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American Eagle Outfitters cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$115M in Q2 FY27 · $343M over twelve months

Operating cash flow$182M
Capital spending−$66.2M
Free cash flow+$115M
Cash / net income1.4×
Cash conversion cycle90 days

Analysis

In Q2 FY27, American Eagle Outfitters generated $182M of operating cash flow and spent $66.2M on capital projects, leaving free cash flow of $115M.

Over the twelve months to Aug 1, 2026, operating cash flow was $599M; the largest uses were capital spending ($256M), net borrowing (+) / repaid (−) ($148M), dividends ($84.3M); the cash balance rose by $21.2M.

Operating cash flow was $182M against net income of $134M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$59.6M, payables +$50.0M, receivables −$44.0M.

Its cash conversion cycle was 90 days (receivables 15 + inventory 105 − payables 29).

Free cash flow

American Eagle Outfitters: free cash flow by quarterAmerican Eagle Outfitters: free cash flow by quarter−$7.8MQ3 FY25$319MQ4 FY25−$116MQ1 FY26−$43.1MQ2 FY26−$2.5MQ3 FY26$357MQ4 FY26−$127MQ1 FY27$115MQ2 FY27
Operating cash flow less capital spending.
American Eagle Outfitters: operating cash flow against capital spendingAmerican Eagle Outfitters: operating cash flow against capital spendingOperating cash flowCapital spending$52.9M$60.7MQ3 FY25$384M$64.9MQ4 FY25−$54.7M$61.6MQ1 FY26$27.8M$71.0MQ2 FY26$67.1M$69.7MQ3 FY26$416M$58.6MQ4 FY26−$65.2M$61.4MQ1 FY27$182M$66.2MQ2 FY27
Latest (Q2 FY27): Operating cash flow $182M, Capital spending $66.2M.

Capital allocation, year by year

American Eagle Outfitters: where the cash came from (up) and went (down), by fiscal yearAmerican Eagle Outfitters: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $304MFY22: Shares issued $13.1MFY22: Capital spending −$234MFY22: Acquisitions −$358MFY22: Dividends −$114M$317MFY22FY23: Operating cash flow $406MFY23: Shares issued $2.1MFY23: Capital spending −$260MFY23: Buybacks −$9.8MFY23: Dividends −$64.8M$408MFY23FY24: Operating cash flow $581MFY24: Net borrowing $29.3MFY24: Shares issued $7.6MFY24: Capital spending −$174MFY24: Buybacks −$10.7MFY24: Dividends −$83.8M$618MFY24FY25: Operating cash flow $477MFY25: Net borrowing −$4.1MFY25: Shares issued $3.8MFY25: Capital spending −$223MFY25: Buybacks −$191MFY25: Dividends −$96.5M$481MFY25FY26: Operating cash flow $456MFY26: Net borrowing −$3.9MFY26: Shares issued $9.3MFY26: Capital spending −$261MFY26: Buybacks −$56.9MFY26: Dividends −$85.3M$465MFY26
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($1.2B) and dividends ($444M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$148M
Debtnone
Net cash$148M

American Eagle Outfitters funds itself: free cash flow was $343M over the last twelve months, with $148M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

American Eagle Outfitters: sources (+) and uses (−) of cash, Q2 FY27American Eagle Outfitters: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$182MCapital spending−$66.2MCash drawn (+) / kept (−)−$44.7MNet borrowing (+) / repaid (−)−$30.0MDividends−$21.0MOther financing−$19.7MExchange rates$237KOther investing−$196K
American Eagle Outfitters: sources (+) and uses (−) of cash, TTM to Q2 FY27American Eagle Outfitters: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$599MCapital spending−$256MNet borrowing (+) / repaid (−)−$148MDividends−$84.3MBuybacks−$79.1MCash drawn (+) / kept (−)−$21.2MOther financing−$12.1MExchange rates$2.1MOther investing−$964K

From profit to cash

American Eagle Outfitters: net income to operating cash flow, Q2 FY27American Eagle Outfitters: net income to operating cash flow, Q2 FY27Net income$134MDepreciation & amortization$59.6MStock-based pay$6.8MDeferred taxes−$5.5MReceivables−$44.0MInventory−$2.2MPayables$50.0MAccrued liabilities−$30.1MEmployee-related liabilities$26.8MPrepaid and other assets−$12.0MOperating cash flow$182M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27151052990
Q1 FY2717932883
Q4 FY2613622253
Q3 FY2616903175
Q2 FY2617792967
Q1 FY2620763165
Q4 FY2514652653
Q3 FY2516883271

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$182M−$66.2M—−$21.0M−$30.0M—−$44.7M$115M
Q1 FY27−$65.2M−$61.4M−$53.5M−$20.9M$85.0M—$136M−$127M
Q4 FY26$416M−$58.6M−$25.6M−$21.2M−$210M$7.0M−$126M$357M
Q3 FY26$67.1M−$69.7M—−$21.2M$7.0M$2.3M$13.9M−$2.5M
Q2 FY26$27.8M−$71.0M—−$21.2M$375M—−$38.9M−$43.1M
Q1 FY26−$54.7M−$61.6M−$31.3M−$21.7M$110M—$221M−$116M
Q4 FY25$384M−$64.9M−$60.0M−$23.8M——−$149M$319M
Q3 FY25$52.9M−$60.7M—−$24.0M—$878K$31.6M−$7.8M

American Eagle Outfitters: income statement and cash flow

American Eagle Outfitters, Q2 FY27: revenue $1.4B (+8% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

American Eagle Outfitters: 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.