Free cash flow generation remains highly unstable, with margins fluctuating between -18.9% and 19.5% over the last ten quarters, reflecting a lack of predictable operational cash conversion.
| 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 | 126.88M | 119.64M | -58.82M | 144.76M | 137.05M | 251.3M | 271.92M | 237.99M | 168.34M | 113.15M | 107.9M | 133.75M | 94.09M | 137.98M | 106.92M | 113.8M | 134.46M | 160.67M | 160.57M | 103.51M | 94.73M | 41.49M | 112.68M | 58.27M | 113.66M | 103.57M | 36.26M | 52.2M | 24.8M | 30.2M | 8.8M |
| Operating CF Margin % | - | 5.6% | -2.66% | 5.88% | 5.61% | 11.06% | 13.95% | 14.48% | 11.15% | 7.66% | 8.46% | 10.39% | 7.58% | 11.56% | 9.19% | 9.65% | 12.28% | 13.76% | 11.47% | 7.56% | 7.82% | 3.82% | 10.7% | 5.87% | 11.17% | 11.3% | 4.1% | 10.25% | 6.72% | 11.46% | 5.32% |
| Operating CF Growth % | 556.3% | 303.41% | -140.63% | 5.63% | -45.46% | -7.58% | 14.26% | 41.37% | 48.78% | 4.87% | -19.33% | 42.15% | -31.81% | 29.05% | -6.04% | -15.36% | -16.32% | 0.07% | 55.12% | 9.27% | 128.35% | -63.18% | 93.37% | -48.73% | 9.75% | 185.61% | -30.53% | 110.48% | -17.88% | 243.18% | - |
| Net Income | -201.46M | 0 | -310.62M | 18.26M | 117.33M | 158.19M | 129.33M | 84.73M | 39.76M | 10.81M | 37.44M | 65.89M | 77.42M | 71.47M | 73.92M | 78.28M | 53.54M | 75.57M | 73.75M | 53.1M | 51.84M | 28.16M | 24M | -41.21M | -16.75M | -1.93M | 73.81M | 29.1M | 19.2M | 20.3M | 13.8M |
| Depreciation & Amortization | 89.23M | 0 | 97.95M | 101.27M | 111.79M | 96.71M | 78.86M | 69.09M | 69.18M | 64.51M | 68.67M | 63.81M | 56.54M | 46.06M | 41.17M | 44.89M | 50.22M | 56.99M | 59.17M | 58.5M | 54.82M | 57.45M | 64.01M | 62.79M | 57.73M | 60.31M | 48M | 29.9M | 19.3M | 10.6M | 7.1M |
| Stock-Based Compensation | 6.14M | 0 | 18.69M | 22.07M | 17.57M | 16.43M | 12.51M | 12.81M | 12.14M | 11.85M | 9.77M | 11.3M | 11.31M | 13.23M | 13.38M | 15.86M | 13.37M | 11.64M | 10.31M | 0 | 0 | 0 | 0 | 0 | 894K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -14.19M | 0 | 58.53M | -7.53M | -11M | 831K | -5.19M | -1.38M | -7.97M | 16.78M | -1.58M | 9.32M | 9.51M | 6.89M | 2.35M | 1.66M | -3.03M | 6.07M | 752K | -1.08M | -10.53M | -23M | -1.7M | 19.73M | -8.93M | -10.69M | -2.28M | -2.6M | -1.2M | -1.3M | -600K |
| Other Non-Cash Items | 220.51M | 115.18M | 241.66M | 28.9M | 28.76M | 9.68M | 31.91M | 8.69M | 36.92M | 8.17M | 36.47M | 9.6M | -6.47M | 8.67M | 6.31M | -2.43M | 3.24M | 8.52M | 12.04M | 29.73M | 10.2M | 8.82M | 8.36M | 6.28M | 57.67M | 50M | -26.42M | 900K | 1.1M | -200K | 200K |
| Working Capital Changes | 24.69M | 4.46M | -165.04M | -18.21M | -127.4M | -30.54M | 24.5M | 64.04M | 18.32M | 1.04M | -42.87M | -26.16M | -54.21M | -8.35M | -30.21M | -24.45M | 17.12M | 1.89M | 4.55M | -38.99M | -13.71M | -29.94M | 18.01M | 10.68M | 23.06M | 5.88M | -56.84M | -5.1M | -13.6M | 100K | -12.4M |
