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Axalta Coating Systems cash flow, quarter by quarter

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

Free cash flow$89.0M in Q3 2026 · $497M over twelve months

Operating cash flow$135M
Capital spending−$46.0M
Free cash flow+$89.0M
Cash / net income1.4×
Cash conversion cycle83 days

Analysis

In Q3 2026, Axalta Coating Systems generated $135M of operating cash flow and spent $46.0M on capital projects, leaving free cash flow of $89.0M. That is $2.0M more than in Q3 2025 ($87.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $699M; the largest uses were net borrowing (+) / repaid (−) ($416M), capital spending ($202M), acquisitions ($50.0M); besides operations, cash came from other investing ($24.0M), shares issued ($1.0M); the cash balance rose by $46.0M.

Operating cash flow was $135M against net income of $95.0M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$81.0M, inventory −$46.0M, accrued liabilities +$42.0M.

Its cash conversion cycle was 83 days (receivables 77 + inventory 87 − payables 81).

Free cash flow

Axalta Coating Systems: free cash flow by quarterAxalta Coating Systems: free cash flow by quarter$172MQ4 2024−$17.0MQ1 2025$97.0MQ2 2025$87.0MQ3 2025$286MQ4 2025$18.0MQ1 2026$104MQ2 2026$89.0MQ3 2026
Operating cash flow less capital spending.
Axalta Coating Systems: operating cash flow against capital spendingAxalta Coating Systems: operating cash flow against capital spendingOperating cash flowCapital spending$234M$62.0MQ4 2024$26.0M$43.0MQ1 2025$142M$45.0MQ2 2025$137M$50.0MQ3 2025$344M$58.0MQ4 2025$68.0M$50.0MQ1 2026$152M$48.0MQ2 2026$135M$46.0MQ3 2026
Latest (Q3 2026): Operating cash flow $135M, Capital spending $46.0M.

Capital allocation, year by year

Axalta Coating Systems: where the cash came from (up) and went (down), by fiscal yearAxalta Coating Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $559MFY2021: Net borrowing −$104MFY2021: Shares issued $14.4MFY2021: Asset sales $37.8MFY2021: Capital spending −$122MFY2021: Acquisitions −$649MFY2021: Buybacks −$244M$611MFY2021FY2022: Operating cash flow $294MFY2022: Net borrowing −$156MFY2022: Asset sales $3.7MFY2022: Capital spending −$151MFY2022: Acquisitions −$3.0MFY2022: Buybacks −$200M$298MFY2022FY2023: Operating cash flow $575MFY2023: Net borrowing −$251MFY2023: Shares issued $8.0MFY2023: Asset sales $300KFY2023: Capital spending −$138MFY2023: Acquisitions −$106MFY2023: Buybacks −$50.0M$583MFY2023FY2024: Operating cash flow $576MFY2024: Net borrowing −$95.0MFY2024: Shares issued $8.0MFY2024: Capital spending −$140MFY2024: Acquisitions −$301MFY2024: Buybacks −$100M$584MFY2024FY2025: Operating cash flow $649MFY2025: Net borrowing −$233MFY2025: Shares issued $1.0MFY2025: Capital spending −$196MFY2025: Acquisitions −$48.0MFY2025: Buybacks −$165M$650MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were acquisitions ($1.1B) and net borrowing ($838M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$650M
Debt$3.0B
Net debt$2.3B
Due within a year$20.0M

Axalta Coating Systems funds itself: free cash flow was $497M over the last twelve months, and $650M of cash and investments stands against $3.0B of debt ($20.0M due within a year, 32.5× covered by cash).

Axalta Coating Systems: debt maturities by year (FY2025)Axalta Coating Systems: debt maturities by year (FY2025)$20.0MYear 1$521MYear 2$21.0MYear 3$2.1BYear 4$5.0MYear 5$529MAfter year 5
Principal due in each year as disclosed in the annual report, against $650M of cash and investments now.

Where the cash came from and went

Axalta Coating Systems: sources (+) and uses (−) of cash, Q3 2026Axalta Coating Systems: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$135MNet borrowing (+) / repaid (−)−$76.0MCapital spending−$46.0MCash drawn (+) / kept (−)−$20.0MOther investing$5.0MExchange rates$4.0MTaxes on employees’ shares−$1.0MOther financing−$1.0M
Axalta Coating Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Axalta Coating Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$699MNet borrowing (+) / repaid (−)−$416MCapital spending−$202MAcquisitions−$50.0MCash drawn (+) / kept (−)−$46.0MOther investing$24.0MTaxes on employees’ shares−$7.0MOther financing−$5.0MExchange rates$2.0MShares issued$1.0M

From profit to cash

Axalta Coating Systems: net income to operating cash flow, Q3 2026Axalta Coating Systems: net income to operating cash flow, Q3 2026Net income$95.0MDepreciation & amortization$81.0MStock-based pay$8.0MDeferred taxes−$1.0MOther non-cash−$5.0MInventory−$46.0MPayables$7.0MAccrued liabilities$42.0MPrepaid and other assets−$17.0MOther liabilities−$2.0MOperating cash flow$135M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202677878183
Q2 202670817775
Q1 202672827381
Q4 202578877392
Q3 202579918091
Q2 202575878081
Q1 202573837680
Q4 202473837383

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$135M−$46.0M——−$76.0M—−$20.0M$89.0M
Q2 2026$152M−$48.0M——−$80.0M—−$25.0M$104M
Q1 2026$68.0M−$50.0M−$8.0M—−$55.0M$1.0M$49.0M$18.0M
Q4 2025$344M−$58.0M−$42.0M—−$205M—−$50.0M$286M
Q3 2025$137M−$50.0M—−$100M−$15.0M$1.0M$18.0M$87.0M
Q2 2025$142M−$45.0M——−$5.0M$1.0M−$50.0M$97.0M
Q1 2025$26.0M−$43.0M−$6.0M—−$5.0M$1.0M$18.0M−$17.0M
Q4 2024$234M−$62.0M−$11.0M—−$106M$2.0M−$25.0M$172M

Axalta Coating Systems: income statement and cash flow

Axalta Coating Systems, Q3 2026: revenue $1.3B (+2% year over year), operating margin 12.6%. The chart follows the revenue to costs, profit and cash.

Axalta Coating Systems: 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.