As the world has faced with many economic crisis and instability, an appropriate strategy is needed to maintain the sustainability and increase the resilience of the firms. The purpose of this study is to determine the impact of working capital management on the financial performance of consumer cyclical retail firms’ listed on the Indonesia Stock Exchange for the 2021 – 2024 period with firm size as moderating variable. As quantitative research with causal associative approach, this study used Moderated Regression Analysis model of panel data. Samples used in this study derived from secondary data with purposive sampling, led to 52 data observations. Results show that WCM practices measured by CCC has a significant negative influence on ROA. Besides, WCM policies measured by WCIP has a significant positive influence on ROA, while WCFP has a significant negative influence on ROA. This study also found that firm size has a significant moderation effect both on the CCC-ROA relationship and WCFP-ROA relationship. Thus, this study recommends the optimization of WCM practice on its day-to-day operations by increasing the efficiency of its component. On the other hand, it’s recommended for retail firms to adopt conservative investment policy to ensure operational stability. Furthermore, it’s also recommended to adopt aggressive financing policy for large firms and conservative financing policy for small firms to maximize the profitability of the firms.