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Dnow cash flow, quarter by quarter

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

Free cash flow$106M in Q3 2026 · $203M over twelve months

Operating cash flow$120M
Capital spending−$14.0M
Free cash flow+$106M
Cash / net income4.6×
Cash conversion cycle88 days

Analysis

In Q3 2026, Dnow generated $120M of operating cash flow and spent $14.0M on capital projects, leaving free cash flow of $106M. That is $67.0M more than in Q3 2025 ($39.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $241M; the largest uses were acquisitions ($612M), buybacks ($102M), capital spending ($38.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($377M), other investing ($8.0M); the cash balance fell by $154M.

Operating cash flow was $120M against net income of $26.0M — 4.6× profit, cash ran ahead of reported earnings. The largest differences: inventory +$56.0M, other liabilities −$34.0M, depreciation & amortization +$24.0M.

Its cash conversion cycle was 88 days (receivables 61 + inventory 88 − payables 61).

Free cash flow

Dnow: free cash flow by quarterDnow: free cash flow by quarter$119MQ4 2024−$22.0MQ1 2025$41.0MQ2 2025$39.0MQ3 2025$76.0MQ4 2025−$103MQ1 2026$124MQ2 2026$106MQ3 2026
Operating cash flow less capital spending.
Dnow: operating cash flow against capital spendingDnow: operating cash flow against capital spendingOperating cash flowCapital spending$122M$3.0MQ4 2024−$16.0M$6.0MQ1 2025$45.0M$4.0MQ2 2025$43.0M$4.0MQ3 2025$83.0M$7.0MQ4 2025−$95.0M$8.0MQ1 2026$133M$9.0MQ2 2026$120M$14.0MQ3 2026
Latest (Q3 2026): Operating cash flow $120M, Capital spending $14.0M.

Capital allocation, year by year

Dnow: where the cash came from (up) and went (down), by fiscal yearDnow: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $30.0MFY2021: Net borrowing −$6.0MFY2021: Capital spending −$5.0MFY2021: Acquisitions −$96.0M$30.0MFY2021FY2023: Operating cash flow $188MFY2023: Capital spending −$17.0MFY2023: Acquisitions −$32.0MFY2023: Buybacks −$50.0M$188MFY2023FY2024: Operating cash flow $298MFY2024: Capital spending −$9.0MFY2024: Acquisitions −$299MFY2024: Buybacks −$23.0M$298MFY2024FY2025: Operating cash flow $155MFY2025: Net borrowing $411MFY2025: Capital spending −$21.0MFY2025: Acquisitions −$574MFY2025: Buybacks −$37.0M$566MFY2025
Over these 4 years operating cash flow totalled $671M; the largest uses were acquisitions ($1.0B) and buybacks ($110M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$112M
Debt$377M
Net debt$265M

Dnow funds itself: free cash flow was $203M over the last twelve months, and $112M of cash and investments stands against $377M of debt.

Where the cash came from and went

Dnow: sources (+) and uses (−) of cash, Q3 2026Dnow: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$120MNet borrowing (+) / repaid (−)−$97.0MBuybacks−$17.0MCapital spending−$14.0MOther investing$4.0MCash drawn (+) / kept (−)$2.0MExchange rates$1.0MOther financing$1.0M
Dnow: sources (+) and uses (−) of cash, TTM to Q3 2026Dnow: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$612MNet borrowing (+) / repaid (−)$377MOperating cash flow$241MCash drawn (+) / kept (−)$154MBuybacks−$102MCapital spending−$38.0MTaxes on employees’ shares−$16.0MOther financing−$12.0MOther investing$8.0M

From profit to cash

Dnow: net income to operating cash flow, Q3 2026Dnow: net income to operating cash flow, Q3 2026Net income$26.0MDepreciation & amortization$24.0MStock-based pay$6.0MDeferred taxes$2.0MReceivables$12.0MInventory$56.0MPayables−$1.0MPrepaid and other assets−$3.0MOther liabilities−$34.0MOperating cash flow$120M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202661886188
Q2 2026629659100
Q1 20266710860116
Q4 202563814994
Q3 202563715876
Q2 202564705975
Q1 202562726173
Q4 202464756078

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$120M−$14.0M—−$17.0M−$97.0M$2.0M$106M
Q2 2026$133M−$9.0M—−$25.0M−$97.0M$2.0M$124M
Q1 2026−$95.0M−$8.0M−$46.0M−$50.0M$160M$48.0M−$103M
Q4 2025$83.0M−$7.0M−$566M−$10.0M$411M$102M$76.0M
Q3 2025$43.0M−$4.0M———−$34.0M$39.0M
Q2 2025$45.0M−$4.0M−$8.0M−$19.0M—−$13.0M$41.0M
Q1 2025−$16.0M−$6.0M—−$8.0M—$37.0M−$22.0M
Q4 2024$122M−$3.0M−$114M−$5.0M—$5.0M$119M

Dnow: income statement and cash flow

Dnow, Q3 2026: revenue $1.3B (+111% year over year), operating margin 2.5%. The chart follows the revenue to costs, profit and cash.

Dnow: 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.