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Cognex cash flow, quarter by quarter

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

Free cash flow$104M in Q3 2026 · $286M over twelve months

Operating cash flow$106M
Capital spending−$2.6M
Free cash flow+$104M
Cash / net income1.3×
Cash conversion cycle143 days

Analysis

In Q3 2026, Cognex generated $106M of operating cash flow and spent $2.6M on capital projects, leaving free cash flow of $104M.

Over the twelve months to Oct 4, 2026, operating cash flow was $296M; the largest uses were buybacks ($130M), dividends ($57.0M), capital spending ($9.5M); besides operations, cash came from other investing ($212M), other financing ($138M); the cash balance rose by $449M.

Operating cash flow was $106M against net income of $84.8M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: inventory −$16.4M, stock-based pay +$11.1M, payables +$9.5M.

Its cash conversion cycle was 143 days (receivables 63 + inventory 150 − payables 69).

Free cash flow

Cognex: free cash flow by quarterCognex: free cash flow by quarter$49.3MQ4 2024$38.0MQ1 2025$40.4MQ2 2025$86.0MQ3 2025$72.3MQ4 2025$42.3MQ1 2026$67.6MQ2 2026$104MQ3 2026
Operating cash flow less capital spending.
Cognex: operating cash flow against capital spendingCognex: operating cash flow against capital spendingOperating cash flowCapital spending$51.4M$2.1MQ4 2024$40.5M$2.5MQ1 2025$42.6M$2.2MQ2 2025$87.5M$1.5MQ3 2025$74.9M$2.6MQ4 2025$45.1M$2.8MQ1 2026$69.2M$1.5MQ2 2026$106M$2.6MQ3 2026
Latest (Q3 2026): Operating cash flow $106M, Capital spending $2.6M.

Capital allocation, year by year

Cognex: where the cash came from (up) and went (down), by fiscal yearCognex: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $314MFY2021: Shares issued $63.9MFY2021: Capital spending −$15.5MFY2021: Buybacks −$162MFY2021: Dividends −$43.3M$378MFY2021FY2022: Operating cash flow $243MFY2022: Shares issued $12.3MFY2022: Capital spending −$19.7MFY2022: Acquisitions −$5.0MFY2022: Buybacks −$204MFY2022: Dividends −$45.9M$256MFY2022FY2023: Operating cash flow $113MFY2023: Shares issued $11.1MFY2023: Asset sales $8KFY2023: Capital spending −$23.1MFY2023: Acquisitions −$257MFY2023: Buybacks −$79.8MFY2023: Dividends −$49.1M$124MFY2023FY2024: Operating cash flow $149MFY2024: Shares issued $6.0MFY2024: Capital spending −$15.0MFY2024: Acquisitions −$1.4MFY2024: Buybacks −$67.1MFY2024: Dividends −$52.3M$155MFY2024FY2025: Operating cash flow $246MFY2025: Shares issued $6.4MFY2025: Capital spending −$8.7MFY2025: Buybacks −$151MFY2025: Dividends −$54.6M$252MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($664M) and acquisitions ($264M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$696M
Debtnone
Net cash$696M

Cognex funds itself: free cash flow was $286M over the last twelve months, with $696M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Cognex: sources (+) and uses (−) of cash, Q3 2026Cognex: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$392MOther investing$294MOperating cash flow$106MDividends−$14.3MOther financing$4.8MExchange rates$3.6MCapital spending−$2.6M
Cognex: sources (+) and uses (−) of cash, TTM to Q3 2026Cognex: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$449MOperating cash flow$296MOther investing$212MOther financing$138MBuybacks−$130MDividends−$57.0MCapital spending−$9.5MExchange rates−$11K

From profit to cash

Cognex: net income to operating cash flow, Q3 2026Cognex: net income to operating cash flow, Q3 2026Net income$84.8MDepreciation & amortization$6.8MStock-based pay$11.1MReceivables$123KInventory−$16.4MPayables$9.5MAccrued liabilities$7.3MDeferred revenue−$61KPrepaid and other assets$5.6MIncome taxes payable$1.3MOther operating capital$1.3MOperating cash flow$106M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266315069143
Q2 20266014866142
Q1 20265616867156
Q4 20255615352157
Q3 20255614645157
Q2 20256316648181
Q1 20256319250204
Q4 20246120344219

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$106M−$2.6M—−$14.3M—−$392M$104M
Q2 2026$69.2M−$1.5M−$6.2M−$14.3M—−$65.2M$67.6M
Q1 2026$45.1M−$2.8M−$99.0M−$14.2M—$25.6M$42.3M
Q4 2025$74.9M−$2.6M−$25.0M−$14.2M—−$17.0M$72.3M
Q3 2025$87.5M−$1.5M−$24.0M−$13.4M—−$66.6M$86.0M
Q2 2025$42.6M−$2.2M—−$13.4M—−$35.6M$40.4M
Q1 2025$40.5M−$2.5M−$102M−$13.6M—$42.4M$38.0M
Q4 2024$51.4M−$2.1M−$43.2M−$13.7M$1.3M$11.0M$49.3M

Cognex: income statement and cash flow

Cognex, Q3 2026: revenue $313M (+13% year over year), operating margin 32.2%. The chart follows the revenue to costs, profit and cash.

Cognex: 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.