Cash flow remains highly inconsistent, characterized by a $115.2 million outflow in working capital during 2026Q1 that resulted in a negative free cash flow margin of 18.6%.
| Metric | TTM | Jan'26 | 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 | 140.6M | 136.1M | 180.1M | 121.8M | -178.9M | 86.8M | 309.1M | 222.6M | 97.5M | 202.7M | 296.3M | 215.5M | 314.6M | 202.3M | 91.64M | 78.81M | 66.25M | 168.61M | 93.47M | 123.29M | 108.32M | 119.65M | 106.36M | 102.2M | 88.28M | 53.94M | 70.97M | 47.2M | -4.5M | -200K | 14.9M |
| Operating CF Margin % | - | 7.26% | 10.26% | 5.43% | -6.66% | 3.59% | 17.26% | 9.79% | 4.35% | 8.63% | 11.88% | 8.01% | 11.39% | 7.52% | 5.58% | 5.59% | 5.31% | 15.31% | 7.66% | 10.28% | 9.49% | 11.28% | 10.72% | 11.5% | 10.67% | 7.49% | 10.12% | 7.09% | -0.67% | -0.03% | 2.92% |
| Operating CF Growth % | 75.68% | -24.43% | 47.87% | 168.08% | -306.11% | -71.92% | 38.86% | 128.31% | -51.9% | -31.59% | 37.49% | -31.5% | 55.51% | 120.76% | 16.27% | 18.97% | -60.71% | 80.39% | -24.19% | 13.82% | -9.47% | 12.5% | 4.07% | 15.77% | 63.68% | -24% | 50.36% | 1148.89% | -2150% | -101.34% | 964.29% |
| Net Income | 103.9M | 95.8M | 51.5M | -39.2M | -189.1M | 67M | -138.6M | 128.9M | 200.3M | -700K | 87.5M | 123.2M | 133.9M | 101M | 80.76M | 80.76M | 104.47M | 61.91M | 95.82M | 92.89M | 83.65M | 74.47M | 65.94M | 51.72M | 47.91M | 45.24M | 10.69M | 32.4M | 41.7M | 41.5M | 32.9M |
| Depreciation & Amortization | 25M | 25.9M | 26.2M | 35.1M | 34.6M | 33.2M | 32.8M | 32.7M | 31.5M | 37.2M | 43.5M | 48.7M | 53.3M | 56.2M | 27.65M | 15.91M | 16.2M | 17.62M | 20.7M | 22.79M | 20.62M | 20.04M | 19.07M | 17.95M | 16.86M | 17.62M | 17.7M | 14.9M | 13M | 9.2M | 7.1M |
| Stock-Based Compensation | 18.7M | 24.4M | 19.1M | 15.2M | 33.4M | 38.1M | 28.9M | 24.5M | 31.2M | 25.4M | 22.8M | 18.7M | 25.1M | 24.8M | 5.06M | 10.82M | 10.18M | 8.94M | 8.16M | 8.32B | 7.16B | 3.27B | 2.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 8.3M | 8M | 21.4M | -95.8M | -105.7M | -14.7M | -56.9M | -9M | 22.1M | -75.8M | -5.8M | -26.7M | -19.1M | -27.8M | -4.25M | 7.68M | -1.2M | -7.84M | -43K | -5.66M | -8.54M | -4.91M | 1.18M | -902K | 216K | 4.58M | -4.07M | 9.6M | 500K | 4.6M | -200K |
| Other Non-Cash Items | -900K | -26.8M | -20.7M | 38.5M | 322.3M | 51.6M | 255M | 42.8M | -49.7M | 103.3M | 50.3M | 49.9M | 34.5M | 50.6M | 6.05M | 33.51M | 15.51M | 17.74M | 13.61M | 4.75M | -7.14B | -3.26B | -2.18B | 7.97M | -1.54M | 2.67M | -1.95M | 41.57M | -100K | 100K | -3M |
| Working Capital Changes | -14.3M | 8.8M | 82.6M | 168M | -274.4M | -88.4M | 187.9M | 2.7M | -137.9M | 113.3M | 98M | 1.7M | 86.9M | -2.5M | -23.63M | -69.86M | -78.92M | 70.25M | -44.78M | 352K | -1.72M | 15.84M | 12.2M | 34.98M | 20.62M | -11.56M | 5.08M | -23.4M | -54.6M | -52.6M | -21.9M |
| Change in Receivables | 48.5M | 54.2M | 16.7M | 2.8M | 84.5M | -49.2M | 64.8M | 30.7M | -95M | -2.7M | 32.3M | 5.8M | 76.5M | -41.3M | 15.14M | -24.8M | -32.47M | 9.82M | 3.42M | 3.42M | 6.41B | -7.74B | 15.53B | -5.88B | 9.18B | 9.18B | 2.17B | -21.32M | 0 | 0 | 0 |
