Free cash flow exhibits extreme seasonal dependency, swinging from a $640 million inflow in 2025Q4 to a $158 million outflow in 2026Q1, reflecting significant volatility in working capital management.
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Feb'03 | Feb'02 | Feb'01 | Jan'00 | Jan'99 | Jan'98 | Feb'97 |
|---|
| Cash from Operations | 1.4B | 1.48B | 648M | 1.17B | 282M | 2.27B | 1.34B | 1.66B | 2.11B | 1.69B | 2.15B | 1.47B | 2.02B | 1.88B | 1.26B | 2.14B | 1.68B | 2.23B | 1.7B | 1.23B | 3.1B | 881.69M | 947.66M | 754.46M | 669.58M | 541.82M | 372.07M | 110.2M | 230.7M | -50.2M | 105.2M |
| Operating CF Margin % | - | 9.51% | 3.99% | 6.68% | 1.56% | 11.69% | 8.39% | 8.3% | 10.42% | 8.42% | 10.91% | 7.68% | 10.64% | 9.9% | 6.56% | 11.4% | 9.11% | 13% | 10.38% | 7.49% | 19.87% | 6.56% | 8.1% | 7.34% | 7.34% | 7.24% | 6.05% | 2.42% | 6.27% | -1.64% | 4.41% |
| Operating CF Growth % | 344.43% | 127.78% | -44.52% | 314.18% | -87.58% | 69.73% | -19.25% | -21.36% | 24.6% | -21.28% | 45.73% | -27.17% | 7.43% | 48.93% | -40.97% | 27.86% | -24.98% | 31.33% | 37.8% | -60.17% | 251.53% | -6.96% | 25.61% | 12.68% | 23.58% | 45.62% | 237.62% | -52.23% | 559.56% | -147.72% | 266.55% |
| Net Income | 272M | 272M | 109M | 317M | -19M | 938M | -163M | 691M | 801M | 859M | 556M | 673M | 867M | 889M | 986M | 1.17B | 1.11B | 991M | 885M | 1.08B | 1.11B | 841.96M | 730.38M | 591.15M | 643.38M | 495.68M | 372.15M | 258.14M | 192.3M | 141.3M | 102.5M |
| Depreciation & Amortization | 699M | 700M | 743M | 749M | 808M | 838M | 874M | 917M | 964M | 991M | 938M | 934M | 886M | 889M | 833M | 778M | 656M | 591M | 543M | 453.17M | 388.51M | 339.83M | 289.11M | 247.48M | 201.79M | 167.05M | 133.27M | 88.84M | 70.2M | 57.7M | 44.2M |
| Stock-Based Compensation | 34M | 34M | 30M | 42M | 30M | 48M | 40M | 56M | 87M | 55M | 41M | 48M | 48M | 55M | 50M | 57M | 66M | 64M | 55M | 0 | 44.7M | 43.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 69M | 69M | -85M | -8M | -84M | -92M | 18M | 51M | -31M | -61M | 13M | -38M | 46M | -7M | -79M | 144M | 38M | 52M | 84M | -11.96M | 9.22M | 18.79M | 82.43M | 71.63M | 53.32M | 17.21M | 427K | 4.92M | 900K | -2.8M | 4.9M |
| Other Non-Cash Items | -180M | 80M | 126M | 98M | 136M | 352M | 295M | 216M | 153M | 2M | 82M | 183M | 28M | 40M | 25M | 41M | 69M | 54M | 47M | 81.16M | -25.71M | -14.46M | -4.41M | 0 | 0 | 4.78M | 4.62M | 3.54M | 2.4M | 100K | 3.1M |
| Working Capital Changes | 503M | 321M | -275M | -30M | -589M | 187M | 274M | -274M | 133M | -155M | 518M | -326M | 149M | 18M | -550M | -44M | -267M | 482M | 87M | -371.86M | 1.57B | -348.37M | -149.85M | -155.8M | -228.91M | -142.9M | -237.51M | -245.23M | -35.1M | -249.3M | -49.5M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -249M | 139M | -133M | 36M | 96M | 0 | 138M | -97M | 60M | -60M | 308M | 0 | 0 | 1.65B | -262.43M | -239.47M | -154.86M | -154.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 243M | 203M | -60M | 315M | -116M | -467M | 768M | -51M | 79M | 264M | 249M | -215M | 68M | -116M | -523M | -158M | -107M | -119M | 60M | -275.02M | -350.53M | -290.59M | -339.99M | 20.01M | -428.69M | -195.02M | -208.85M | -177.08M | -101.6M | -92.6M | -102.6M |
| Change in Payables | 223M | 130M | -92M | -196M | -353M | 206M | 270M | 19M | -84M | -236M | 256M | -260M | 146M | 58M | 74M | 96M | -50M | 306M | 0 | 0 | 104.41M | 125.32M | 172.06M | 171.86M | 78.93M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -309M | -333M | -467M | -562M | -783M | -570M | -137M | -837M | -572M | -649M | -756M | -681M | -593M | -623M | -660M | -802M | -717M | -640M | -1.44B | -1.57B | -1.42B | -903.78M | -977.49M | -415.52M | -995.05M | -871.31M | -527.12M | -641.96M | -288.9M | -209M | -224.7M |
