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CSW Industrials cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$91.9M in Q2 FY27 · $177M over twelve months

Operating cash flow$95.4M
Capital spending−$3.5M
Free cash flow+$91.9M
Cash / net income2.0×
Cash conversion cycle152 days

Analysis

In Q2 FY27, CSW Industrials generated $95.4M of operating cash flow and spent $3.5M on capital projects, leaving free cash flow of $91.9M. That is $33.2M more than in Q2 FY26 ($58.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $198M; the largest uses were acquisitions ($696M), buybacks ($149M), capital spending ($20.8M); besides operations, cash came from other financing ($603M), net borrowing (+) / repaid (−) ($106M); the cash balance rose by $5.7M.

Operating cash flow was $95.4M against net income of $47.9M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$31.2M, depreciation & amortization +$19.6M, receivables +$18.0M.

Its cash conversion cycle was 152 days (receivables 57 + inventory 136 − payables 41).

Free cash flow

CSW Industrials: free cash flow by quarterCSW Industrials: free cash flow by quarter$7.8MQ3 FY25$22.8MQ4 FY25$57.7MQ1 FY26$58.7MQ2 FY26$22.7MQ3 FY26−$6.8MQ4 FY26$69.6MQ1 FY27$91.9MQ2 FY27
Operating cash flow less capital spending.
CSW Industrials: operating cash flow against capital spendingCSW Industrials: operating cash flow against capital spendingOperating cash flowCapital spending$10.9M$3.1MQ3 FY25$27.3M$4.5MQ4 FY25$60.6M$2.9MQ1 FY26$61.8M$3.1MQ2 FY26$28.9M$6.1MQ3 FY26−$1.7M$5.1MQ4 FY26$75.6M$6.0MQ1 FY27$95.4M$3.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $95.4M, Capital spending $3.5M.

Capital allocation, year by year

CSW Industrials: where the cash came from (up) and went (down), by fiscal yearCSW Industrials: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $69.1MFY22: Net borrowing $10.4MFY22: Shares issued $1.3MFY22: Asset sales $139KFY22: Capital spending −$15.7MFY22: Acquisitions −$35.9MFY22: Buybacks −$19.3MFY22: Dividends −$9.5M$81.0MFY22FY23: Operating cash flow $121MFY23: Net borrowing $225KFY23: Shares issued $272KFY23: Asset sales $120KFY23: Capital spending −$14.0MFY23: Acquisitions −$55.9MFY23: Buybacks −$39.1MFY23: Dividends −$10.6M$122MFY23FY24: Operating cash flow $164MFY24: Net borrowing −$87.0MFY24: Asset sales $2.2MFY24: Capital spending −$16.6MFY24: Acquisitions −$29.8MFY24: Buybacks −$15.3MFY24: Dividends −$11.8M$167MFY24FY25: Operating cash flow $168MFY25: Net borrowing −$166MFY25: Shares issued $347MFY25: Asset sales $1.2MFY25: Capital spending −$16.3MFY25: Acquisitions −$84.7MFY25: Buybacks −$27.7MFY25: Dividends −$14.6M$517MFY25FY26: Operating cash flow $150MFY26: Net borrowing $872MFY26: Asset sales $217KFY26: Capital spending −$17.3MFY26: Acquisitions −$1.0BFY26: Buybacks −$133MFY26: Dividends −$18.0M$1.0BFY26
Over these 5 years operating cash flow totalled $673M; the largest uses were acquisitions ($1.2B) and net borrowing ($253M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$37.2M
Debt$766M
Net debt$729M
Due within a year$15.0M

CSW Industrials funds itself: free cash flow was $177M over the last twelve months, and $37.2M of cash and investments stands against $766M of debt ($15.0M due within a year, 2.5× covered by cash).

CSW Industrials: debt maturities by year (FY26)CSW Industrials: debt maturities by year (FY26)$15.0MYear 1$30.0MYear 2$30.0MYear 3$30.0MYear 4$662MAfter year 5
Principal due in each year as disclosed in the annual report, against $37.2M of cash and investments now.

Where the cash came from and went

CSW Industrials: sources (+) and uses (−) of cash, Q2 FY27CSW Industrials: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$95.4MNet borrowing (+) / repaid (−)−$91.0MCash drawn (+) / kept (−)$10.3MBuybacks−$5.8MDividends−$4.9MCapital spending−$3.5MAcquisitions−$560KAsset & business sales$171KOther financing−$112KExchange rates$29K
CSW Industrials: sources (+) and uses (−) of cash, TTM to Q2 FY27CSW Industrials: sources (+) and uses (−) of cash, TTM to Q2 FY27Acquisitions−$696MOther financing$603MOperating cash flow$198MBuybacks−$149MNet borrowing (+) / repaid (−)$106MCapital spending−$20.8MDividends−$18.7MTaxes on employees’ shares−$12.7MCash drawn (+) / kept (−)−$5.7MOther investing−$4.8MAsset & business sales$346KExchange rates−$119K

From profit to cash

CSW Industrials: net income to operating cash flow, Q2 FY27CSW Industrials: net income to operating cash flow, Q2 FY27Net income$47.9MDepreciation & amortization$19.6MDeferred taxes$511KGains on disposals$43KReceivables$18.0MInventory−$13.2MPayables$31.2MPrepaid and other assets−$15.3MOperating cash flow$95.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY275713641152
Q1 FY275814538165
Q4 FY265215437169
Q3 FY266018047193
Q2 FY265613239149
Q1 FY265812737148
Q4 FY255313938154
Q3 FY255915747169

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$95.4M−$3.5M−$560K−$5.8M−$4.9M−$91.0M$10.3M$91.9M
Q1 FY27$75.6M−$6.0M—−$36.3M−$4.9M−$14.0M−$13.7M$69.6M
Q4 FY26−$1.7M−$5.1M−$21.1M−$34.0M−$4.4M$298M$6.4M−$6.8M
Q3 FY26$28.9M−$6.1M−$675M−$72.7M−$4.5M$61.7M−$8.8M$22.7M
Q2 FY26$61.8M−$3.1M−$1.7M−$17.0M−$4.5M−$35.0M$6.5M$58.7M
Q1 FY26$60.6M−$2.9M−$324M−$9.1M−$4.5M$95.0M$188M$57.7M
Q4 FY25$27.3M−$4.5M−$1.2M−$6.8M−$4.0M—−$12.1M$22.8M
Q3 FY25$10.9M−$3.1M−$51.2M−$8.6M−$4.0M—$59.5M$7.8M

CSW Industrials: income statement and cash flow

CSW Industrials, Q2 FY27: revenue $361M (+30% year over year), operating margin 20.9%. The chart follows the revenue to costs, profit and cash.

CSW Industrials: 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.