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Array Technologies cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$114M in Q2 2026 · $135M over twelve months

Operating cash flow$121M
Capital spending−$7.6M
Free cash flow+$114M
Cash / net income5.0×
Cash conversion cycle86 days

Analysis

In Q2 2026, Array Technologies generated $121M of operating cash flow and spent $7.6M on capital projects, leaving free cash flow of $114M. That is $76.4M more than in Q2 2025 ($37.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was $163M; the largest uses were other investing ($166M), other financing ($42.4M), capital spending ($28.1M); the cash balance fell by $71.5M.

Operating cash flow was $121M against net income of $24.3M — 5.0× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$68.6M, depreciation & amortization +$8.1M, stock-based pay +$4.6M.

Its cash conversion cycle was 86 days (receivables 82 + inventory 61 − payables 57).

Free cash flow

Array Technologies: free cash flow by quarterArray Technologies: free cash flow by quarter$43.9MQ3 2024$55.9MQ4 2024−$15.4MQ1 2025$37.2MQ2 2025$21.9MQ3 2025$36.2MQ4 2025−$36.9MQ1 2026$114MQ2 2026
Operating cash flow less capital spending.
Array Technologies: operating cash flow against capital spendingArray Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$44.9M$1.1MQ3 2024$57.6M$1.7MQ4 2024−$13.1M$2.4MQ1 2025$43.8M$6.6MQ2 2025$27.4M$5.5MQ3 2025$43.6M$7.5MQ4 2025−$29.4M$7.5MQ1 2026$121M$7.6MQ2 2026
Latest (Q2 2026): Operating cash flow $121M, Capital spending $7.6M.

Capital allocation, year by year

Array Technologies: where the cash came from (up) and went (down), by fiscal yearArray Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$263MFY2021: Net borrowing −$126MFY2021: Shares issued $121MFY2021: Capital spending −$3.4M$121MFY2021FY2022: Operating cash flow $141MFY2022: Net borrowing −$130MFY2022: Shares issued $15.9MFY2022: Capital spending −$10.6MFY2022: Acquisitions −$374M$157MFY2022FY2023: Operating cash flow $232MFY2023: Net borrowing −$74.3MFY2023: Asset sales $168KFY2023: Capital spending −$17.0M$232MFY2023FY2024: Operating cash flow $154MFY2024: Net borrowing −$4.3MFY2024: Asset sales $34KFY2024: Capital spending −$7.3M$154MFY2024FY2025: Operating cash flow $102MFY2025: Net borrowing $111MFY2025: Capital spending −$22.0MFY2025: Acquisitions −$165M$213MFY2025
Over these 5 years operating cash flow totalled $366M; the largest uses were acquisitions ($539M) and net borrowing ($335M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$307M
Debt$658M
Net debt$350M
Due within a year$10.3M

Array Technologies funds itself: free cash flow was $135M over the last twelve months, and $307M of cash and investments stands against $658M of debt ($10.3M due within a year, 29.8× covered by cash).

Array Technologies: debt maturities by year (FY2025)Array Technologies: debt maturities by year (FY2025)$10.3MYear 1$2.5MYear 2$325MYear 3$345MAfter year 5
Principal due in each year as disclosed in the annual report, against $307M of cash and investments now.

Where the cash came from and went

Array Technologies: sources (+) and uses (−) of cash, Q2 2026Array Technologies: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$121MCash drawn (+) / kept (−)−$105MOther financing−$9.5MCapital spending−$7.6MExchange rates$1.2M
Array Technologies: sources (+) and uses (−) of cash, TTM to Q2 2026Array Technologies: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$166MOperating cash flow$163MCash drawn (+) / kept (−)$71.5MOther financing−$42.4MCapital spending−$28.1MExchange rates$2.1M

From profit to cash

Array Technologies: net income to operating cash flow, Q2 2026Array Technologies: net income to operating cash flow, Q2 2026Net income$24.3MDepreciation & amortization$8.1MStock-based pay$4.6MDeferred taxes−$1.0MOther non-cash$529KOther operating capital$68.6MOperating cash flow$121M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202682615786
Q1 20261148980123
Q4 20251327484122
Q3 202587576382
Q2 202582635490
Q1 202583776595
Q4 2024939375111
Q3 202411810979148

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$121M−$7.6M—−$105M$114M
Q1 2026−$29.4M−$7.5M—$44.0M−$36.9M
Q4 2025$43.6M−$7.5M—−$22.9M$36.2M
Q3 2025$27.4M−$5.5M—$156M$21.9M
Q2 2025$43.8M−$6.6M−$233M−$29.3M$37.2M
Q1 2025−$13.1M−$2.4M−$1.1M$14.6M−$15.4M
Q4 2024$57.6M−$1.7M—−$31.8M$55.9M
Q3 2024$44.9M−$1.1M−$2.1M−$50.1M$43.9M

Array Technologies: income statement and cash flow

Array Technologies, Q3 2026: revenue $330M (-16% year over year), operating margin 4.2%. The chart follows the revenue to costs, profit and cash.

Array Technologies: 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.