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Aviat Networks cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$2.5M in Q4 FY26

Operating cash flow$3.1M
Capital spending−$615K
Free cash flow+$2.5M
Cash conversion cycle18 days

Analysis

In Q4 FY26, Aviat Networks generated $3.1M of operating cash flow and spent $615K on capital projects, leaving free cash flow of $2.5M.

Operating cash flow was $3.1M against net income of −$1.3M. The largest differences: deferred revenue −$9.5M, accrued liabilities −$8.8M, payables +$6.9M.

Its cash conversion cycle was 18 days (receivables 154 + inventory 0 − payables 136).

Free cash flow

Aviat Networks: free cash flow by quarterAviat Networks: free cash flow by quarter−$32.6MQ1 FY25$18.3MQ2 FY25−$1.2MQ3 FY25$8.2MQ4 FY25−$13.5MQ1 FY26$22.5MQ2 FY26−$5.4MQ3 FY26$2.5MQ4 FY26
Operating cash flow less capital spending.
Aviat Networks: operating cash flow against capital spendingAviat Networks: operating cash flow against capital spendingOperating cash flowCapital spending−$27.2M$5.4MQ1 FY25$20.8M$2.5MQ2 FY25$1.6M$2.8MQ3 FY25$10.5M$2.3MQ4 FY25−$11.7M$1.7MQ1 FY26$23.9M$1.4MQ2 FY26−$1.7M$3.7MQ3 FY26$3.1M$615KQ4 FY26
Latest (Q4 FY26): Operating cash flow $3.1M, Capital spending $615K.

Capital allocation, year by year

Aviat Networks: where the cash came from (up) and went (down), by fiscal yearAviat Networks: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow $2.8MFY22: Shares issued $1.0MFY22: Asset sales $2.3MFY22: Capital spending −$1.8M$6.1MFY22FY23: Operating cash flow −$1.6MFY23: Shares issued $1.3MFY23: Capital spending −$5.3MFY23: Acquisitions −$15.8M$1.3MFY23FY24: Operating cash flow $30.5MFY24: Net borrowing −$1.2MFY24: Shares issued $1.1MFY24: Capital spending −$2.7MFY24: Acquisitions −$32.2M$31.6MFY24FY25: Operating cash flow $5.7MFY25: Net borrowing −$35.6MFY25: Shares issued $228KFY25: Asset sales $2.6MFY25: Capital spending −$13.0MFY25: Acquisitions −$18.1M$8.5MFY25FY26: Operating cash flow $13.6MFY26: Net borrowing −$10.5MFY26: Shares issued $584KFY26: Capital spending −$7.5M$14.1MFY26
Over these 5 years operating cash flow totalled $51.0M; the largest uses were acquisitions ($66.1M) and net borrowing ($47.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$72.8M
Debt$97.0M
Net debt$24.2M
Due within a year$7.9M

Aviat Networks funds itself: free cash flow was — over the last twelve months, and $72.8M of cash and investments stands against $97.0M of debt ($7.9M due within a year, 9.2× covered by cash).

Where the cash came from and went

Aviat Networks: sources (+) and uses (−) of cash, Q4 FY26Aviat Networks: sources (+) and uses (−) of cash, Q4 FY26Net borrowing (+) / repaid (−)−$7.3MCash drawn (+) / kept (−)$5.5MOperating cash flow$3.1MOther financing−$2.2MOther investing$1.1MCapital spending−$615KExchange rates$331KShares issued$34KTaxes on employees’ shares−$12K

From profit to cash

Aviat Networks: net income to operating cash flow, Q4 FY26Aviat Networks: net income to operating cash flow, Q4 FY26Net income−$1.3MDepreciation & amortization$1.2MStock-based pay$1.7MDeferred taxes$4.4MOther non-cash−$137KReceivables−$5.1MInventory$2.8MPayables$6.9MAccrued liabilities−$8.8MDeferred revenue−$9.5MContract assets$4.8MIncome taxes payable$6.1MOther operating capital−$1.7MOperating cash flow$3.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY26154—13618
Q3 FY26178—16612
Q2 FY26157—174-17
Q1 FY26153—184-32
Q4 FY25141—171-30
Q3 FY25139—162-23
Q2 FY25129—135-6
Q1 FY25168—13137

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$3.1M−$615K—−$7.3M$34K$5.5M$2.5M
Q3 FY26−$1.7M−$3.7M−$500K−$1.2M$340K$8.4M−$5.4M
Q2 FY26$23.9M−$1.4M—−$1.2M—−$21.5M$22.5M
Q1 FY26−$11.7M−$1.7M—−$938K$210K−$5.1M−$13.5M
Q4 FY25$10.5M−$2.3M—$14.1M$72K−$10.3M$8.2M
Q3 FY25$1.6M−$2.8M−$99K−$937K$60K$1.8M−$1.2M
Q2 FY25$20.8M−$2.5M—−$83.8M$96K−$1.3M$18.3M
Q1 FY25−$27.2M−$5.4M—$35.0M—$12.8M−$32.6M

Aviat Networks: income statement and cash flow

Aviat Networks, Q4 FY26: revenue $121M (+5% year over year), operating margin 4.8%. The chart follows the revenue to costs, profit and cash.

Aviat Networks: 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.