| Change in Inventory | 44.6M | -20.9M | 127.1M | 286.5M | -428.9M | -77.2M | 107.2M | -23.8M | -44.5M | 45.4M | 110M | -68.8M | 2.9M | 35.1M | -29.33M | -28.12M | -51.17M | 44.5M | -39.2M | 22.45M | -18.76M | 19.38M | -15.83M | 17.07M | 24.88M | -31.66M | 11.68M | -7.9M | -17M | -27.7M | -19.5M |
| Change in Payables | -83.6M | -30M | -3.4M | -65.6M | 62.6M | 23M | -18.9M | -6.9M | 40.6M | 11.2M | -50.4M | 52.9M | 16.2M | -26.5M | 5.91M | -7.05M | 21.67M | -7.33M | -5.06M | -5.06M | 5.43B | -4.86B | -5.82B | -656M | 7.45B | 7.45B | 655M | -9.38M | 0 | 0 | 0 |
| Cash from Investing | -7.9M | -13.9M | 86.8M | 171.6M | 54.6M | -437.3M | 6.1M | -61.5M | -22.2M | -1M | -38.4M | -50M | -34.8M | -44.7M | -1.25B | -22.58M | -17.04M | -22.3M | -28.26M | -22.32M | -18.18M | -23.25M | -18.18M | -30.74M | -40.63M | -12.47M | -11M | -19M | -33.7M | -57.1M | -45.7M |
| Capital Expenditures | -8.6M | -14.5M | -20.2M | -14.6M | -36.5M | -17.6M | -10.3M | -34.4M | -21.7M | -32.4M | -55.3M | -46.4M | -30M | -41.7M | -14.94M | -19.4M | -16.37M | -11.67M | -24.13M | -17.88M | -17.07M | -19.16M | -18.08M | -16.02M | -13.88M | -11.3M | -11.98M | -19.4M | -32.4M | -51.2M | -49.8M |
| CapEx % of Revenue | 0.45% | 0.77% | 1.15% | 0.65% | 1.36% | 0.73% | 0.58% | 1.51% | 0.97% | 1.38% | 2.22% | 1.72% | 1.09% | 1.55% | 0.91% | 1.38% | 1.31% | 1.06% | 1.98% | 1.49% | 1.49% | 1.81% | 1.82% | 1.8% | 1.68% | 1.57% | 1.71% | 2.91% | 4.84% | 7.7% | 9.75% |
| Acquisitions | 0 | 0 | 102.4M | 188.9M | 87.2M | -417.4M | -9M | -23.6M | 2.2M | 36.5M | 7.3M | 7.3M | -1.1M | -2.5M | -1.23B | -1.23B | 0 | -7.95M | -7.95M | 0 | 0 | -4.6M | -4.6M | -14.78M | -27.37M | -1.41M | -1.41M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 700K | 600K | 4.6M | -2.7M | 3.9M | -2.3M | 25.4M | -3.5M | -2.7M | -5.1M | 9.6M | -10.9M | -3.7M | -500K | -2.34M | 1.23B | -668K | -2.68M | 3.82M | -4.44M | -1.11M | 513K | 4.5M | 58K | 607K | 235K | 2.38M | 400K | -1.3M | -5.9M | 4.1M |
| Cash from Financing | -123.9M | -73.8M | -299.2M | -246.3M | 107.1M | 169.3M | -154M | -124.6M | -404.5M | -98M | -79.5M | -187.3M | -270.4M | -112.8M | 1.18B | -62.32M | -57.53M | -79.24M | -39.46M | -154.23M | -54.68M | -79.21M | -75.8M | -41.66M | -56.72M | -14.08M | -52.98M | -33M | 38.6M | 54.6M | 12.2M |
| Debt Issued (Net) | -45.5M | -27.5M | -274.2M | -238.3M | 190M | 245M | -72.5M | 227.5M | -213.7M | -40.1M | 6.2M | -80.9M | -249.8M | -100M | 1.24B | 10.5M | -538K | -59.51M | 48.77M | -10.74M | -10.94M | -11.49M | -16.02M | -14.98M | -18.1M | -2.15M | -46.26M | -28.9M | 66.6M | 54.6M | 9.3M |
| Equity Issued (Net) | -2.4M | -2.3M | 3.1M | 100K | -81.3M | -22.5M | -21M | -319.2M | -159.5M | -35.6M | -50.2M | -87M | 0 | -800K | -2.4M | -67.5M | -52.19M | 1.3M | -69.08M | -127.72M | -31.26M | -52.91M | -48.64M | -18.09M | -31.42M | -5.28M | -922K | 900K | -20.8M | 3.7M | 3.4M |
