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Allison Transmission Holdings cash flow, quarter by quarter

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

Free cash flow$278M in Q3 2026 · $831M over twelve months

Operating cash flow$343M
Capital spending−$65.0M
Free cash flow+$278M
Cash / net income1.8×
Cash conversion cycle58 days

Analysis

In Q3 2026, Allison Transmission Holdings generated $343M of operating cash flow and spent $65.0M on capital projects, leaving free cash flow of $278M. That is $94.0M more than in Q3 2025 ($184M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were other investing ($2.5B), capital spending ($223M), buybacks ($169M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.6B), shares issued ($14.0M); the cash balance fell by $405M.

Operating cash flow was $343M against net income of $191M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$78.0M, other operating capital +$52.0M, receivables +$36.0M.

Its cash conversion cycle was 58 days (receivables 54 + inventory 76 − payables 72).

Free cash flow

Allison Transmission Holdings: free cash flow by quarterAllison Transmission Holdings: free cash flow by quarter$136MQ4 2024$155MQ1 2025$153MQ2 2025$184MQ3 2025$169MQ4 2025$103MQ1 2026$281MQ2 2026$278MQ3 2026
Operating cash flow less capital spending.
Allison Transmission Holdings: operating cash flow against capital spendingAllison Transmission Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$211M$75.0MQ4 2024$181M$26.0MQ1 2025$184M$31.0MQ2 2025$228M$44.0MQ3 2025$243M$74.0MQ4 2025$156M$53.0MQ1 2026$312M$31.0MQ2 2026$343M$65.0MQ3 2026
Latest (Q3 2026): Operating cash flow $343M, Capital spending $65.0M.

Capital allocation, year by year

Allison Transmission Holdings: where the cash came from (up) and went (down), by fiscal yearAllison Transmission Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $635MFY2021: Net borrowing −$7.0MFY2021: Shares issued $3.0MFY2021: Capital spending −$175MFY2021: Buybacks −$513MFY2021: Dividends −$81.0M$638MFY2021FY2022: Operating cash flow $657MFY2022: Net borrowing −$7.0MFY2022: Shares issued $2.0MFY2022: Asset sales $2.0MFY2022: Capital spending −$167MFY2022: Acquisitions −$23.0MFY2022: Buybacks −$278MFY2022: Dividends −$80.0M$661MFY2022FY2023: Operating cash flow $784MFY2023: Net borrowing −$7.0MFY2023: Shares issued $28.0MFY2023: Capital spending −$125MFY2023: Buybacks −$263MFY2023: Dividends −$83.0M$812MFY2023FY2024: Operating cash flow $801MFY2024: Net borrowing −$104MFY2024: Shares issued $32.0MFY2024: Asset sales $4.0MFY2024: Capital spending −$143MFY2024: Buybacks −$254MFY2024: Dividends −$87.0M$837MFY2024FY2025: Operating cash flow $836MFY2025: Net borrowing $495MFY2025: Shares issued $8.0MFY2025: Capital spending −$175MFY2025: Buybacks −$328MFY2025: Dividends −$91.0M$1.3BFY2025
Over these 5 years operating cash flow totalled $3.7B; the largest uses were buybacks ($1.6B) and capital spending ($785M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$497M
Debt$2.9B
Net debt$2.4B
Due within a year$5.0M

Allison Transmission Holdings funds itself: free cash flow was $831M over the last twelve months, and $497M of cash and investments stands against $2.9B of debt ($5.0M due within a year, 99.4× covered by cash).

Allison Transmission Holdings: debt maturities by year (FY2025)Allison Transmission Holdings: debt maturities by year (FY2025)$5.0MYear 1$405MYear 2$5.0MYear 3$505MYear 4$5.0MYear 5
Principal due in each year as disclosed in the annual report, against $497M of cash and investments now.

Where the cash came from and went

Allison Transmission Holdings: sources (+) and uses (−) of cash, Q3 2026Allison Transmission Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$343MNet borrowing (+) / repaid (−)−$104MCash drawn (+) / kept (−)−$98.0MCapital spending−$65.0MBuybacks−$57.0MDividends−$23.0MShares issued$3.0MOther investing$2.0MOther financing−$1.0M
Allison Transmission Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Allison Transmission Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.5BNet borrowing (+) / repaid (−)$1.6BOperating cash flow$1.1BCash drawn (+) / kept (−)$405MCapital spending−$223MBuybacks−$169MDividends−$94.0MOther financing−$26.0MTaxes on employees’ shares−$15.0MShares issued$14.0MExchange rates−$3.0M

From profit to cash

Allison Transmission Holdings: net income to operating cash flow, Q3 2026Allison Transmission Holdings: net income to operating cash flow, Q3 2026Net income$191MDepreciation & amortization$78.0MStock-based pay$8.0MOther non-cash−$2.0MReceivables$36.0MInventory−$19.0MPayables−$5.0MDeferred revenue$19.0MOther operating capital$52.0MOperating cash flow$343M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202654767258
Q2 202652736658
Q1 202639524150
Q4 202541774673
Q3 202547855478
Q2 202542765266
Q1 202544775368
Q4 202444705361

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$343M−$65.0M—−$57.0M−$23.0M−$104M$3.0M−$98.0M$278M
Q2 2026$312M−$31.0M$34.0M−$46.0M−$24.0M−$155M$1.0M−$88.0M$281M
Q1 2026$156M−$53.0M−$2.6B−$20.0M−$25.0M$1.3B$10.0M$1.2B$103M
Q4 2025$243M−$74.0M—−$46.0M−$22.0M$499M—−$593M$169M
Q3 2025$228M−$44.0M—−$27.0M−$23.0M−$2.0M$1.0M−$124M$184M
Q2 2025$184M−$31.0M—−$105M−$22.0M−$1.0M$2.0M−$25.0M$153M
Q1 2025$181M−$26.0M—−$150M−$24.0M−$1.0M$5.0M$28.0M$155M
Q4 2024$211M−$75.0M—−$121M−$21.0M−$1.0M$4.0M$7.0M$136M

Allison Transmission Holdings: income statement and cash flow

Allison Transmission Holdings, Q3 2026: revenue $1.5B (+121% year over year), operating margin 19.8%. The chart follows the revenue to costs, profit and cash.

Allison Transmission Holdings: 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.