Operating cash flow of $102M in Q2 2026 was 3.6x net income, with FCF margin of 7.8%, but capital deployment prioritizes debt reduction over shareholder returns.
JBT Marel Corporation (JBTM) cash flow statement — 20-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 |
|---|
| Cash from Operations | 426.1M | 341.7M | 233.6M | 39.6M | 142.3M | 223.8M | 252M | 110.2M | 153.9M | 104.6M | 67.4M | 111.9M | 77.7M | 62M | 86M | 36.4M | 17.5M | 54.1M | 81.8M | 33.7M | 96M |
| Operating CF Margin % | - | 9% | 13.61% | 2.38% | 8.95% | 15.98% | 14.59% | 5.66% | 8.02% | 6.4% | 4.99% | 10.11% | 7.89% | 6.64% | 9.38% | 3.81% | 1.99% | 6.43% | 7.96% | 3.45% | 11.37% |
| Operating CF Growth % | 262.1% | 46.28% | 489.9% | -72.17% | -36.42% | -11.19% | 128.68% | -28.4% | 47.13% | 55.19% | -39.77% | 44.02% | 25.32% | -27.91% | 136.26% | 108% | -67.65% | -33.86% | 142.73% | -64.9% | - |
| Net Income | 192.1M | -50.5M | 85.4M | 582.6M | 103.8M | 119.1M | 108.8M | 129.3M | 104.4M | 82.1M | 68M | 56M | 30.8M | 34M | 37.1M | 30.8M | 37.9M | 32.8M | 44.1M | 40.1M | 34.8M |
| Depreciation & Amortization | 257.1M | 266.2M | 89.4M | 91.3M | 77.5M | 72.1M | 71.8M | 65.6M | 57.7M | 51.7M | 38.5M | 29.6M | 25.3M | 25M | 23.6M | 24.1M | 22.9M | 22.6M | 25.5M | 25.1M | 23.2M |
| Stock-Based Compensation | 7M | 23.2M | 14.7M | 11.4M | 0 | 5.5M | 1.9M | 9.4M | 9.7M | 9M | 9.9M | 7.2M | 7.3M | 6.9M | 7.5M | 5.2M | 7.3M | 7.9M | 8.4M | 8.6M | 7.8M |
| Deferred Taxes | -72.6M | 0 | 0 | 0 | -19.1M | 0 | 9.8M | 19.8M | 4.8M | 18.3M | -100K | 5.8M | 4.9M | 5.7M | 6.7M | 3.4M | 8.8M | 6.6M | 0 | 0 | 0 |
| Other Non-Cash Items | 67.9M | 129.1M | 90.3M | -668M | 24.9M | 100.8M | 10.6M | 15.1M | -20.6M | -2.3M | -2.2M | -1.6M | 1.5M | -3.3M | 600K | 800K | -6.9M | 11.7M | 16.6M | 2.2M | 1.6M |
| Working Capital Changes | -26.2M | -26.3M | -46.2M | 22.3M | -44.8M | -73.7M | 49.1M | -129M | -2.1M | -54.2M | -46.7M | 14.9M | 7.9M | -6.3M | 10.5M | -27.9M | -52.5M | -27.5M | -12.8M | -42.3M | 28.6M |
| Change in Receivables | -46.5M | 13.7M | -59.2M | -21.6M | -28.2M | -29.1M | 62.5M | -18.8M | -7.2M | -35.8M | -29M | -11.3M | 9.8M | 800K | 2.3M | 200K | -54.6M | 13.7M | 4.2M | -17.3M | 20.5M |
| Change in Inventory | -49.2M | -53.9M | 3.7M | 26.9M | -47.3M | -36.9M | 44M | -5.7M | -7.5M | -23.7M | -2.9M | 15.6M | 7.7M | -9.6M | 14.6M | -19.8M | 3.3M | 22.8M | 17M | -32M | -11.5M |
| Change in Payables | 14.4M | -16.3M | 0 | 0 | 29.1M | 0 | -61M | -3.7M | 35.8M | 8.5M | 16.1M | 10.4M | 2.1M | -1.9M | 5.2M | -2M | 19.1M | -3.4M | -32M | 13.6M | 0 |
| Cash from Investing | -80.6M | -1.84B | -41.3M | 725.9M | -416.1M | -272.9M | -37.3M | -401.7M | -94.4M | -139.9M | -266.8M | -185.1M | -126.6M | -28.1M | -32.6M | -21.4M | -23.7M | -24.8M | -24.6M | -12.1M | -20M |
| Capital Expenditures | -116.1M | -103.6M | -37.9M | -55.1M | -84.6M | -51.7M | -34.3M | -37.9M | -39.8M | -37.9M | -37.1M | -37.7M | -36.7M | -29.2M | -24.7M | -20.8M | -24.3M | -19.8M | -22.9M | -23M | -22.7M |
| CapEx % of Revenue | 2.96% | 2.73% | 2.21% | 3.31% | 5.32% | 3.69% | 1.99% | 1.95% | 2.07% | 2.32% | 2.75% | 3.4% | 3.73% | 3.13% | 2.69% | 2.18% | 2.76% | 2.35% | 2.23% | 2.35% | 2.69% |
