Days payable outstanding by industry: 2026 benchmarks
How long companies take to pay suppliers, by industry: our calculation from SEC filings, checked against APQC and the J.P. Morgan Working Capital Index.
Median days payable outstanding (DPO) is about 40 days across industries in APQC's benchmarking, with the middle half of companies between about 30 and 50 days. Large listed companies pay more slowly: J.P. Morgan's Working Capital Index puts the S&P 1500 average at 51.2 days for 2023. DPO varies by industry. In our calculation from the latest 10-K filings of 56 US-listed companies across 7 industries (fiscal years ending 2025-09-30 to 2026-08-30), median DPO ranges from 35 days in construction and engineering to 95 days in packaged food and beverage, with an all-company median of 58 days. J.P. Morgan reports 79.2 days for pharmaceuticals, 70.4 for oil and gas upstream, 65.3 for auto and auto parts and 48.8 for semiconductors. DPO here is average accounts payable divided by cost of revenue, times 365.
Key Industry Data
- Median DPO about 40 days; 25th percentile about 30; 75th percentile about 50; formula: APQC, via CFO.com Metric of the Month: Manage Days Payable Outstanding to Improve Cash Flow (2024)
- DPO 2020: 30 / 40 / 53 days; 2017: 27 / 30 / 46 days (25th / median / 75th percentile): APQC, via CFO.com Metric of the Month: Increase DPO, If You Can (2020)
- S&P 1500 DPO 51.2 days (2023); pharmaceuticals 79.2; oil and gas upstream 70.4; auto 65.3; semiconductors 48.8: J.P. Morgan, Increasing Efficiency: Working Capital Index 2024 (2024)
- Source of the 10-K facts for the 56-company DPO calculation (computed by Aequo 2026-10-23): U.S. Securities and Exchange Commission, EDGAR Application Programming Interfaces (XBRL companyfacts) (2026)
Key statistics
Each figure links to a public page that contains it. Last checked .
APQC puts median DPO at around 40 days across all industries, with about 30 days at the 25th percentile and 50 days at the 75th.
Source: APQC, via CFO.com (2024)
Average DPO across the S&P 1500 (excluding financials and real estate) was 51.2 days in 2023, up from 48.5 days in 2022.
Source: J.P. Morgan Working Capital Index 2024 (2024)
In the J.P. Morgan index, 2023 DPO was 79.2 days in pharmaceuticals, 70.4 in oil and gas upstream, 65.3 in auto and auto parts and 48.8 in semiconductors.
Source: J.P. Morgan Working Capital Index 2024 (2024)
APQC's median DPO rose from 30 days in 2017 to 40 days in 2020.
Source: APQC, via CFO.com (2020)
Days payable outstanding (DPO) measures how long a company takes, on average, to pay its suppliers. A higher DPO keeps cash in the business longer; a DPO well above your terms usually means late payments and strained suppliers. Published DPO benchmarks rarely break the number down by industry in a way you can check, so we computed it from public filings and show every company and filing we used. Use the figures as a reference point for your own industry, not a target: a large retailer’s buying power is not a mid-sized contractor’s.
Key findings: days payable outstanding by industry
APQC’s cross-industry median DPO is about 40 days; the middle half of companies sit between about 30 and 50 days.
Large listed companies pay more slowly: the S&P 1500 averaged 51.2 days in 2023 (J.P. Morgan).
In our 56-company filing sample, median DPO runs from 35 days (construction and engineering) to 95 days (packaged food and beverage).
Construction and engineering companies in the sample have a median DPO of 35 days, close to net-30 terms.
DPO has risen over the decade: APQC’s median went from 30 days in 2017 to 40 in 2020, and the S&P 1500 from 45.9 days in 2011 to 51.2 in 2023.
Supply chain finance can push DPO far beyond terms (Genuine Parts at 142 days), so compare with peers, not the industry maximum.
Cross-industry DPO benchmarks
Two independent sources agree that typical DPO sits between about 40 and 50 days, with large listed companies at the upper end.
APQC median DPO, all industries
About 30 days at the 25th percentile and about 50 days at the 75th. APQC computes DPO from average accounts payable over cost of goods sold (or operating expenses) × 365.
Source: APQC, via CFO.com (2024)
S&P 1500 average DPO (2023)
Up 2.7 days from 48.5 in 2022 and from 45.9 in 2011, across 964 companies excluding financial services and real estate.
Source: J.P. Morgan Working Capital Index 2024 (2024)
Median DPO across our 56-company filing sample
Latest fiscal years ending 2025-09-30 to 2026-08-30. Higher than APQC’s median because every company in the sample is large and listed.
Source: Aequo analysis of SEC 10-K filings (computed, not survey data) (2026)
How DPO has moved
DPO has drifted up over the past decade as large companies extended supplier terms.
