Cash flow generation is highly erratic, evidenced by an OCF/NI ratio that swung from -1.13 in 2025Q1 to 5.61 in 2025Q4, reflecting significant underlying operational instability.
| 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 | -177.7M | -140M | 135.1M | 74.2M | 12.7M | 132.5M | -681.2M | 123.9M | 73.9M | 166.4M | 218.2M | 1.2M | 121.4M | 187.4M | 261.3M | 317.2M | 336.8M | 396.8M | 254.6M | 173.1M | 28.7M | 282M | 469.8M | 529.2M | 324.5M | 202.4M | 419.9M | 517.6M | 650M | 364.4M | -110.2M |
| Operating CF Margin % | - | -7.18% | 6.73% | 3.68% | 0.64% | 6.45% | -33.62% | 5.57% | 2.62% | 6.07% | 7.74% | 0.04% | 3.62% | 5.42% | 7.05% | 8.23% | 8.38% | 8.63% | 4.87% | 3.06% | 0.5% | 4.9% | 8.07% | 8.95% | 5.79% | 3.36% | 6.1% | 6.86% | 9.02% | 5.49% | -1.73% |
| Operating CF Growth % | -11868.63% | -203.63% | 82.08% | 484.25% | -90.42% | 119.45% | -649.8% | 67.66% | -55.59% | -23.74% | 18083.33% | -99.01% | -35.22% | -28.28% | -17.62% | -5.82% | -15.12% | 55.85% | 47.08% | 503.14% | -89.82% | -39.97% | -11.22% | 63.08% | 60.33% | -51.8% | -18.88% | -20.37% | 78.38% | 430.67% | -114.58% |
| Net Income | -346.1M | -340M | -193.2M | -430.7M | -104.9M | -448.5M | 751.2M | -92.2M | 78.9M | -65.9M | -36.7M | -103.2M | 59.3M | 120.1M | 156.8M | 141.2M | 164.1M | 193M | -130.1M | -79.1M | -278.7M | -1.73B | 38.6M | 258.7M | 223M | -49.9M | 244.8M | 522.8M | 387M | -853.6M | 61.8M |
| Depreciation & Amortization | 33.3M | 27.8M | 106.4M | 138.8M | 119M | 173.4M | 95.2M | 147.4M | 97.3M | 102.8M | 103.7M | 124.4M | 110.5M | 106.1M | 116.7M | 194.8M | 250.6M | 352.5M | 418M | 380.5M | 388.5M | 374.2M | 394M | 342.6M | 297.8M | 302.2M | 271M | 265.2M | 266.4M | 1.22B | 329.7M |
| Stock-Based Compensation | 12.4M | 15.1M | 21.2M | 17.2M | 20M | 0 | 14.5M | 0 | 13.2M | 11.2M | 9.5M | 9.4M | 10.4M | 12.5M | 14.3M | 25.7M | 9.4M | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 24.5M | -8.3M | -59.2M | -13.4M | 4.4M | 8.2M | 110.8M | 93.3M | 126.8M | 82.3M | 103.5M | 31.4M | -7.2M | -34.4M | -87.9M | -9.9M | 82.7M | -66.5M | 1.49B | -41.2M | 57.2M | 39.4M | -44.4M | 85.6M | -9.9M | -26.8M | -25.3M | -51M |
| Other Non-Cash Items | 105.6M | 106.9M | 244.5M | 351.3M | 81.1M | 519.1M | -1.51B | 119.5M | 18.8M | -71.9M | -71.7M | -88M | -117.5M | -94.3M | 55.2M | 91.6M | 43.5M | 19.6M | 42.9M | 55.1M | 6.7M | 53.4M | 34.7M | -19.4M | 11.9M | -17.2M | -19.8M | 63.1M | -1.7M | 102.2M | -11.9M |
| Working Capital Changes | 18M | 50.2M | -43.8M | -26.9M | -94.2M | -52.3M | -15M | -55.2M | -142.5M | 79.4M | 120.1M | -68.2M | -23.6M | -60.5M | -113.1M | -128.9M | -96.4M | -81.1M | -83.4M | -247.5M | 127.4M | 109.4M | -65.8M | -109.9M | -247.6M | 11.7M | -161.7M | -311.5M | 25.1M | -56.7M | -406.2M |
| Change in Receivables | 81.5M | 79.8M | -24.5M | 4.2M | 15.5M | 47.4M | -3.4M | -8.3M | -50.5M | 5.9M | 87.3M | -11.5M | -14.3M | -63.5M | -11.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 7M | 3M | -1.7M | 0 | -8M | 6M | 3M | 6.1M | -5.5M | 4.1M | 15.3M | -3.7M | 6.3M | -6.5M | 14.2M | 22.1M | 12.4M | 14M | 27.2M | 10.7M | 19.4M | 20.9M | 23M | 54.1M | 53M | 79.7M | -52.5M | 98M | 98.2M | 81.5M | 32.1M |
| Change in Payables | -23M | -28.8M | -20.7M | -20.9M | -103.8M | -149.4M | 3.4M | -114.4M | -62.2M | 48.6M | 7.1M | -61.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -32.7M | -31.8M | -97.4M | -69.6M | -131.4M | -360.3M | 1.04B | -158.2M | -185M | -152.5M | -182.2M | -177.9M | -195.3M | -162.7M | -126.7M | -96.3M | -61.6M | -271.3M | -283M | -290.7M | 109.1M | -343M | -479.6M | -468.8M | -379.2M | -325.6M | -270.9M | -328.4M | -275M | -291.6M | -218.8M |
