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DLH Holdings cash flow, quarter by quarter

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

Free cash flow$4.2M in Q3 FY26 · $13.8M over twelve months

Operating cash flow$4.2M
Free cash flow+$4.2M
Cash conversion cycle39 days

Analysis

In Q3 FY26, DLH Holdings generated $4.2M of operating cash flow. That is $5.2M less than in Q3 FY25 ($9.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was $13.9M; the largest uses were net borrowing (+) / repaid (−) ($13.5M), other financing ($252K), capital spending ($67K); the cash balance rose by $41K.

Operating cash flow was $4.2M against net income of −$16.8M. The largest differences: deferred taxes +$10.4M, receivables +$9.2M, depreciation & amortization +$4.0M.

Its cash conversion cycle was 39 days (receivables 60 + inventory 0 − payables 21).

Free cash flow

DLH Holdings: free cash flow by quarterDLH Holdings: free cash flow by quarter$12.2MQ4 FY24−$12.1MQ1 FY25$15.1MQ2 FY25$9.4MQ3 FY25$10.7MQ4 FY25−$4.8MQ1 FY26$3.8MQ2 FY26$4.2MQ3 FY26
Operating cash flow less capital spending.
DLH Holdings: operating cash flow against capital spendingDLH Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$12.4M$209KQ4 FY24−$11.5M$552KQ1 FY25$14.5M−$551KQ2 FY25$9.6M$212KQ3 FY25$10.7M$28KQ4 FY25−$4.8M$39KQ1 FY26$3.8M$0Q2 FY26$4.2M$0Q3 FY26
Latest (Q3 FY26): Operating cash flow $4.2M, Capital spending $0.

Capital allocation, year by year

DLH Holdings: where the cash came from (up) and went (down), by fiscal yearDLH Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY21: Operating cash flow $45.7MFY21: Net borrowing −$23.2MFY21: Shares issued $366KFY21: Capital spending −$103KFY21: Acquisitions $59K$46.1MFY21FY22: Operating cash flow $1.2MFY22: Net borrowing −$24.8MFY22: Shares issued $837KFY22: Capital spending −$872K$2.1MFY22FY23: Operating cash flow $31.0MFY23: Net borrowing $157MFY23: Shares issued $1.1MFY23: Capital spending −$625KFY23: Acquisitions −$181M$190MFY23FY24: Operating cash flow $27.4MFY24: Net borrowing −$24.8MFY24: Shares issued $261KFY24: Capital spending −$836K$27.6MFY24FY25: Operating cash flow $23.2MFY25: Net borrowing −$23.0MFY25: Capital spending −$241K$23.2MFY25
Over these 5 years operating cash flow totalled $129M; the largest uses were acquisitions ($181M) and net borrowing ($95.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$235K
Debt$126M
Net debt$126M
Due within a year$8.1M

DLH Holdings funds itself: free cash flow was $13.8M over the last twelve months, and $235K of cash and investments stands against $126M of debt ($8.1M due within a year, 0.0× covered by cash).

DLH Holdings: debt maturities by year (FY25)DLH Holdings: debt maturities by year (FY25)$8.1MYear 1$23.8MYear 2$99.8MYear 3
Principal due in each year as disclosed in the annual report, against $235K of cash and investments now.

Where the cash came from and went

DLH Holdings: sources (+) and uses (−) of cash, Q3 FY26DLH Holdings: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$4.2MNet borrowing (+) / repaid (−)−$3.9MOther financing−$159KCash drawn (+) / kept (−)−$104K
DLH Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26DLH Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$13.9MNet borrowing (+) / repaid (−)−$13.5MOther financing−$252KCapital spending−$67KCash drawn (+) / kept (−)−$41K

From profit to cash

DLH Holdings: net income to operating cash flow, Q3 FY26DLH Holdings: net income to operating cash flow, Q3 FY26Net income−$16.8MDepreciation & amortization$4.0MStock-based pay−$219KDeferred taxes$10.4MReceivables$9.2MPayables−$2.0MEmployee-related liabilities$655KPrepaid and other assets−$520KOther liabilities−$968KOperating cash flow$4.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2660—2139
Q2 FY2653—1834
Q1 FY2650—1831
Q4 FY2547—1532
Q3 FY2553—1537
Q2 FY2559—1742
Q1 FY2558—1741
Q4 FY2452—1536

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$4.2M—−$3.9M−$104K$4.2M
Q2 FY26$3.8M—−$2.4M$126K$3.8M
Q1 FY26−$4.8M−$39K$5.0M−$132K−$4.8M
Q4 FY25$10.7M−$28K−$10.7M$69K$10.7M
Q3 FY25$9.6M−$212K−$9.4M$2K$9.4M
Q2 FY25$14.5M$551K−$15.3M$255K$15.1M
Q1 FY25−$11.5M−$552K$12.4M−$109K−$12.1M
Q4 FY24$12.4M−$209K−$11.9M$81K$12.2M

DLH Holdings: income statement and cash flow

DLH Holdings, Q3 FY26: revenue $44.2M (-47% year over year), operating margin -8.9%. The chart follows the revenue to costs, profit and cash.

DLH Holdings: 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.