Cash flow generation remains inconsistent, evidenced by free cash flow margins that oscillated between a negative 2.6% in 2025Q3 and a peak of 16.4% in 2024Q2.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 |
|---|
| Cash from Operations | 704.7M | 545.7M | 898.4M | 435.5M | 228.1M | 737.3M | 469.59M | 412.19M | 420.37M | 525.94M | 306.55M | 218.33M | 232.91M | 411.27M | 530.98M | 1.8M | 146.3M | 388.8M | 224.8M | 302.3M | 261.9M | -43.8M | 199.9M | -162.2M | 191.7M | 141.9M | 305.9M |
| Operating CF Margin % | - | 8.69% | 14.14% | 7.05% | 3.7% | 12.79% | 10.55% | 7.15% | 7.54% | 10.72% | 6.73% | 4.86% | 4.9% | 8.78% | 11.52% | 0.04% | 3.32% | 9.47% | 5.11% | 6.93% | 6.25% | -1.06% | 4.91% | -3.97% | 4.63% | 3.33% | 6.59% |
| Operating CF Growth % | 216.02% | -39.26% | 106.29% | 90.92% | -69.06% | 57.01% | 13.93% | -1.95% | -20.07% | 71.57% | 40.41% | -6.26% | -43.37% | -22.54% | 29398.67% | -98.77% | -62.37% | 72.95% | -25.64% | 15.43% | 697.95% | -121.91% | 223.24% | -184.61% | 35.1% | -53.61% | - |
| Net Income | 618.9M | 502M | 210.6M | 249.6M | 569.1M | 553.5M | -127.14M | 394.98M | 285.24M | 284.56M | 291.21M | 209.89M | 104.31M | 229.19M | 143.85M | 138M | 156.5M | 151.9M | 229.3M | 460.4M | 239M | 155.9M | 30.4M | -349.3M | 25M | 151M | 223.4M |
| Depreciation & Amortization | 212.6M | 206.3M | 193.2M | 165.3M | 158.9M | 143.2M | 141.79M | 123.94M | 120.2M | 117.39M | 103.88M | 102.04M | 109.47M | 115.72M | 122.61M | 117.8M | 104.9M | 84.6M | 78M | 67.5M | 62.2M | 59.4M | 62.6M | 64.2M | 71.1M | 80.6M | 91M |
| Stock-Based Compensation | 78.1M | 81.6M | 62.8M | 74.4M | 60.8M | 60.1M | 50.95M | 55.19M | 18.41M | 25.81M | 9.33M | 15.14M | 12.44M | 18.6M | 5.96M | 8.44M | 0 | 6.83M | 6.83M | 4.98M | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -200K | -16.4M | -91.1M | -104.3M | -59.8M | -87.9M | -95.24M | -14.96M | 134.26M | -486K | 66.08M | 58.39M | -28.18M | 37.5M | 19.9M | 16.2M | 31.1M | -5.1M | 75.8M | -150.1M | 39.5M | 1.8M | -2.6M | -98.8M | -102.3M | 7.8M | 55.2M |
| Other Non-Cash Items | -143.1M | -86.2M | 172.4M | 159M | 49.4M | 92.2M | 116.58M | 16.84M | 901K | 91.43M | -5.22M | 6.92M | 75.22M | 46.4M | 264.52M | -257.94M | -265.34M | 84.38M | -231.63M | 78.32M | -230.38M | -309.2M | 278.7M | 17.5M | 275M | -194.6M | 152.3M |
| Working Capital Changes | 19.7M | -141.6M | 350.5M | -108.5M | -550.3M | -23.8M | 382.65M | -163.8M | -138.64M | 7.25M | -158.72M | -174.04M | -40.36M | 1.36M | 233.26M | -20.7M | 112.7M | 65.2M | 66.5M | -158.8M | 148.6M | 48.3M | -169.2M | 204.2M | -77.1M | 97.1M | -216M |
| Change in Receivables | 0 | -48.9M | 14.8M | 0 | 0 | -181.55M | 234.22M | -82.34M | -60.47M | 3.98M | 6.15M | 4.06M | -51.37M | 65.95M | 145.72M | -116M | -30.26M | 27.57M | 61.71M | -18.07M | 46.57M | -21.36M | -88.09M | 116.35M | -39.3M | 38.9M | 99.2M |
| Change in Inventory | 0 | -51.6M | 14.9M | 0 | 0 | -84.67M | 93.1M | -22.43M | -147.39M | -14.41M | -121.38M | 28.57M | -6.18M | -63.92M | 87.55M | -6.85M | -148.53M | 113.01M | -21.78M | 40.42M | -6.09M | 3.13M | 100.94M | -77.07M | 18.5M | 42M | 19.3M |
| Change in Payables | 0 | -69.3M | 105.1M | 0 | 0 | 150.51M | 12.51M | 8.89M | 151.13M | 35.71M | 43.04M | -80.22M | -28.87M | 3.11M | 46.58M | -55.3M | 39.89M | -55.65M | -93.01M | 16.17M | 18.54M | -38.44M | 105.11M | 80.47M | 400K | 35.3M | -7.1M |
| Cash from Investing | 28.7M | -68.7M | -281.1M | -240.7M | -235.7M | -571.8M | -188.56M | -243.34M | -179.39M | -124.39M | -68.35M | -80.83M | -71.85M | -92.8M | -75.2M | -141M | -181.8M | -233M | -26.8M | -107.3M | -69.6M | -34.7M | -12.9M | -84.5M | -59.4M | -17.2M | 154.2M |