| Change in Receivables | 12.37M | 1.64M | -66.33M | 22.36M | -74.56M | 40.16M | -40.63M | 29.61M | 29.98M | -59.28M | -7.86M | -19.87M | -41.01M | 7.29M | 400K | -5.79M | -87K | 27.26M | 17.67M | 0 | 0 | -58.67M | -2.11M | -3.76M | 29.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -76.73M | -97.27M | -30.44M | -19.27M | -92K | -5.38M | -5.3M | -5.37M | -25.66M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 17.26M | 25.07M | -43.22M | 9.52M | -12.7M | 0 | 76.73M | 97.27M | 11.71M | 18.97M | -23.07M | 11.94M | -8.12M | -2.55M | -16.3M | -16.5M | 19.68M | -19.14M | 0 | 0 | 0 | 22.25M | 25.27M | 20.76M | -14.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -36.98M | -41.82M | 477K | -67.58M | -226.2M | -541.98M | -112.43M | -162.85M | -47.56M | -168.99M | -100.36M | -77.17M | -91.92M | -59.53M | -80.93M | -86.93M | -43.2M | -29.82M | -62.13M | -49.12M | -113.01M | -41.35M | -42.1M | -93.21M | -33.6M | -75.25M | -54.27M | -70.3M | -19.7M | -30.2M | -69.2M |
| Capital Expenditures | -24.74M | -38.11M | -45.17M | -67.84M | -84.01M | -60.36M | -59.77M | -60.78M | -43.45M | -51.96M | -50.83M | -66.59M | -67.64M | -50.36M | -40.65M | -40.42M | -26.8M | -28.87M | -65.99M | -61.08M | -67.21M | -37.61M | -38.52M | -79.05M | -37.94M | -52.07M | -118.01M | -65.6M | -40.5M | -32.5M | -7.4M |
| CapEx % of Revenue | 1.18% | 1.78% | 2.05% | 2.75% | 3.44% | 2.66% | 3.07% | 3.7% | 2.88% | 3.52% | 3.99% | 5.18% | 5.45% | 4.22% | 3.5% | 3.43% | 2.45% | 2.47% | 4.71% | 4.46% | 5.55% | 3.46% | 3.66% | 7.97% | 3.73% | 5.68% | 13.33% | 12.88% | 10.98% | 12.33% | 4.47% |
| Acquisitions | -340K | -3.71M | 0 | 0 | -142.42M | -481.72M | -52.67M | -102.46M | -4.15M | -117.07M | -49.64M | -10.78M | -24.42M | -9.17M | -40.84M | -48.9M | -12.8M | 0 | 0 | 0 | -45.8M | 0 | 0 | -1.87M | 0 | 0 | -15.7M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -11.9M | 0 | 45.65M | 261K | 229K | 93K | 20K | 382K | 2.15M | 1.42M | 3.29M | 9.2M | 135K | 0 | 560K | 2.39M | -3.6M | -942K | 4.28M | 11.97M | 0 | -3.75M | -3.47M | -12.32M | -3.73M | -26.87M | -14.36M | -100K | -11.8M | 400K | -600K |
| Cash from Financing | -84.09M | -73.67M | -38.3M | -68.23M | 89.04M | 319.64M | -112.23M | -47.37M | -102.08M | 71.58M | 2.33M | -52.9M | -74.25M | -70.66M | -34.97M | 15.89M | -85.9M | -114.94M | -75.55M | -30.1M | 43.69M | -36.09M | -123.01M | 37.45M | -28.75M | 7.77M | 34.13M | 24.4M | -3.5M | 900K | 65.9M |
| Debt Issued (Net) | -77.23M | -72.32M | -22.41M | 32.68M | 165.75M | 399.37M | 86.38M | -3.85M | -67.99M | 120.66M | 114.08M | -3.22M | -4.5M | -10.08M | 47.11M | 61.9M | -6.04M | -83.13M | 12.93M | -901K | 35.87M | 26.55M | -120.14M | 34.81M | -10.47M | 601K | 24.84M | 13.56M | -5.79M | -3.7M | -4.5M |
| Equity Issued (Net) | -1.14M | 0 | -1.01M | -3.04M | -7.16M | 0 | -4.52M | -5.47M | 208K | -23.73M | -74.31M | -16.41M | -56.63M | -55.67M | -79.87M | -63.69M | -80.3M | -28.61M | -89.58M | -31.07M | 2.86M | -59.92M | -14K | 2.64M | -18.29M | 7.17M | 10.46M | 37.37M | 2.52M | 5.2M | 71.3M |