| Dividends Paid | -33.5M | -33.3M | -32.5M | -32.6M | -32.8M | -33.5M | -33.6M | -33.6M | -28.6M | -23M | -23.5M | -24.4M | -24M | -23.7M | -23.65M | -22.74M | -21.41M | -21.5M | -20.76M | -18.39M | -16.08M | -14.81M | -11.13M | -8.59M | -7.19M | -6.64M | -5.8M | -4.9M | -4.6M | -3.7M | -3M |
| Share Repurchases | -14.5M | -14.5M | 0 | 0 | -81.3M | -39.6M | -21M | -319.2M | -174.7M | -51.5M | -52.7M | -92.6M | -92.6M | -800K | -2.4M | -67.39M | -52.19M | -6.57M | -76.13M | -133.38M | -45.01M | -64.86M | -55.33M | -25.66M | -33.63M | -9.14M | -1.14M | -600K | -24.9M | -5.2M | -300K |
| Other Financing | -42.5M | -10.7M | 4.4M | 24.5M | 31.2M | -19.7M | -26.9M | 700K | -2.7M | 700K | -12M | 5M | 3.4M | 11.7M | -29.1M | 17.42M | 14.99M | 462K | 1.61M | 2.62M | 3.6M | 0 | 0 | 0 | -14.02B | 0 | 0 | -100K | -2.6M | 0 | 0 |
| Net Change in Cash | 13.1M | 54.2M | -32.5M | 49.1M | -26.2M | -185.7M | 166.8M | 37.5M | -337.9M | 111.2M | 175.7M | -29.7M | 9.6M | 42.8M | 31.4M | -10.39M | -10.04M | 70.94M | 13.41M | -48.58M | 39.41M | 13.09M | 16.82M | 28.28M | -8.74M | 27.39M | 6.99M | -4.8M | -4.4M | -2.3M | -21.3M |
| Free Cash Flow | 132M | 121.6M | 159.9M | 107.2M | -215.4M | 69.2M | 298.8M | 188.2M | 75.8M | 170.3M | 241M | 169.1M | 284.6M | 160.6M | 76.7M | 59.42M | 49.88M | 156.94M | 69.34M | 105.41M | 91.25M | 100.49M | 88.28M | 86.19M | 74.4M | 42.64M | 58.99M | 27.8M | -36.9M | -51.4M | -34.9M |
| FCF Margin % | 6.88% | 6.49% | 9.11% | 4.78% | -8.02% | 2.87% | 16.68% | 8.28% | 3.39% | 7.25% | 9.66% | 6.28% | 10.31% | 5.97% | 4.67% | 4.22% | 3.99% | 14.25% | 5.68% | 8.79% | 7.99% | 9.47% | 8.9% | 9.7% | 9% | 5.92% | 8.41% | 4.18% | -5.51% | -7.73% | -6.83% |
| FCF Growth % | -18.27% | -23.95% | 49.16% | 149.77% | -411.27% | -76.84% | 58.77% | 148.28% | -55.49% | -29.34% | 42.52% | -40.58% | 77.21% | 109.39% | 29.08% | 19.13% | -68.22% | 126.32% | -34.21% | 15.51% | -9.19% | 13.83% | 2.43% | 15.84% | 74.51% | -27.72% | 112.2% | 175.34% | 28.21% | -47.28% | -102.91% |
| FCF per Share | 1.62 | 1.49 | 1.99 | 1.35 | -2.70 | 0.83 | 3.69 | 2.16 | 0.80 | 1.77 | 2.48 | 1.69 | 2.79 | 1.59 | 0.78 | 0.61 | 0.50 | 1.57 | 0.69 | 0.97 | 0.80 | 0.86 | 0.73 | 0.47 | 0.60 | 0.34 | 0.48 | 0.22 | -0.29 | -0.40 | -0.28 |
| FCF Conversion (FCF/Net Income) | 1.27x | 1.42x | 3.76x | -3.08x | 0.95x | 1.27x | -2.26x | 1.73x | 0.49x | 675.67x | 3.38x | 1.75x | 2.36x | 2.01x | 1.14x | 0.64x | 0.63x | 2.72x | 0.98x | 1.33x | 1.29x | 1.61x | 1.61x | 1.98x | 1.84x | 1.19x | 6.64x | 1.46x | -0.11x | -0.00x | 0.45x |
