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Apogee Enterprises cash flow, quarter by quarter

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

Free cash flow$24.3M in Q2 FY27 · $95.2M over twelve months

Operating cash flow$35.8M
Capital spending−$11.5M
Free cash flow+$24.3M
Cash / net income1.6×
Cash conversion cycle53 days

Analysis

In Q2 FY27, Apogee Enterprises generated $35.8M of operating cash flow and spent $11.5M on capital projects, leaving free cash flow of $24.3M.

Over the twelve months to Aug 29, 2026, operating cash flow was $128M; the largest uses were acquisitions ($99.6M), capital spending ($33.3M), buybacks ($31.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($65.5M); the cash balance fell by $3.0M.

Operating cash flow was $35.8M against net income of $22.4M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$14.0M, employee-related liabilities +$12.2M, contract assets −$9.5M.

Its cash conversion cycle was 53 days (receivables 46 + inventory 34 − payables 27).

Free cash flow

Apogee Enterprises: free cash flow by quarterApogee Enterprises: free cash flow by quarter$22.0MQ3 FY25$19.1MQ4 FY25−$26.9MQ1 FY26$52.4MQ2 FY26$22.9MQ3 FY26$46.9MQ4 FY26$1.1MQ1 FY27$24.3MQ2 FY27
Operating cash flow less capital spending.
Apogee Enterprises: operating cash flow against capital spendingApogee Enterprises: operating cash flow against capital spendingOperating cash flowCapital spending$31.0M$9.0MQ3 FY25$30.0M$10.9MQ4 FY25−$19.8M$7.2MQ1 FY26$57.1M$4.7MQ2 FY26$29.3M$6.5MQ3 FY26$55.8M$9.0MQ4 FY26$7.4M$6.3MQ1 FY27$35.8M$11.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $35.8M, Capital spending $11.5M.

Capital allocation, year by year

Apogee Enterprises: where the cash came from (up) and went (down), by fiscal yearApogee Enterprises: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $100MFY22: Shares issued $4.1MFY22: Asset sales $30.6MFY22: Capital spending −$21.8MFY22: Buybacks −$100MFY22: Dividends −$20.3M$135MFY22FY23: Operating cash flow $103MFY23: Net borrowing $7.0MFY23: Asset sales $7.8MFY23: Capital spending −$45.2MFY23: Buybacks −$74.3MFY23: Dividends −$19.7M$117MFY23FY24: Operating cash flow $204MFY24: Net borrowing −$108MFY24: Asset sales $293KFY24: Capital spending −$43.2MFY24: Buybacks −$11.8MFY24: Dividends −$21.1M$204MFY24FY25: Operating cash flow $125MFY25: Net borrowing $223MFY25: Asset sales $693KFY25: Capital spending −$35.6MFY25: Acquisitions −$232MFY25: Buybacks −$45.4MFY25: Dividends −$21.7M$349MFY25FY26: Operating cash flow $122MFY26: Net borrowing −$52.7MFY26: Asset sales $1.6MFY26: Capital spending −$27.3MFY26: Buybacks −$15.0MFY26: Dividends −$22.2M$124MFY26
Over these 5 years operating cash flow totalled $655M; the largest uses were buybacks ($247M) and acquisitions ($232M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$42.7M
Debt$232M
Net debt$190M

Apogee Enterprises funds itself: free cash flow was $95.2M over the last twelve months, and $42.7M of cash and investments stands against $232M of debt.

Where the cash came from and went

Apogee Enterprises: sources (+) and uses (−) of cash, Q2 FY27Apogee Enterprises: sources (+) and uses (−) of cash, Q2 FY27Other investing−$101MNet borrowing (+) / repaid (−)$98.1MOperating cash flow$35.8MCapital spending−$11.5MCash drawn (+) / kept (−)−$10.1MBuybacks−$6.4MDividends−$5.5MExchange rates$306KOther financing−$122KNot reconciled$1K
Apogee Enterprises: sources (+) and uses (−) of cash, TTM to Q2 FY27Apogee Enterprises: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$128MAcquisitions−$99.6MNet borrowing (+) / repaid (−)$65.5MCapital spending−$33.3MBuybacks−$31.1MDividends−$22.3MOther investing−$8.6MOther financing−$4.3MCash drawn (+) / kept (−)$3.0MExchange rates$2.2MNot reconciled$1K

From profit to cash

Apogee Enterprises: net income to operating cash flow, Q2 FY27Apogee Enterprises: net income to operating cash flow, Q2 FY27Net income$22.4MDepreciation & amortization$14.0MStock-based pay$2.6MDeferred taxes$2.2MOther non-cash$4.2MReceivables−$1.7MInventory−$6.2MPayables$62KEmployee-related liabilities$12.2MDeferred revenue−$8.9MContract assets−$9.5MIncome taxes payable$1.2MOther operating capital$3.8MOperating cash flow$35.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2746342753
Q1 FY2752343353
Q4 FY2649333349
Q3 FY2649353251
Q2 FY2649343251
Q1 FY2649333349
Q4 FY2549323348
Q3 FY2549323348

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$35.8M−$11.5M—−$6.4M−$5.5M$98.1M−$10.1M$24.3M
Q1 FY27$7.4M−$6.3M—−$9.7M−$5.6M$5.1M$13.1M$1.1M
Q4 FY26$55.8M−$9.0M—−$15.0M−$5.6M−$22.7M$1.8M$46.9M
Q3 FY26$29.3M−$6.5M——−$5.5M−$15.0M−$1.8M$22.9M
Q2 FY26$57.1M−$4.7M——−$5.5M−$41.0M−$6.7M$52.4M
Q1 FY26−$19.8M−$7.2M——−$5.5M$26.0M$8.6M−$26.9M
Q4 FY25$30.0M−$10.9M$956K−$30.3M−$5.5M$13.0M$2.4M$19.1M
Q3 FY25$31.0M−$9.0M——−$5.4M−$20.0M$7.2M$22.0M

Apogee Enterprises: income statement and cash flow

Apogee Enterprises, Q2 FY27: revenue $391M (+9% year over year), operating margin 8.6%. The chart follows the revenue to costs, profit and cash.

Apogee Enterprises: 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.