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Acuity cash flow, quarter by quarter

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

Free cash flow$286M in Q4 FY26

Operating cash flow$305M
Capital spending−$19.2M
Free cash flow+$286M
Cash / net income1.8×
Cash conversion cycle54 days

Analysis

In Q4 FY26, Acuity generated $305M of operating cash flow and spent $19.2M on capital projects, leaving free cash flow of $286M. That is $108M more than in Q4 FY25 ($178M).

Operating cash flow was $305M against net income of $173M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$74.3M, depreciation & amortization +$38.6M, receivables −$21.2M.

Its cash conversion cycle was 54 days (receivables 46 + inventory 73 − payables 65).

Free cash flow

Acuity: free cash flow by quarterAcuity: free cash flow by quarter$113MQ1 FY25$49.7MQ2 FY25$192MQ3 FY25$178MQ4 FY25$115MQ1 FY26$73.3MQ2 FY26$274MQ3 FY26$286MQ4 FY26
Operating cash flow less capital spending.
Acuity: operating cash flow against capital spendingAcuity: operating cash flow against capital spendingOperating cash flowCapital spending$132M$18.9MQ1 FY25$59.4M$9.7MQ2 FY25$207M$15.0MQ3 FY25$202M$24.8MQ4 FY25$141M$26.0MQ1 FY26$89.1M$15.8MQ2 FY26$290M$16.7MQ3 FY26$305M$19.2MQ4 FY26
Latest (Q4 FY26): Operating cash flow $305M, Capital spending $19.2M.

Capital allocation, year by year

Acuity: where the cash came from (up) and went (down), by fiscal yearAcuity: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $316MFY22: Net borrowing $18.0MFY22: Shares issued $12.5MFY22: Asset sales $8.9MFY22: Capital spending −$56.5MFY22: Acquisitions −$12.9MFY22: Buybacks −$515MFY22: Dividends −$18.1M$356MFY22FY23: Operating cash flow $578MFY23: Net borrowing −$18.0MFY23: Shares issued $2.7MFY23: Capital spending −$66.7MFY23: Acquisitions −$35.5MFY23: Buybacks −$267MFY23: Dividends −$16.8M$581MFY23FY24: Operating cash flow $619MFY24: Shares issued $13.5MFY24: Capital spending −$64.0MFY24: Buybacks −$88.7MFY24: Dividends −$18.2M$633MFY24FY25: Operating cash flow $601MFY25: Net borrowing $400MFY25: Shares issued $28.4MFY25: Capital spending −$68.4MFY25: Acquisitions −$1.2BFY25: Buybacks −$118MFY25: Dividends −$20.6M$1.0BFY25FY26: Operating cash flow $826MFY26: Net borrowing −$200MFY26: Shares issued $7.5MFY26: Capital spending −$77.7MFY26: Buybacks −$287MFY26: Dividends −$23.8M$833MFY26
Over these 5 years operating cash flow totalled $2.9B; the largest uses were buybacks ($1.3B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$636M
Debt$697M
Net debt$61.1M
Due within a year$200M

Acuity funds itself: free cash flow was — over the last twelve months, and $636M of cash and investments stands against $697M of debt ($200M due within a year, 3.2× covered by cash).

Where the cash came from and went

Acuity: sources (+) and uses (−) of cash, Q4 FY26Acuity: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$305MCash drawn (+) / kept (−)−$224MBuybacks−$57.3MCapital spending−$19.2MDividends−$6.1MShares issued$4.6MOther investing−$1.8MTaxes on employees’ shares−$1.0MExchange rates−$200K

From profit to cash

Acuity: net income to operating cash flow, Q4 FY26Acuity: net income to operating cash flow, Q4 FY26Net income$173MDepreciation & amortization$38.6MStock-based pay$10.3MImpairments$6.0MReceivables−$21.2MInventory$7.8MPayables$74.3MOther operating capital−$16.8MOperating cash flow$305M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2646736554
Q3 FY2646765666
Q2 FY2649876373
Q1 FY2646816661
Q4 FY2546756457
Q3 FY2546725861
Q2 FY2550725765
Q1 FY2552716261

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$305M−$19.2M—−$57.3M−$6.1M—$4.6M−$224M$286M
Q3 FY26$290M−$16.7M—−$127M−$6.1M—$600K−$139M$274M
Q2 FY26$89.1M−$15.8M—−$75.9M−$6.3M−$100M$900K$104M$73.3M
Q1 FY26$141M−$26.0M—−$27.1M−$5.3M−$100M$1.4M$46.4M$115M
Q4 FY25$202M−$24.8M—−$27.2M−$5.3M−$100M$10.9M−$50.7M$178M
Q3 FY25$207M−$15.0M−$24.4M−$68.7M−$5.3M−$100M$500K$26.1M$192M
Q2 FY25$59.4M−$9.7M—−$15.9M−$5.5M—$1.4M$538M$49.7M
Q1 FY25$132M−$18.9M—−$6.7M−$4.5M—$15.6M−$89.8M$113M

Acuity: income statement and cash flow

Acuity, Q4 FY26: revenue $1.2B (+3% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Acuity: 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.