Operating cash flow of $153.2M in 2026Q2 exceeded net income of $139.3M, yielding a 1.10 OCF/NI ratio, while buybacks of $94.4M and low capex (1.1% of revenue) highlight shareholder returns.
SiteOne Landscape Supply, Inc. (SITE) cash flow statement — 13-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 |
|---|
| Cash from Operations | 324.5M | 300.5M | 283.4M | 297.5M | 217.2M | 210.8M | 229.4M | 130.8M | 78.1M | 16.3M | 72.9M | 71M | 52.7M | 41.8M |
| Operating CF Margin % | - | 6.39% | 6.24% | 6.92% | 5.41% | 6.07% | 8.48% | 5.55% | 3.7% | 0.88% | 4.42% | 4.89% | 4.48% | 3.9% |
| Operating CF Growth % | 66.84% | 6.03% | -4.74% | 36.97% | 3.04% | -8.11% | 75.38% | 67.48% | 379.14% | -77.64% | 2.68% | 34.72% | 26.08% | - |
| Net Income | 162.8M | 151.8M | 124.4M | 173.4M | 245.4M | 238.4M | 121.3M | 77.7M | 73.9M | 54.6M | 30.6M | 28.9M | 21.7M | 33.7M |
| Depreciation & Amortization | 156.1M | 140.8M | 139M | 127.7M | 103.8M | 83M | 67.2M | 59.5M | 52.3M | 43.1M | 37M | 31.2M | 20.3M | 10.2M |
| Stock-Based Compensation | 21.9M | 0 | 25M | 25.7M | 18.3M | 14.3M | 10.6M | 11.7M | 7.9M | 5.9M | 4.7M | 3M | 2.1M | 0 |
| Deferred Taxes | 3.8M | 3.8M | -11M | -14.5M | -5.2M | -3.1M | 400K | -3.4M | -7.1M | -16.5M | -9.9M | -7.5M | 600K | 22.1M |
| Other Non-Cash Items | 140.9M | 30.5M | 4.5M | -4.9M | 3.2M | 9.5M | 7.4M | 3.6M | 2.8M | 3.8M | 3.9M | 4.9M | 3.6M | 0 |
| Working Capital Changes | -165M | -26.4M | 1.5M | -9.9M | -148.3M | -131.3M | 22.5M | -18.3M | -51.7M | -74.6M | 6.6M | 10.5M | 4.4M | -24.2M |
| Change in Receivables | -40.2M | -6.3M | -52.8M | -6.5M | -44.6M | -88.6M | 3M | 6.1M | -43.4M | -40.5M | -18.7M | -11.4M | 4.1M | -11.6M |
| Change in Inventory | -44M | -42.8M | 19M | 38.1M | -99.3M | -156.9M | -7.9M | -3M | -38.5M | -31M | -600K | 3.7M | -6.4M | -6.1M |
| Change in Payables | 29.2M | -6.2M | 29.7M | -35.1M | 8.9M | 74.4M | -4.3M | -29M | 40.4M | 7.1M | 8.2M | -8.9M | 13.5M | 2.2M |
| Cash from Investing | -162M | -83.4M | -177.1M | -226M | -284.4M | -182M | -184.2M | -91.9M | -164.1M | -98.6M | -74.9M | -111M | -26.9M | -3M |
| Capital Expenditures | -65.2M | -53.7M | -44.8M | -32.1M | -41.7M | -37M | -25.8M | -21.4M | -19.9M | -16M | -8.8M | -10.5M | -4.3M | -3.2M |
| CapEx % of Revenue | 1.37% | 1.14% | 0.99% | 0.75% | 1.04% | 1.06% | 0.95% | 0.91% | 0.94% | 0.86% | 0.53% | 0.72% | 0.37% | 0.3% |
| Acquisitions | -99.2M | -37.9M | -138.2M | -192.7M | -244.9M | -147.2M | -159.4M | -71.5M | -147.7M | -82.9M | -66.4M | -100.7M | -22.7M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.4M | 8.2M | 5.9M | -1.2M | 2.2M | 2.2M | 1M | 1M | 3.5M | 300K | 300K | 200K | 100K | 200K |
