Cash flow remains highly volatile due to working capital swings, exemplified by a $1.4 billion variance in 2025Q4, which complicates the sustainability of recent capital returns like the $75 million in 2026Q1 share buybacks.
| 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 |
|---|
| Cash from Operations | 1.12B | 916.13M | 333.84M | 58.82M | -361.11M | -1.16B | 1.49B | 561.67M | 904.76M | -639.39M | -62.14M | 1.46B | -490.1M | 466.04M |
| Operating CF Margin % | - | 1.74% | 0.7% | 0.12% | -0.71% | -2.13% | 3.04% | 1.19% | 1.79% | -1.37% | -0.15% | 3.38% | -1.05% | 1.1% |
| Operating CF Growth % | 376.48% | 174.42% | 467.52% | 116.29% | 68.86% | -177.77% | 165.49% | -37.92% | 241.5% | -929.03% | -104.27% | 397.07% | -205.16% | - |
| Net Income | 357.56M | 327.88M | 264.22M | 352.71M | 2.39B | 756.95M | 640.47M | 503.62M | 352.19M | 198.96M | 100.43M | 215.1M | 266.69M | 310.58M |
| Depreciation & Amortization | 168.62M | 197.19M | 318.27M | 292.79M | 298.37M | 356.34M | 345.64M | 338.04M | 208.98M | 202.93M | 203.71M | 153.14M | 146.03M | 128.91M |
| Stock-Based Compensation | 25.23M | 0 | 34.07M | 0 | 0 | 0 | 0 | 0 | 29.64M | 28.06M | 27.63M | 39.89M | 36.02M | 30.34M |
| Deferred Taxes | -763K | 0 | -14.98M | -55.16M | 16.57M | 5.51M | 7.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -912.94M | 205.39M | 14.77M | 32.15M | -2.37B | -148.38M | -20.52M | -323.43M | 1.19B | 263.46M | 996.5M | 91.33M | 231.72M | 209.79M |
| Working Capital Changes | 1.38B | 185.67M | -282.51M | -563.66M | -701.8M | -2.13B | 517.74M | 43.45M | -880.3M | -1.33B | -1.39B | 956.48M | -1.17B | -213.59M |
| Change in Receivables | -2.6B | -1.11B | -1.06B | -299.83M | -590.58M | 1.86B | -522.28M | 77.54M | -380.87M | -915.12M | -692.49M | 399.54M | -601.08M | -66.4M |
| Change in Inventory | 550.31M | -88.22M | -225.83M | 772.4M | -210.22M | -418.55M | -376.19M | 349.18M | -179.75M | -388.55M | -498.71M | 596.49M | -405.61M | -159.78M |
| Change in Payables | 1.99B | 1.71B | 976.17M | -738.39M | 349.74M | -2.54B | 1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 233.59M | 267.64M | 105.54M | -17.71M | 3.03B | -111.88M | -38.22M | -173.4M | -118.07M | -152.55M | -320.8M | -596.04M | -72.29M | -228.36M |
| Capital Expenditures | -72.36M | -130.75M | -142.7M | -201.53M | -135.78M | -126.32M | -135.13M | -168.78M | -136.85M | -139.65M | -110.58M | -122.92M | -88.65M | -95.64M |
| CapEx % of Revenue | 0.13% | 0.25% | 0.3% | 0.42% | 0.27% | 0.23% | 0.28% | 0.36% | 0.27% | 0.3% | 0.26% | 0.29% | 0.19% | 0.22% |
| Acquisitions | 0 | 0 | 0 | -2.95M | -2.11M | -29.25M | -25.17M | -5.7M | -3.42M | -82.75M | -174.97M | -479.35M | -40.92M | -135.76M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 305.93M | 398.4M | 248.24M | 186.77M | 3.17B | 43.7M | 122.08M | 1.08M | 22.21M | 69.85M | -35.25M | 6.22M | 57.28M | 3.05M |
| Cash from Financing | -360.52M | -306.22M | -391.3M | -477.94M | -2.47B | 1.58B | -817.53M | -252.43M | -788.47M | 545.98M | 240.91M | -577.18M | 619.69M | -155.91M |
| Debt Issued (Net) | -321.34M | -209.59M | -566.65M | -448.6M | -472.4M | 2.03B | -477.41M | -1.18M | -584.97M | 683.38M | 160.99M | -307.89M | 594.78M | -195.73M |
| Equity Issued (Net) | -3.09M | -3.09M | -14.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -259.03M | 0 | 0 |
| Dividends Paid | -79.99M | -78.38M | -6.17M | -10.46M | -1.75B | -430.36M | -359.94M | -248.66M | -182.5M | -105.76M | 0 | -30.18M | 0 | 0 |
| Share Repurchases | -78.09M | -3.09M | -36.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -259.03M | 0 | 0 |
| Other Financing | 43.91M | -15.16M | 195.69M | -18.88M | -239.22M | -19.59M | 19.82M | -2.58M | -21M | -31.64M | 79.92M | 19.91M | 24.91M | 39.82M |
| Net Change in Cash | 58.3M | 946.32M | -30.09M | -371.65M | 90.12M | 288.23M | 738.07M | 137.87M | -15.61M | -246.61M | -139.1M | 242.49M | 18.39M | 674.39M |