| Dividends Paid | 0 | 0 | -2.85M | -49.23M | -48.07M | -42.22M | -134.55M | -28.74M | -25.35M | -21.53M | -18.26M | -17.42M | -5.96M | -4.46M | -2.21M | -3.55M | -4.14M | -3.69M | 0 | 0 | 0 | -3.35M | -3.6M | 0 | 0 | 0 | -1.17M | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.14M | 0 | -1.01M | -3.04M | -7.16M | 0 | 0 | -5.47M | 0 | -18.33M | -74.68M | -17.23M | -57.07M | -56.53M | -81.24M | -63.69M | -80.3M | -34.77M | -89.58M | -47.02M | -16.58M | -67.84M | -5.61M | -1.17M | -24.78M | 0 | 0 | 0 | 0 | 0 | -1M |
| Other Financing | -5.72M | -1.34M | -12.03M | -48.65M | -21.48M | -37.51M | -59.53M | -9.31M | -8.95M | -3.82M | -23.11M | -15.85M | -13.11M | -4.91M | -2.21M | 21.23M | 4.58M | 484K | 3.24M | 1.88M | -339K | 640K | 742K | -5.4M | 0 | 1K | 0 | -26.54M | -229K | 3.1M | -700K |
| Net Change in Cash | 3.61M | -2.09M | -88.91M | 6.84M | -13.62M | 21.67M | 53.42M | 27.35M | 3.8M | 19.17M | -5.04M | -17.01M | -80.7M | -6.47M | 8.11M | 36.99M | 9.96M | 21.48M | -3.3M | 32.89M | 27.98M | -42.56M | -66.59M | -3.1M | 49.36M | 36.63M | 10.52M | 5.9M | 1.4M | -5.6M | 5.5M |
| Free Cash Flow | 102.14M | 81.53M | -103.99M | 76.93M | 53.04M | 190.94M | 212.15M | 177.21M | 124.89M | 61.19M | 57.06M | 67.16M | 26.45M | 87.61M | 66.27M | 73.37M | 107.66M | 131.8M | 94.58M | 42.43M | 27.52M | 3.88M | 74.16M | -20.78M | 75.72M | 51.5M | -81.75M | -13.4M | -15.7M | -2.3M | 1.4M |
| FCF Margin % | 4.87% | 3.82% | -4.71% | 3.12% | 2.17% | 8.4% | 10.88% | 10.78% | 8.28% | 4.14% | 4.47% | 5.22% | 2.13% | 7.34% | 5.7% | 6.22% | 9.83% | 11.29% | 6.75% | 3.1% | 2.27% | 0.36% | 7.04% | -2.09% | 7.44% | 5.62% | -9.23% | -2.63% | -4.25% | -0.87% | 0.85% |
| FCF Growth % | 274% | 178.4% | -235.18% | 45.04% | -72.22% | -10% | 19.71% | 41.89% | 104.1% | 7.24% | -15.02% | 153.9% | -69.81% | 32.22% | -9.69% | -31.84% | -18.32% | 39.35% | 122.9% | 54.17% | 609.36% | -94.77% | 456.85% | -127.45% | 47.04% | 162.99% | -510.08% | 14.65% | -582.61% | -264.29% | - |
| FCF per Share | 2.10 | 1.69 | -2.18 | 1.62 | 1.12 | 4.03 | 4.51 | 3.79 | 2.69 | 1.32 | 1.20 | 1.37 | 0.53 | 1.68 | 1.19 | 1.27 | 1.74 | 2.05 | 1.36 | 0.58 | 0.39 | 0.05 | 0.97 | -0.28 | 0.99 | 0.68 | -1.03 | -0.18 | -0.24 | -0.04 | 0.02 |
| FCF Conversion (FCF/Net Income) | -0.51x | -0.62x | 0.18x | 17.18x | 1.33x | 1.78x | 2.29x | 3.08x | 4.70x | 15.59x | 3.20x | 2.17x | 1.30x | 2.05x | 1.53x | 1.53x | 2.70x | 2.24x | 2.18x | 1.95x | 1.83x | 1.47x | 4.69x | -1.41x | -6.78x | -53.80x | 0.49x | 1.79x | 1.29x | 1.49x | 0.64x |
| Interest Paid | 49.72M | 68.96M | 82.08M | 77.2M | 34.98M | 11.19M | 10.23M | 13.11M | 17.46M | 11.73M | 6.98M | 6.05M | 5.4M | 4.22M | 4.41M | 4.01M | 2.22M | 2.77M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 13.14M | 25.29M | 43.61M | 46.13M | 42.56M | 71.39M | 47.76M | 36.32M | 39.98M | 18.81M | 19.74M | 15.18M | 14.54M | 16.76M | 16.39M | 24.34M | 15.59M | 24.54M | 21.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Flow Volatility
As reported in quarterly filings, TTEC exhibits extreme volatility in its OCF/NI ratio, with figures ranging from -11.61 to 15.60, indicating that net income is a poor proxy for the company's actual ability to generate cash from its core operational activities.
