Cash flow generation remains highly erratic, evidenced by a $122.0 million working capital outflow in 2026Q1 and a volatile OCF/NI ratio that reached -5.42 in 2025Q1.
| 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 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Cash from Operations | 132.2M | 292.9M | 259.9M | 102.4M | 138.5M | 150.4M | 604.1M | 228.8M | -181.4M | 205.2M | 205.2M | 447.5M | 141.16M | 264.3M | 145.79M | -142.54M | -35.7M | 77.92M | 393.45M | -77.93M | 67.88M | -4.03M | -28.79M | 26.73M | 35.96M | 18.32M | 11M | 6.5M | 12.9M | 3.7M | 3.7M |
| Operating CF Margin % | - | 0.79% | 0.61% | 0.21% | 0.23% | 0.48% | 3.01% | 0.63% | -0.46% | 0.61% | 0.76% | 1.49% | 0.33% | 0.64% | 0.37% | -0.41% | -0.19% | 0.69% | 2.13% | -0.57% | 0.63% | -0.05% | -0.51% | 1% | 2.63% | 1.2% | 0.92% | 0.87% | 1.61% | 0.48% | 0.58% |
| Operating CF Growth % | 113.95% | 12.7% | 153.81% | -26.06% | -7.91% | -75.1% | 164.03% | 226.13% | -188.4% | 0% | -54.15% | 217.02% | -46.59% | 81.29% | 202.28% | -299.28% | -145.81% | -80.2% | 604.9% | -214.79% | 1786.14% | 86.01% | -207.69% | -25.67% | 96.25% | 66.55% | 69.26% | -49.61% | 248.65% | 0% | -60.22% |
| Net Income | -567.3M | -611.7M | 67.9M | 52.9M | 115.9M | 73.7M | 109.6M | 181.1M | 129M | -170.3M | 126.4M | 183M | 218.41M | 207.16M | 201.35M | 199.2M | 146.5M | 117.56M | 105.04M | 64.77M | 63.95M | 39.61M | 28.56M | 21.87M | 17.23M | 11.79M | 9.63M | 15.1M | 15.9M | 13.3M | 10.9M |
| Depreciation & Amortization | 92.5M | 98.2M | 106.4M | 104.5M | 107.8M | 81M | 85.8M | 87.4M | 81.5M | 86M | 82.3M | 63.4M | 59.4M | 44.71M | 36.71M | 40.53M | 19.11M | 16.96M | 13.87M | 6.9M | 4.87M | 3.83M | 3.6M | 3.83M | 1.94M | 2.35M | 2.43M | 2.8M | 2.4M | 1.9M | 1.7M |
| Stock-Based Compensation | 26.2M | 25.5M | 28.1M | 0 | 17.6M | 0 | -900K | 23.6M | 8.3M | 21.2M | 19.2M | 17M | 15.76M | 16.72M | 14.08M | 11.04M | 8.79M | 6.48M | 14.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -138.5M | -176.4M | -15.3M | -30.7M | -18.5M | -7.6M | -14.4M | 3.3M | -3.2M | 13.2M | -36M | -7.2M | 10.35M | -8.24M | 9.66M | 1.64M | -7.38M | 7.5M | 6.48M | -3.02M | 4.19M | -1.45M | 661K | 3.17M | -2.16M | -743K | -2.76M | -500K | 400K | -400K | 1.1M |
| Other Non-Cash Items | 834.4M | 900.1M | 164.3M | -163.8M | 216.1M | 39.3M | -13.6M | 33.8M | 30.4M | 99.4M | -3.8M | -3.4M | -18.92M | 7.59M | -12.07M | 11.6M | 2.67M | 4.44M | 11.33M | 13.96M | 9.99M | 14.49M | 8.54M | 7.07M | 5.31M | -2.14M | 17.03M | 5.1M | 900K | 4.5M | 1.9M |
| Working Capital Changes | -117.6M | 57.2M | -91.5M | 139.5M | -300.4M | -36M | 437.6M | -100.4M | -427.4M | 155.7M | 17.1M | 194.7M | -143.84M | -3.63M | -103.95M | -406.55M | -205.39M | -75.01M | 242.06M | -160.54M | -15.11M | -60.51M | -70.14M | -9.22M | 13.64M | 7.07M | -15.33M | -16M | -6.7M | -15.6M | -11.9M |
