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Amentum Holdings cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$135M in Q3 FY26 · $474M over twelve months

Operating cash flow$146M
Capital spending−$11.0M
Free cash flow+$135M
Cash / net income2.2×
Cash conversion cycle42 days

Analysis

In Q3 FY26, Amentum Holdings generated $146M of operating cash flow and spent $11.0M on capital projects, leaving free cash flow of $135M.

Over the twelve months to Jul 3, 2026, operating cash flow was $505M; the largest uses were net borrowing (+) / repaid (−) ($684M), partners ($37.0M), other investing ($34.0M); besides operations, cash came from asset & business sales ($9.0M); the cash balance fell by $279M.

Operating cash flow was $146M against net income of $66.0M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$101M, employee-related liabilities −$72.0M, receivables −$58.0M.

Its cash conversion cycle was 42 days (receivables 66 + inventory 0 − payables 24).

Free cash flow

Amentum Holdings: free cash flow by quarterAmentum Holdings: free cash flow by quarter−$117MQ4 FY24$102MQ1 FY25$53.0MQ2 FY25$100MQ3 FY25$261MQ4 FY25−$142MQ1 FY26$220MQ2 FY26$135MQ3 FY26
Operating cash flow less capital spending.
Amentum Holdings: operating cash flow against capital spendingAmentum Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$113M$4.0MQ4 FY24$110M$8.0MQ1 FY25$57.0M$4.0MQ2 FY25$106M$6.0MQ3 FY25$270M$9.0MQ4 FY25−$136M$6.0MQ1 FY26$225M$5.0MQ2 FY26$146M$11.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $146M, Capital spending $11.0M.

Capital allocation, year by year

Amentum Holdings: where the cash came from (up) and went (down), by fiscal yearAmentum Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY22: Operating cash flow $126MFY22: Net borrowing −$992MFY22: Capital spending −$18.0MFY22: Acquisitions −$1.8B$126MFY22FY23: Operating cash flow $67.0MFY23: Net borrowing −$34.0MFY23: Capital spending −$12.0M$67.0MFY23FY24: Operating cash flow $47.0MFY24: Net borrowing −$3.2BFY24: Capital spending −$11.0MFY24: Acquisitions $488M$535MFY24FY25: Operating cash flow $543MFY25: Net borrowing −$750MFY25: Asset sales $365MFY25: Capital spending −$27.0MFY25: Acquisitions −$70.0M$908MFY25
Over these 4 years operating cash flow totalled $783M; the largest uses were net borrowing ($5.0B) and acquisitions ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$459M
Debt$3.8B
Net debt$3.4B
Due within a year$43.0M

Amentum Holdings funds itself: free cash flow was $474M over the last twelve months, and $459M of cash and investments stands against $3.8B of debt ($43.0M due within a year, 10.7× covered by cash).

Amentum Holdings: debt maturities by year (FY25)Amentum Holdings: debt maturities by year (FY25)$43.0MYear 1$39.0MYear 2$38.0MYear 3$38.0MYear 4$38.0MYear 5$3.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $459M of cash and investments now.

Where the cash came from and went

Amentum Holdings: sources (+) and uses (−) of cash, Q3 FY26Amentum Holdings: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)−$3.1BOther financing$3.0BOperating cash flow$146MCash drawn (+) / kept (−)−$31.0MCapital spending−$11.0MAsset & business sales$10.0MOther investing$4.0MExchange rates$3.0MPartners−$2.0M
Amentum Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Amentum Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)−$684MOperating cash flow$505MCash drawn (+) / kept (−)$279MPartners−$37.0MOther investing−$34.0MCapital spending−$31.0MAsset & business sales$9.0MExchange rates−$4.0MOther financing−$3.0M

From profit to cash

Amentum Holdings: net income to operating cash flow, Q3 FY26Amentum Holdings: net income to operating cash flow, Q3 FY26Net income$66.0MDepreciation & amortization$101MStock-based pay$8.0MDeferred taxes$13.0MOther non-cash−$3.0MReceivables−$58.0MEmployee-related liabilities−$72.0MPrepaid and other assets−$40.0MOther liabilities$58.0MOperating cash flow$146M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2666—2442
Q2 FY2666—2541
Q1 FY2670—2843
Q4 FY2562—2438
Q3 FY2564—2440
Q2 FY2564—2341
Q1 FY2564—2242

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$146M−$11.0M—−$3.1B−$31.0M$135M
Q2 FY26$225M−$5.0M—−$10.0M−$181M$220M
Q1 FY26−$136M−$6.0M—−$9.0M$190M−$142M
Q4 FY25$270M−$9.0M—−$550M$301M$261M
Q3 FY25$106M−$6.0M—−$200M−$192M$100M
Q2 FY25$57.0M−$4.0M——−$24.0M$53.0M
Q1 FY25$110M−$8.0M——−$70.0M$102M
Q4 FY24−$113M−$4.0M$488M−$4.0B−$181M−$117M

Amentum Holdings: income statement and cash flow

Amentum Holdings, Q3 FY26: revenue $3.5B (-2% year over year), operating margin 4.9%. The chart follows the revenue to costs, profit and cash.

Amentum 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.