APQC median DPO, 2017 to 2020
The 75th percentile moved from 46 to 53 days and the 25th from 27 to 30 days over the same period.
Source: APQC, via CFO.com (2020)
Auto and auto parts DPO, 2022 to 2023
J.P. Morgan links the sector’s 12-year rise in DPO to wider use of supply chain finance programmes.
Source: J.P. Morgan Working Capital Index 2024 (2024)
Working capital releasable through DPO
J.P. Morgan’s estimate for the S&P 1500 if companies moved up one performance quartile on DPO, out of $707 billion across DSO, DIO and DPO.
Source: J.P. Morgan Working Capital Index 2024 (2024)
DPO by industry, from SEC filings
Median DPO for eight large US-listed companies per industry, from their latest 10-K. The interquartile range shows how far companies in the same industry differ.
| Industry | Companies | Median DPO (days) | 25th–75th percentile (days) | Range (days) | Tickers |
|---|---|---|---|---|---|
| Construction and engineering | 8 | 35 | 33–38 | 29–51 | PWR, EME, MTZ, FIX, GVA, STRL, TPC, FLR |
| Wholesale distribution | 8 | 35 | 28–57 | 25–142 | SYY, FAST, GPC, WCC, MSM, POOL, UNFI, WSO |
| Retail | 8 | 45 | 37–56 | 29–62 | WMT, TGT, COST, HD, LOW, BBY, DG, KR |
| Industrial machinery | 8 | 63 | 53–67 | 21–78 | CAT, PH, ITW, DOV, CMI, XYL, IR, AME |
| Chemicals | 8 | 67 | 63–72 | 44–86 | DOW, PPG, SHW, EMN, CE, APD, ECL, IFF |
| Apparel and footwear | 8 | 76 | 63–98 | 49–110 | NKE, VFC, PVH, RL, TPR, UAA, LEVI, COLM |
| Packaged food and beverage | 8 | 95 | 67–112 | 26–129 | PEP, KO, GIS, HSY, MDLZ, KHC, HRL, CPB |
Source: Aequo analysis of SEC 10-K filings (computed, not survey data). DPO = average of opening and closing accounts payable ÷ cost of revenue × 365. Fiscal years ending 2025-09-30 to 2026-08-30. Computed 2026-10-23.
DPO by sector, J.P. Morgan Working Capital Index
The four sector deep dives in the 2024 index, which covers S&P 1500 companies using Capital IQ data. These are 2023 fiscal-year figures.
| Sector | DPO 2022 (days) | DPO 2023 (days) |
|---|---|---|
| Pharmaceuticals | 63.5 | 79.2 |
| Oil and gas upstream | 68.1 | 70.4 |
| Auto and auto parts | 60.9 | 65.3 |
| Semiconductor | 45.5 | 48.8 |
| S&P 1500 (all sectors analysed) | 48.5 | 51.2 |
Source: J.P. Morgan, Increasing Efficiency: Working Capital Index 2024 (August 2024), industry deep dives and cash conversion cycle metrics.
Company-level data
Every company in the sample, with the filing each figure came from.
| Company | Industry | Fiscal year end | DPO (days) | Filing |
|---|---|---|---|---|
| QUANTA SERVICES, INC. (PWR) | Construction and engineering | 2025-12-31 | 37.2 | 10-K on EDGAR |
| EMCOR Group, Inc. (EME) | Construction and engineering | 2025-12-31 | 28.8 | 10-K on EDGAR |
| MASTEC INC (MTZ) | Construction and engineering | 2025-12-31 | 34.8 | 10-K on EDGAR |
| COMFORT SYSTEMS USA INC (FIX) | Construction and engineering | 2025-12-31 | 35.7 | 10-K on EDGAR |
| GRANITE CONSTRUCTION INC (GVA) | Construction and engineering | 2025-12-31 | 41.2 | 10-K on EDGAR |
| STERLING INFRASTRUCTURE, INC. (STRL) | Construction and engineering | 2025-12-31 | 34.0 | 10-K on EDGAR |
| TUTOR PERINI CORP (TPC) | Construction and engineering | 2025-12-31 | 50.6 | 10-K on EDGAR |
| FLUOR CORP (FLR) | Construction and engineering | 2025-12-31 | 31.6 | 10-K on EDGAR |
| CATERPILLAR INC (CAT) | Industrial machinery | 2025-12-31 | 67.9 | 10-K on EDGAR |
| Parker-Hannifin Corp (PH) | Industrial machinery | 2026-06-30 | 62.2 | 10-K on EDGAR |
| ILLINOIS TOOL WORKS INC (ITW) | Industrial machinery | 2025-12-31 | 21.2 | 10-K on EDGAR |
| DOVER Corp (DOV) | Industrial machinery | 2025-12-31 | 64.5 | 10-K on EDGAR |
| CUMMINS INC (CMI) | Industrial machinery | 2025-12-31 | 56.2 | 10-K on EDGAR |
