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Dolby Laboratories cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$152M in Q3 FY26 · $393M over twelve months

Operating cash flow$167M
Capital spending−$15.0M
Free cash flow+$152M
Cash / net income5.7×
Cash conversion cycle134 days

Analysis

In Q3 FY26, Dolby Laboratories generated $167M of operating cash flow and spent $15.0M on capital projects, leaving free cash flow of $152M.

Over the twelve months to Jun 26, 2026, operating cash flow was $438M; the largest uses were buybacks ($235M), dividends ($134M), capital spending ($44.9M); besides operations, cash came from shares issued ($29.7M); the cash balance fell by $17.7M.

Operating cash flow was $167M against net income of $29.2M — 5.7× profit, cash ran ahead of reported earnings. The largest differences: receivables +$106M, payables −$47.3M, contract assets +$32.0M.

Its cash conversion cycle was 134 days (receivables 101 + inventory 71 − payables 37).

Free cash flow

Dolby Laboratories: free cash flow by quarterDolby Laboratories: free cash flow by quarter$109MQ4 FY24$100MQ1 FY25$168MQ2 FY25$61.3MQ3 FY25$107MQ4 FY25$50.2MQ1 FY26$83.4MQ2 FY26$152MQ3 FY26
Operating cash flow less capital spending.
Dolby Laboratories: operating cash flow against capital spendingDolby Laboratories: operating cash flow against capital spendingOperating cash flowCapital spending$116M$7.4MQ4 FY24$107M$6.8MQ1 FY25$175M$6.9MQ2 FY25$67.7M$6.4MQ3 FY25$123M$16.2MQ4 FY25$54.8M$4.6MQ1 FY26$92.5M$9.1MQ2 FY26$167M$15.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $167M, Capital spending $15.0M.

Capital allocation, year by year

Dolby Laboratories: where the cash came from (up) and went (down), by fiscal yearDolby Laboratories: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $448MFY21: Shares issued $122MFY21: Asset sales $16.4MFY21: Capital spending −$54.5MFY21: Acquisitions −$4.5MFY21: Buybacks −$246MFY21: Dividends −$89.2M$586MFY21FY22: Operating cash flow $319MFY22: Shares issued $57.8MFY22: Capital spending −$47.9MFY22: Acquisitions −$38.2MFY22: Buybacks −$530MFY22: Dividends −$100M$376MFY22FY23: Operating cash flow $367MFY23: Shares issued $47.8MFY23: Capital spending −$30.3MFY23: Acquisitions $25.7MFY23: Buybacks −$149MFY23: Dividends −$103M$441MFY23FY24: Operating cash flow $327MFY24: Shares issued $40.2MFY24: Capital spending −$30.0MFY24: Acquisitions −$488MFY24: Buybacks −$160MFY24: Dividends −$115M$367MFY24FY25: Operating cash flow $472MFY25: Shares issued $43.7MFY25: Asset sales $16.9MFY25: Capital spending −$36.3MFY25: Acquisitions −$1.4MFY25: Buybacks −$125MFY25: Dividends −$127M$533MFY25
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($1.2B) and dividends ($534M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$670M
Debtnone
Net cash$670M

Dolby Laboratories funds itself: free cash flow was $393M over the last twelve months, with $670M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Dolby Laboratories: sources (+) and uses (−) of cash, Q3 FY26Dolby Laboratories: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$167MCash drawn (+) / kept (−)−$65.1MBuybacks−$65.0MDividends−$34.0MCapital spending−$15.0MShares issued$9.4MOther investing$5.2MExchange rates−$1.6MOther financing−$891KPartners−$534K
Dolby Laboratories: sources (+) and uses (−) of cash, TTM to Q3 FY26Dolby Laboratories: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$438MBuybacks−$235MDividends−$134MCapital spending−$44.9MOther financing−$35.2MOther investing−$31.6MShares issued$29.7MCash drawn (+) / kept (−)$17.7MPartners−$2.0MNot reconciled−$1.9M

From profit to cash

Dolby Laboratories: net income to operating cash flow, Q3 FY26Dolby Laboratories: net income to operating cash flow, Q3 FY26Net income$29.2MDepreciation & amortization$22.6MStock-based pay$31.0MDeferred taxes−$3.7MOther non-cash$452KReceivables$106MInventory$2.7MPayables−$47.3MDeferred revenue−$5.9MContract assets$32.0MPrepaid and other assets$1.8MOther liabilities$627KIncome taxes payable$3.3MOperating cash flow$167M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY261017137134
Q2 FY26886430122
Q1 FY26926528129
Q4 FY25937240125
Q3 FY25886936122
Q2 FY25808437128
Q1 FY25837332124
Q4 FY24909245136

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$167M−$15.0M—−$65.0M−$34.0M$9.4M−$65.1M$152M
Q2 FY26$92.5M−$9.1M—−$65.0M−$34.3M$1.0M$53.8M$83.4M
Q1 FY26$54.8M−$4.6M—−$70.0M−$34.3M$14.3M$65.8M$50.2M
Q4 FY25$123M−$16.2M—−$35.0M−$31.6M$5.0M−$36.8M$107M
Q3 FY25$67.7M−$6.4M—−$70.0M−$31.6M$12.6M−$6.2M$61.3M
Q2 FY25$175M−$6.9M—−$35.0M−$31.8M$4.0M−$139M$168M
Q1 FY25$107M−$6.8M−$1.4M−$15.0M−$31.5M$22.2M−$33.9M$100M
Q4 FY24$116M−$7.4M−$488M−$20.0M−$28.6M$716K$201M$109M

Dolby Laboratories: income statement and cash flow

Dolby Laboratories, Q3 FY26: revenue $305M (-3% year over year), operating margin 11.3%. The chart follows the revenue to costs, profit and cash.

Dolby Laboratories: 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.