| Capital Expenditures | 0 | -372M | -466M | -577M | -826M | -605M | -334M | -855M | -578M | -672M | -768M | -690M | -682M | -643M | -785M | -927M | -761M | -666M | -1.01B | -1.54B | -1.14B | -799.42M | -889.6M | -831.6M | -715.97M | -662.01M | -480.98M | -625.39M | -248.9M | -202.7M | -223.4M |
| CapEx % of Revenue | 0% | 2.4% | 2.87% | 3.3% | 4.56% | 3.11% | 2.09% | 4.28% | 2.86% | 3.35% | 3.9% | 3.59% | 3.59% | 3.38% | 4.07% | 4.93% | 4.14% | 3.88% | 6.19% | 9.36% | 7.32% | 5.95% | 7.6% | 8.09% | 7.85% | 8.84% | 7.82% | 13.72% | 6.76% | 6.62% | 9.35% |
| Acquisitions | 0 | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 30.2M | 0 | 0 | 0 | 246.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -309M | -15M | -1M | 15M | 0 | 0 | 0 | 18M | 6M | 23M | 12M | 9M | 7M | 19M | 16M | -20M | 2M | -2M | 10M | -4.39M | -6.86M | -33.06M | -33.41M | -25.62M | -32.47M | -28.52M | -25.04M | -15.8M | -13.3M | -6.3M | -1.3M |
| Cash from Financing | -813M | -603M | -230M | -576M | -933M | -2.38B | 347M | -1.03B | -1.91B | -808M | -1.02B | -1.49B | -995M | -827M | -1.27B | -2.41B | -949M | 30M | -273M | 324.78M | -1.62B | 32.21M | 33.8M | -316.28M | 308.83M | 312.59M | 266.06M | 541.5M | 16.9M | 294.5M | 125.7M |
| Debt Issued (Net) | -1B | -542M | 7M | -340M | -10M | -854M | 504M | -108M | -1.07B | -138M | -116M | -273M | -108M | 186M | 248M | 169M | -57M | -60M | -16M | 969.13M | -109.6M | -5.1M | -13.29M | -362.35M | 280.99M | 276.46M | 227.28M | 279.08M | 1.18M | -1.48M | 122.6M |
| Equity Issued (Net) | 4M | 0 | -10M | -16M | -679M | -1.38B | -30M | -501M | -394M | -320M | -574M | -881M | -696M | -812M | -1.29B | -2.25B | -1B | 50M | -257M | -650.5M | -1.53B | 22.86M | 47.09M | 46.26M | 31.3M | 36.13M | 45.88M | 217.27M | 5.89M | 296.04M | 3.1M |
| Dividends Paid | -56M | -56M | -222M | -220M | -239M | -147M | -108M | -423M | -400M | -368M | -358M | -349M | -317M | -302M | -300M | -271M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 4M | 0 | -10M | -16M | -679M | -1.38B | -30M | -501M | -430M | -320M | -574M | -1.03B | -696M | -812M | -1.29B | -2.31B | -1B | -1M | -262M | -748M | -1.63B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 242M | -5M | -5M | 0 | -5M | -2M | -19M | 1M | -46M | 18M | 18M | 0 | 126M | 101M | 72M | -58M | 112M | -3M | -2M | 6.37M | 25.71M | 14.46M | 0 | -185K | -3.45M | 0 | -7.11M | 45.15M | 9.83M | -101K | 0 |
| Net Change in Cash | 276M | 549M | -49M | 30M | -1.43B | -684M | 1.55B | -211M | -374M | 234M | 367M | -700M | 436M | 434M | -668M | -1.07B | 10M | 1.62B | -14M | -8.63M | 62.33M | 10.12M | 3.97M | 22.66M | -16.64M | -16.9M | 111.01M | 9.75M | 16.9M | 294.5M | 125.7M |
| Free Cash Flow | 1.21B | 1.1B | 182M | 591M | -544M | 1.67B | 1B | 802M | 1.53B | 1.02B | 1.38B | 784M | 1.34B | 1.24B | 480M | 1.22B | 915M | 1.57B | 687M | -307.32M | 1.96B | 82.27M | 58.06M | -77.14M | -46.38M | -120.19M | -108.91M | -515.19M | -18.2M | -252.9M | -118.2M |
| FCF Margin % | 7.8% | 7.11% | 1.12% | 3.38% | -3.01% | 8.57% | 6.29% | 4.02% | 7.56% | 5.07% | 7.01% | 4.08% | 7.05% | 6.52% | 2.49% | 6.47% | 4.98% | 9.13% | 4.19% | -1.87% | 12.55% | 0.61% | 0.5% | -0.75% | -0.51% | -1.6% | -1.77% | -11.31% | -0.49% | -8.26% | -4.95% |
| FCF Growth % | 967.26% | 506.59% | -69.2% | 208.64% | -132.65% | 65.94% | 25.19% | -47.55% | 50.05% | -26.16% | 76.02% | -41.58% | 8.14% | 158.54% | -60.53% | 32.9% | -41.65% | 128.24% | 323.55% | -115.7% | 2278.8% | 41.71% | 175.27% | -66.3% | 61.41% | -10.36% | 78.86% | -2730.7% | 92.8% | -113.96% | -13.98% |
