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Chemed cash flow, quarter by quarter

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

Free cash flow$37.9M in Q3 2026 · $295M over twelve months

Operating cash flow$56.6M
Capital spending−$18.7M
Free cash flow+$37.9M
Cash / net income0.8×
Cash conversion cycle16 days

Analysis

In Q3 2026, Chemed generated $56.6M of operating cash flow and spent $18.7M on capital projects, leaving free cash flow of $37.9M. That is $28.0M less than in Q3 2025 ($65.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $363M; the largest uses were buybacks ($525M), acquisitions ($96.0M), capital spending ($67.7M); besides operations, cash came from other financing ($251M), shares issued ($30.3M); the cash balance fell by $81.3M.

Operating cash flow was $56.6M against net income of $71.6M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$64.6M, payables +$18.6M, depreciation & amortization +$17.4M.

Its cash conversion cycle was 16 days (receivables 30 + inventory 2 − payables 15).

Free cash flow

Chemed: free cash flow by quarterChemed: free cash flow by quarter$152MQ4 2024$19.0MQ1 2025$123MQ2 2025$65.9MQ3 2025$117MQ4 2025$50.4MQ1 2026$69.3MQ2 2026$37.9MQ3 2026
Operating cash flow less capital spending.
Chemed: operating cash flow against capital spendingChemed: operating cash flow against capital spendingOperating cash flowCapital spending$165M$12.8MQ4 2024$32.7M$13.8MQ1 2025$139M$15.8MQ2 2025$83.4M$17.5MQ3 2025$134M$16.8MQ4 2025$88.2M$37.9MQ1 2026$84.8M$15.5MQ2 2026$56.6M$18.7MQ3 2026
Latest (Q3 2026): Operating cash flow $56.6M, Capital spending $18.7M.

Capital allocation, year by year

Chemed: where the cash came from (up) and went (down), by fiscal yearChemed: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $309MFY2021: Net borrowing $185MFY2021: Shares issued $35.8MFY2021: Asset sales $904KFY2021: Capital spending −$58.9MFY2021: Buybacks −$576MFY2021: Dividends −$22.0M$530MFY2021FY2022: Operating cash flow $310MFY2022: Net borrowing −$185MFY2022: Shares issued $45.0MFY2022: Asset sales $2.3MFY2022: Capital spending −$61.9MFY2022: Acquisitions −$3.5MFY2022: Buybacks −$115MFY2022: Dividends −$22.0M$357MFY2022FY2023: Operating cash flow $330MFY2023: Shares issued $102MFY2023: Asset sales $640KFY2023: Capital spending −$61.2MFY2023: Acquisitions −$4.0MFY2023: Buybacks −$67.7MFY2023: Dividends −$23.5M$433MFY2023FY2024: Operating cash flow $417MFY2024: Shares issued $56.5MFY2024: Asset sales $3.3MFY2024: Capital spending −$147MFY2024: Acquisitions −$97.4MFY2024: Buybacks −$361MFY2024: Dividends −$27.1M$477MFY2024FY2025: Operating cash flow $388MFY2025: Shares issued $27.2MFY2025: Asset sales $4.6MFY2025: Capital spending −$63.8MFY2025: Acquisitions −$225KFY2025: Buybacks −$432MFY2025: Dividends −$31.7M$420MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($1.6B) and capital spending ($393M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$48.4M
Debt$236M
Net debt$188M

Chemed funds itself: free cash flow was $295M over the last twelve months, and $48.4M of cash and investments stands against $236M of debt.

Where the cash came from and went

Chemed: sources (+) and uses (−) of cash, Q3 2026Chemed: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$96.0MBuybacks−$62.5MAcquisitions−$62.5MOperating cash flow$56.6MShares issued$27.6MCapital spending−$18.7MOther financing−$16.5MDividends−$9.2MCash drawn (+) / kept (−)−$8.2MTaxes on employees’ shares−$2.4MOther investing−$232KAsset & business sales$66K
Chemed: sources (+) and uses (−) of cash, TTM to Q3 2026Chemed: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$525MOperating cash flow$363MOther financing$251MAcquisitions−$96.0MCash drawn (+) / kept (−)$81.3MCapital spending−$67.7MDividends−$33.7MShares issued$30.3MTaxes on employees’ shares−$4.2MAsset & business sales$1.3MOther investing−$922K

From profit to cash

Chemed: net income to operating cash flow, Q3 2026Chemed: net income to operating cash flow, Q3 2026Net income$71.6MDepreciation & amortization$17.4MDeferred taxes$3.8MReceivables−$64.6MInventory−$118KPayables$18.6MPrepaid and other assets$133KOther liabilities−$4.4MIncome taxes payable$1.3MOperating cash flow$56.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263021516
Q2 20262711514
Q1 20262721315
Q4 20252921218
Q3 20252921121
Q2 20253521026
Q1 20253221024
Q4 20242621018

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.6M−$18.7M−$62.5M−$62.5M−$9.2M$96.0M$27.6M−$8.2M$37.9M
Q2 2026$84.8M−$15.5M−$12.9M−$97.5M−$7.9M$48.8M$1.4M−$23.4M$69.3M
Q1 2026$88.2M−$37.9M−$20.6M−$190M−$8.2M$91.2M$1.3M$57.7M$50.4M
Q4 2025$134M−$16.8M—−$175M−$8.5M——$55.2M$117M
Q3 2025$83.4M−$17.5M—−$181M−$8.7M——$120M$65.9M
Q2 2025$139M−$15.8M—−$42.9M−$7.2M—$4.5M−$76.0M$123M
Q1 2025$32.7M−$13.8M−$225K−$33.2M−$7.3M—$22.7M$4.5M$19.0M
Q4 2024$165M−$12.8M—−$209M−$7.5M—$6.6M$60.1M$152M

Chemed: income statement and cash flow

Chemed, Q3 2026: revenue $691M (+11% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

Chemed: 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.