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Axcelis Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$37.7M in Q3 2026 · $59.9M over twelve months

Operating cash flow$40.2M
Capital spending−$2.5M
Free cash flow+$37.7M
Cash / net income1.1×
Cash conversion cycle249 days

Analysis

In Q3 2026, Axcelis Technologies generated $40.2M of operating cash flow and spent $2.5M on capital projects, leaving free cash flow of $37.7M. That is $5.6M less than in Q3 2025 ($43.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $70.2M; the largest uses were buybacks ($25.5M), other investing ($20.0M), capital spending ($10.2M); besides operations, cash came from shares issued ($2.5M); the cash balance rose by $6.3M.

Operating cash flow was $40.2M against net income of $37.8M — 1.1× profit, roughly in line with earnings. The largest differences: payables +$28.1M, inventory −$25.1M, deferred revenue +$16.9M.

Its cash conversion cycle was 249 days (receivables 60 + inventory 234 − payables 45).

Free cash flow

Axcelis Technologies: free cash flow by quarterAxcelis Technologies: free cash flow by quarter$8.1MQ4 2024$34.8MQ1 2025$37.7MQ2 2025$43.3MQ3 2025−$8.9MQ4 2025$16.3MQ1 2026$14.8MQ2 2026$37.7MQ3 2026
Operating cash flow less capital spending.
Axcelis Technologies: operating cash flow against capital spendingAxcelis Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$12.8M$4.7MQ4 2024$39.8M$5.0MQ1 2025$39.7M$2.0MQ2 2025$45.4M$2.0MQ3 2025−$6.6M$2.3MQ4 2025$18.1M$1.8MQ1 2026$18.4M$3.6MQ2 2026$40.2M$2.5MQ3 2026
Latest (Q3 2026): Operating cash flow $40.2M, Capital spending $2.5M.

Capital allocation, year by year

Axcelis Technologies: where the cash came from (up) and went (down), by fiscal yearAxcelis Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $150MFY2021: Net borrowing −$763KFY2021: Shares issued $3.7MFY2021: Capital spending −$8.7MFY2021: Buybacks −$50.0M$154MFY2021FY2022: Operating cash flow $216MFY2022: Net borrowing −$987KFY2022: Shares issued $1.2MFY2022: Capital spending −$10.7MFY2022: Buybacks −$57.5M$217MFY2022FY2023: Operating cash flow $157MFY2023: Net borrowing −$1.2MFY2023: Shares issued $25KFY2023: Capital spending −$20.7MFY2023: Buybacks −$52.5M$157MFY2023FY2024: Operating cash flow $141MFY2024: Net borrowing −$1.5MFY2024: Shares issued $2.4MFY2024: Capital spending −$12.2MFY2024: Buybacks −$60.5M$143MFY2024FY2025: Operating cash flow $118MFY2025: Net borrowing −$1.4MFY2025: Shares issued $2.5MFY2025: Capital spending −$11.3MFY2025: Buybacks −$121M$121MFY2025
Over these 5 years operating cash flow totalled $782M; the largest uses were buybacks ($342M) and capital spending ($63.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$472M
Debtnone
Net cash$472M

Axcelis Technologies funds itself: free cash flow was $59.9M over the last twelve months, with $472M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Axcelis Technologies: sources (+) and uses (−) of cash, Q3 2026Axcelis Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$40.2MCash drawn (+) / kept (−)−$35.8MOther investing−$3.6MCapital spending−$2.5MExchange rates$2.3MNet borrowing (+) / repaid (−)−$405KOther financing−$152K
Axcelis Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Axcelis Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$70.2MBuybacks−$25.5MOther investing−$20.0MCapital spending−$10.2MOther financing−$9.9MCash drawn (+) / kept (−)−$6.3MShares issued$2.5MNet borrowing (+) / repaid (−)−$1.5MExchange rates$732K

From profit to cash

Axcelis Technologies: net income to operating cash flow, Q3 2026Axcelis Technologies: net income to operating cash flow, Q3 2026Net income$37.8MDepreciation & amortization$4.5MStock-based pay$6.5MDeferred taxes−$464KReceivables$3.8MInventory−$25.1MPayables$28.1MDeferred revenue$16.9MPrepaid and other assets−$7.4MIncome taxes payable$51KOther operating capital−$13.6MOperating cash flow$40.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266023445249
Q2 20266724441270
Q1 20267524936288
Q4 20256123834264
Q3 20256223433263
Q2 20257125732296
Q1 20258625137299
Q4 20247019434230

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$40.2M−$2.5M—−$405K—−$35.8M$37.7M
Q2 2026$18.4M−$3.6M—−$394K—−$4.2M$14.8M
Q1 2026$18.1M−$1.8M—−$374K—−$5.4M$16.3M
Q4 2025−$6.6M−$2.3M−$25.2M−$345K$1.2M$39.0M−$8.9M
Q3 2025$45.4M−$2.0M−$32.3M−$336K—−$13.8M$43.3M
Q2 2025$39.7M−$2.0M−$45.3M−$327K—$10.2M$37.7M
Q1 2025$39.8M−$5.0M−$18.2M−$349K—−$60.4M$34.8M
Q4 2024$12.8M−$4.7M−$15.1M−$400K$1.1M−$4.3M$8.1M

Axcelis Technologies: income statement and cash flow

Axcelis Technologies, Q3 2026: revenue $238M (+11% year over year), operating margin 11.5%. The chart follows the revenue to costs, profit and cash.

Axcelis Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.