| Free Cash Flow | 979.24M | 785.37M | 191.14M | -142.71M | -496.89M | -1.29B | 1.36B | 392.89M | 767.91M | -779.04M | -172.72M | 1.33B | -578.75M | 370.4M |
| FCF Margin % | 1.81% | 1.49% | 0.4% | -0.3% | -0.98% | -2.36% | 2.76% | 0.83% | 1.52% | -1.67% | -0.41% | 3.1% | -1.24% | 0.87% |
| FCF Growth % | 911.62% | 310.9% | 233.93% | 71.28% | 61.36% | -194.83% | 245.14% | -48.84% | 198.57% | -351.06% | -112.96% | 330.33% | -256.25% | - |
| FCF per Share | 4.11 | 3.34 | 0.85 | -0.61 | -2.12 | -5.48 | 5.77 | 1.67 | - | - | - | 0.00 | -0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | 2.74x | 2.79x | 1.26x | 0.17x | -0.15x | -2.44x | 2.33x | 1.12x | 2.57x | -3.21x | -0.62x | 6.77x | -1.84x | 1.50x |
| Interest Paid | 0 | 0 | 336.43M | 378.55M | 0 | 0 | 73.53M | 106.68M | 0 | 0 | 0 | 79.83M | 77.23M | 57.49M |
| Taxes Paid | 0 | 0 | 252.22M | 271.54M | 0 | 0 | 135.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -7.88 in 2025Q2 to 12.85 in 2025Q4, suggesting that reported earnings are frequently decoupled from the actual cash generation of the underlying business operations.
The extreme variance in cash conversion highlights the company's reliance on timing-sensitive working capital movements rather than consistent operational cash generation. Investors should monitor whether this disconnect reflects structural inefficiencies in cash collection or merely the cyclical nature of large-scale hardware distribution.
Based on Ingram Micro's reported figures, free cash flow margins have exhibited significant instability, oscillating between a peak of 10.2% in 2025Q4 and a trough of -2.6% in 2025Q2, indicating that the company's ability to retain cash is highly sensitive to quarterly operational fluctuations.
This erratic FCF trajectory suggests that the business model struggles to produce reliable cash surpluses, even during periods of top-line growth. The lack of a consistent positive FCF trend warrants further investigation into whether the company's capital-intensive nature permanently limits its ability to generate sustainable shareholder value.
According to recent SEC filings, working capital changes are the primary driver of cash flow variance, with quarterly swings reaching as high as $1.4 billion in 2025Q4, which underscores the company's extreme sensitivity to inventory management and the timing of trade credit cycles with its vendor base.
The massive quarterly shifts in working capital suggest that Ingram Micro's cash position is heavily dependent on the synchronization of payables and receivables. This reliance on working capital management creates a risk where minor disruptions in supply chain velocity can lead to significant, albeit temporary, liquidity pressures.
As indicated by the provided data, Ingram Micro has continued to return capital through dividends and share repurchases, including $75 million in buybacks in 2026Q1, despite periods of negative free cash flow, which may indicate a management preference for maintaining shareholder returns over liquidity preservation.
The decision to prioritize buybacks during quarters of negative FCF suggests a high degree of confidence in the company's balance sheet resilience. However, investors should monitor whether this capital allocation strategy remains sustainable if the current volatility in operating cash flow persists over the long term.
Quick answers to the most common questions about buying INGM stock.
Ingram Micro Holding Corporation (INGM) generated $916.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ingram Micro Holding Corporation (INGM) generated $785.4M 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.
Ingram Micro Holding Corporation (INGM) spent $130.8M 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, Ingram Micro Holding Corporation (INGM) returned $78.4M to shareholders via cash dividends and spent $3.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.