| Xylem Inc. (XYL) | Industrial machinery | 2025-12-31 | 66.3 | 10-K on EDGAR |
| Ingersoll Rand Inc. (IR) | Industrial machinery | 2025-12-31 | 77.8 | 10-K on EDGAR |
| AMETEK INC/ (AME) | Industrial machinery | 2025-12-31 | 44.0 | 10-K on EDGAR |
| SYSCO CORP (SYY) | Wholesale distribution | 2026-06-27 | 34.8 | 10-K on EDGAR |
| FASTENAL CO (FAST) | Wholesale distribution | 2025-12-31 | 24.5 | 10-K on EDGAR |
| GENUINE PARTS CO (GPC) | Wholesale distribution | 2025-12-31 | 142.3 | 10-K on EDGAR |
| WESCO INTERNATIONAL INC (WCC) | Wholesale distribution | 2025-12-31 | 56.1 | 10-K on EDGAR |
| MSC INDUSTRIAL DIRECT CO INC (MSM) | Wholesale distribution | 2026-08-29 | 35.7 | 10-K on EDGAR |
| POOL CORP (POOL) | Wholesale distribution | 2025-12-31 | 57.8 | 10-K on EDGAR |
| UNITED NATURAL FOODS INC (UNFI) | Wholesale distribution | 2026-08-01 | 24.7 | 10-K on EDGAR |
| WATSCO INC (WSO) | Wholesale distribution | 2025-12-31 | 29.5 | 10-K on EDGAR |
| Walmart Inc. (WMT) | Retail | 2026-01-31 | 41.5 | 10-K on EDGAR |
| TARGET CORP (TGT) | Retail | 2026-01-31 | 62.1 | 10-K on EDGAR |
| COSTCO WHOLESALE CORP /NEW (COST) | Retail | 2026-08-30 | 29.3 | 10-K on EDGAR |
| HOME DEPOT, INC. (HD) | Retail | 2026-02-01 | 38.9 | 10-K on EDGAR |
| LOWES COMPANIES INC (LOW) | Retail | 2026-01-30 | 60.6 | 10-K on EDGAR |
| BEST BUY CO INC (BBY) | Retail | 2026-01-31 | 54.9 | 10-K on EDGAR |
| DOLLAR GENERAL CORP (DG) | Retail | 2026-01-30 | 48.6 | 10-K on EDGAR |
| KROGER CO (KR) | Retail | 2026-01-31 | 33.2 | 10-K on EDGAR |
| PEPSICO INC (PEP) | Packaged food and beverage | 2025-12-27 | 96.2 | 10-K on EDGAR |
| COCA COLA CO (KO) | Packaged food and beverage | 2025-12-31 | 110.3 | 10-K on EDGAR |
| GENERAL MILLS INC (GIS) | Packaged food and beverage | 2026-05-31 | 115.5 | 10-K on EDGAR |
| HERSHEY CO (HSY) | Packaged food and beverage | 2025-12-31 | 56.7 | 10-K on EDGAR |
| Mondelez International, Inc. (MDLZ) | Packaged food and beverage | 2025-12-31 | 129.4 | 10-K on EDGAR |
| Kraft Heinz Co (KHC) | Packaged food and beverage | 2025-12-27 | 93.2 | 10-K on EDGAR |
| HORMEL FOODS CORP /DE/ (HRL) | Packaged food and beverage | 2025-10-26 | 26.2 | 10-K on EDGAR |
| CAMPBELL'S Co (CPB) | Packaged food and beverage | 2026-08-02 | 70.6 | 10-K on EDGAR |
| DOW INC. (DOW) | Chemicals | 2025-12-31 | 43.9 | 10-K on EDGAR |
| PPG INDUSTRIES INC (PPG) | Chemicals | 2025-12-31 | 85.7 | 10-K on EDGAR |
| SHERWIN WILLIAMS CO (SHW) | Chemicals | 2025-12-31 | 69.7 | 10-K on EDGAR |
| EASTMAN CHEMICAL CO (EMN) | Chemicals | 2025-12-31 | 66.6 | 10-K on EDGAR |
| Celanese Corp (CE) | Chemicals | 2025-12-31 | 60.3 | 10-K on EDGAR |
| Air Products & Chemicals, Inc. (APD) | Chemicals | 2025-09-30 | 63.9 | 10-K on EDGAR |
| ECOLAB INC. (ECL) | Chemicals | 2025-12-31 | 79.3 | 10-K on EDGAR |
| INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) | Chemicals | 2025-12-31 | 67.5 | 10-K on EDGAR |
| NIKE, Inc. (NKE) | Apparel and footwear | 2026-05-31 | 48.8 | 10-K on EDGAR |
| V F CORP (VFC) | Apparel and footwear | 2026-03-28 | 67.9 | 10-K on EDGAR |
| PVH CORP. /DE/ (PVH) | Apparel and footwear | 2026-02-01 | 110.3 | 10-K on EDGAR |
| RALPH LAUREN CORP (RL) | Apparel and footwear | 2026-03-28 | 64.7 | 10-K on EDGAR |
| TAPESTRY, INC. (TPR) | Apparel and footwear | 2026-06-27 | 106.8 | 10-K on EDGAR |
| Under Armour, Inc. (UAA) | Apparel and footwear | 2026-03-31 | 57.3 | 10-K on EDGAR |
| LEVI STRAUSS & CO (LEVI) | Apparel and footwear | 2025-11-30 | 95.7 | 10-K on EDGAR |
| COLUMBIA SPORTSWEAR CO (COLM) | Apparel and footwear | 2025-12-31 | 83.8 | 10-K on EDGAR |
Accounts payable and cost of revenue values for each row are in the CSV download.