| Capital Expenditures | -19.1M | 0 | 0 | -78.7M | -77.3M | -100.2M | -100M | -160.1M | -116.3M | -90.2M | -95.8M | -111.7M | -126.9M | -111.5M | -96.5M | -134.4M | -203.1M | -201.3M | -294.5M | -309M | -175.5M | -112M | -314.5M | -5.12B | -196.2M | -208.5M | -198.3M | -273.5M | -207.3M | -179.9M | -162.3M |
| CapEx % of Revenue | 0.98% | 1.54% | 3.16% | 3.9% | 3.9% | 4.88% | 4.94% | 7.2% | 4.12% | 3.29% | 3.4% | 3.7% | 3.78% | 3.23% | 2.6% | 3.49% | 5.05% | 4.38% | 5.63% | 5.47% | 3.05% | 1.94% | 5.4% | 86.65% | 3.5% | 3.46% | 2.88% | 3.63% | 2.88% | 2.71% | 2.55% |
| Acquisitions | 8.9M | 0 | 0 | -1.2M | -300K | -239.3M | 1.16B | 0 | 80.7M | -64.4M | -63.3M | -62.1M | -73.6M | -100K | 5.2M | -15.6M | 117.2M | -1.9M | -6.4M | -1.2M | -1.1M | -1.5M | -19.4M | -256.6M | -4.8M | 0 | -13.9M | 47.9M | -3.9M | -22.2M | -17.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.5M | -31.8M | -97.4M | -900K | -9.5M | -900K | -30.6M | -900K | -135.4M | -22.7M | 11M | -29.5M | -8.5M | -41.2M | -36.7M | 50.7M | 23.4M | 17.4M | 0 | 29.3M | 299.6M | -120.4M | -117.9M | 0 | -139.9M | -136.8M | -132.4M | -122.8M | -48.3M | -127.8M | -38.8M |
| Cash from Financing | 184M | 186M | -18.1M | -17.3M | -21.6M | -105.5M | 5.1M | -38M | -4.8M | 329.9M | -16.7M | 90.6M | -36.9M | -23M | -204.4M | -319.4M | -91.5M | -46.1M | -200.9M | 209.6M | -77.9M | 62.4M | 15.3M | 255.5M | 25.3M | 71.6M | -217.3M | -328.4M | -570.7M | -274.1M | 251.2M |
| Debt Issued (Net) | 186.7M | 189.6M | -15.4M | -16.9M | -17.8M | -101.6M | 18.8M | 16.1M | -2.3M | 345.4M | 17.9M | 86.9M | 0 | 0 | -184.1M | -555.7M | -92.8M | -30M | -200.1M | 203.1M | -74.9M | 49.6M | -23.5M | 224M | 25.3M | 38M | -268.4M | -159.7M | -542.3M | 28.3M | 371.4M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 4.5M | 0 | 0 | 0 | 0 | 0 | 3.7M | -35.7M | -11.7M | 0 | 249.7M | 0 | 0 | 0 | 12.3M | 1.6M | 12.8M | 38.8M | 31.5M | 0 | 33.6M | 51.1M | -109.3M | 79.5M | -128.3M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | -16.2M | -16.2M | -12.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59.4M | -106.5M | -113.1M | -120.8M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.7M | -11.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -197M | 0 | -150M | 0 |
| Other Financing | -2.7M | -3.6M | -2.7M | -400K | -3.8M | -8.4M | -13.7M | -54.1M | -2.5M | -15.5M | -35M | 0 | 2.8M | 4.9M | -4.1M | -1.2M | 1.3M | -16.1M | -800K | -5.8M | -4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.4M | -39.5M | 600K |
| Net Change in Cash | -18.4M | 31.1M | -6.1M | -6M | -157.9M | -345.6M | 354.9M | -66.2M | -140M | 363M | 5.4M | -129.1M | -145.5M | -15.8M | -59.3M | -113.4M | 180.7M | 103.6M | -286.2M | 110.9M | 76.8M | -18M | 24.6M | 334.1M | -24.1M | -52.1M | -86M | -152.4M | -198.7M | -226.2M | -85.1M |
| Free Cash Flow | -185.3M | -170M | 71.6M | 6.9M | -64.6M | 86.7M | -781.2M | 36.8M | -42.4M | 76.2M | 122.4M | -110.5M | -5.5M | 75.9M | 164.8M | 182.8M | 133.7M | 195.5M | -39.9M | -135.9M | -146.8M | 170M | 155.3M | -4.59B | 128.3M | -6.1M | 221.6M | 244.1M | 442.7M | 184.5M | -272.5M |
| FCF Margin % | -9.48% | -8.72% | 3.56% | 0.34% | -3.26% | 4.22% | -38.55% | 1.66% | -1.5% | 2.78% | 4.34% | -3.66% | -0.16% | 2.2% | 4.45% | 4.74% | 3.33% | 4.25% | -0.76% | -2.4% | -2.55% | 2.95% | 2.67% | -77.7% | 2.29% | -0.1% | 3.22% | 3.24% | 6.14% | 2.78% | -4.28% |
| FCF Growth % | -365.85% | -337.43% | 937.68% | 110.68% | -174.51% | 111.1% | -2222.83% | 186.79% | -155.64% | -37.75% | 210.77% | -1909.09% | -107.25% | -53.94% | -9.85% | 36.72% | -31.61% | 589.97% | 70.64% | 7.43% | -186.35% | 9.47% | 103.38% | -3679.81% | 2203.28% | -102.75% | -9.22% | -44.86% | 139.95% | 167.71% | -148.57% |
