At the most efficient growing companies, 80% say their primary reason for using working capital is planned growth. Among the least efficient, just 2% say the same.
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That 78-percentage-point gap is a central finding in “The 24-Day Advantage: What Top-Performing CFOs Know About Working Capital,” a PYMNTS Intelligence report examining how finance leaders manage cash. Drawing on three years of research involving 3,627 chief financial officers and treasurers across 23 countries, the study finds that companies with stronger financial planning, closer supplier relationships and faster payment cycles are better positioned to fund expansion. The research covers businesses generating between $100 million and $1 billion in annual revenue.
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The broader outlook is encouraging. The global Working Capital Index increased from 49.1 in 2023 to 54.6 in 2025, indicating improving efficiency.
Technology is also gaining ground, with 7 in 10 companies using artificial intelligence to improve working capital operations—although the report doesn’t establish that AI has shortened cash cycles. Challenges remain. Late payments cost companies an average of 4.1% of annual revenue, while disciplined use of external working capital solutions delivers benefits equivalent to approximately 4.5% of revenue. For CFOs, the findings point to a growing opportunity to turn more efficient cash management into business expansion.
At PYMNTS Intelligence, we work with businesses to uncover insights that fuel intelligent, data-driven discussions on changing customer expectations, a more connected economy and the strategic shifts necessary to achieve outcomes.
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