The frequent divergence between net income and operating cash flow suggests that significant non-cash charges or working capital swings are masking the underlying cash generation profile. Investors should monitor whether this instability reflects genuine operational friction or merely the accounting impact of restructuring and impairment cycles.
Based on the provided financial data, TTEC's free cash flow margins have fluctuated wildly between -18.9% and 19.5% over the last ten quarters, highlighting a lack of predictable cash generation necessary to support the company's capital-intensive business model.
The inability to maintain consistent positive free cash flow suggests that the company's current cost structure is highly sensitive to revenue fluctuations. This trajectory warrants further investigation into whether the business can achieve sustainable cash conversion without relying on aggressive working capital management.
According to recent SEC filings, TTEC's operating cash flow is heavily influenced by working capital changes, which swung from a $69.0M inflow in 2025Q2 to a $111.0M outflow in 2024Q3, demonstrating that cash availability is highly dependent on timing rather than operational efficiency.
The reliance on working capital fluctuations to bridge the gap between net income and cash flow suggests that the company may be managing its payables and receivables aggressively to preserve liquidity. Such reliance appears unsustainable and may indicate underlying pressure on client payment cycles or inventory management.
As reported in financial statements, TTEC maintains a relatively low capital intensity with CapEx/Revenue ratios consistently between 1.0% and 2.7%, suggesting that the company is not currently engaged in a massive physical infrastructure expansion despite its digital transformation narrative.
While the low capital intensity may appear favorable, it may also indicate that the company is under-investing in the technological upgrades required to remain competitive in the AI-driven CX space. Analysts should monitor whether this level of spending is sufficient to replace aging assets and support long-term growth.
Based on the provided data, the company's cash flow statement is significantly impacted by non-cash items, as evidenced by depreciation and amortization expenses consistently exceeding $20M per quarter, which effectively obscures the true cash cost of maintaining the company's operational footprint.
The persistent gap between operating cash flow and net income suggests that the company's headline losses are heavily influenced by accounting adjustments rather than pure cash burn. Investors should be cautious, as these non-cash items may eventually require real capital expenditure to address the underlying asset degradation.
Quick answers to the most common questions about buying TTEC stock.
TTEC Holdings, Inc. (TTEC) generated $119.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TTEC Holdings, Inc. (TTEC) generated $81.5M 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.
TTEC Holdings, Inc. (TTEC) spent $38.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.