This article analyzes the impact of the cash cycle on the profitability of non-financial companies in Colombia. The cash cycle has been empirically identified as an appropriate measurement for financial management evaluation and, in particular, as a determining element for work capital management. Likewise, financial literature has reiteratively shown the relation between porter work capital management and enhanced corporate profitability. By applying panel-type regression analysis of non-financial companies that reported their financial information to the Financial Superintendence and to the Superintendence of Companies during the 2001 - 2004 period, the relation among different measures of accounting performance, the cash cycle, gearing, and other control variables was analyzed. Results confirm the hypothesis that associates short cash cycles to greater profitability; likewise, they show that companies with lower levels of indebtedness have higher levels of profitability, which is consistent with the hierarchical order theories regarding capital structure.