| Change in Receivables | -727.1M | 106.4M | 259.1M | 569.2M | -870.7M | -1.13B | 1.3B | -164.1M | -456.9M | -362M | -506.8M | 483.2M | 462.52M | -328.97M | 97.3M | -725.99M | -329.11M | -262.91M | 710.03M | 0 | 0 | 0 | 0 | -13.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -268.4M | 1M | 133M | 186.8M | -252.1M | -135.2M | 251M | -61.3M | -11.8M | -43.9M | -49.5M | 81.4M | 232.26M | -77.75M | -90.85M | -222.44M | -58.92M | -93.61M | 74.84M | -26.78M | -37.87M | 4.94M | -18.29M | -17.8M | 2.79M | 5.41M | -5.1M | -700K | 900K | -1.9M | -1M |
| Change in Payables | 1B | -32.6M | -355.9M | -441.9M | 1.06B | 1.14B | -1.22B | 143.7M | 177.7M | 451.2M | 423.4M | -481.5M | -585.67M | 385.48M | -45.18M | 573.6M | 247.41M | 242.61M | -531.32M | 0 | 0 | 0 | 0 | 19.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -175.7M | -170M | 64.5M | -101.1M | -724.9M | -58.4M | 72.8M | -50.5M | 287.6M | -180.1M | -428.5M | -144.7M | -297.09M | -174.56M | -246.62M | -144.63M | -180.29M | -61.83M | -100.16M | -68.99M | -25.18M | -14.62M | 1.19M | -3.27M | -9.71M | -5.54M | 21.55M | -2.4M | -3.8M | -2.5M | 1.3M |
| Capital Expenditures | -64.3M | -65.6M | -68.2M | -87.6M | -78.6M | -39.2M | -51.3M | -80.9M | -70.7M | -54M | -36.1M | -51M | -50.15M | -82.72M | -28.45M | -19.49M | -12.48M | -6.49M | -6.79M | -16.58M | -20.03M | -4.62M | -2.4M | -3.27M | -1.44M | -2.68M | -1.86M | -5.7M | -3.5M | -3.2M | -1.4M |
| CapEx % of Revenue | 0.17% | 0.18% | 0.16% | 0.18% | 0.13% | 0.13% | 0.26% | 0.22% | 0.18% | 0.16% | 0.13% | 0.17% | 0.12% | 0.2% | 0.07% | 0.06% | 0.07% | 0.06% | 0.04% | 0.12% | 0.19% | 0.05% | 0.04% | 0.12% | 0.11% | 0.18% | 0.15% | 0.77% | 0.44% | 0.41% | 0.22% |
| Acquisitions | -153.6M | -153.6M | -40M | -4.4M | -643.9M | -12.1M | 131M | 30.8M | -21.3M | -120.7M | -401.8M | -96.9M | -230.65M | -76.95M | -217.78M | -122.7M | -177.81M | -51.98M | -93.37M | -54.91M | -2.65M | 0 | 0 | 0 | -8.57M | -1.82M | -4.18M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 42.2M | 49.2M | 172.7M | -9.1M | -2.4M | -7.1M | -6.9M | -400K | 379.6M | -59.4M | -25.7M | -50.7M | -107.33M | -97.61M | -28.84M | -21.93M | -12.48M | -9.85M | -6.79M | 0 | 0 | 0 | 3.59M | -3.27M | 296K | -1.04M | 27.59M | 3.3M | -300K | 1.3M | 2.7M |
| Cash from Financing | -267.3M | -315.1M | -230.6M | -152.4M | 237.3M | -113.6M | -213M | -204.9M | -259.8M | -361.6M | 340.9M | -17.1M | 169.51M | 29.51M | 66.86M | 222.57M | 189.95M | -34.44M | -13.37M | 6.57M | 504K | 87.75M | 15.52M | -4.98M | -7.05M | -6.58M | -16.3M | -2.2M | -5.7M | -3M | -3.1M |
| Debt Issued (Net) | -61.2M | -171.7M | -32.2M | -23.1M | 333.7M | -23.9M | -112M | -78.5M | -218.9M | -277M | 407.7M | 79.2M | 205.8M | 80.31M | 84.54M | 237.12M | -14.99M | -22.3M | -25.49M | 18.72M | -500K | -31.1M | 12.55M | -2.53M | -2.05M | -18K | -5.46M | 3.98M | -4.26M | -1.4M | -2.1M |
| Equity Issued (Net) | -150M | -85M | -100M | -20.1M | -48.7M | -50.5M | -68.3M | -65.4M | -20M | -61.9M | -41.2M | -70.5M | -15.1M | -35M | -4.97M | -10.21M | 214.99M | -4.95M | -1.6M | -1.53M | 6.73M | 123.3M | 6.32M | 726K | -1.1M | -4.4M | -8.41M | -3.6M | 1.16M | 700K | 900K |
| Dividends Paid | -42.3M | -41.3M | -38.5M | -34M | -31M | -28.7M | -25.6M | -21.1M | -16.2M | -16.3M | -16.6M | -15.3M | -10.6M | -10.68M | -10.69M | -12.4M | -9.42M | -8.2M | -4.33M | -4.25M | -4.16M | -3.44M | -3.35M | -3.18M | -3.91M | -2.15M | -2.43M | -2.5M | -2.4M | -2.2M | -1.9M |
