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Cohen cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.7M in Q2 2026 · −$8.1M over twelve months

Operating cash flow$3.9M
Capital spending−$196K
Free cash flow+$3.7M
Cash / net income0.5×

Analysis

In Q2 2026, Cohen generated $3.9M of operating cash flow and spent $196K on capital projects, leaving free cash flow of $3.7M. That is $9.2M less than in Q2 2025 ($12.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$6.9M; the largest uses were partners ($14.4M), operating cash flow ($6.9M), net borrowing (+) / repaid (−) ($4.5M); besides operations, cash came from other investing ($44.9M), shares issued ($2.4M); the cash balance rose by $14.1M.

Operating cash flow was $3.9M against net income of $7.9M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: employee-related liabilities +$33.6M, stock-based pay +$1.7M, prepaid and other assets +$462K.

Free cash flow

Cohen: free cash flow by quarterCohen: free cash flow by quarter$3.8MQ3 2024$4.0MQ4 2024−$6.5MQ1 2025$12.9MQ2 2025$22.2MQ3 2025−$2.5MQ4 2025−$31.5MQ1 2026$3.7MQ2 2026
Operating cash flow less capital spending.
Cohen: operating cash flow against capital spendingCohen: operating cash flow against capital spendingOperating cash flowCapital spending$4.1M$315KQ3 2024$4.4M$460KQ4 2024−$6.4M$157KQ1 2025$13.3M$413KQ2 2025$22.4M$253KQ3 2025−$2.1M$431KQ4 2025−$31.2M$328KQ1 2026$3.9M$196KQ2 2026
Latest (Q2 2026): Operating cash flow $3.9M, Capital spending $196K.

Capital allocation, year by year

Cohen: where the cash came from (up) and went (down), by fiscal yearCohen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $18.3MFY2021: Net borrowing −$2.4MFY2021: Shares issued $9.1MFY2021: Asset sales $249KFY2021: Capital spending −$1.0MFY2021: Buybacks −$857KFY2021: Dividends −$671K$27.6MFY2021FY2022: Operating cash flow −$23.5MFY2022: Asset sales $77KFY2022: Capital spending −$573KFY2022: Dividends −$2.6M$77KFY2022FY2023: Operating cash flow −$39.7MFY2023: Asset sales $2.1MFY2023: Capital spending −$373KFY2023: Dividends −$1.8M$2.1MFY2023FY2024: Operating cash flow $9.5MFY2024: Shares issued $154KFY2024: Asset sales $1.0MFY2024: Capital spending −$1.2MFY2024: Dividends −$1.9M$10.7MFY2024FY2025: Operating cash flow $27.4MFY2025: Net borrowing −$2.6MFY2025: Asset sales $1.6MFY2025: Capital spending −$1.3MFY2025: Dividends −$2.1M$28.9MFY2025
Over these 5 years operating cash flow totalled −$8.0M; the largest uses were operating cash flow ($63.1M) and dividends ($9.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$40.1M
Debt$28.8M
Net cash$11.3M
Cash runway4.9 years

Cohen is burning cash: its operations consume cash, a free cash flow of −$8.1M a year at the current rate against $40.1M of cash and investments: a runway of about 4.9 years before any new financing.

Where the cash came from and went

Cohen: sources (+) and uses (−) of cash, Q2 2026Cohen: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$21.1MOther investing$20.7MPartners−$6.1MOperating cash flow$3.9MShares issued$1.8MDividends$1.0MCapital spending−$196KExchange rates−$64K
Cohen: sources (+) and uses (−) of cash, TTM to Q2 2026Cohen: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$44.9MPartners−$14.4MCash drawn (+) / kept (−)−$14.1MOperating cash flow−$6.9MNet borrowing (+) / repaid (−)−$4.5MDividends−$4.0MShares issued$2.4MOther financing−$1.9MCapital spending−$1.2MTaxes on employees’ shares−$638KAsset & business sales$275KExchange rates$34K

From profit to cash

Cohen: net income to operating cash flow, Q2 2026Cohen: net income to operating cash flow, Q2 2026Net income$7.9MDepreciation & amortization$217KStock-based pay$1.7MDeferred taxes−$413KEmployee-related liabilities$33.6MPrepaid and other assets$462KOperating cash flow$3.9M
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
Q2 2026$3.9M−$196K$1.0M—$1.8M−$21.1M$3.7M
Q1 2026−$31.2M−$328K−$4.2M−$4.5M$614K$37.8M−$31.5M
Q4 2025−$2.1M−$431K−$436K——−$2.1M−$2.5M
Q3 2025$22.4M−$253K−$434K——−$28.7M$22.2M
Q2 2025$13.3M−$413K−$878K−$2.6M—−$12.0M$12.9M
Q1 2025−$6.4M−$157K−$383K——$5.6M−$6.5M
Q4 2024$4.4M−$460K−$408K——−$5.3M$4.0M
Q3 2024$4.1M−$315K−$408K——−$4.7M$3.8M

Cohen: income statement and cash flow

Cohen, Q2 2026: revenue $69.5M (+16% year over year), operating margin 17.9%. The chart follows the revenue to costs, profit and cash.

Cohen: 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.