0% observed in 2024Q1, which underscores the high-fixed-cost nature of its global manufacturing footprint and the necessity of ongoing asset reinvestment.
Despite the company's efforts to optimize its footprint, the persistent level of capital intensity suggests that maintenance requirements remain a significant drain on cash flow. This level of spending appears to be a structural necessity to remain competitive in the premium tire segment, even as the company faces broader operational headwinds.
Quick answers to the most common questions about buying GT stock.
The Goodyear Tire & Rubber Company (GT) generated $796.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Goodyear Tire & Rubber Company (GT) reported negative free cash flow of $30.0M in 2025, indicating capital requirements exceeded cash from operations.
The Goodyear Tire & Rubber Company (GT) spent $826.0M 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, The Goodyear Tire & Rubber Company (GT) spent $6.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.