2025 Global DSO & Working Capital Report

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In 2024, global Working Capital Requirements (WCR) surged by 2 days to 78 days—the highest since 2008—driven by economic volatility, trade frictions, and tighter financial conditions. Western Europe saw a +4-day rise for the third consecutive year, while APAC experienced a moderate increase. In contrast, North America posted a rare -3-day decline.
Key findings include:
Rising Payment Terms: Days Sales Outstanding (DSO) increased globally, especially in Europe, putting pressure on cash flow.
Sector Impact: Transport equipment, electronics, and retail saw the largest WCR increases.
Regional Divergence: US companies reduced WCR by destocking and prioritizing shareholder returns, while European firms took on more trade credit risk acting as “invisible banks” for their customers.