| Acquisitions | 33.4M | -1.75B | 0 | -100K | -328.6M | -224.5M | -4.5M | -365.9M | -57.5M | -104.2M | -232M | -150.9M | -91.3M | 0 | -10M | 0 | -400K | -6.7M | -4.5M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.1M | 6.5M | -3.4M | 781.1M | -2.9M | 3.3M | 1.5M | 2.1M | 2.9M | 2.2M | 2.3M | 3.5M | 1.4M | 1.1M | 2.1M | -600K | 1M | 1.7M | 2.8M | 10.9M | 2.7M |
| Cash from Financing | -363.7M | 458.1M | 561.8M | -354.1M | 270.6M | 80.8M | -207.4M | 287.5M | -48.3M | 34.7M | 194.9M | 83.9M | 61.9M | -101.6M | 36.1M | -18.5M | 4.9M | -60.2M | -22.1M | -23.2M | -68.9M |
| Debt Issued (Net) | -238.5M | 596.4M | 579M | -339.6M | 292.7M | 151.1M | -192.4M | 311.5M | 474.7M | -115.9M | 215.1M | 106.4M | 77.9M | -89.5M | 51.2M | -6.8M | 14.7M | 0 | 184.4M | 900K | 0 |
| Equity Issued (Net) | 25.1M | 51.1M | -3M | -6.8M | -7.7M | -2.2M | 0 | 0 | -20M | 179.1M | -4.3M | -7.7M | -2.8M | -200K | -3.6M | -300K | 0 | 0 | -700K | 0 | 0 |
| Dividends Paid | -21.4M | -20.9M | -13.1M | -12.8M | -13.1M | -12.8M | -12.8M | -12.7M | -13.1M | -12.7M | -11.8M | -11.2M | -10.7M | -10.1M | -8.5M | -8.4M | -8.1M | -7.7M | -205.8M | -24.1M | 0 |
| Share Repurchases | -26M | 0 | -3M | -6.8M | -7.7M | -2.2M | 0 | 0 | -20M | -5M | -4.3M | -7.7M | -2.8M | -200K | -3.6M | -300K | 0 | 0 | -700K | 0 | 0 |
| Other Financing | -128.9M | -168.5M | -1.1M | 5.1M | -1.3M | -55.3M | -2.2M | -11.3M | -489.9M | -15.8M | -4.1M | -3.6M | -2.5M | -1.8M | -3M | -3M | -1.7M | -52.5M | 0 | 0 | -68.9M |
| Net Change in Cash | -18.5M | -1.04B | 745.1M | 411.6M | -7.1M | 29.4M | 8M | -3.5M | 9M | 800K | -4M | 3.9M | 3.9M | -69.6M | 90M | -4.7M | -700K | -29.2M | 34.1M | -800K | 7.6M |
| Free Cash Flow | 310M | 238.1M | 195.7M | -15.5M | 57.7M | 172.1M | 217.7M | 72.3M | 114.1M | 66.7M | 30.3M | 74.2M | 41M | 32.8M | 61.3M | 15.6M | -6.8M | 34.3M | 58.9M | 10.7M | 73.3M |
| FCF Margin % | 7.9% | 6.27% | 11.4% | -0.93% | 3.63% | 12.29% | 12.6% | 3.72% | 5.94% | 4.08% | 2.24% | 6.7% | 4.17% | 3.51% | 6.68% | 1.63% | -0.77% | 4.08% | 5.73% | 1.09% | 8.68% |
| FCF Growth % | 10.67% | 21.67% | 1362.58% | -126.86% | -66.47% | -20.95% | 201.11% | -36.63% | 71.06% | 120.13% | -59.16% | 80.98% | 25% | -46.49% | 292.95% | 329.41% | -119.83% | -41.77% | 450.47% | -85.4% | - |
| FCF per Share | 5.94 | 4.55 | 6.08 | -0.48 | 1.80 | 5.36 | 6.78 | 2.26 | 3.54 | 2.09 | 1.02 | 2.49 | 1.37 | 1.10 | 2.08 | 0.53 | -0.23 | 1.20 | 2.12 | 0.39 | 2.67 |
| FCF Conversion (FCF/Net Income) | 1.61x | -6.77x | 2.74x | 0.07x | 1.04x | 1.88x | 2.32x | 0.85x | 1.48x | 1.30x | 1.00x | 2.00x | 2.52x | 1.87x | 2.38x | 1.19x | 0.47x | 1.65x | 1.85x | 0.93x | 2.77x |
| Interest Paid | 0 | 0 | 7.5M | 20.7M | 0 | 8.8M | 14.2M | 21.9M | 16M | 13.1M | 10.4M | 7.7M | 7.7M | 6.7M | 6.9M | 6.8M | 7.9M | 8.6M | 1.6M | 100K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 36.4M | 29.2M | 19.8M | 24M | 25.8M | 13.8M | 8.2M | 7.7M | 9.2M | 10.8M | 16.5M | 8.5M | 13.4M | 10.2M | 0 |
Quick answers to the most common questions about buying JBTM stock.
