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ITC Holdings cash flow, quarter by quarter

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

Free cash flow−$64.0M in Q3 2026 · −$492M over twelve months

Operating cash flow$350M
Capital spending−$414M
Free cash flow−$64.0M
Cash / net income2.3×

Analysis

In Q3 2026, ITC Holdings generated $350M of operating cash flow and spent $414M on capital projects, leaving free cash flow of −$64.0M. That is $69.0M less than in Q3 2025 ($5.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were capital spending ($1.5B), dividends ($251M); besides operations, cash came from net borrowing (+) / repaid (−) ($689M), other investing ($86.0M); the cash balance rose by $34.0M.

Operating cash flow was $350M against net income of $149M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$94.0M, income taxes payable −$47.0M, receivables +$17.0M.

Free cash flow

ITC Holdings: free cash flow by quarterITC Holdings: free cash flow by quarter−$90.0MQ4 2024−$208MQ1 2025−$103MQ2 2025$5.0MQ3 2025−$113MQ4 2025−$215MQ1 2026−$100MQ2 2026−$64.0MQ3 2026
Operating cash flow less capital spending.
ITC Holdings: operating cash flow against capital spendingITC Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$221M$311MQ4 2024$146M$354MQ1 2025$200M$303MQ2 2025$321M$316MQ3 2025$229M$342MQ4 2025$183M$398MQ1 2026$241M$341MQ2 2026$350M$414MQ3 2026
Latest (Q3 2026): Operating cash flow $350M, Capital spending $414M.

Capital allocation, year by year

ITC Holdings: where the cash came from (up) and went (down), by fiscal yearITC Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $785MFY2021: Net borrowing $294MFY2021: Capital spending −$834MFY2021: Dividends −$232M$1.1BFY2021FY2022: Operating cash flow $892MFY2022: Net borrowing $244MFY2022: Capital spending −$933MFY2022: Dividends −$273M$1.1BFY2022FY2023: Operating cash flow $849MFY2023: Net borrowing $608MFY2023: Capital spending −$818MFY2023: Dividends −$283M$1.5BFY2023FY2024: Operating cash flow $838MFY2024: Net borrowing $295MFY2024: Capital spending −$1.1BFY2024: Dividends −$343M$1.1BFY2024FY2025: Operating cash flow $896MFY2025: Net borrowing $579MFY2025: Capital spending −$1.3BFY2025: Dividends −$149M$1.5BFY2025
Over these 5 years operating cash flow totalled $4.3B; the largest uses were capital spending ($5.0B) and dividends ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$44.0M
Debt$9.1B
Net debt$9.1B
Due within a year$637M

ITC Holdings's operations bring cash in ($1.0B over twelve months), and it spends more than that on capital projects: a gap of $492M funded from its $44.0M of cash and investments and from borrowing ($9.1B of debt, $637M due within a year). That is a choice to invest, not a cash runway running down.

ITC Holdings: debt maturities by year (FY2025)ITC Holdings: debt maturities by year (FY2025)$637MYear 1$1.6BYear 2$679MYear 3$75.0MYear 4$700MYear 5$4.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $44.0M of cash and investments now.

Where the cash came from and went

ITC Holdings: sources (+) and uses (−) of cash, Q3 2026ITC Holdings: sources (+) and uses (−) of cash, Q3 2026Capital spending−$414MOperating cash flow$350MOther investing$87.0MDividends−$67.0MNet borrowing (+) / repaid (−)$59.0MOther financing−$15.0M
ITC Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026ITC Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.5BOperating cash flow$1.0BNet borrowing (+) / repaid (−)$689MDividends−$251MOther investing$86.0MCash drawn (+) / kept (−)−$34.0MOther financing$2.0M

From profit to cash

ITC Holdings: net income to operating cash flow, Q3 2026ITC Holdings: net income to operating cash flow, Q3 2026Net income$149MDepreciation & amortization$94.0MDeferred taxes$14.0MReceivables$17.0MPayables$3.0MEmployee-related liabilities−$1.0MIncome taxes payable−$47.0MOther operating capital$4.0MOperating cash flow$350M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$350M−$414M−$67.0M$59.0M—−$64.0M
Q2 2026$241M−$341M−$91.0M$620M−$27.0M−$100M
Q1 2026$183M−$398M−$73.0M$275M—−$215M
Q4 2025$229M−$342M−$20.0M$135M−$7.0M−$113M
Q3 2025$321M−$316M—$4.0M−$9.0M$5.0M
Q2 2025$200M−$303M−$56.0M$166M−$12.0M−$103M
Q1 2025$146M−$354M−$73.0M$274M$16.0M−$208M
Q4 2024$221M−$311M−$93.0M$84.0M$109M−$90.0M

ITC Holdings: income statement and cash flow

ITC Holdings, Q3 2026: revenue $476M (+5% year over year), operating margin 57.6%. The chart follows the revenue to costs, profit and cash.

ITC Holdings: 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.