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Ipalco Enterprises cash flow, quarter by quarter

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

Free cash flow$23.3M in Q3 2026 · −$103M over twelve months

Operating cash flow$265M
Capital spending−$242M
Free cash flow+$23.3M
Cash / net income4.2×

Analysis

In Q3 2026, Ipalco Enterprises generated $265M of operating cash flow and spent $242M on capital projects, leaving free cash flow of $23.3M. That is $74.7M less than in Q3 2025 ($98.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $828M; the largest uses were capital spending ($931M), dividends ($360M), other investing ($204M); besides operations, cash came from other financing ($385M), acquisitions ($155M); the cash balance fell by $6.3M.

Operating cash flow was $265M against net income of $62.7M — 4.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$95.5M, payables +$41.2M, deferred taxes +$32.4M.

Free cash flow

Ipalco Enterprises: free cash flow by quarterIpalco Enterprises: free cash flow by quarter−$155MQ4 2024−$24.7MQ1 2025$24.9MQ2 2025$98.0MQ3 2025−$162MQ4 2025−$10.5MQ1 2026$45.9MQ2 2026$23.3MQ3 2026
Operating cash flow less capital spending.
Ipalco Enterprises: operating cash flow against capital spendingIpalco Enterprises: operating cash flow against capital spendingOperating cash flowCapital spending$48.7M$204MQ4 2024$122M$147MQ1 2025$175M$150MQ2 2025$349M$251MQ3 2025$77.3M$239MQ4 2025$222M$233MQ1 2026$263M$218MQ2 2026$265M$242MQ3 2026
Latest (Q3 2026): Operating cash flow $265M, Capital spending $242M.

Capital allocation, year by year

Ipalco Enterprises: where the cash came from (up) and went (down), by fiscal yearIpalco Enterprises: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $225MFY2021: Net borrowing −$15.0MFY2021: Capital spending −$292MFY2021: Dividends −$131M$225MFY2021FY2022: Operating cash flow $346MFY2022: Net borrowing $290MFY2022: Capital spending −$497MFY2022: Dividends −$102M$636MFY2022FY2023: Operating cash flow $392MFY2023: Net borrowing $455MFY2023: Capital spending −$903MFY2023: Dividends −$104M$847MFY2023FY2024: Operating cash flow $240MFY2024: Net borrowing $650MFY2024: Capital spending −$931MFY2024: Acquisitions $48.4MFY2024: Dividends −$157M$938MFY2024FY2025: Operating cash flow $723MFY2025: Net borrowing −$190MFY2025: Capital spending −$787MFY2025: Acquisitions $77.6MFY2025: Dividends −$326M$801MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were capital spending ($3.4B) and dividends ($820M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$65.9M
Debt$4.0B
Net debt$3.9B
Due within a year$90.0M

Ipalco Enterprises's operations bring cash in ($828M over twelve months), and it spends more than that on capital projects: a gap of $103M funded from its $65.9M of cash and investments and from borrowing ($4.0B of debt, $90.0M due within a year). That is a choice to invest, not a cash runway running down.

Ipalco Enterprises: debt maturities by year (FY2025)Ipalco Enterprises: debt maturities by year (FY2025)$90.0MYear 1$55.0MYear 4$475MYear 5$3.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $65.9M of cash and investments now.

Where the cash came from and went

Ipalco Enterprises: sources (+) and uses (−) of cash, Q3 2026Ipalco Enterprises: sources (+) and uses (−) of cash, Q3 2026Other financing$266MOperating cash flow$265MCapital spending−$242MNet borrowing (+) / repaid (−)−$130MDividends−$72.6MOther investing−$56.9MCash drawn (+) / kept (−)−$23.1MPartners−$6.6M
Ipalco Enterprises: sources (+) and uses (−) of cash, TTM to Q3 2026Ipalco Enterprises: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$931MOperating cash flow$828MOther financing$385MDividends−$360MOther investing−$204MAcquisitions$155MNet borrowing (+) / repaid (−)$120MCash drawn (+) / kept (−)$6.3M

From profit to cash

Ipalco Enterprises: net income to operating cash flow, Q3 2026Ipalco Enterprises: net income to operating cash flow, Q3 2026Net income$62.7MDepreciation & amortization$95.5MDeferred taxes$32.4MReceivables−$25.8MInventory$26.7MPayables$41.2MAccrued liabilities$8.4MPrepaid and other assets$13.1MOperating cash flow$265M
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$265M−$242M—−$72.6M−$130M−$23.1M$23.3M
Q2 2026$263M−$218M—−$54.2M$245M$51.3M$45.9M
Q1 2026$222M−$233M—−$106M$30.0M−$24.3M−$10.5M
Q4 2025$77.3M−$239M$155M−$127M−$25.0M$2.3M−$162M
Q3 2025$349M−$251M−$155M−$69.6M$35.0M−$1.6M$98.0M
Q2 2025$175M−$150M$77.6M−$30.8M−$240M$12.4M$24.9M
Q1 2025$122M−$147M—−$95.3M$40.0M−$56.3M−$24.7M
Q4 2024$48.7M−$204M——$110M$21.7M−$155M

Ipalco Enterprises: income statement and cash flow

Ipalco Enterprises, Q3 2026: revenue $582M (+10% year over year), operating margin 25.8%. The chart follows the revenue to costs, profit and cash.

Ipalco Enterprises: 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.