| Capital Expenditures | -214.2M | -221.4M | -227.5M | -313.6M | -267.1M | -166.9M | -130.38M | -175.36M | -159.41M | -118.62M | -102.95M | -104.58M | -73.4M | -91.77M | -83.86M | -130.58M | -154.63M | -82.94M | -80.35M | -92.52M | -77.08M | -41.87M | -16.3M | -68.61M | -59.1M | -22.5M | -28M |
| CapEx % of Revenue | 3.3% | 3.52% | 3.58% | 5.08% | 4.33% | 2.9% | 2.93% | 3.04% | 2.86% | 2.42% | 2.26% | 2.33% | 1.54% | 1.96% | 1.82% | 2.74% | 3.51% | 2.02% | 1.83% | 2.12% | 1.84% | 1.01% | 0.4% | 1.68% | 1.43% | 0.53% | 0.6% |
| Acquisitions | 217.8M | 217.8M | -34.4M | -12.1M | 0 | -390.9M | -54.57M | 0 | 0 | 0 | 0 | 0 | -318K | -400K | -491K | 0 | -12.24M | -100.27M | -1M | -3M | -2M | -3M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 114.6M | 24.3M | -1.8M | -1.9M | -1.2M | 0 | 0 | 0 | 0 | -5.77M | 34.6M | 23.75M | 1.86M | -627K | 8.66M | -9.93M | -14.93M | -49.79M | 54.55M | -11.78M | 9.48M | 10.17M | 3.4M | -15.89M | -300K | 5.3M | 182.2M |
| Cash from Financing | -602.9M | -416.3M | -319.3M | -214.1M | -365.4M | -840.9M | 286M | 55.02M | -148.63M | -151.83M | -173.55M | -94.89M | -341.68M | -230.51M | -250.94M | 77.7M | 32.3M | -97.2M | -135.5M | -325.5M | -155.2M | 23.1M | -32.1M | 349.1M | -140.3M | -139.9M | -527.1M |
| Debt Issued (Net) | -24M | -24M | 53.7M | 0 | 0 | -534M | 506.09M | -23.27M | -1.28M | -22.83M | -110.68M | -36.1M | -305.56M | -187.28M | -231.03M | 102.02M | 53.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -351.6M | -150.5M | -90.1M | -8.1M | -175.7M | -85.9M | -56.24M | 192.66M | -27.09M | -25.1M | -2.56M | -4.17M | -5.31M | -5.74M | -603K | -489K | -78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -215.3M | -212.9M | -198.5M | -190.5M | -174.3M | -104.4M | -63.64M | -113.91M | -90M | -70M | -60M | -50M | -30M | -25.08M | -20.04M | -20.02M | 0 | -1.11M | -1.11M | -3.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -351.6M | -150.5M | -90.1M | -8.1M | -175.7M | -85.9M | -56.24M | -43.98M | -27.09M | -25.1M | -2.56M | -4.17M | -5.31M | -5.74M | -603K | -489K | -78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12M | -28.9M | -84.4M | -15.5M | -15.4M | -116.6M | -100.21M | -463K | -30.27M | -33.9M | -304K | -4.62M | -798K | -12.41M | 733K | -3.81M | -713K | -134.35M | -134.35M | -322.39M | -155.23M | 23.1M | -32.1M | 349.1M | -140.32M | -139.9M | -527.1M |
| Net Change in Cash | 142.2M | 67.9M | 291.2M | -30.8M | -380.7M | -687.3M | 562.4M | 220.54M | 79.5M | 257.07M | 56.99M | 20.32M | -191M | 83.16M | 201.63M | -65.2M | -1.1M | 60M | 54.9M | -123.6M | 39.9M | -60M | 156.2M | 107.5M | -6.4M | -14.2M | -75.8M |
| Free Cash Flow | 490.5M | 324.3M | 670.9M | 121.9M | -39M | 570.4M | 339.2M | 236.83M | 260.96M | 407.32M | 203.6M | 113.75M | 159.51M | 319.5M | 447.12M | -128.78M | -8.33M | 305.86M | 144.45M | 209.78M | 184.82M | -85.67M | 183.6M | -230.81M | 132.6M | 119.4M | 277.9M |
| FCF Margin % | 7.55% | 5.16% | 10.56% | 1.97% | -0.63% | 9.9% | 7.62% | 4.11% | 4.68% | 8.31% | 4.47% | 2.53% | 3.36% | 6.82% | 9.7% | -2.7% | -0.19% | 7.45% | 3.28% | 4.81% | 4.41% | -2.08% | 4.51% | -5.64% | 3.21% | 2.8% | 5.98% |
| FCF Growth % | 10.87% | -51.66% | 450.37% | 412.56% | -106.84% | 68.16% | 43.23% | -9.25% | -35.93% | 100.06% | 78.98% | -28.69% | -50.07% | -28.54% | 447.2% | -1445.61% | -102.72% | 111.74% | -31.14% | 13.51% | 315.74% | -146.66% | 179.55% | -274.06% | 11.06% | -57.03% | - |