| FCF per Share | 10.49 | 9.60 | 1.63 | 5.32 | -4.53 | 11.26 | 6.52 | 5.08 | 9.27 | 6.07 | 7.71 | 4.02 | 6.58 | 5.64 | 2.03 | 4.49 | 2.99 | 5.12 | 2.24 | -0.96 | 5.84 | 0.24 | 0.17 | -0.21 | -0.13 | -0.36 | -0.33 | -1.54 | -0.06 | -0.82 | -0.39 |
| FCF Conversion (FCF/Net Income) | 4.43x | 5.43x | 5.94x | 3.68x | -14.84x | 2.42x | -8.21x | 2.40x | 2.63x | 1.97x | 3.86x | 2.19x | 2.33x | 2.12x | 1.28x | 1.84x | 1.50x | 2.30x | 1.92x | 1.14x | 2.80x | 1.05x | 1.35x | 1.30x | 1.05x | 1.09x | 1.00x | 0.43x | 1.20x | -0.36x | 1.03x |
| Interest Paid | 0 | 0 | 312M | 331M | 284M | 246M | 254M | 193M | 282M | 297M | 299M | 318M | 329M | 326M | 318M | 297M | 304M | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 78M | 69M | 111M | 370M | 419M | 172M | 308M | 272M | 314M | 372M | 502M | 561M | 654M | 550M | 689M | 470M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal cash flow volatility
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 5.29 in 2026Q1 to a negative -8.86 in 2024Q3, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme variance in the OCF/NI ratio indicates that accruals and working capital swings are the primary drivers of cash flow, rather than consistent operational profitability. Investors should monitor this divergence as it suggests that net income may be a poor proxy for the company's underlying ability to generate liquidity.
As reported in financial statements, Kohl's exhibits a pronounced seasonal dependency in free cash flow, with the company generating $640 million in 2025Q4 while suffering a $158 million outflow in 2026Q1, highlighting the structural challenge of maintaining positive cash flow outside of the holiday period.
The trajectory of FCF appears tethered to the fourth-quarter retail cycle, leaving the company vulnerable to cash burn during the first half of the fiscal year. This pattern suggests that the business model requires significant working capital to bridge the gap between seasonal peaks, which may limit management's flexibility.
Based on reported figures, working capital changes have been a massive source of volatility, ranging from a $519 million inflow in 2025Q4 to a $282 million outflow in 2025Q1, which underscores the difficulty in managing inventory levels relative to fluctuating consumer demand across the fiscal year.
The significant swings in working capital suggest that inventory management is likely reactive rather than proactive, leading to large cash outflows when inventory builds up ahead of seasonal periods. This volatility warrants further investigation into whether the company's inventory turnover metrics are deteriorating, as these shifts directly impact the company's liquidity position.
Data from recent filings indicates that Kohl's maintains a capital intensity ratio, measured as CapEx to revenue, consistently between 1.4% and 3.7%, suggesting that the company is forced to commit significant capital to store maintenance despite the ongoing contraction in top-line revenue growth.
The persistent level of CapEx relative to revenue may indicate that the company is struggling to optimize its physical footprint, as maintenance costs remain sticky even as sales decline. This capital intensity appears to be a drag on free cash flow, potentially limiting the funds available for debt reduction or strategic digital investments.
Quick answers to the most common questions about buying KSS stock.
Kohl's Corporation (KSS) generated $1.48B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kohl's Corporation (KSS) generated $1.10B 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.
Kohl's Corporation (KSS) spent $372.0M 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, Kohl's Corporation (KSS) returned $56.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.