JBT Marel Corporation (JBTM) generated $341.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JBT Marel Corporation (JBTM) generated $238.1M 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.
JBT Marel Corporation (JBTM) spent $103.6M 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, JBT Marel Corporation (JBTM) returned $20.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Integration costs and margin dilution
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from GAAP Earnings
Operating cash flow exceeded net income by 3.6x in Q2 2026, per reported figures, indicating substantial non-cash charges from the Marel acquisition are depressing earnings while cash generation remains solid.
The OCF/NI ratio of 3.64 in Q2 2026, up from 2.64 in Q1, underscores that reported net income is heavily burdened by non-cash amortization and integration costs. This suggests that cash earnings power is significantly stronger than GAAP profitability, but investors should monitor whether this gap narrows as integration charges subside.
Free Cash Flow Rebound After Merger Dip
FCF margin recovered to 7.8% in Q2 2026 from a trough of 1.7% in Q1, per cash flow data, as operating cash flow normalized post-acquisition, though still below pre-merger levels.
The Q1 2026 FCF of $14.4M was a clear trough, reflecting the massive $1.7B acquisition outflow and integration-related working capital drag. The sequential improvement to $77M in Q2 suggests the combined entity is generating positive cash flow, but the FCF margin remains below the 25.4% seen in Q4 2024, indicating that the merger has yet to deliver full cash flow synergies.
Capital Intensity Stable Amid Integration
CapEx/Revenue held at 2.5% in Q2 2026, per reported figures, suggesting disciplined capital spending despite the Marel integration, with maintenance capex likely dominating as the company focuses on operational consolidation.
CapEx has remained in the $18-34M range over the past year, with the ratio to revenue staying below 3.5% even as revenue surged 121% year-over-year. This indicates that the combined entity is not yet investing heavily in growth capex, which may be prudent during integration but could limit future expansion if sustained.
Working Capital Volatility Signals Integration Drag
Working capital changes swung from -$45.7M in Q3 2025 to +$62.5M in Q4 2025, per cash flow data, reflecting merger-related disruptions in receivables and payables that are now normalizing.
The erratic working capital swings, including a -$38M drag in Q2 2026, suggest that the Marel acquisition has disrupted normal cash conversion cycles. While Q4 2025 saw a large positive contribution, the recent negative changes indicate ongoing integration challenges in aligning billing and payment processes. Investors should monitor whether these swings stabilize as systems are unified.
Capital Deployment Focused on Debt Reduction
Acquisition-related outflows of $1.7B in Q1 2026, per cash flow data, were followed by modest buybacks and dividends, indicating a priority on deleveraging and integration over shareholder returns.
The company paid $6M in dividends and repurchased $26M in Q2 2026, but these are minimal relative to the massive acquisition spend. The $2M net acquisition inflow in Q2 suggests the company is not pursuing further M&A, likely to focus on paying down debt. This conservative deployment is appropriate given the balance sheet strain from the Marel deal.
Cumulative Cash Earnings Outpace GAAP
Over the last five quarters, cumulative operating cash flow of $900M exceeds cumulative net income of $76M, per reported data, highlighting the gap between cash generation and accounting profitability.
The persistent OCF/NI ratio above 1.0, except in Q1 2026, indicates that non-cash charges such as amortization and impairment are masking the company's true cash-generating ability. This divergence is typical post-merger but warrants monitoring; if the gap narrows without margin improvement, it could signal deteriorating cash conversion.
What the Cash Flow Statement Obscures
The cash flow statement may obscure the true cost of integration, as SBC is minimal and acquisition-related outflows are lumpy, per reported data, potentially understating ongoing cash needs.
SBC is negligible in most quarters, suggesting that the company is not heavily diluting shareholders, but the massive acquisition outflow in Q1 2026 distorts cash flow trends. Additionally, the negative net margin and high D&A imply that cash flow is boosted by non-cash charges, which may not be sustainable once integration costs subside. Investors should adjust for these items to assess normalized cash generation.