Cover for the PYMNTS Intelligence Working Capital Index, Fourth Edition. The PYMNTS Intelligence 2026 Working Capital Index reports early customer payments plunged, and firms turned to credit to manage cash flow.

Working Capital Index Falls for First Time as Early Payments Dry Up

Working Capital Has Lost Its Strategic Edge

Middle market firms spent three years turning working capital into a growth tool. In 2026, it went back to being a way to plug cash flow gaps. Nearly 1,000 CFOs and Treasurers over four years explain why, and top performers show the way back.

Inside the September Index

  • 51.6: The Index fell 6%, the first decline in four editions.
  • 12% of receivables received early, down from 35%.
  • 17% of payables paid early, down from 37%.
  • 83% used a working capital solution, a series high.

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