| Share Repurchases | -150M | -85M | -100M | -60.1M | -48.7M | -50.5M | -68.3M | -65.4M | -20M | -61.9M | -41.2M | -70.5M | -15.1M | -41.8M | -4.97M | -10.21M | -3.82M | -4.95M | -1.6M | -2.58M | 0 | 0 | 0 | 0 | -3.26M | -4.4M | -8.42M | -3.9M | 0 | 0 | 0 |
| Other Financing | -13.8M | -17.1M | -59.9M | -75.2M | -16.7M | -10.5M | -7.1M | -39.9M | -2M | -6.4M | -9M | -10.4M | -10.6M | -5.13M | -2.02M | 6.25M | -632K | 1.02M | 18.75M | -6.37M | -1.57M | -1.01M | 0 | 0 | 0 | 0 | 0 | 14K | -201K | -100K | 0 |
| Net Change in Cash | -305.3M | -189.4M | 78.6M | 5.9M | -353.8M | -6.6M | 472.7M | -25.7M | -160.6M | -326.3M | 116.1M | 280.2M | 10.2M | 119.32M | -32.67M | -67.48M | -25.95M | -15.51M | 278.2M | -140.34M | 43.21M | 69.11M | -12.08M | 18.48M | 19.2M | 6.2M | 16.25M | -2.2M | -5.7M | -3M | -3.1M |
| Free Cash Flow | 67.9M | 227.3M | 191.7M | 14.8M | 59.9M | 111.2M | 552.8M | 147.9M | -252.1M | 151.2M | 169.1M | 396.5M | 91.01M | 181.59M | 117.34M | -162.03M | -48.18M | 71.43M | 386.66M | -94.51M | 47.85M | -8.64M | -31.18M | 23.46M | 34.52M | 15.64M | 9.14M | 800K | 9.4M | 500K | 2.3M |
| FCF Margin % | 0.18% | 0.62% | 0.45% | 0.03% | 0.1% | 0.36% | 2.75% | 0.4% | -0.64% | 0.45% | 0.63% | 1.32% | 0.21% | 0.44% | 0.3% | -0.47% | -0.25% | 0.63% | 2.09% | -0.69% | 0.44% | -0.1% | -0.55% | 0.88% | 2.53% | 1.02% | 0.76% | 0.11% | 1.17% | 0.06% | 0.36% |
| FCF Growth % | -72.38% | 18.57% | 1195.27% | -75.29% | -46.13% | -79.88% | 273.77% | 158.67% | -266.73% | -10.59% | -57.35% | 335.68% | -49.88% | 54.76% | 172.42% | -236.28% | -167.46% | -81.53% | 509.13% | -297.5% | 653.79% | 72.29% | -232.9% | -32.04% | 120.75% | 71.08% | 1042.75% | -91.49% | 1780% | -78.26% | -67.61% |
| FCF per Share | 1.31 | 4.15 | 3.22 | 0.24 | 0.96 | 1.76 | 8.64 | 2.22 | -3.72 | 2.22 | 2.42 | 5.61 | 1.28 | 2.53 | 1.63 | -2.27 | -0.76 | 1.19 | 6.66 | -1.63 | 0.83 | -0.17 | -0.66 | 0.53 | 0.81 | 0.37 | 0.19 | 0.02 | 0.19 | 0.01 | 0.05 |
| FCF Conversion (FCF/Net Income) | -0.12x | -0.48x | 3.86x | 1.94x | 1.21x | 2.04x | 5.51x | 1.28x | -1.42x | -1.21x | 1.62x | 2.39x | 0.64x | 1.30x | 0.77x | -0.73x | -0.24x | 0.67x | 3.75x | -1.20x | 1.06x | -0.10x | -1.01x | 1.22x | 2.09x | 1.72x | 1.14x | 0.43x | 0.81x | 0.28x | 0.34x |
| Interest Paid | 0 | 0 | 113.6M | 0 | 113.4M | 0 | 45.1M | 77M | 73.8M | 64.9M | 40.7M | 33.1M | 29.1M | 19.1M | 17.23M | 12.1M | 2.53M | 4.41M | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 60.6M | 0 | 66.6M | 0 | 68.5M | 82.9M | 85.3M | 50.8M | 37.5M | 44M | 40.8M | 34.6M | 26.53M | 51.1M | 24.75M | 29.82M | 20.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility exposure
As reported in recent financial statements, World Kinect's operating cash flow frequently diverges from net income, evidenced by a volatile OCF/NI ratio that reached -5.42 in 2025Q1, suggesting that accounting earnings are poor proxies for the actual cash generation capacity of the underlying fuel distribution business.