| FCF per Share | -2.58 | -2.39 | 1.03 | 0.10 | -0.95 | 1.30 | -12.41 | 0.66 | -0.82 | 1.51 | 2.45 | -2.21 | -0.11 | 1.71 | 3.22 | 3.69 | 3.09 | 4.91 | -1.11 | -3.89 | -4.27 | 5.00 | 4.43 | -138.48 | 3.97 | -0.19 | 6.99 | 8.19 | 16.57 | 10.05 | -15.71 |
| FCF Conversion (FCF/Net Income) | 0.54x | 0.41x | -0.70x | -0.17x | -0.12x | -0.30x | -0.91x | -7.20x | 0.98x | -2.58x | -4.57x | -0.01x | 2.60x | 1.73x | 1.79x | 2.37x | 1.43x | 2.10x | -1.96x | -2.19x | -0.10x | -0.16x | 12.17x | 2.05x | 1.46x | -3.02x | 1.87x | 1.01x | 1.68x | -0.43x | -2.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension liability cash volatility
As reported in quarterly financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -1.13 in 2025Q1 to 5.61 in 2025Q4, indicating that reported earnings are frequently decoupled from the company's actual cash-generating capacity.
The extreme variance in the conversion ratio suggests that non-cash charges, particularly those related to pension accounting and restructuring, are distorting the bottom line. Investors should monitor this divergence closely, as it implies that net income is an unreliable proxy for the company's ability to fund its ongoing operations.
Based on the provided cash flow data, Unisys exhibits a highly inconsistent free cash flow trajectory, with quarterly margins fluctuating between a negative 65.4% in 2025Q2 and a positive 16.9% in 2025Q4, reflecting the inherent instability in the company's underlying cash-generating business model.
The frequent swings into negative territory suggest that the company's cash flow is highly sensitive to working capital timing and non-operating cash outflows. This lack of a stable FCF trend makes it difficult to project the company's long-term ability to self-fund its strategic initiatives without external financing.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, evidenced by a significant $87.1 million outflow in 2025Q2 followed by a $57.7 million inflow in 2025Q4, highlighting the company's reliance on timing-sensitive collections and payables management.
These large, erratic swings in working capital suggest that the company's cash position is vulnerable to the payment cycles of its large-scale government and banking clients. Such instability warrants further investigation into whether these fluctuations are purely timing-related or indicative of underlying challenges in the accounts receivable collection process.
As reported in financial statements, the company's cash flow statement obscures the true impact of legacy obligations, as evidenced by the persistent gap between operating cash flow and net income that is not fully explained by standard depreciation and amortization or stock-based compensation adjustments.
The data suggests that significant cash outflows are likely being directed toward legacy pension funding or restructuring costs that are not clearly delineated in the core operating cash flow metrics. This lack of transparency makes it difficult to assess the true 'run-rate' cash burn of the business, potentially masking the severity of its long-term financial commitments.
Quick answers to the most common questions about buying UIS stock.
Unisys Corporation (UIS) generated $-140.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Unisys Corporation (UIS) reported negative free cash flow of $170.0M in 2025, indicating capital requirements exceeded cash from operations.
Unisys Corporation (UIS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.