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AeroVironment cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$30.5M in Q1 FY27 · −$25.0M over twelve months

Operating cash flow$13.5M
Capital spending−$44.0M
Free cash flow−$30.5M
Cash conversion cycle99 days

Analysis

In Q1 FY27, AeroVironment generated $13.5M of operating cash flow and spent $44.0M on capital projects, leaving free cash flow of −$30.5M.

Over the twelve months to Aug 1, 2026, operating cash flow was $58.8M; the largest uses were other investing ($380M), capital spending ($83.8M), taxes on employees’ shares ($9.7M); besides operations, cash came from shares issued ($7.4M); the cash balance fell by $407M.

Operating cash flow was $13.5M against net income of −$5.1M. The largest differences: receivables +$128M, inventory −$100M, depreciation & amortization +$56.0M.

Its cash conversion cycle was 99 days (receivables 48 + inventory 95 − payables 44).

Free cash flow

AeroVironment: free cash flow by quarterAeroVironment: free cash flow by quarter−$8.7MQ2 FY25−$29.6MQ3 FY25−$5.5MQ4 FY25−$146MQ1 FY26−$55.9MQ2 FY26−$17.7MQ3 FY26$79.1MQ4 FY26−$30.5MQ1 FY27
Operating cash flow less capital spending.
AeroVironment: operating cash flow against capital spendingAeroVironment: operating cash flow against capital spendingOperating cash flowCapital spending−$3.6M$5.0MQ2 FY25−$25.8M$3.8MQ3 FY25−$264K$5.3MQ4 FY25−$124M$22.7MQ1 FY26−$45.1M$10.8MQ2 FY26−$5.1M$12.6MQ3 FY26$95.5M$16.4MQ4 FY26$13.5M$44.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow $13.5M, Capital spending $44.0M.

Capital allocation, year by year

AeroVironment: where the cash came from (up) and went (down), by fiscal yearAeroVironment: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY22: Operating cash flow −$9.6MFY22: Net borrowing −$10.0MFY22: Shares issued $2.8MFY22: Capital spending −$22.3M$2.8MFY22FY23: Operating cash flow $11.4MFY23: Net borrowing −$55.0MFY23: Shares issued $107MFY23: Capital spending −$14.9M$118MFY23FY24: Operating cash flow $15.3MFY24: Net borrowing −$107MFY24: Shares issued $88.4MFY24: Capital spending −$23.0M$104MFY24FY25: Operating cash flow −$1.3MFY25: Shares issued $1.8MFY25: Capital spending −$19.5M$1.8MFY25FY26: Operating cash flow −$78.4MFY26: Net borrowing −$4.1MFY26: Shares issued $4.4MFY26: Capital spending −$62.5M$4.4MFY26
Over these 5 years operating cash flow totalled −$62.6M; the largest uses were net borrowing ($176M) and capital spending ($142M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$580M
Debt$748M
Net debt$167M

AeroVironment's operations bring cash in ($58.8M over twelve months), and it spends more than that on capital projects: a gap of $25.0M funded from its $580M of cash and investments and from borrowing ($748M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

AeroVironment: sources (+) and uses (−) of cash, Q1 FY27AeroVironment: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$98.9MOther investing−$64.2MCapital spending−$44.0MOperating cash flow$13.5MTaxes on employees’ shares−$9.6MShares issued$5.5MExchange rates−$106KOther financing−$1K
AeroVironment: sources (+) and uses (−) of cash, TTM to Q1 FY27AeroVironment: sources (+) and uses (−) of cash, TTM to Q1 FY27Cash drawn (+) / kept (−)$407MOther investing−$380MCapital spending−$83.8MOperating cash flow$58.8MTaxes on employees’ shares−$9.7MShares issued$7.4MExchange rates$382KOther financing−$12K

From profit to cash

AeroVironment: net income to operating cash flow, Q1 FY27AeroVironment: net income to operating cash flow, Q1 FY27Net income−$5.1MDepreciation & amortization$56.0MStock-based pay$4.9MOther non-cash$1.6MReceivables$128MInventory−$100MPayables$12.8MPrepaid and other assets−$13.4MOther liabilities−$17.8MOperating cash flow$13.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2748954499
Q4 FY2636622771
Q3 FY2648823497
Q2 FY2641612676
Q1 FY2631492159
Q4 FY2532793378
Q3 FY254212539128
Q2 FY252611233105

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$13.5M−$44.0M—$5.5M$98.9M−$30.5M
Q4 FY26$95.5M−$16.4M——−$87.4M$79.1M
Q3 FY26−$5.1M−$12.6M—$1.9M$69.6M−$17.7M
Q2 FY26−$45.1M−$10.8M——$326M−$55.9M
Q1 FY26−$124M−$22.7M−$4.1M$2.5M−$645M−$146M
Q4 FY25−$264K−$5.3M—$1.3M$6.1M−$5.5M
Q3 FY25−$25.8M−$3.8M$10.0M—$22.0M−$29.6M
Q2 FY25−$3.6M−$5.0M——$12.2M−$8.7M

AeroVironment: income statement and cash flow

AeroVironment, Q1 FY27: revenue $480M (+6% year over year), operating margin -2.3%. The chart follows the revenue to costs, profit and cash.

AeroVironment: 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.