| Cash from Financing | -153.1M | -134.6M | -80.9M | -18.3M | 43.4M | -30.4M | -9.1M | -37.3M | 86.8M | 82.5M | -1.8M | 49.7M | -34.2M | -33.1M |
| Debt Issued (Net) | 11.2M | -36M | -20M | 4M | 84.8M | -26.4M | -274.1M | -41.3M | 86.9M | 82.1M | 193.5M | 48.6M | -39.5M | -2.1M |
| Equity Issued (Net) | -144.9M | -88.6M | -45.7M | -6.8M | -20.8M | 9.3M | 271.5M | 8.4M | 6.7M | 2.7M | 0 | 2.1M | 5.3M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -189M | -53.7M | 0 | 0 |
| Share Repurchases | -154.4M | -98.3M | -51.3M | -12M | -24.4M | 0 | 0 | 0 | 0 | 0 | -200K | -100K | 0 | 0 |
| Other Financing | -19.4M | -10M | -15.2M | -15.5M | -20.6M | -13.3M | -6.5M | -4.4M | -6.8M | -2.3M | -6.3M | -1M | 0 | -31M |
| Net Change in Cash | 8.8M | 83.5M | 24.6M | 53.4M | -24.6M | -1.5M | 36.2M | 1.7M | 600K | 400K | -3.8M | 9.5M | -8.7M | 5.5M |
| Free Cash Flow | 259.3M | 246.8M | 238.6M | 261.5M | 175.5M | 173.8M | 203.6M | 109.4M | 58.2M | 300K | 64.1M | 60.5M | 48.4M | 38.6M |
| FCF Margin % | 5.43% | 5.25% | 5.25% | 6.08% | 4.37% | 5% | 7.53% | 4.64% | 2.76% | 0.02% | 3.89% | 4.17% | 4.11% | 3.6% |
| FCF Growth % | 34.63% | 3.44% | -8.76% | 49% | 0.98% | -14.64% | 86.11% | 87.97% | 19300% | -99.53% | 5.95% | 25% | 25.39% | - |
| FCF per Share | 5.82 | 5.47 | 5.23 | 5.72 | 3.83 | 3.79 | 4.62 | 2.56 | 1.37 | 0.01 | 2.11 | 4.25 | 3.50 | 2.71 |
| FCF Conversion (FCF/Net Income) | 1.59x | 1.98x | 2.29x | 1.72x | 0.89x | 0.88x | 1.89x | 1.68x | 1.06x | 0.30x | 2.38x | 2.46x | 2.43x | 1.24x |
| Interest Paid | 18.4M | 34.7M | 29.8M | 26.8M | 15.5M | 15.6M | 27.3M | 30.3M | 26.2M | 23.9M | 16.5M | 8.4M | 5.3M | 500K |
| Taxes Paid | 37.2M | 0 | 57.6M | 46M | 82.1M | 55.8M | 25.2M | 16M | 14.5M | 35.9M | 24.3M | 21.9M | 25.6M | 200K |
Quick answers to the most common questions about buying SITE stock.
SiteOne Landscape Supply, Inc. (SITE) generated $300.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SiteOne Landscape Supply, Inc. (SITE) generated $246.8M 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.
SiteOne Landscape Supply, Inc. (SITE) spent $53.7M 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, SiteOne Landscape Supply, Inc. (SITE) spent $98.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Consumer credit tightening
Metrics are mathematically derived from official filings.
Seasonal Cash Conversion Distortions
In 2026Q2, operating cash flow of $153.2M exceeded net income of $139.3M, yielding an OCF/NI ratio of 1.10, as reported in financial statements, but Q1 losses and working capital swings distort the annual picture.
