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Smith A O cash flow, quarter by quarter

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

Free cash flow$163M in Q3 2026 · $562M over twelve months

Operating cash flow$176M
Capital spending−$12.7M
Free cash flow+$163M
Cash / net income1.4×
Cash conversion cycle59 days

Analysis

In Q3 2026, Smith A O generated $176M of operating cash flow and spent $12.7M on capital projects, leaving free cash flow of $163M. That is $77.7M less than in Q3 2025 ($241M).

Over the twelve months to Sep 30, 2026, operating cash flow was $612M; the largest uses were acquisitions ($470M), buybacks ($326M), dividends ($199M); besides operations, cash came from net borrowing (+) / repaid (−) ($490M), other investing ($20.0M); the cash balance rose by $81.8M.

Operating cash flow was $176M against net income of $126M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$24.0M, stock-based pay +$3.4M, deferred taxes +$900K.

Its cash conversion cycle was 59 days (receivables 63 + inventory 79 − payables 83).

Free cash flow

Smith A O: free cash flow by quarterSmith A O: free cash flow by quarter$191MQ4 2024$17.4MQ1 2025$122MQ2 2025$241MQ3 2025$166MQ4 2025$119MQ1 2026$114MQ2 2026$163MQ3 2026
Operating cash flow less capital spending.
Smith A O: operating cash flow against capital spendingSmith A O: operating cash flow against capital spendingOperating cash flowCapital spending$222M$30.6MQ4 2024$38.7M$21.3MQ1 2025$140M$17.1MQ2 2025$255M$14.8MQ3 2025$183M$17.6MQ4 2025$129M$10.5MQ1 2026$124M$10.0MQ2 2026$176M$12.7MQ3 2026
Latest (Q3 2026): Operating cash flow $176M, Capital spending $12.7M.

Capital allocation, year by year

Smith A O: where the cash came from (up) and went (down), by fiscal yearSmith A O: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $641MFY2021: Net borrowing $83.5MFY2021: Capital spending −$75.1MFY2021: Acquisitions −$208MFY2021: Buybacks −$366MFY2021: Dividends −$170M$725MFY2021FY2022: Operating cash flow $391MFY2022: Net borrowing $151MFY2022: Capital spending −$70.3MFY2022: Acquisitions −$8.0MFY2022: Buybacks −$404MFY2022: Dividends −$177M$542MFY2022FY2023: Operating cash flow $670MFY2023: Net borrowing −$218MFY2023: Capital spending −$72.6MFY2023: Acquisitions −$16.8MFY2023: Buybacks −$306MFY2023: Dividends −$184M$670MFY2023FY2024: Operating cash flow $582MFY2024: Net borrowing $69.7MFY2024: Capital spending −$108MFY2024: Acquisitions −$146MFY2024: Buybacks −$306MFY2024: Dividends −$190M$652MFY2024FY2025: Operating cash flow $617MFY2025: Net borrowing −$37.6MFY2025: Capital spending −$70.8MFY2025: Buybacks −$401MFY2025: Dividends −$196M$617MFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were buybacks ($1.8B) and dividends ($917M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$234M
Debt$155M
Net cash$79.5M
Due within a year$42.3M

Smith A O funds itself: free cash flow was $562M over the last twelve months, and $234M of cash and investments stands against $155M of debt ($42.3M due within a year, 5.5× covered by cash).

Smith A O: debt maturities by year (FY2025)Smith A O: debt maturities by year (FY2025)$42.3MYear 1$39.9MYear 2$24.9MYear 3$24.9MYear 4$10.0MYear 5
Principal due in each year as disclosed in the annual report, against $234M of cash and investments now.

Where the cash came from and went

Smith A O: sources (+) and uses (−) of cash, Q3 2026Smith A O: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$176MBuybacks−$98.2MCash drawn (+) / kept (−)−$53.2MDividends−$48.9MNet borrowing (+) / repaid (−)$35.4MCapital spending−$12.7MExchange rates$1.2MAcquisitions$500KOther financing$300K
Smith A O: sources (+) and uses (−) of cash, TTM to Q3 2026Smith A O: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$612MNet borrowing (+) / repaid (−)$490MAcquisitions−$470MBuybacks−$326MDividends−$199MCash drawn (+) / kept (−)−$81.8MCapital spending−$50.8MOther investing$20.0MExchange rates$3.9MOther financing$600K

From profit to cash

Smith A O: net income to operating cash flow, Q3 2026Smith A O: net income to operating cash flow, Q3 2026Net income$126MDepreciation & amortization$24.0MStock-based pay$3.4MDeferred taxes$900KOperating cash flow$176M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202663798359
Q2 202659727952
Q1 202658758152
Q4 202559818456
Q3 202560828359
Q2 202558787957
Q1 202555818650
Q4 202455879251

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$176M−$12.7M$500K−$98.2M−$48.9M$35.4M−$53.2M$163M
Q2 2026$124M−$10.0M—−$111M−$49.6M$22.5M$3.9M$114M
Q1 2026$129M−$10.5M−$470M−$51.3M−$50.2M$463M−$10.7M$119M
Q4 2025$183M−$17.6M—−$65.4M−$50.6M−$30.8M−$21.8M$166M
Q3 2025$255M−$14.8M—−$84.1M−$47.6M−$115M$25.2M$241M
Q2 2025$140M−$17.1M—−$131M−$48.3M$31.7M−$4.9M$122M
Q1 2025$38.7M−$21.3M—−$121M−$49.2M$76.5M$66.6M$17.4M
Q4 2024$222M−$30.6M−$125M−$68.7M−$49.5M−$1.0B−$20.3M$191M

Smith A O: income statement and cash flow

Smith A O, Q3 2026: revenue $940M (-0.2% year over year), operating margin 18.5%. The chart follows the revenue to costs, profit and cash.

Smith A O: 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.