Download the data
56 US-listed companies across 7 industries: opening and closing accounts payable, cost of revenue, computed DPO, XBRL concepts used and a link to each 10-K. Computed 2026-10-23 from the SEC EDGAR companyfacts API.
Methodology
Industry figures are Aequo's own calculation from SEC filings, not survey data. For each company we took the latest annual (10-K) XBRL facts from the SEC EDGAR companyfacts API on 2026-10-23: accounts payable (AccountsPayableCurrent, or AccountsPayableTradeCurrent where that is what the company reports) at the start and end of the fiscal year, and annual cost of revenue (CostOfRevenue, CostOfGoodsAndServicesSold or the company's equivalent cost-of-sales concept). DPO = ((opening accounts payable + closing accounts payable) / 2) / cost of revenue × 365. The sample is 56 named US-listed companies, eight per industry, chosen as large, well-known members of each industry that report these concepts; companies whose filings did not carry both concepts in a usable form were replaced (W.W. Grainger, LyondellBasell, Otis), and we dropped homebuilders because most do not report a cost-of-revenue concept that fits the formula. Fiscal years end between 2025-09-30 to 2026-08-30. Industry figures are the median and inclusive 25th/75th percentiles of the companies in that industry. Limits: eight companies is a small sample, it is weighted to large companies, supply chain finance programmes lengthen DPO for some (Genuine Parts at 142 days is the clearest case), and companies that combine payables with accrued liabilities are not comparable. Cross-industry benchmarks come from APQC (via its Metric of the Month column on CFO.com) and the J.P. Morgan Working Capital Index 2024, which uses Capital IQ data for 964 S&P 1500 companies excluding financial services and real estate. The full company-level data is downloadable as CSV.
Last updated:
Frequently Asked Questions
What is a good days payable outstanding?
There is no single good number: it should be close to the payment terms you agreed with suppliers. As a reference, APQC’s cross-industry median is about 40 days, and large S&P 1500 companies averaged 51.2 days in 2023. A DPO far above your terms usually means you are paying late.
What is the average DPO by industry?
From the latest 10-K filings of eight large companies per industry, median DPO is construction and engineering 35 days, wholesale distribution 35 days, retail 45 days, industrial machinery 63 days, chemicals 67 days, apparel and footwear 76 days, packaged food and beverage 95 days. J.P. Morgan reports 79.2 days for pharmaceuticals and 48.8 for semiconductors (2023).
How do you calculate days payable outstanding?
DPO = average accounts payable ÷ cost of goods sold (or cost of revenue) × 365. Average accounts payable is usually the opening and closing balance for the year divided by two. APQC uses the same formula, with operating expenses as an alternative to cost of goods sold.
Is a higher DPO better?
Up to a point. A higher DPO keeps cash in the business, which is why J.P. Morgan counts it as a working capital lever. Past your agreed terms it becomes late payment, which costs early-payment discounts, supplier goodwill and sometimes price.
Why is DPO different in the J.P. Morgan index and APQC?
Different samples. J.P. Morgan covers large S&P 1500 companies, which have the buying power to negotiate long terms. APQC’s benchmarking includes a broader range of organizations, so its median is lower.
Calculators, guides and training
- DPO calculatorCalculate your DPO and the cash effect of changing it.
- Early payment discount calculatorWhen paying early beats a longer DPO.
- DPO (glossary)Definition and formula.
- Cash flow forecastingHow payables timing feeds a cash forecast.
- Reconcile accounts payableTraining: get the AP balance behind your DPO right.
See these benchmarks in action
Start a free trial and see how Aequo AP compares to industry averages for your invoice volume.