The persistent disconnect between net income and operating cash flow highlights the impact of non-cash charges and significant working capital swings inherent in the company's credit-intermediary model. Investors should monitor this relationship closely, as the inability to consistently convert earnings into cash suggests that the reported profitability may be highly sensitive to accounting adjustments rather than operational efficiency.
Based on quarterly filings, WKC's free cash flow trajectory remains highly erratic, with figures swinging from a $102.5 million inflow in 2024Q4 to a $60.2 million outflow in 2026Q1, reflecting the cyclical nature of the firm's capital-intensive fuel logistics and credit-extension operations.
The inconsistency in free cash flow generation appears to be a byproduct of the company's thin-margin business model, where small changes in fuel prices or credit terms create outsized impacts on liquidity. This volatility warrants further investigation into whether the current cash flow profile can support sustained capital returns or if it necessitates a more conservative approach to balance sheet management.
According to recent SEC filings, working capital changes are the primary determinant of cash flow health, with a massive $122.0 million outflow in 2026Q1 alone, illustrating how the company's role as a global credit intermediary forces significant liquidity fluctuations tied to fuel price and volume cycles.
The company's reliance on managing massive receivables and payables means that working capital is not merely an operational detail but a core financial risk factor. The frequent, large-scale swings in working capital suggest that the firm's cash position is highly vulnerable to counterparty credit cycles and commodity price volatility, which may obscure the underlying operational performance.
As indicated by the provided data, WKC has continued to prioritize share repurchases and dividends despite periods of net loss, such as the $75.0 million buyback in 2026Q1, which may indicate a management preference for returning capital even when operational cash flow is under significant pressure.
The decision to maintain shareholder returns during periods of negative cash flow and earnings contraction appears aggressive and warrants scrutiny regarding the long-term sustainability of this policy. Investors should monitor whether this capital deployment strategy is supported by sufficient liquidity buffers or if it risks eroding the company's financial flexibility in a high-interest-rate environment.
Quick answers to the most common questions about buying WKC stock.
World Kinect Corporation (WKC) generated $292.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
World Kinect Corporation (WKC) generated $227.3M 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.
World Kinect Corporation (WKC) spent $65.6M 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, World Kinect Corporation (WKC) returned $41.3M to shareholders via cash dividends and spent $85.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.