Cash generation has deteriorated significantly, evidenced by a negative operating cash flow to net income ratio of -8.15 in 2026Q1 and a $178.4 million outflow from working capital.
| 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 | 266.97M | 319.96M | 410.47M | 636.88M | 683.75M | 603.14M | 596.53M | 519.63M | 572.32M | 452.99M | 442.08M | 438.24M | 340.7M | 48.77M | 289.18M | 256.32M | 175.88M | 240.15M | 447.13M | 411.22M | 376.22M | 327.53M | 161.83M | 123.88M | 165.59M | 275.83M | 267.07M | 147.5M | 155.3M | 82M | 54.4M |
| Operating CF Margin % | - | 5.95% | 7.08% | 9.96% | 9.45% | 9.33% | 11.68% | 8.55% | 9.87% | 8.6% | 8.42% | 8.6% | 7.26% | 1.15% | 7.03% | 6.79% | 5.54% | 7.91% | 9.72% | 8.85% | 9.37% | 9.81% | 6.05% | 6.27% | 8.69% | 11.25% | 9.89% | 7.09% | 8.66% | 6.29% | 6.05% |
| Operating CF Growth % | -127.58% | -22.05% | -35.55% | -6.85% | 13.37% | 1.11% | 14.8% | -9.21% | 26.34% | 2.47% | 0.88% | 28.63% | 598.55% | -83.13% | 12.82% | 45.73% | -26.76% | -46.29% | 8.73% | 9.3% | 14.87% | 102.39% | 30.64% | -25.19% | -39.97% | 3.28% | 81.06% | -5.02% | 89.39% | 50.74% | 28.91% |
| Net Income | 129.43M | 132.99M | 251.6M | 411.15M | 657.92M | 598.63M | 306.28M | 454.43M | 434.29M | 290.58M | 343.39M | 357.8M | 305.93M | 252.19M | 209.94M | 149.92M | 66.07M | 37.26M | 250.18M | 296.21M | 283.18M | 237.87M | 140.6M | 6.39M | 2.17M | 121.11M | 186.1M | 141.4M | 131.6M | 93.7M | 61.1M |
| Depreciation & Amortization | 72.51M | 81.63M | 89.31M | 98.97M | 77.99M | 54.45M | 81.9M | 65.63M | 65.95M | 65.49M | 64.31M | 53.47M | 49.68M | 48.77M | 48.72M | 51.41M | 55.96M | 65.27M | 73.21M | 71.44M | 61.09M | 79.81M | 72.31M | 65.9M | 72.31M | 73.12M | 56.64M | 39.1M | 24.6M | 17.7M | 11.9M |
| Stock-Based Compensation | 52.66M | 59.42M | 63.45M | 61.14M | 57.66M | 55.93M | 52.49M | 48.3M | 44.95M | 42.19M | 42.7M | 41.29M | 40.82M | 38.87M | 41.46M | 50.91M | 57.12M | 61.15M | 68.68M | 53.83M | 40.84M | 28.48M | 23.2M | 61.25M | 12.79M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 29.66M | 22.85M | -17.94M | -16.57M | 10.81M | -21.13M | -13.15M | -9.47M | -15.88M | 44.09M | -1.87M | -8.58M | -3.64M | -13.26M | -14.99M | 17.16M | 7.37M | 5.75M | -6.04M | -7.24M | -19.32M | -13.37M | -12.93M | -5.02M | 567K | -11.42M | -16.16M | -6.9M | 1.9M | -5.1M | -1.7M |
| Other Non-Cash Items | -95.33M | -104.24M | -66.37M | -99.11M | 67.19M | -31.11M | -95.84M | -16.85M | 11.91M | 8.02M | 7.37M | 3.24M | 2.65M | -261.08M | -1.34M | 2.46M | 981K | -5.59M | 14.45M | 5.9M | -24.72M | 27.41M | 9.75M | -59.92M | -1.67M | 21.55M | 24.68M | 0 | 21M | 10.4M | 5.1M |
| Working Capital Changes | 78.05M | 127.33M | 90.41M | 181.31M | -187.82M | -53.63M | 264.86M | -22.41M | 31.1M | 2.61M | -13.82M | -8.98M | -54.74M | -16.72M | 5.38M | -15.54M | -11.61M | 76.31M | 46.65M | -8.91M | 35.15M | -32.68M | -71.1M | 55.27M | 79.43M | 71.47M | 15.8M | -26.1M | -23.8M | -34.7M | -22M |
