Free cash flow has turned negative to -$12 million in 2026Q1, reflecting a significant disconnect between accounting results and cash-generating capacity.
| 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 | 268M | 235M | 461M | 377M | 517M | 657M | 649M | 632.8M | 499.8M | 601.9M | 563.4M | 497.4M | 560.4M | 417.85M | 369.69M | 393.47M | 362.32M | 362.49M | 335.98M | 387.7M | 271.86M | 232.77M | 306.26M | 257.99M | 172.98M | 211.07M | 145.62M | 121.3M | 93.7M | 94.3M | 83.2M |
| Operating CF Margin % | - | 6.39% | 12.15% | 9.51% | 13.18% | 15.53% | 19.44% | 15.73% | 12.54% | 15.07% | 15.04% | 18.6% | 19.17% | 14.16% | 12.62% | 15.5% | 16.31% | 16.78% | 15.32% | 19.29% | 15.02% | 13.57% | 18.08% | 16.42% | 11.43% | 18.69% | 16.37% | 14.6% | 11.78% | 13.08% | 12.67% |
| Operating CF Growth % | 366.63% | -49.02% | 22.28% | -27.08% | -21.31% | 1.23% | 2.56% | 26.61% | -16.96% | 6.83% | 13.27% | -11.24% | 34.12% | 13.03% | -6.04% | 8.6% | -0.05% | 7.89% | -13.34% | 42.61% | 16.79% | -24% | 18.71% | 49.14% | -18.04% | 44.94% | 20.05% | 29.46% | -0.64% | 13.34% | 23.26% |
| Net Income | -628M | -598M | -910M | -132M | -950M | 411M | -73M | 263.1M | -1.01B | -1.57B | 431.4M | 251.1M | 322.91M | 318.16M | 318.49M | 247.45M | 267.33M | 274.41M | 283.87M | 259.65M | 223.72M | 45.41M | 210.29M | 169.85M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Depreciation & Amortization | 353M | 352M | 349M | 343M | 328M | 346M | 334M | 322.8M | 330.8M | 316.4M | 271.7M | 122.9M | 129.08M | 127.9M | 129.2M | 85.03M | 66.34M | 65.17M | 56.93M | 50.29M | 47.43M | 50.56M | 49.3M | 45.66M | 43.86M | 54.33M | 41.36M | 39.6M | 37.5M | 32.4M | 28.1M |
| Stock-Based Compensation | 16M | 33M | 39M | 46M | 59M | 48M | 47M | 66.2M | 21M | 48M | 41.3M | 25.6M | 25.43M | 25.1M | 22.19M | 20.95M | 18.8M | 16.28M | 17.29M | 14.09M | 19.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -31M | 30M | -136M | -130M | -228M | -25M | -62M | -37.4M | -62M | -143.8M | -110.1M | 15.8M | 15.39M | -31.56M | -78.54M | -88.4M | 1.39M | 195K | 13.37M | 25.57M | 53.7M | -91.78M | 7.06M | 32.41M | -6.02M | 6.45M | 4.25M | 5.9M | -22.1M | -1.8M | -3M |
| Other Non-Cash Items | 668M | 640M | 1.02B | 339M | 1.39B | 3M | 203M | 50M | 1.26B | 2.08B | -15M | 43.9M | 21.2M | 38.5M | 15.79M | 29.64M | -5.33M | -13.78M | -6.97M | -21.16M | 21.3M | 233.23M | -57.99M | 5.83M | 9.77M | -20.32M | 2.76M | 2.13M | 72.61M | 800K | 700K |
| Working Capital Changes | -111M | -222M | 95M | -89M | -78M | -126M | 200M | -19.8M | -33.2M | -144.8M | -43.2M | 38.1M | 46.48M | -60.22M | -38.55M | 95.99M | 5.38M | 20.21M | -28.51M | 46.75M | -74.29M | -3.67M | 55.82M | 4.24M | -22.58M | 49.11M | -3.76M | -14.6M | -27.5M | -11.7M | -9.8M |
| Change in Receivables | 0 | -91M | 104M | -58M | 85M | -117M | 131M | -91.4M | 23.5M | -63.4M | -75.1M | -900K | 7.2M | -32.53M | -12.59M | 1.47M | 5.12M | -3.74M | -3.69M | 9.03M | -19.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -14M | -17M | 17M | 6M | -141M | -64M | 123M | 13.7M | -19.9M | -62.9M | 65.4M | 32.1M | 21.03M | -25.37M | -36.79M | 21.5M | -9.31M | 27.71M | -32.82M | -716K | -10.78M | -7.46M | 4.1M | 15.2M | -8.94M | 14.76M | -1.22M | 4.4M | -5.6M | 1.7M | 300K |
| Change in Payables | -1M | 11M | -30M | 14M | 30M | -49M | -28M | 26.1M | 7.1M | 44.2M | 7.2M | 8.8M | 10.04M | -36.73M | 12.84M | 10.82M | 2.17M | -4.95M | 5.43M | -7.39M | -6.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -168M | -132M | -197M | -89M | -138M | -358M | -1.11B | -68.4M | -253.3M | -286.4M | 60M | -54.9M | 138.69M | 260.23M | -115.02M | -1.89B | -129.49M | -53.4M | -47.8M | -299.39M | -76.29M | -42.47M | 25.61M | -69.38M | -84.5M | -814.69M | -44.63M | -35.5M | -142.4M | -111.2M | -98.7M |
| Capital Expenditures | -164M | -131M | -180M | -149M | -149M | -142M | -87M | -122.9M | -188M | -151M | -126.1M | -72M | -105.77M | -101.42M | -95.4M | -74.25M | -45.84M | -56.49M | -78.92M | -65.83M | -52.61M | -45.29M | -56.26M | -78.99M | -57.45M | -49.34M | -28.43M | -36.7M | -139.9M | -108.9M | -23 |