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DPL LLC cash flow, quarter by quarter

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

Free cash flow−$77.5M in Q3 2026 · −$210M over twelve months

Operating cash flow$71.0M
Capital spending−$148M
Free cash flow−$77.5M
Cash / net income1.8×

Analysis

In Q3 2026, DPL LLC generated $71.0M of operating cash flow and spent $148M on capital projects, leaving free cash flow of −$77.5M. That is $59.7M less than in Q3 2025 (−$17.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $285M; the largest uses were capital spending ($495M), dividends ($17.6M); besides operations, cash came from other financing ($134M), other investing ($91.3M); the cash balance fell by $2.7M.

Operating cash flow was $71.0M against net income of $38.6M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: income taxes payable −$64.8M, depreciation & amortization +$30.5M, receivables −$28.6M.

Free cash flow

DPL LLC: free cash flow by quarterDPL LLC: free cash flow by quarter−$73.7MQ4 2024−$50.4MQ1 2025−$118MQ2 2025−$17.8MQ3 2025−$76.2MQ4 2025−$44.3MQ1 2026−$12.0MQ2 2026−$77.5MQ3 2026
Operating cash flow less capital spending.
DPL LLC: operating cash flow against capital spendingDPL LLC: operating cash flow against capital spendingOperating cash flowCapital spending$25.1M$98.8MQ4 2024$34.9M$85.3MQ1 2025−$44.5M$73.0MQ2 2025$82.2M$100MQ3 2025$52.7M$129MQ4 2025$70.0M$114MQ1 2026$91.5M$104MQ2 2026$71.0M$148MQ3 2026
Latest (Q3 2026): Operating cash flow $71.0M, Capital spending $148M.

Capital allocation, year by year

DPL LLC: where the cash came from (up) and went (down), by fiscal yearDPL LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $117MFY2021: Net borrowing −$35.0MFY2021: Capital spending −$191M$117MFY2021FY2022: Operating cash flow $86.4MFY2022: Net borrowing $230MFY2022: Capital spending −$287M$316MFY2022FY2023: Operating cash flow $26.7MFY2023: Net borrowing $160MFY2023: Capital spending −$388M$187MFY2023FY2024: Operating cash flow $119MFY2024: Net borrowing $275MFY2024: Capital spending −$550M$394MFY2024FY2025: Operating cash flow $125MFY2025: Net borrowing −$330MFY2025: Shares issued $45.0MFY2025: Capital spending −$387MFY2025: Dividends −$8.6M$170MFY2025
Over these 5 years operating cash flow totalled $474M; the largest uses were capital spending ($1.8B) and net borrowing ($365M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$107M
Debt$1.8B
Net debt$1.7B
Due within a year$200K

DPL LLC's operations bring cash in ($285M over twelve months), and it spends more than that on capital projects: a gap of $210M funded from its $107M of cash and investments and from borrowing ($1.8B of debt, $200K due within a year). That is a choice to invest, not a cash runway running down.

DPL LLC: debt maturities by year (FY2025)DPL LLC: debt maturities by year (FY2025)$200KYear 1$140MYear 2$92.7MYear 3$400MYear 4$375MYear 5$804MAfter year 5
Principal due in each year as disclosed in the annual report, against $107M of cash and investments now.

Where the cash came from and went

DPL LLC: sources (+) and uses (−) of cash, Q3 2026DPL LLC: sources (+) and uses (−) of cash, Q3 2026Capital spending−$148MCash drawn (+) / kept (−)$72.3MOperating cash flow$71.0MOther investing$9.7MDividends−$4.5M
DPL LLC: sources (+) and uses (−) of cash, TTM to Q3 2026DPL LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$495MOperating cash flow$285MOther financing$134MOther investing$91.3MDividends−$17.6MCash drawn (+) / kept (−)$2.7M

From profit to cash

DPL LLC: net income to operating cash flow, Q3 2026DPL LLC: net income to operating cash flow, Q3 2026Net income$38.6MDepreciation & amortization$30.5MDeferred taxes$11.8MReceivables−$28.6MInventory−$200KPayables$14.0MAccrued liabilities$9.4MPrepaid and other assets−$3.4MIncome taxes payable−$64.8MOther operating capital−$700KOperating cash flow$71.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$71.0M−$148M−$4.5M——$72.3M−$77.5M
Q2 2026$91.5M−$104M−$2.2M−$30.0M—−$109M−$12.0M
Q1 2026$70.0M−$114M−$2.3M$30.0M—$13.0M−$44.3M
Q4 2025$52.7M−$129M−$8.6M——$26.7M−$76.2M
Q3 2025$82.2M−$100M—−$160M—−$39.5M−$17.8M
Q2 2025−$44.5M−$73.0M—−$60.0M$45.0M$11.1M−$118M
Q1 2025$34.9M−$85.3M—$80.0M—−$27.2M−$50.4M
Q4 2024$25.1M−$98.8M—$95.0M—−$13.0M−$73.7M

DPL LLC: income statement and cash flow

DPL LLC, Q3 2026: revenue $356M (+21% year over year), operating margin 19.8%. The chart follows the revenue to costs, profit and cash.

DPL LLC: 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.