Increasing free cash flow conversion
~90%+
FCF conversion (1) Percent of net income
~50%
• Operational efficiency at scale • Disciplined working capital management • NGDV production
46%
39%
2025 (2)
2023
2024
Avg. 2026-2028 (target)
FCF* $ in millions
$274
$269
$300-400
* Non-GAAP results and estimates. See appendix for reconciliation to GAAP results. Note: All estimates exclude future M&A activities.
(1) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income. (2) 2025 figures reflect guidance provided on 1/30/25, which was before impact of tariff announcements.
Improved cash conversion across period reflects disciplined operating model
Made with FlippingBook Annual report maker