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Dillard's cash flow, quarter by quarter

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

Free cash flow−$59.5M in Q2 FY27 · $635M over twelve months

Operating cash flow−$37.2M
Capital spending−$22.3M
Free cash flow−$59.5M
Cash / net income-0.4×
Cash conversion cycle-91 days

Analysis

In Q2 FY27, Dillard's generated −$37.2M of operating cash flow and spent $22.3M on capital projects, leaving free cash flow of −$59.5M.

Over the twelve months to Aug 1, 2026, operating cash flow was $724M; the largest uses were dividends ($486M), other investing ($302M), other financing ($96.0M); the cash balance fell by $249M.

Operating cash flow was −$37.2M against net income of $97.7M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$288M, inventory +$223M, depreciation & amortization +$44.4M.

Its cash conversion cycle was -91 days (receivables 3 + inventory 0 − payables 94): suppliers fund its working capital.

Free cash flow

Dillard's: free cash flow by quarterDillard's: free cash flow by quarter$145MQ3 FY25$349MQ4 FY25$216MQ1 FY26$60.1MQ2 FY26$156MQ3 FY26$192MQ4 FY26$347MQ1 FY27−$59.5MQ2 FY27
Operating cash flow less capital spending.
Dillard's: operating cash flow against capital spendingDillard's: operating cash flow against capital spendingOperating cash flowCapital spending$173M$28.1MQ3 FY25$365M$15.4MQ4 FY25$233M$16.9MQ1 FY26$86.8M$26.7MQ2 FY26$186M$30.3MQ3 FY26$211M$19.5MQ4 FY26$364M$17.2MQ1 FY27−$37.2M$22.3MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$37.2M, Capital spending $22.3M.

Capital allocation, year by year

Dillard's: where the cash came from (up) and went (down), by fiscal yearDillard's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY22: Operating cash flow $1.3BFY22: Net borrowing −$1.4MFY22: Capital spending −$104MFY22: Buybacks −$545MFY22: Dividends −$305M$1.3BFY22FY23: Operating cash flow $948MFY23: Net borrowing −$44.8MFY23: Capital spending −$120MFY23: Buybacks −$453MFY23: Dividends −$271M$948MFY23FY24: Operating cash flow $884MFY24: Capital spending −$133MFY24: Buybacks −$281MFY24: Dividends −$339M$884MFY24FY25: Operating cash flow $714MFY25: Capital spending −$105MFY25: Buybacks −$121MFY25: Dividends −$414M$714MFY25FY26: Operating cash flow $717MFY26: Capital spending −$93.4MFY26: Buybacks −$108MFY26: Dividends −$485M$717MFY26
Over these 5 years operating cash flow totalled $4.5B; the largest uses were dividends ($1.8B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$763M
Debtnone
Net cash$763M
Due within a year$96.0M

Dillard's funds itself: free cash flow was $635M over the last twelve months, with $763M of cash and investments and no debt on the balance sheet ($96.0M due within a year, 7.9× covered by cash).

Dillard's: debt maturities by year (FY26)Dillard's: debt maturities by year (FY26)$96.0MYear 1$80.0MYear 2$146MYear 3
Principal due in each year as disclosed in the annual report, against $763M of cash and investments now.

Where the cash came from and went

Dillard's: sources (+) and uses (−) of cash, Q2 FY27Dillard's: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$395MOther investing−$234MOther financing−$96.0MOperating cash flow−$37.2MCapital spending−$22.3MDividends−$4.7M
Dillard's: sources (+) and uses (−) of cash, TTM to Q2 FY27Dillard's: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$724MDividends−$486MOther investing−$302MCash drawn (+) / kept (−)$249MOther financing−$96.0MCapital spending−$89.3M

From profit to cash

Dillard's: net income to operating cash flow, Q2 FY27Dillard's: net income to operating cash flow, Q2 FY27Net income$97.7MDepreciation & amortization$44.4MGains on disposals−$97KReceivables$1.6MInventory$223MPayables−$288MPrepaid and other assets−$6.2MOperating cash flow−$37.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY273—94-91
Q1 FY272—97-94
Q3 FY263—108-105
Q2 FY263—86-83
Q1 FY263—98-95
Q3 FY254—110-106

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$37.2M−$22.3M—−$4.7M$395M−$59.5M
Q1 FY27$364M−$17.2M—−$4.7M−$296M$347M
Q4 FY26$211M−$19.5M—−$473M$288M$192M
Q3 FY26$186M−$30.3M—−$3.9M−$137M$156M
Q2 FY26$86.8M−$26.7M−$9.8M−$3.9M−$112M$60.1M
Q1 FY26$233M−$16.9M−$98.0M−$4.0M−$183M$216M
Q4 FY25$365M−$15.4M−$16.0M−$402M$263M$349M
Q3 FY25$173M−$28.1M—−$4.1M−$33.7M$145M

Dillard's: income statement and cash flow

Dillard's, Q2 FY27: revenue $1.5B (-0.4% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

Dillard's: 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.