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Duluth Holdings cash flow, quarter by quarter

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

Free cash flow$28.2M in Q2 FY27 · $57.5M over twelve months

Operating cash flow$28.9M
Capital spending−$716K
Free cash flow+$28.2M
Cash / net income1.6×
Cash conversion cycle236 days

Analysis

In Q2 FY27, Duluth Holdings generated $28.9M of operating cash flow and spent $716K on capital projects, leaving free cash flow of $28.2M.

Over the twelve months to Aug 2, 2026, operating cash flow was $64.1M; the largest uses were net borrowing (+) / repaid (−) ($36.0M), capital spending ($6.5M), taxes on employees’ shares ($861K); besides operations, cash came from other investing ($231K), other financing ($194K); the cash balance rose by $21.1M.

Operating cash flow was $28.9M against net income of $18.4M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: inventory +$7.3M, payables +$7.2M, depreciation & amortization +$5.6M.

Its cash conversion cycle was 236 days (receivables 1 + inventory 355 − payables 120).

Free cash flow

Duluth Holdings: free cash flow by quarterDuluth Holdings: free cash flow by quarter−$43.7MQ3 FY25$38.7MQ4 FY25−$57.8MQ1 FY26$29.8MQ2 FY26−$8.9MQ3 FY26$53.5MQ4 FY26−$15.2MQ1 FY27$28.2MQ2 FY27
Operating cash flow less capital spending.
Duluth Holdings: operating cash flow against capital spendingDuluth Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$41.1M$2.6MQ3 FY25$41.2M$2.5MQ4 FY25−$56.5M$1.3MQ1 FY26$32.0M$2.2MQ2 FY26−$6.7M$2.3MQ3 FY26$55.3M$1.8MQ4 FY26−$13.4M$1.8MQ1 FY27$28.9M$716KQ2 FY27
Latest (Q2 FY27): Operating cash flow $28.9M, Capital spending $716K.

Capital allocation, year by year

Duluth Holdings: where the cash came from (up) and went (down), by fiscal yearDuluth Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY22: Operating cash flow $92.0MFY22: Net borrowing −$3.2MFY22: Asset sales $55KFY22: Capital spending −$10.4M$92.0MFY22FY23: Operating cash flow −$1.4MFY23: Net borrowing −$2.7MFY23: Asset sales $28KFY23: Capital spending −$27.1M$28KFY23FY24: Operating cash flow $38.7MFY24: Net borrowing −$3.6MFY24: Asset sales $16KFY24: Capital spending −$49.1M$38.7MFY24FY25: Operating cash flow −$16.9MFY25: Net borrowing −$3.6MFY25: Capital spending −$8.3MFY25FY26: Operating cash flow $24.2MFY26: Net borrowing −$3.5MFY26: Capital spending −$7.6M$24.2MFY26
Over these 5 years operating cash flow totalled $137M; the largest uses were capital spending ($102M) and operating cash flow ($18.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$26.8M
Debtnone
Net cash$26.8M

Duluth Holdings funds itself: free cash flow was $57.5M over the last twelve months, with $26.8M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Duluth Holdings: sources (+) and uses (−) of cash, Q2 FY27Duluth Holdings: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$28.9MCash drawn (+) / kept (−)−$20.7MNet borrowing (+) / repaid (−)−$6.9MCapital spending−$716KTaxes on employees’ shares−$627KOther investing$60K
Duluth Holdings: sources (+) and uses (−) of cash, TTM to Q2 FY27Duluth Holdings: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$64.1MNet borrowing (+) / repaid (−)−$36.0MCash drawn (+) / kept (−)−$21.1MCapital spending−$6.5MTaxes on employees’ shares−$861KOther investing$231KOther financing$194K

From profit to cash

Duluth Holdings: net income to operating cash flow, Q2 FY27Duluth Holdings: net income to operating cash flow, Q2 FY27Net income$18.4MDepreciation & amortization$5.6MStock-based pay$913KGains on disposals$105KReceivables−$373KInventory$7.3MPayables$7.2MOperating cash flow$28.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY271355120236
Q1 FY27228696192
Q4 FY2621455889
Q3 FY266292106191
Q2 FY26524768183
Q1 FY264316110209
Q4 FY2521456582
Q3 FY255300137168

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$28.9M−$716K−$6.9M−$20.7M$28.2M
Q1 FY27−$13.4M−$1.8M$5.1M$10.2M−$15.2M
Q4 FY26$55.3M−$1.8M−$45.5M−$8.2M$53.5M
Q3 FY26−$6.7M−$2.3M$11.3M−$2.4M−$8.9M
Q2 FY26$32.0M−$2.2M−$32.4M$2.8M$29.8M
Q1 FY26−$56.5M−$1.3M$63.2M−$5.2M−$57.8M
Q4 FY25$41.2M−$2.5M$38.7M$6.0M$38.7M
Q3 FY25−$41.1M−$2.6M$2.7M$452K−$43.7M

Duluth Holdings: income statement and cash flow

Duluth Holdings, Q2 FY27: revenue $121M (-8% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Duluth 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.