| FCF per Share | 1.24 | 0.81 | 1.67 | 0.30 | -0.10 | 1.39 | 0.85 | 0.58 | 0.66 | 1.04 | 0.53 | 0.29 | 0.43 | 0.85 | 1.20 | -3.45 | -0.22 | 8.20 | 3.87 | 5.62 | 4.95 | -2.30 | 4.92 | -6.19 | 3.55 | 3.20 | 7.45 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.94x | 4.27x | 1.74x | 0.40x | 1.33x | -3.69x | 1.04x | 1.48x | 1.87x | 1.05x | 1.04x | 2.20x | 1.79x | 3.69x | 0.01x | 0.93x | 2.56x | 0.98x | 0.66x | 1.10x | -0.28x | 6.58x | 2.29x | 7.67x | 0.94x | 1.37x |
| Interest Paid | 0 | 37M | 38.2M | 42.8M | 37.5M | 54.4M | 73.67M | 54M | 51.2M | 52.1M | 67.05M | 77.91M | 110.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 169.2M | 159.8M | 102.3M | 89.3M | 129.3M | 109.6M | 50.07M | 96.54M | 96.28M | 54.6M | 57.15M | 61.46M | 60.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a low of 0.11 in 2025Q3 to an extreme 14.60 in 2024Q2, indicating significant non-cash adjustments and timing-related accruals.
The wide variance in cash conversion suggests that reported net income is a poor proxy for immediate liquidity generation. Investors should monitor whether these fluctuations stem from recurring seasonal inventory management or more persistent issues in revenue recognition and collection cycles.
As reported in financial statements, LEVI's free cash flow trajectory is characterized by sharp quarterly volatility, with margins oscillating between a negative 2.6% in 2025Q3 and a peak of 16.4% in 2024Q2, reflecting a lack of consistent cash generation relative to top-line performance.
This inconsistency in FCF margins suggests that the company's transition to a DTC-led model has not yet smoothed out cash flow generation. The inability to maintain positive FCF in multiple quarters warrants further investigation into whether this is a structural byproduct of retail expansion or temporary operational inefficiencies.
According to the cash flow statements, working capital changes have been a primary driver of cash flow volatility, with a massive $257.1 million inflow in 2024Q1 followed by a $164.8 million outflow in 2025Q1, highlighting significant sensitivity to inventory and receivable timing.
These dramatic shifts in working capital suggest that the company's supply chain and wholesale distribution channels are prone to periodic bottlenecks. Such volatility implies that management may struggle to optimize inventory levels in alignment with shifting consumer demand, potentially tying up cash in non-productive assets.
Based on reported figures, LEVI has maintained consistent dividend payments while simultaneously executing significant share repurchases, such as the $231.1 million buyback in 2026Q1, despite the underlying instability in quarterly free cash flow generation observed over the last ten periods.
The commitment to returning capital to shareholders appears aggressive given the observed fluctuations in operating cash flow. This strategy may limit the company's financial flexibility, potentially leaving it vulnerable if the current retail environment necessitates increased investment in store operations or supply chain resilience.
Quick answers to the most common questions about buying LEVI stock.
Levi Strauss & Co. (LEVI) generated $545.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Levi Strauss & Co. (LEVI) generated $324.3M 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.
Levi Strauss & Co. (LEVI) spent $221.4M 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, Levi Strauss & Co. (LEVI) returned $212.9M to shareholders via cash dividends and spent $150.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.