| Change in Receivables | 22.49M | 45.8M | 66.95M | 156.27M | -65.63M | -292.63M | 127.74M | -48.46M | -86.22M | -17.04M | -15.89M | -75.75M | -134.92M | -47.7M | -21.35M | -81.31M | -68.01M | 133.54M | 67.28M | -54.72M | -75.44M | -76.9M | -153.39M | -16.17M | 50.59M | 117.48M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 102.59M | 0 | 65.59M | -626.47M | -712.16M | -622M | -681.6M | -691.48M | -644.05M | -552.98M | 6.37M | 1.49M | -50.8M | -12.94M | 28.84M | 66.17M | -5.65M | 12.71M | 0 | 0 | -497.35M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -7.65M | -15.22M | 16.05M | -14.7M | 3.73M | 52.61M | 1.1M | -9.2M | 89.72M | 47.83M | 19.73M | 60.23M | 71.74M | 38.36M | 16.67M | 64.93M | 41.63M | -5.24M | -5.24M | 26.94M | 49.54M | 54.97M | 74.07M | 10.2M | 16.05M | -58.02M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -56.28M | -85.7M | -87.12M | -112.25M | -116.62M | -87.61M | 9.46M | -102.14M | -88.51M | -78.5M | -112.23M | -117.95M | -88.64M | -53.15M | -73.03M | -63.4M | -39.1M | -45.97M | -94.8M | -116.25M | -96.02M | 22.34M | -35.01M | -56.15M | -88.86M | -84.69M | -77.14M | -52.6M | -71.4M | -35.3M | -22.6M |
| Capital Expenditures | -49.26M | -53.16M | -56.32M | -45.87M | -61.12M | -36.61M | -33.38M | -59.46M | -42.48M | -40.75M | -82.96M | -75.06M | -62.83M | -53.15M | -50.06M | -56.53M | -35.67M | -41.25M | -73.69M | -103.3M | -92.4M | -61.75M | -32.87M | -36.49M | -48.3M | -84.69M | -73.99M | -52.6M | -71.4M | -32M | -18M |
| CapEx % of Revenue | 0.92% | 0.99% | 0.97% | 0.72% | 0.84% | 0.57% | 0.65% | 0.98% | 0.73% | 0.77% | 1.58% | 1.47% | 1.34% | 1.25% | 1.22% | 1.5% | 1.12% | 1.36% | 1.6% | 2.22% | 2.3% | 1.85% | 1.23% | 1.85% | 2.54% | 3.45% | 2.74% | 2.53% | 3.98% | 2.46% | 2% |
| Acquisitions | -608K | -10.72M | -264K | -1.03M | -18.98M | 36.61M | -15.84M | 0 | 0 | -1.16M | -2.2M | -14.67M | 0 | 0 | -14.39M | 0 | -585K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.15M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.24M | -21.83M | -30.54M | -65.34M | 0 | -36.61M | 0 | -42.67M | -46.02M | -36.58M | -27.08M | -28.23M | -25.81M | -44.05M | -8.58M | -6.87M | -2.84M | -4.72M | -21.12M | -12.95M | -3.62M | -7.44M | -2.14M | -19.65M | -40.56M | 0 | 0 | 0 | 0 | -3.3M | -4.6M |
| Cash from Financing | -286.93M | -330.31M | -496.44M | -460.54M | -509.18M | -458.59M | -315.32M | -423.37M | -490.12M | -352.89M | -288.3M | -368.55M | -230.06M | -220.27M | -209.62M | -225.98M | -188M | -192.37M | -284.92M | -451.74M | -299.27M | -232.45M | -76.44M | -8.14M | -106.56M | -83.56M | -101.81M | -109.9M | -49.2M | 4.5M | 7.1M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -239K | -218K | -200K | -183K | -167K | -154K | -140K | -128K | -4.5M | -107K | -91K | -113K | -105K | -1.98M | -352K | -348K | 711K | -70K | -66K | -208K | -1.08M | -548K | -121.8M | -2.2M | -1.4M | -4.2M |
| Equity Issued (Net) | -48.28M | -92.09M | -276.03M | -254.63M | -319.9M | -287.74M | -159.17M | -277.54M | -353.51M | -231.72M | -176.03M | -271.14M | -153.82M | -167.97M | -133.85M | -168.1M | -155.46M | -149.82M | -245.5M | -452.94M | -294.44M | -185.38M | -45.27M | -8.07M | -106.36M | -82.48M | -126.62M | -121.8M | -89.2M | 6M | 11.3M |