| Interest Paid | 0 | 33.5M | 44.1M | 63.5M | 43M | 34.6M | 41.4M | 32.4M | 29M | 31.5M | 33.7M | 34.9M | 42.2M | 48.8M | 10M | 800K | 192K | 486K | 2.37M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 25.4M | 20M | 27M | 44.3M | 27.8M | 8.6M | 23.2M | 17.4M | 23.6M | 35.4M | 49.8M | 70.2M | 33.5M | 16.3M | 30M | 30.6M | 7.3M | 35.99M | 48.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, Wolverine World Wide's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 4.12 in 2026Q1, which suggests that reported earnings are currently decoupled from the actual cash generation capabilities of the underlying footwear business operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and accruals are heavily influencing the bottom line. Investors should monitor whether this disconnect is a temporary byproduct of restructuring or a persistent issue regarding the quality of earnings.
Based on the company's reported figures, free cash flow has exhibited extreme volatility, swinging from a positive $145.6 million in 2025Q4 to a negative $84.9 million in 2026Q1, highlighting a lack of consistent cash generation that complicates long-term valuation and capital allocation planning.
The inability to maintain positive free cash flow suggests that the company's operational efficiency is still highly sensitive to seasonal inventory cycles and wholesale demand shifts. This inconsistency warrants further investigation into whether the current business model can support sustained cash flow growth without recurring capital injections.
According to recent SEC filings, working capital changes have been the primary driver of cash flow variance, with a massive $115.2 million outflow in 2026Q1 following a $97.4 million inflow in 2025Q4, indicating significant friction in managing inventory and accounts receivable across the portfolio.
These sharp reversals in working capital suggest that the company is struggling to align its production cycles with actual retail sell-through. Such volatility implies that the firm may be forced to carry excess inventory, which risks future margin compression through potential markdowns.
As indicated by the provided data, Wolverine World Wide has maintained consistent dividend payments of approximately $8 million per quarter despite significant cash flow volatility, suggesting a management priority to signal stability to shareholders even when operational cash generation is insufficient to cover these distributions.
The commitment to dividends during periods of negative free cash flow may indicate a reliance on existing cash reserves or debt capacity to fund shareholder returns. This strategy appears aggressive and warrants monitoring to ensure it does not compromise the company's long-term financial flexibility.
Quick answers to the most common questions about buying WWW stock.
Wolverine World Wide, Inc. (WWW) generated $136.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wolverine World Wide, Inc. (WWW) generated $121.6M 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.
Wolverine World Wide, Inc. (WWW) spent $14.5M 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, Wolverine World Wide, Inc. (WWW) returned $33.3M to shareholders via cash dividends and spent $14.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.