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Boardwalk Pipeline Partners, LP cash flow, quarter by quarter

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

Free cash flow$38.2M in Q3 2026 · $352M over twelve months

Operating cash flow$245M
Capital spending−$207M
Free cash flow+$38.2M
Cash / net income2.1×

Analysis

In Q3 2026, Boardwalk Pipeline Partners, LP generated $245M of operating cash flow and spent $207M on capital projects, leaving free cash flow of $38.2M. That is $114M less than in Q3 2025 ($153M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were capital spending ($682M), net borrowing (+) / repaid (−) ($554M), dividends ($500M); besides operations, cash came from other financing ($546M), other investing ($2.9M); the cash balance fell by $358M.

Operating cash flow was $245M against net income of $115M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$112M, receivables −$37.7M, accrued liabilities +$24.4M.

Free cash flow

Boardwalk Pipeline Partners, LP: free cash flow by quarterBoardwalk Pipeline Partners, LP: free cash flow by quarter$103MQ4 2024$192MQ1 2025$228MQ2 2025$153MQ3 2025$116MQ4 2025$102MQ1 2026$95.6MQ2 2026$38.2MQ3 2026
Operating cash flow less capital spending.
Boardwalk Pipeline Partners, LP: operating cash flow against capital spendingBoardwalk Pipeline Partners, LP: operating cash flow against capital spendingOperating cash flowCapital spending$204M$100MQ4 2024$244M$51.6MQ1 2025$298M$70.3MQ2 2025$253M$100MQ3 2025$248M$132MQ4 2025$246M$144MQ1 2026$296M$200MQ2 2026$245M$207MQ3 2026
Latest (Q3 2026): Operating cash flow $245M, Capital spending $207M.

Capital allocation, year by year

Boardwalk Pipeline Partners, LP: where the cash came from (up) and went (down), by fiscal yearBoardwalk Pipeline Partners, LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $629MFY2021: Net borrowing −$135MFY2021: Asset sales $1.7MFY2021: Capital spending −$349MFY2021: Dividends −$102M$631MFY2021FY2022: Operating cash flow $727MFY2022: Net borrowing −$106MFY2022: Asset sales $1.5MFY2022: Capital spending −$344MFY2022: Dividends −$102M$728MFY2022FY2023: Operating cash flow $817MFY2023: Net borrowing $23.5MFY2023: Asset sales $300KFY2023: Capital spending −$382MFY2023: Acquisitions −$355MFY2023: Dividends −$300M$841MFY2023FY2024: Operating cash flow $900MFY2024: Net borrowing −$32.4MFY2024: Asset sales $500KFY2024: Capital spending −$392MFY2024: Dividends −$400M$901MFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing $540MFY2025: Asset sales $1.0MFY2025: Capital spending −$354MFY2025: Dividends −$500M$1.6BFY2025
Over these 5 years operating cash flow totalled $4.1B; the largest uses were capital spending ($1.8B) and dividends ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$109M
Debt$3.8B
Net debt$3.7B

Boardwalk Pipeline Partners, LP funds itself: free cash flow was $352M over the last twelve months, and $109M of cash and investments stands against $3.8B of debt.

Where the cash came from and went

Boardwalk Pipeline Partners, LP: sources (+) and uses (−) of cash, Q3 2026Boardwalk Pipeline Partners, LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$245MCapital spending−$207MDividends−$75.0MCash drawn (+) / kept (−)$29.6MAcquisitions$6.2MOther financing$600KAsset & business sales$200KOther investing$200K
Boardwalk Pipeline Partners, LP: sources (+) and uses (−) of cash, TTM to Q3 2026Boardwalk Pipeline Partners, LP: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.0BCapital spending−$682MNet borrowing (+) / repaid (−)−$554MOther financing$546MDividends−$500MCash drawn (+) / kept (−)$358MAcquisitions−$206MOther investing$2.9MAsset & business sales$800K

From profit to cash

Boardwalk Pipeline Partners, LP: net income to operating cash flow, Q3 2026Boardwalk Pipeline Partners, LP: net income to operating cash flow, Q3 2026Net income$115MDepreciation & amortization$112MReceivables−$37.7MPayables$24.2MAccrued liabilities$24.4MDeferred revenue$1.2MPrepaid and other assets−$1.4MOther liabilities$2.1MOperating cash flow$245M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$245M−$207M$6.2M−$75.0M—$29.6M$38.2M
Q2 2026$296M−$200M—−$75.0M$100K$191M$95.6M
Q1 2026$246M−$144M—−$75.0M−$550M$170M$102M
Q4 2025$248M−$132M—−$275M$541M−$32.5M$116M
Q3 2025$253M−$100M—−$75.0M−$200K−$77.9M$153M
Q2 2025$298M−$70.3M—−$75.0M−$300K−$154M$228M
Q1 2025$244M−$51.6M—−$75.0M−$200K−$117M$192M
Q4 2024$204M−$100M—−$250M−$200K$138M$103M

Boardwalk Pipeline Partners, LP: income statement and cash flow

Boardwalk Pipeline Partners, LP, Q3 2026: revenue $614M (+13% year over year), operating margin 24.1%. The chart follows the revenue to costs, profit and cash.

Boardwalk Pipeline Partners, LP: 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.