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Crocs cash flow, quarter by quarter

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

Free cash flow$276M in Q3 2026 · $754M over twelve months

Operating cash flow$290M
Capital spending−$14.9M
Free cash flow+$276M
Cash / net income1.3×
Cash conversion cycle69 days

Analysis

In Q3 2026, Crocs generated $290M of operating cash flow and spent $14.9M on capital projects, leaving free cash flow of $276M. That is $49.4M more than in Q3 2025 ($226M).

Over the twelve months to Sep 30, 2026, operating cash flow was $814M; the largest uses were buybacks ($686M), capital spending ($59.7M), net borrowing (+) / repaid (−) ($39.0M); the cash balance rose by $9.4M.

Operating cash flow was $290M against net income of $217M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables +$78.2M, payables −$24.3M, inventory −$23.0M.

Its cash conversion cycle was 69 days (receivables 35 + inventory 105 − payables 70).

Free cash flow

Crocs: free cash flow by quarterCrocs: free cash flow by quarter$303MQ4 2024−$82.6MQ1 2025$269MQ2 2025$226MQ3 2025$246MQ4 2025−$98.9MQ1 2026$331MQ2 2026$276MQ3 2026
Operating cash flow less capital spending.
Crocs: operating cash flow against capital spendingCrocs: operating cash flow against capital spendingOperating cash flowCapital spending$322M$18.5MQ4 2024−$67.2M$15.4MQ1 2025$286M$16.6MQ2 2025$239M$13.2MQ3 2025$253M$6.1MQ4 2025−$80.9M$18.0MQ1 2026$352M$20.7MQ2 2026$290M$14.9MQ3 2026
Latest (Q3 2026): Operating cash flow $290M, Capital spending $14.9M.

Capital allocation, year by year

Crocs: where the cash came from (up) and went (down), by fiscal yearCrocs: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $567MFY2021: Net borrowing $215MFY2021: Asset sales $6KFY2021: Capital spending −$55.9MFY2021: Buybacks −$1.0B$782MFY2021FY2022: Operating cash flow $603MFY2022: Net borrowing −$575MFY2022: Capital spending −$104MFY2022: Acquisitions −$2.0B$603MFY2022FY2023: Operating cash flow $930MFY2023: Net borrowing −$924MFY2023: Capital spending −$116MFY2023: Buybacks −$175M$930MFY2023FY2024: Operating cash flow $992MFY2024: Net borrowing −$323MFY2024: Capital spending −$69.3MFY2024: Buybacks −$552M$992MFY2024FY2025: Operating cash flow $710MFY2025: Net borrowing −$128MFY2025: Capital spending −$51.2MFY2025: Buybacks −$582M$710MFY2025
Over these 5 years operating cash flow totalled $3.8B; the largest uses were buybacks ($2.3B) and acquisitions ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$163M
Debt$1.3B
Net debt$1.1B
Due within a year$5.5M

Crocs funds itself: free cash flow was $754M over the last twelve months, and $163M of cash and investments stands against $1.3B of debt ($5.5M due within a year, 29.5× covered by cash).

Where the cash came from and went

Crocs: sources (+) and uses (−) of cash, Q3 2026Crocs: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$290MBuybacks−$250MNet borrowing (+) / repaid (−)−$21.0MCapital spending−$14.9MOther financing−$14.1MCash drawn (+) / kept (−)$6.9MExchange rates$2.7M
Crocs: sources (+) and uses (−) of cash, TTM to Q3 2026Crocs: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$814MBuybacks−$686MCapital spending−$59.7MNet borrowing (+) / repaid (−)−$39.0MOther financing−$17.3MCash drawn (+) / kept (−)−$9.4MExchange rates−$1.9M

From profit to cash

Crocs: net income to operating cash flow, Q3 2026Crocs: net income to operating cash flow, Q3 2026Net income$217MDepreciation & amortization$20.6MStock-based pay$11.6MDeferred taxes$6KOther non-cash$1.5MReceivables$78.2MInventory−$23.0MPayables−$24.3MPrepaid and other assets−$9.3MIncome taxes payable$17.1MOperating cash flow$290M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026351057069
Q2 202634754860
Q1 202635875764
Q4 202529815159
Q3 202535895371
Q2 202534825264
Q1 202534855861
Q4 202429805653

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$290M−$14.9M−$250M−$21.0M$6.9M$276M
Q2 2026$352M−$20.7M−$256M−$30.6M−$39.5M$331M
Q1 2026−$80.9M−$18.0M—$103M−$437K−$98.9M
Q4 2025$253M−$6.1M−$180M−$90.0M$23.6M$246M
Q3 2025$239M−$13.2M−$208M−$63.0M$46.7M$226M
Q2 2025$286M−$16.6M−$133M−$105M−$34.4M$269M
Q1 2025−$67.2M−$15.4M−$60.9M$130M$13.9M−$82.6M
Q4 2024$322M−$18.5M−$226M−$75.0M$5.9M$303M

Crocs: income statement and cash flow

Crocs, Q3 2026: revenue $1.0B (+5% year over year), operating margin 28.0%. The chart follows the revenue to costs, profit and cash.

Crocs: 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.