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Deluxe cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$49.0M in Q3 2026 · $214M over twelve months

Operating cash flow$82.0M
Capital spending−$33.0M
Free cash flow+$49.0M
Cash / net income6.3×
Cash conversion cycle-13 days

Analysis

In Q3 2026, Deluxe generated $82.0M of operating cash flow and spent $33.0M on capital projects, leaving free cash flow of $49.0M. That is $5.2M more than in Q3 2025 ($43.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $318M; the largest uses were other investing ($639M), capital spending ($104M), dividends ($56.6M); besides operations, cash came from other financing ($501M), asset & business sales ($10.8M); the cash balance rose by $30.6M.

Operating cash flow was $82.0M against net income of $13.0M — 6.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$45.4M, other liabilities +$26.1M, prepaid and other assets −$21.4M.

Its cash conversion cycle was -13 days (receivables 31 + inventory 12 − payables 56): suppliers fund its working capital.

Free cash flow

Deluxe: free cash flow by quarterDeluxe: free cash flow by quarter$35.7MQ4 2024$24.3MQ1 2025$27.8MQ2 2025$43.8MQ3 2025$79.4MQ4 2025$27.3MQ1 2026$58.6MQ2 2026$49.0MQ3 2026
Operating cash flow less capital spending.
Deluxe: operating cash flow against capital spendingDeluxe: operating cash flow against capital spendingOperating cash flowCapital spending$60.2M$24.5MQ4 2024$50.3M$26.0MQ1 2025$51.1M$23.3MQ2 2025$67.1M$23.3MQ3 2025$102M$22.7MQ4 2025$52.7M$25.4MQ1 2026$81.2M$22.6MQ2 2026$82.0M$33.0MQ3 2026
Latest (Q3 2026): Operating cash flow $82.0M, Capital spending $33.0M.

Capital allocation, year by year

Deluxe: where the cash came from (up) and went (down), by fiscal yearDeluxe: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $211MFY2021: Net borrowing $855MFY2021: Shares issued $16.8MFY2021: Asset sales $2.6MFY2021: Acquisitions −$959MFY2021: Dividends −$51.7M$1.1BFY2021FY2022: Operating cash flow $192MFY2022: Net borrowing −$41.9MFY2022: Shares issued $3.1MFY2022: Asset sales $25.2MFY2022: Dividends −$52.6M$220MFY2022FY2023: Operating cash flow $198MFY2023: Net borrowing −$57.9MFY2023: Shares issued $2.7MFY2023: Asset sales $53.6MFY2023: Capital spending −$101MFY2023: Dividends −$53.3M$255MFY2023FY2024: Operating cash flow $194MFY2024: Net borrowing −$83.4MFY2024: Asset sales $23.3MFY2024: Capital spending −$94.3MFY2024: Dividends −$54.2M$218MFY2024FY2025: Operating cash flow $271MFY2025: Net borrowing −$79.1MFY2025: Asset sales $2.0MFY2025: Capital spending −$95.3MFY2025: Dividends −$55.2M$273MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were acquisitions ($959M) and capital spending ($290M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$74.9M
Debt$2.0B
Net debt$1.9B
Due within a year$16.4M

Deluxe funds itself: free cash flow was $214M over the last twelve months, and $74.9M of cash and investments stands against $2.0B of debt ($16.4M due within a year, 4.6× covered by cash).

Deluxe: debt maturities by year (FY2025)Deluxe: debt maturities by year (FY2025)$16.4MYear 1$37.5MYear 2$115MYear 3$1.3BYear 4
Principal due in each year as disclosed in the annual report, against $74.9M of cash and investments now.

Where the cash came from and went

Deluxe: sources (+) and uses (−) of cash, Q3 2026Deluxe: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$660MOther investing−$642MOperating cash flow$82.0MCash drawn (+) / kept (−)−$39.8MCapital spending−$33.0MOther financing−$14.2MDividends−$13.8MExchange rates−$100K
Deluxe: sources (+) and uses (−) of cash, TTM to Q3 2026Deluxe: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$639MOther financing$501MOperating cash flow$318MCapital spending−$104MDividends−$56.6MCash drawn (+) / kept (−)−$30.6MAsset & business sales$10.8MExchange rates−$700K

From profit to cash

Deluxe: net income to operating cash flow, Q3 2026Deluxe: net income to operating cash flow, Q3 2026Net income$13.0MDepreciation & amortization$45.4MStock-based pay$6.5MDeferred taxes$400KOther non-cash$8.5MReceivables−$13.1MInventory−$200KPayables$14.6MPrepaid and other assets−$21.4MOther liabilities$26.1MOperating cash flow$82.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026311256-13
Q2 2026321359-14
Q1 2026311256-14
Q4 2025321257-12
Q3 2025311258-15
Q2 2025311363-20
Q1 2025291260-18
Q4 2024311460-16

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$82.0M−$33.0M−$13.8M$660M−$39.8M$49.0M
Q2 2026$81.2M−$22.6M−$13.9M−$46.0M$7.9M$58.6M
Q1 2026$52.7M−$25.4M−$15.3M−$33.4M$251M$27.3M
Q4 2025$102M−$22.7M−$13.6M—−$249M$79.4M
Q3 2025$67.1M−$23.3M−$13.5M—−$22.1M$43.8M
Q2 2025$51.1M−$23.3M−$13.6M−$22.7M$25.8M$27.8M
Q1 2025$50.3M−$26.0M−$14.5M−$11.6M$242M$24.3M
Q4 2024$60.2M−$24.5M−$13.4M—−$224M$35.7M

Deluxe: income statement and cash flow

Deluxe, Q3 2026: revenue $554M (+2% year over year), operating margin 9.5%. The chart follows the revenue to costs, profit and cash.

Deluxe: 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.