The OCF/NI ratio of 1.10 in 2026Q2 appears healthy, but it is heavily influenced by a $171.8M working capital outflow that reverses seasonal patterns. In Q1, operating cash flow was -$122.1M against a net loss of -$26.6M, indicating that cash conversion is not a reliable quarterly signal. The gap between net income and operating cash flow is primarily driven by working capital seasonality, not earnings quality, as D&A of $50.9M provides a stable add-back.
FCF Resilience Despite Soft Demand
Free cash flow reached $135.6M in 2026Q2, a 8.9% margin, up from $122.4M a year earlier, based on reported figures, suggesting stable cash generation even as end markets soften.
The FCF margin of 8.9% in 2026Q2 is consistent with the prior year's 8.4%, indicating that the company is maintaining cash generation despite decelerating revenue growth. However, the first quarter FCF of -$145.1M highlights the pronounced seasonality, with the company burning cash in Q1 and generating in Q2-Q4. This pattern suggests that annual FCF is more meaningful than quarterly, and investors should focus on the full-year trajectory.
Low Capital Intensity Supports FCF
Capital expenditures of $17.6M in 2026Q2 represent only 1.1% of revenue, as per SEC filings, indicating a low capital intensity that allows most operating cash flow to convert to free cash flow.
The CapEx/Revenue ratio of 1.1% is consistent with the distribution model, where the primary assets are branches and inventory rather than heavy equipment. This low capital intensity means that maintenance capex is minimal, and the company can allocate most of its cash flow to acquisitions and buybacks. The slight increase in capex from $14.3M in 2025Q2 suggests modest investment in growth, but it remains a small drag on FCF.
Working Capital Swings Drive Seasonality
Working capital changes swung from -$171.8M in 2026Q2 to +$126.5M in 2025Q4, as reported in financial statements, reflecting the company's seasonal inventory build and receivable collection patterns.
The large negative working capital change in Q2 2026 indicates a significant cash outflow, likely due to inventory build-up ahead of the peak season, while the positive change in Q4 2025 reflects collection of receivables and reduction of inventory. This pattern is typical for a seasonal business, but the magnitude of the swings (over $170M) suggests that working capital management is a key driver of quarterly cash flow. The company appears to be managing its payables and receivables efficiently, but the seasonal swings warrant monitoring for any signs of deterioration.
Buybacks and Acquisitions Absorb Cash
In 2026Q2, SiteOne deployed $94.4M on share repurchases and $3.8M on acquisitions, as per financial statements, while paying no dividends, indicating a preference for returning capital via buybacks.
The $94.4M buyback in 2026Q2 is the largest in the ten-quarter period, suggesting management views the stock as undervalued or is offsetting dilution from acquisitions. Acquisitions were modest at $3.8M, but the company has historically been active in M&A, with $99.1M spent in 2024Q2. The lack of dividends is consistent with a growth-oriented strategy, but the heavy buyback activity may indicate limited organic investment opportunities.
Cumulative Cash Generation Exceeds Earnings
Over the last ten quarters, cumulative operating cash flow of $735.6M exceeds cumulative net income of $387.9M, based on reported figures, indicating that earnings understate cash generation due to non-cash charges.
The cumulative OCF/NI ratio of 1.90 over the ten quarters suggests that the company's earnings are of high quality, with D&A and other non-cash charges providing a significant add-back. This divergence is likely due to the amortization of acquisition-related intangibles, which reduces net income but does not affect cash flow. The cumulative FCF of $475.7M also exceeds net income, reinforcing the view that the company is a strong cash generator despite its thin net margin.
Acquisition Accounting Masks Cash Strength
Stock-based compensation of $2.1M in 2026Q2 is minimal, but acquisition-related amortization and inventory step-ups, as noted in prior analysis, may understate true cash-generating capacity, per reported figures.
The cash flow statement does not separately disclose acquisition-related amortization, but the large D&A of $50.9M in 2026Q2 suggests significant intangible assets from past acquisitions. Inventory step-up charges, which are non-cash, can distort gross margins and net income, but they do not affect operating cash flow. Investors should adjust for these items to assess the company's underlying cash generation, which appears stronger than GAAP earnings suggest.