| Dividends Paid | -238.65M | -238.22M | -220.41M | -205.91M | -189.29M | -170.61M | -155.94M | -145.63M | -136.42M | -121M | -114.16M | -107.56M | -97.6M | -89.19M | -84.13M | -80.3M | -76.59M | -72.15M | -68.61M | -65.52M | -54.4M | -47.78M | -31.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -48.28M | -92.09M | -276.03M | -254.63M | -319.9M | -287.74M | -159.17M | -277.54M | -353.51M | -231.72M | -176.03M | -271.14M | -153.82M | -167.97M | -176.79M | -168.1M | -155.46M | -149.82M | -245.5M | -452.94M | -399.82M | -262.38M | -89.6M | -33.33M | -145.66M | -118.81M | -126.62M | -121.8M | -89.2M | -20.9M | -5.4M |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 10.29M | 21.5M | 41.39M | 8.47M | 22.52M | 44.17M | 29.7M | 31.17M | 67.08M | 49.93M | 0 | -1K | 0 | 0 | 0 | 25.37M | 123.8M | 8.4M | -100K | 0 |
| Net Change in Cash | -64.09M | -73.15M | -194.16M | 73.11M | 39.63M | 44.58M | 303.95M | -6.1M | -18.17M | 34.55M | 35.62M | -62.54M | 11.36M | -11.87M | 8.3M | -35.8M | -50.66M | 11.04M | 44.76M | -137.48M | -10.88M | 113.08M | 60.29M | 59.6M | -29.84M | 107.58M | 88.12M | -15M | -49.2M | 4.5M | 7.1M |
| Free Cash Flow | 217.72M | 266.81M | 354.15M | 591.01M | 622.63M | 566.52M | 563.15M | 460.17M | 529.84M | 412.24M | 359.13M | 363.18M | 277.87M | -4.38M | 239.12M | 199.78M | 140.21M | 198.91M | 373.44M | 307.92M | 283.81M | 265.78M | 128.97M | 87.39M | 117.29M | 191.13M | 193.08M | 94.9M | 83.9M | 50M | 36.4M |
| FCF Margin % | 4.09% | 4.96% | 6.11% | 9.25% | 8.6% | 8.77% | 11.02% | 7.58% | 9.13% | 7.83% | 6.84% | 7.13% | 5.92% | -0.1% | 5.82% | 5.29% | 4.42% | 6.55% | 8.12% | 6.63% | 7.07% | 7.96% | 4.82% | 4.42% | 6.16% | 7.79% | 7.15% | 4.56% | 4.68% | 3.84% | 4.05% |
| FCF Growth % | -29.79% | -24.66% | -40.08% | -5.08% | 9.9% | 0.6% | 22.38% | -13.15% | 28.53% | 14.79% | -1.12% | 30.7% | 6446.92% | -101.83% | 19.69% | 42.49% | -29.51% | -46.74% | 21.28% | 8.49% | 6.79% | 106.08% | 47.58% | -25.49% | -38.64% | -1.01% | 103.45% | 13.11% | 67.8% | 37.36% | 7.69% |
| FCF per Share | 2.18 | 2.66 | 3.44 | 5.57 | 5.70 | 5.07 | 4.97 | 3.95 | 4.36 | 3.30 | 2.79 | 2.73 | 2.05 | -0.03 | 1.72 | 1.41 | 0.97 | 1.36 | 2.45 | 1.88 | 1.65 | 1.52 | 0.73 | 0.50 | 0.66 | 1.06 | 1.04 | 0.52 | 0.44 | 0.27 | 0.20 |
| FCF Conversion (FCF/Net Income) | 1.68x | 2.41x | 1.63x | 1.55x | 1.04x | 1.01x | 1.95x | 1.14x | 1.32x | 1.56x | 1.29x | 1.22x | 1.11x | 0.19x | 1.38x | 1.71x | 2.66x | 6.85x | 1.79x | 1.39x | 1.33x | 1.38x | 1.15x | 19.39x | 76.38x | 2.28x | 1.44x | 1.04x | 1.18x | 0.88x | 0.89x |
| Interest Paid | 0 | 0 | 272K | 315K | 368K | 548K | 577K | 232K | 233K | 278K | 266K | 285K | 330K | 315K | 405K | 536K | 599K | 441K | 485K | 505K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 143.62M | 168.49M | 217.93M | 219.73M | 128.32M | 191.52M | 137.15M | 190.95M | 219.41M | 212.67M | 178.38M | 168.41M | 136.02M | 76.42M | 38.25M | 21.76M | 192.21M | 165.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical white-collar hiring slowdown
