Filing Flows

Filing Flows › Companies › AZZ › Cash flow

AZZ cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$84.4M in Q2 FY27 · $214M over twelve months

Operating cash flow$103M
Capital spending−$18.5M
Free cash flow+$84.4M
Cash / net income1.8×
Cash conversion cycle33 days

Analysis

In Q2 FY27, AZZ generated $103M of operating cash flow and spent $18.5M on capital projects, leaving free cash flow of $84.4M. That is $45.3M more than in Q2 FY26 ($39.1M).

Over the twelve months to Aug 31, 2026, operating cash flow was $292M; the largest uses were net borrowing (+) / repaid (−) ($551M), capital spending ($77.8M), acquisitions ($57.5M); besides operations, cash came from other financing ($437M), other investing ($29.4M); the cash balance rose by $1.1M.

Operating cash flow was $103M against net income of $58.5M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$24.2M, accrued liabilities +$22.7M, receivables −$12.8M.

Its cash conversion cycle was 33 days (receivables 32 + inventory 32 − payables 31).

Free cash flow

AZZ: free cash flow by quarterAZZ: free cash flow by quarter$39.7MQ3 FY25$34.4MQ4 FY25$294MQ1 FY26$39.1MQ2 FY26$61.2MQ3 FY26$50.5MQ4 FY26$18.4MQ1 FY27$84.4MQ2 FY27
Operating cash flow less capital spending.
AZZ: operating cash flow against capital spendingAZZ: operating cash flow against capital spendingOperating cash flowCapital spending$66.2M$26.4MQ3 FY25$64.3M$29.9MQ4 FY25$315M$20.9MQ1 FY26$58.4M$19.3MQ2 FY26$79.7M$18.5MQ3 FY26$72.6M$22.1MQ4 FY26$37.1M$18.7MQ1 FY27$103M$18.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $103M, Capital spending $18.5M.

Capital allocation, year by year

AZZ: where the cash came from (up) and went (down), by fiscal yearAZZ: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $86.0MFY22: Net borrowing $47.9MFY22: Shares issued $2.8MFY22: Asset sales $2.7MFY22: Capital spending −$23.6MFY22: Acquisitions −$61.2MFY22: Buybacks −$30.8MFY22: Dividends −$16.9M$139MFY22FY23: Operating cash flow $91.4MFY23: Net borrowing $1.5BFY23: Shares issued $2.4MFY23: Asset sales $111MFY23: Capital spending −$57.1MFY23: Acquisitions −$1.3BFY23: Dividends −$22.7M$1.7BFY23FY24: Operating cash flow $244MFY24: Net borrowing −$67.1MFY24: Shares issued $2.4MFY24: Asset sales $55KFY24: Capital spending −$95.1MFY24: Dividends −$31.4M$247MFY24FY25: Operating cash flow $250MFY25: Net borrowing −$2.9MFY25: Shares issued $311MFY25: Asset sales $886KFY25: Capital spending −$116MFY25: Dividends −$23.1M$562MFY25FY26: Operating cash flow $525MFY26: Net borrowing −$729MFY26: Shares issued $3.6MFY26: Asset sales $5.8MFY26: Capital spending −$80.8MFY26: Acquisitions −$30.1MFY26: Buybacks −$20.0MFY26: Dividends −$23.1M$535MFY26
Over these 5 years operating cash flow totalled $1.2B; the largest uses were acquisitions ($1.4B) and net borrowing ($799M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0M
Debt$468M
Net debt$467M

AZZ funds itself: free cash flow was $214M over the last twelve months, and $2.0M of cash and investments stands against $468M of debt.

AZZ: debt maturities by year (FY26)AZZ: debt maturities by year (FY26)$50.0MYear 2$130MYear 3$335MYear 4
Principal due in each year as disclosed in the annual report, against $2.0M of cash and investments now.

Where the cash came from and went

AZZ: sources (+) and uses (−) of cash, Q2 FY27AZZ: sources (+) and uses (−) of cash, Q2 FY27Net borrowing (+) / repaid (−)−$174MOther financing$140MOperating cash flow$103MOther investing−$41.8MCapital spending−$18.5MDividends−$7.2MCash drawn (+) / kept (−)−$894KTaxes on employees’ shares−$629KExchange rates$54KAsset & business sales$30K
AZZ: sources (+) and uses (−) of cash, TTM to Q2 FY27AZZ: sources (+) and uses (−) of cash, TTM to Q2 FY27Net borrowing (+) / repaid (−)−$551MOther financing$437MOperating cash flow$292MCapital spending−$77.8MAcquisitions−$57.5MBuybacks−$40.0MOther investing$29.4MDividends−$25.2MTaxes on employees’ shares−$11.2MShares issued$3.7MAsset & business sales$2.1MCash drawn (+) / kept (−)−$1.1M

From profit to cash

AZZ: net income to operating cash flow, Q2 FY27AZZ: net income to operating cash flow, Q2 FY27Net income$58.5MDepreciation & amortization$24.2MStock-based pay$4.9MGains on disposals−$29KReceivables−$12.8MInventory−$10.7MPayables$3.6MAccrued liabilities$22.7MContract assets$9.7MPrepaid and other assets$3.2MIncome taxes payable−$1.2MOperating cash flow$103M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2732323133
Q1 FY2731323231
Q4 FY2634333532
Q3 FY2631303329
Q2 FY2633323232
Q1 FY2631323133
Q4 FY2535373439
Q3 FY2533343137

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$103M−$18.5M—−$7.2M−$174M—−$894K$84.4M
Q1 FY27$37.1M−$18.7M—−$6.0M−$872K—−$354K$18.4M
Q4 FY26$72.6M−$22.1M—−$6.0M−$136M$1.5M−$82K$50.5M
Q3 FY26$79.7M−$18.5M−$20.0M−$6.0M−$131M—$274K$61.2M
Q2 FY26$58.4M−$19.3M—−$6.0M−$283M$2.1M$2.1M$39.1M
Q1 FY26$315M−$20.9M—−$5.1M$49.5M—−$1.6M$294M
Q4 FY25$64.3M−$29.9M—−$5.1M−$10.7M$1.2M−$4K$34.4M
Q3 FY25$66.2M−$26.4M—−$5.1M−$36.1M—$668K$39.7M

AZZ: income statement and cash flow

AZZ, Q2 FY27: revenue $487M (+17% year over year), operating margin 17.2%. The chart follows the revenue to costs, profit and cash.

AZZ: 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.