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PC Connection cash flow, quarter by quarter

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

Free cash flow$7.6M in Q3 2026 · −$20.6M over twelve months

Operating cash flow$9.7M
Capital spending−$2.1M
Free cash flow+$7.6M
Cash / net income0.3×
Cash conversion cycle57 days

Analysis

In Q3 2026, PC Connection generated $9.7M of operating cash flow and spent $2.1M on capital projects, leaving free cash flow of $7.6M. That is $54.6M less than in Q3 2025 ($62.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$12.4M; the largest uses were dividends ($18.9M), buybacks ($13.2M), operating cash flow ($12.4M); besides operations, cash came from shares issued ($1.2M); the cash balance fell by $63.2M.

Operating cash flow was $9.7M against net income of $31.5M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$64.2M, payables +$35.2M, accrued liabilities +$23.1M.

Its cash conversion cycle was 57 days (receivables 80 + inventory 28 − payables 51).

Free cash flow

PC Connection: free cash flow by quarterPC Connection: free cash flow by quarter$22.9MQ4 2024−$54.1MQ1 2025$24.6MQ2 2025$62.3MQ3 2025$25.2MQ4 2025$12.3MQ1 2026−$65.7MQ2 2026$7.6MQ3 2026
Operating cash flow less capital spending.
PC Connection: operating cash flow against capital spendingPC Connection: operating cash flow against capital spendingOperating cash flowCapital spending$25.2M$2.4MQ4 2024−$52.4M$1.7MQ1 2025$26.3M$1.6MQ2 2025$64.1M$1.9MQ3 2025$27.4M$2.2MQ4 2025$14.3M$2.0MQ1 2026−$63.8M$1.9MQ2 2026$9.7M$2.1MQ3 2026
Latest (Q3 2026): Operating cash flow $9.7M, Capital spending $2.1M.

Capital allocation, year by year

PC Connection: where the cash came from (up) and went (down), by fiscal yearPC Connection: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $57.8MFY2021: Asset sales $69KFY2021: Dividends −$26.2M$57.8MFY2021FY2022: Operating cash flow $34.9MFY2022: Dividends −$8.9M$34.9MFY2022FY2023: Operating cash flow $198MFY2023: Shares issued $1.1MFY2023: Capital spending −$9.6MFY2023: Buybacks −$5.4MFY2023: Dividends −$8.4M$199MFY2023FY2024: Operating cash flow $174MFY2024: Shares issued $1.1MFY2024: Capital spending −$7.6MFY2024: Buybacks −$12.4MFY2024: Dividends −$10.5M$175MFY2024FY2025: Operating cash flow $65.4MFY2025: Shares issued $1.2MFY2025: Capital spending −$7.4MFY2025: Buybacks −$76.3MFY2025: Dividends −$15.3M$66.7MFY2025
Over these 5 years operating cash flow totalled $530M; the largest uses were buybacks ($94.0M) and dividends ($69.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$343M
Debtnone
Net cash$343M
Cash runwaymore than 10 years

PC Connection is burning cash: its operations consume cash, a free cash flow of −$20.6M a year at the current rate against $343M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

PC Connection: sources (+) and uses (−) of cash, Q3 2026PC Connection: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$9.7MDividends−$5.0MCapital spending−$2.1MOther investing−$1.3MCash drawn (+) / kept (−)−$880KTaxes on employees’ shares−$383K
PC Connection: sources (+) and uses (−) of cash, TTM to Q3 2026PC Connection: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$63.2MDividends−$18.9MBuybacks−$13.2MOperating cash flow−$12.4MCapital spending−$8.2MOther investing−$8.1MTaxes on employees’ shares−$3.0MShares issued$1.2MOther financing−$678K

From profit to cash

PC Connection: net income to operating cash flow, Q3 2026PC Connection: net income to operating cash flow, Q3 2026Net income$31.5MDepreciation & amortization$2.6MStock-based pay$2.7MGains on disposals$75KReceivables−$64.2MInventory−$21.5MPayables$35.2MAccrued liabilities$23.1MPrepaid and other assets−$2.2MOperating cash flow$9.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202680285157
Q2 202674265149
Q1 202682265651
Q4 202583235353
Q3 202581225053
Q2 202574214253
Q1 202578194552
Q4 202478174747

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$9.7M−$2.1M—−$5.0M—−$880K$7.6M
Q2 2026−$63.8M−$1.9M—−$5.0M—$72.5M−$65.7M
Q1 2026$14.3M−$2.0M−$2.5M−$5.0M—−$3.0M$12.3M
Q4 2025$27.4M−$2.2M−$10.7M−$3.8M$615K−$5.4M$25.2M
Q3 2025$64.1M−$1.9M−$5.1M−$3.8M—−$1.1M$62.3M
Q2 2025$26.3M−$1.6M−$16.7M−$3.8M—−$4.3M$24.6M
Q1 2025−$52.4M−$1.7M−$43.7M−$3.9M—−$4.1M−$54.1M
Q4 2024$25.2M−$2.4M−$4.6M−$2.6M$571K−$10.8M$22.9M

PC Connection: income statement and cash flow

PC Connection, Q3 2026: revenue $874M (+23% year over year), operating margin 4.7%. The chart follows the revenue to costs, profit and cash.

PC Connection: 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.