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Publix Super Markets cash flow, quarter by quarter

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

Free cash flow$858M in Q3 2026 · $3.6B over twelve months

Operating cash flow$1.6B
Capital spending−$750M
Free cash flow+$858M
Cash / net income1.5×
Cash conversion cycle-15 days

Analysis

In Q3 2026, Publix Super Markets generated $1.6B of operating cash flow and spent $750M on capital projects, leaving free cash flow of $858M.

Over the twelve months to Sep 26, 2026, operating cash flow was $6.5B; the largest uses were capital spending ($2.9B), buybacks ($2.0B), dividends ($1.5B); besides operations, cash came from shares issued ($286M), asset & business sales ($22.0M); the cash balance fell by $350M.

Operating cash flow was $1.6B against net income of $1.1B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$313M, gains on investments −$213M, income taxes payable +$171M.

Its cash conversion cycle was -15 days (receivables 8 + inventory 0 − payables 24): suppliers fund its working capital.

Free cash flow

Publix Super Markets: free cash flow by quarterPublix Super Markets: free cash flow by quarter$650MQ4 2024$1.6BQ1 2025$611MQ2 2025$979MQ3 2025$455MQ4 2025$1.6BQ1 2026$681MQ2 2026$858MQ3 2026
Operating cash flow less capital spending.
Publix Super Markets: operating cash flow against capital spendingPublix Super Markets: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$621MQ4 2024$2.1B$465MQ1 2025$1.2B$553MQ2 2025$1.5B$555MQ3 2025$1.1B$679MQ4 2025$2.2B$674MQ1 2026$1.5B$794MQ2 2026$1.6B$750MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $750M.

Capital allocation, year by year

Publix Super Markets: where the cash came from (up) and went (down), by fiscal yearPublix Super Markets: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $5.4BFY2021: Net borrowing −$38.0MFY2021: Shares issued $263MFY2021: Asset sales $15.0MFY2021: Capital spending −$1.3BFY2021: Buybacks −$1.1BFY2021: Dividends −$987M$5.7BFY2021FY2022: Operating cash flow $5.5BFY2022: Net borrowing −$77.0MFY2022: Shares issued $382MFY2022: Asset sales $22.0MFY2022: Capital spending −$1.8BFY2022: Buybacks −$2.1BFY2022: Dividends −$1.2B$5.9BFY2022FY2023: Operating cash flow $5.6BFY2023: Net borrowing −$39.0MFY2023: Shares issued $278MFY2023: Asset sales $13.0MFY2023: Capital spending −$2.0BFY2023: Buybacks −$1.2BFY2023: Dividends −$1.3B$5.9BFY2023FY2024: Operating cash flow $5.6BFY2024: Net borrowing −$59.0MFY2024: Shares issued $283MFY2024: Asset sales $22.0MFY2024: Capital spending −$2.6BFY2024: Buybacks −$1.4BFY2024: Dividends −$1.4B$5.9BFY2024FY2025: Operating cash flow $5.9BFY2025: Net borrowing −$30.0MFY2025: Shares issued $306MFY2025: Asset sales $13.0MFY2025: Capital spending −$2.3BFY2025: Buybacks −$1.7BFY2025: Dividends −$1.4B$6.2BFY2025
Over these 5 years operating cash flow totalled $28.0B; the largest uses were capital spending ($9.9B) and buybacks ($7.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$2.0M
Net cash$2.9B

Publix Super Markets funds itself: free cash flow was $3.6B over the last twelve months, and $2.9B of cash and investments stands against $2.0M of debt.

Where the cash came from and went

Publix Super Markets: sources (+) and uses (−) of cash, Q3 2026Publix Super Markets: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.6BCapital spending−$750MBuybacks−$507MDividends−$370MCash drawn (+) / kept (−)−$120MOther investing$80.0MShares issued$65.0MNet borrowing (+) / repaid (−)−$9.0MAsset & business sales$3.0M
Publix Super Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Publix Super Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$6.5BCapital spending−$2.9BBuybacks−$2.0BDividends−$1.5BOther investing−$763MCash drawn (+) / kept (−)$350MShares issued$286MNet borrowing (+) / repaid (−)−$48.0MAsset & business sales$22.0MOther financing−$2.0M

From profit to cash

Publix Super Markets: net income to operating cash flow, Q3 2026Publix Super Markets: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$313MStock-based pay$144MDeferred taxes$59.0MGains on investments−$213MReceivables−$58.0MInventory−$54.0MPayables$161MPrepaid and other assets−$16.0MOther liabilities$10.0MIncome taxes payable$171MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268—24-15
Q2 20268—24-16
Q1 20268—24-16
Q4 20258—23-15
Q3 20258—23-16
Q2 20257—23-16
Q1 20257—23-16
Q4 20247—22-15

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$750M−$507M−$370M−$9.0M$65.0M−$120M$858M
Q2 2026$1.5B−$794M−$550M−$374M−$9.0M$35.0M$384M$681M
Q1 2026$2.2B−$674M−$556M−$355M−$22.0M$114M−$141M$1.6B
Q4 2025$1.1B−$679M−$345M−$356M−$8.0M$72.0M$227M$455M
Q3 2025$1.5B−$555M−$487M−$359M−$8.0M$76.0M−$203M$979M
Q2 2025$1.2B−$553M−$413M−$360M−$8.0M$42.0M$528M$611M
Q1 2025$2.1B−$465M−$453M−$351M−$6.0M$116M−$328M$1.6B
Q4 2024$1.3B−$621M−$291M−$351M−$26.0M$72.0M$89.0M$650M

Publix Super Markets: income statement and cash flow

Publix Super Markets, Q3 2026: revenue $15.7B (+1% year over year), operating margin 5.9%. The chart follows the revenue to costs, profit and cash.

Publix Super Markets: 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.