According to recent quarterly filings, RHI's operating cash flow to net income ratio has turned negative, reaching -8.15 in 2026Q1, which signals a significant disconnect between reported accounting profits and the actual cash-generating capacity of the firm's core staffing and consulting operations during the current downturn.
The extreme volatility in the OCF/NI ratio suggests that accruals and working capital swings are currently dominating the cash flow statement, masking the underlying weakness in core profitability. Investors should monitor whether this divergence is a temporary seasonal artifact or a structural shift in the company's ability to convert earnings into liquid assets.
As reported in financial statements, RHI's free cash flow margin has experienced sharp swings, plummeting to -9.3% in 2026Q1 from a peak of 13.1% in 2025Q4, illustrating the high sensitivity of the company's cash generation to cyclical fluctuations in professional and consulting service demand.
The inability to maintain positive free cash flow during periods of revenue contraction highlights the firm's high fixed-cost base and limited operational flexibility. This trajectory suggests that the company's cash generation is highly vulnerable to further declines in white-collar hiring and project-based consulting engagements.
Based on RHI's reported figures, working capital changes have become a primary source of cash flow instability, with a massive $178.4 million outflow in 2026Q1 alone, indicating significant friction in the company's collection cycles and payables management during the current period of economic uncertainty.
The erratic nature of these working capital movements suggests that the company may be facing challenges in managing its receivables as clients delay payments or adjust their own cash management strategies. This volatility warrants further investigation into the credit quality of the firm's client base and the effectiveness of its internal collection processes.
As evidenced by recent financial disclosures, RHI has continued to prioritize shareholder returns through dividends totaling $61.7 million in 2026Q1, even as operating cash flow turned negative, which may indicate a management preference for maintaining capital return policies despite the deteriorating cash flow environment.
While the company's historical conservatism and low debt levels provide a buffer, the decision to maintain dividend payouts during a period of negative free cash flow suggests a reliance on existing cash reserves rather than current operational performance. Investors should monitor whether this capital allocation strategy remains sustainable if the current revenue contraction persists.
Quick answers to the most common questions about buying RHI stock.
Robert Half International Inc. (RHI) generated $320.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Robert Half International Inc. (RHI) generated $266.8M 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.
Robert Half International Inc. (RHI) spent $53.2M 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, Robert Half International Inc. (RHI) returned $238.2M to shareholders via cash dividends and spent $92.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.