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Butler National cash flow, quarter by quarter

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

Free cash flow$2.7M in Q1 FY27 · $8.7M over twelve months

Operating cash flow$4.6M
Capital spending−$1.9M
Free cash flow+$2.7M
Cash / net income0.9×

Analysis

In Q1 FY27, Butler National generated $4.6M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of $2.7M. That is $10.5M less than in Q1 FY26 ($13.3M).

Over the twelve months to Jul 31, 2026, operating cash flow was $15.7M; the largest uses were capital spending ($7.0M), net borrowing (+) / repaid (−) ($6.2M), other financing ($2.9M); besides operations, cash came from other investing ($2.2M); the cash balance rose by $1.8M.

Operating cash flow was $4.6M against net income of $5.3M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$7.2M, payables −$4.9M, contract assets −$3.7M.

Free cash flow

Butler National: free cash flow by quarterButler National: free cash flow by quarter−$828KQ2 FY25$12.5MQ3 FY25−$3.3MQ4 FY25$13.3MQ1 FY26−$2.7MQ2 FY26$9.2MQ3 FY26−$526KQ4 FY26$2.7MQ1 FY27
Operating cash flow less capital spending.
Butler National: operating cash flow against capital spendingButler National: operating cash flow against capital spendingOperating cash flowCapital spending$2.6M$3.4MQ2 FY25$14.0M$1.5MQ3 FY25−$1.2M$2.1MQ4 FY25$14.7M$1.4MQ1 FY26−$822K$1.9MQ2 FY26$10.6M$1.5MQ3 FY26$1.3M$1.8MQ4 FY26$4.6M$1.9MQ1 FY27
Latest (Q1 FY27): Operating cash flow $4.6M, Capital spending $1.9M.

Capital allocation, year by year

Butler National: where the cash came from (up) and went (down), by fiscal yearButler National: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY22: Operating cash flow $11.2MFY22: Net borrowing −$4.6MFY22: Asset sales $75KFY22: Capital spending −$9.6MFY22: Buybacks −$168K$11.3MFY22FY23: Operating cash flow $20.9MFY23: Net borrowing −$5.4MFY23: Capital spending −$6.5MFY23: Buybacks −$61K$20.9MFY23FY24: Operating cash flow $7.5MFY24: Net borrowing −$5.6MFY24: Capital spending −$8.7MFY24: Buybacks −$5.1M$7.5MFY24FY25: Operating cash flow $18.4MFY25: Net borrowing −$3.3MFY25: Asset sales $1.5MFY25: Capital spending −$8.3MFY25: Buybacks −$2.3M$19.9MFY25FY26: Operating cash flow $25.8MFY26: Net borrowing −$6.0MFY26: Asset sales $1.1MFY26: Capital spending −$6.5MFY26: Buybacks −$5.5M$26.9MFY26
Over these 5 years operating cash flow totalled $83.8M; the largest uses were capital spending ($39.6M) and net borrowing ($25.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$35.3M
Debt$29.5M
Net cash$5.8M
Due within a year$4.9M

Butler National funds itself: free cash flow was $8.7M over the last twelve months, and $35.3M of cash and investments stands against $29.5M of debt ($4.9M due within a year, 7.2× covered by cash).

Butler National: debt maturities by year (FY26)Butler National: debt maturities by year (FY26)$4.9MYear 1$23.4MYear 2$440KYear 3$865KYear 4
Principal due in each year as disclosed in the annual report, against $35.3M of cash and investments now.

Where the cash came from and went

Butler National: sources (+) and uses (−) of cash, Q1 FY27Butler National: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$4.6MCapital spending−$1.9MNet borrowing (+) / repaid (−)−$1.5MOther financing−$1.1MCash drawn (+) / kept (−)−$142K
Butler National: sources (+) and uses (−) of cash, TTM to Q1 FY27Butler National: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$15.7MCapital spending−$7.0MNet borrowing (+) / repaid (−)−$6.2MOther financing−$2.9MOther investing$2.2MCash drawn (+) / kept (−)−$1.8M

From profit to cash

Butler National: net income to operating cash flow, Q1 FY27Butler National: net income to operating cash flow, Q1 FY27Net income$5.3MDepreciation & amortization$1.8MStock-based pay$66KReceivables$7.2MInventory−$625KPayables−$4.9MAccrued liabilities−$1.8MDeferred revenue−$454KContract assets−$3.7MPrepaid and other assets−$357KOther liabilities$288KIncome taxes payable$1.9MOperating cash flow$4.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$4.6M−$1.9M—−$1.5M−$142K$2.7M
Q4 FY26$1.3M−$1.8M−$8K−$1.4M$1.4M−$526K
Q3 FY26$10.6M−$1.5M−$665K−$1.7M−$6.9M$9.2M
Q2 FY26−$822K−$1.9M−$1.2M−$1.6M$3.8M−$2.7M
Q1 FY26$14.7M−$1.4M−$3.7M−$1.4M−$8.2M$13.3M
Q4 FY25−$1.2M−$2.1M−$765K−$1.4M$5.5M−$3.3M
Q3 FY25$14.0M−$1.5M−$133K—−$14.5M$12.5M
Q2 FY25$2.6M−$3.4M−$899K−$1.3M$1.7M−$828K

Butler National: income statement and cash flow

Butler National, Q1 FY27: revenue $30.8M (+53% year over year), operating margin 24.1%. The chart follows the revenue to costs, profit and cash.

Butler National: 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.