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Carpenter Technology cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$24.9M in Q1 FY27 · $341M over twelve months

Operating cash flow$52.8M
Capital spending−$77.7M
Free cash flow−$24.9M
Cash / net income0.3×

Analysis

In Q1 FY27, Carpenter Technology generated $52.8M of operating cash flow and spent $77.7M on capital projects, leaving free cash flow of −$24.9M. That is $21.5M less than in Q1 FY26 (−$3.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $619M; the largest uses were capital spending ($278M), buybacks ($264M), taxes on employees’ shares ($78.0M); besides operations, cash came from shares issued ($14.2M), other investing ($100K); the cash balance fell by $48.5M.

Operating cash flow was $52.8M against net income of $162M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities −$88.5M, inventory −$61.6M, depreciation & amortization +$36.6M.

Free cash flow

Carpenter Technology: free cash flow by quarterCarpenter Technology: free cash flow by quarter$38.6MQ2 FY25$34.0MQ3 FY25$200MQ4 FY25−$3.4MQ1 FY26$85.9MQ2 FY26$125MQ3 FY26$155MQ4 FY26−$24.9MQ1 FY27
Operating cash flow less capital spending.
Carpenter Technology: operating cash flow against capital spendingCarpenter Technology: operating cash flow against capital spendingOperating cash flowCapital spending$67.9M$29.3MQ2 FY25$74.2M$40.2MQ3 FY25$258M$58.0MQ4 FY25$39.2M$42.6MQ1 FY26$132M$46.3MQ2 FY26$194M$68.7MQ3 FY26$240M$85.1MQ4 FY26$52.8M$77.7MQ1 FY27
Latest (Q1 FY27): Operating cash flow $52.8M, Capital spending $77.7M.

Capital allocation, year by year

Carpenter Technology: where the cash came from (up) and went (down), by fiscal yearCarpenter Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $6.0MFY22: Net borrowing −$300MFY22: Asset sales $2.2MFY22: Capital spending −$91.3MFY22: Dividends −$39.2M$8.2MFY22FY23: Operating cash flow $14.7MFY23: Shares issued $5.0MFY23: Capital spending −$82.3MFY23: Dividends −$39.4M$19.7MFY23FY24: Operating cash flow $275MFY24: Shares issued $40.9MFY24: Asset sales $700KFY24: Capital spending −$96.6MFY24: Dividends −$40.0M$316MFY24FY25: Operating cash flow $440MFY25: Shares issued $13.4MFY25: Asset sales $1.4MFY25: Capital spending −$154MFY25: Buybacks −$102MFY25: Dividends −$40.3M$455MFY25FY26: Operating cash flow $605MFY26: Net borrowing −$700MFY26: Shares issued $14.3MFY26: Capital spending −$243MFY26: Buybacks −$179MFY26: Dividends −$40.3M$619MFY26
Over these 5 years operating cash flow totalled $1.3B; the largest uses were net borrowing ($1.0B) and capital spending ($667M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$160M
Debt$691M
Net debt$532M

Carpenter Technology funds itself: free cash flow was $341M over the last twelve months, and $160M of cash and investments stands against $691M of debt.

Where the cash came from and went

Carpenter Technology: sources (+) and uses (−) of cash, Q1 FY27Carpenter Technology: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$234MBuybacks−$134MCapital spending−$77.7MTaxes on employees’ shares−$65.2MOperating cash flow$52.8MDividends−$9.9MShares issued$400KExchange rates−$400KAsset & business sales$100K
Carpenter Technology: sources (+) and uses (−) of cash, TTM to Q1 FY27Carpenter Technology: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$619MCapital spending−$278MBuybacks−$264MTaxes on employees’ shares−$78.0MCash drawn (+) / kept (−)$48.5MDividends−$40.1MOther financing−$23.4MShares issued$14.2MExchange rates$1.8MOther investing$100K

From profit to cash

Carpenter Technology: net income to operating cash flow, Q1 FY27Carpenter Technology: net income to operating cash flow, Q1 FY27Net income$162MDepreciation & amortization$36.6MStock-based pay$6.4MDeferred taxes$11.6MGains on disposals$300KReceivables−$18.7MInventory−$61.6MPayables$24.1MAccrued liabilities−$88.5MPrepaid and other assets−$13.3MOther operating capital$1.2MOperating cash flow$52.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$52.8M−$77.7M−$134M−$9.9M$400K$234M−$24.9M
Q4 FY26$240M−$85.1M−$45.2M−$10.1M$400K−$98.5M$155M
Q3 FY26$194M−$68.7M−$52.7M−$10.1M$700K−$62.9M$125M
Q2 FY26$132M−$46.3M−$32.1M−$10.0M$12.7M−$23.9M$85.9M
Q1 FY26$39.2M−$42.6M−$49.1M−$10.1M$500K$108M−$3.4M
Q4 FY25$258M−$58.0M−$24.1M−$10.1M$1.2M−$164M$200M
Q3 FY25$74.2M−$40.2M−$37.5M−$10.0M$8.3M$10.6M$34.0M
Q2 FY25$67.9M−$29.3M−$8.2M−$10.1M$200K−$11.9M$38.6M

Carpenter Technology: income statement and cash flow

Carpenter Technology, Q1 FY27: revenue $798M (+9% year over year), operating margin 24.6%. The chart follows the revenue to costs, profit and cash.

Carpenter Technology: 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.