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Commercial Metals cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$280M in Q4 FY26

Operating cash flow$456M
Capital spending−$176M
Free cash flow+$280M
Cash / net income2.1×
Cash conversion cycle76 days

Analysis

In Q4 FY26, Commercial Metals generated $456M of operating cash flow and spent $176M on capital projects, leaving free cash flow of $280M. That is $74.1M more than in Q4 FY25 ($206M).

Operating cash flow was $456M against net income of $213M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$159M, depreciation & amortization +$113M, other operating capital +$105M.

Its cash conversion cycle was 76 days (receivables 49 + inventory 49 − payables 21).

Free cash flow

Commercial Metals: free cash flow by quarterCommercial Metals: free cash flow by quarter$94.8MQ1 FY25−$53.8MQ2 FY25$65.0MQ3 FY25$206MQ4 FY25$78.8MQ1 FY26$43.6MQ2 FY26$76.4MQ3 FY26$280MQ4 FY26
Operating cash flow less capital spending.
Commercial Metals: operating cash flow against capital spendingCommercial Metals: operating cash flow against capital spendingOperating cash flowCapital spending$213M$118MQ1 FY25$32.4M$86.3MQ2 FY25$154M$89.5MQ3 FY25$315M$109MQ4 FY25$204M$125MQ1 FY26$166M$123MQ2 FY26$233M$156MQ3 FY26$456M$176MQ4 FY26
Latest (Q4 FY26): Operating cash flow $456M, Capital spending $176M.

Capital allocation, year by year

Commercial Metals: where the cash came from (up) and went (down), by fiscal yearCommercial Metals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $700MFY22: Net borrowing $837MFY22: Asset sales $315MFY22: Capital spending −$450MFY22: Acquisitions −$552MFY22: Buybacks −$162MFY22: Dividends −$67.7M$1.9BFY22FY23: Operating cash flow $1.3BFY23: Net borrowing −$82.5MFY23: Asset sales $1.0MFY23: Capital spending −$607MFY23: Acquisitions −$235MFY23: Buybacks −$101MFY23: Dividends −$74.9M$1.3BFY23FY24: Operating cash flow $900MFY24: Net borrowing $104MFY24: Asset sales $756KFY24: Capital spending −$324MFY24: Acquisitions $3.0MFY24: Buybacks −$183MFY24: Dividends −$78.9M$1.0BFY24FY25: Operating cash flow $715MFY25: Net borrowing $106MFY25: Asset sales $5.8MFY25: Capital spending −$403MFY25: Buybacks −$199MFY25: Dividends −$81.4M$827MFY25FY26: Operating cash flow $1.1BFY26: Net borrowing $2.1BFY26: Asset sales $11.2MFY26: Capital spending −$580MFY26: Acquisitions −$2.5BFY26: Buybacks −$103MFY26: Dividends −$84.2M$3.1BFY26
Over these 5 years operating cash flow totalled $4.7B; the largest uses were acquisitions ($3.3B) and capital spending ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$779M
Debt$3.2B
Net debt$2.4B
Due within a year$10.5M

Commercial Metals funds itself: free cash flow was — over the last twelve months, and $779M of cash and investments stands against $3.2B of debt ($10.5M due within a year, 74.0× covered by cash).

Commercial Metals: debt maturities by year (FY26)Commercial Metals: debt maturities by year (FY26)$10.5MYear 1$1.9MYear 2$1.9MYear 3$302MYear 4$301MYear 5$2.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $779M of cash and investments now.

Where the cash came from and went

Commercial Metals: sources (+) and uses (−) of cash, Q4 FY26Commercial Metals: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$456MCash drawn (+) / kept (−)−$216MCapital spending−$176MOther financing−$74.3MNet borrowing (+) / repaid (−)$37.2MBuybacks−$26.7MDividends−$22.1MOther investing$14.6MAsset & business sales$6.2MTaxes on employees’ shares$1.2MExchange rates−$568KAcquisitions−$302K

From profit to cash

Commercial Metals: net income to operating cash flow, Q4 FY26Commercial Metals: net income to operating cash flow, Q4 FY26Net income$213MDepreciation & amortization$113MStock-based pay$6.5MDeferred taxes$159MOther operating capital$105MOperating cash flow$456M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2649492176
Q3 FY2649532181
Q2 FY2652542185
Q1 FY2652501982
Q4 FY2551521984
Q3 FY2551531986
Q2 FY2556571994
Q1 FY2554551990

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$456M−$176M−$302K−$26.7M−$22.1M$37.2M−$216M$280M
Q3 FY26$233M−$156M−$43K−$18.9M−$22.2M$81.2M−$59.6M$76.4M
Q2 FY26$166M−$123M—−$18.3M−$20.0M−$26.3M$2.5B$43.6M
Q1 FY26$204M−$125M—−$38.9M−$20.0M$2.0B−$2.0B$78.8M
Q4 FY25$315M−$109M—−$50.0M−$20.1M−$11.1M−$151M$206M
Q3 FY25$154M−$89.5M—−$50.4M−$20.3M$138M−$136M$65.0M
Q2 FY25$32.4M−$86.3M—−$48.0M−$20.4M−$9.3M$97.5M−$53.8M
Q1 FY25$213M−$118M—−$50.4M−$20.6M−$10.9M$2.7M$94.8M

Commercial Metals: income statement and cash flow

Commercial Metals, Q4 FY26: revenue $2.7B (+26% year over year), operating margin 8.6%. The chart follows the revenue to costs, profit and cash.

Commercial Metals: 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.