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Darden Restaurants cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$104M in Q1 FY27 · $1.1B over twelve months

Operating cash flow$279M
Capital spending−$175M
Free cash flow+$104M
Cash / net income1.2×

Analysis

In Q1 FY27, Darden Restaurants generated $279M of operating cash flow and spent $175M on capital projects, leaving free cash flow of $104M.

Over the twelve months to Aug 30, 2026, operating cash flow was $1.8B; the largest uses were capital spending ($735M), buybacks ($710M), dividends ($702M); besides operations, cash came from other financing ($338M), shares issued ($36.2M); the cash balance rose by $3.1M.

Operating cash flow was $279M against net income of $233M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$144M, other liabilities −$76.3M, employee-related liabilities −$51.8M.

Free cash flow

Darden Restaurants: free cash flow by quarterDarden Restaurants: free cash flow by quarter$219MQ2 FY25$430MQ3 FY25$285MQ4 FY25$168MQ1 FY26$120MQ2 FY26$452MQ3 FY26$379MQ4 FY26$104MQ1 FY27
Operating cash flow less capital spending.
Darden Restaurants: operating cash flow against capital spendingDarden Restaurants: operating cash flow against capital spendingOperating cash flowCapital spending$389M$169MQ2 FY25$588M$158MQ3 FY25$457M$172MQ4 FY25$342M$174MQ1 FY26$321M$201MQ2 FY26$618M$166MQ3 FY26$572M$193MQ4 FY26$279M$175MQ1 FY27
Latest (Q1 FY27): Operating cash flow $279M, Capital spending $175M.

Capital allocation, year by year

Darden Restaurants: where the cash came from (up) and went (down), by fiscal yearDarden Restaurants: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $1.3BFY22: Net borrowing −$12.9MFY22: Shares issued $69.9MFY22: Asset sales $10.1MFY22: Capital spending −$377MFY22: Buybacks −$1.1BFY22: Dividends −$563M$1.3BFY22FY23: Operating cash flow $1.6BFY23: Net borrowing −$19.8MFY23: Shares issued $59.6MFY23: Asset sales $25.4MFY23: Capital spending −$565MFY23: Buybacks −$459MFY23: Dividends −$590M$1.6BFY23FY24: Operating cash flow $1.6BFY24: Net borrowing $654MFY24: Shares issued $75.4MFY24: Asset sales $3.3MFY24: Capital spending −$601MFY24: Acquisitions −$701MFY24: Buybacks −$454MFY24: Dividends −$628M$2.4BFY24FY25: Operating cash flow $1.7BFY25: Net borrowing $642MFY25: Shares issued $98.4MFY25: Asset sales $2.5MFY25: Capital spending −$645MFY25: Acquisitions −$614MFY25: Buybacks −$418MFY25: Dividends −$658M$2.5BFY25FY26: Operating cash flow $1.9BFY26: Net borrowing $176MFY26: Shares issued $36.3MFY26: Asset sales $45.5MFY26: Capital spending −$734MFY26: Buybacks −$672MFY26: Dividends −$693M$2.1BFY26
Over these 5 years operating cash flow totalled $8.0B; the largest uses were dividends ($3.1B) and buybacks ($3.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$220M
Debt$2.6B
Net debt$2.4B
Due within a year$500M

Darden Restaurants funds itself: free cash flow was $1.1B over the last twelve months, and $220M of cash and investments stands against $2.6B of debt ($500M due within a year, 0.4× covered by cash).

Darden Restaurants: debt maturities by year (FY26)Darden Restaurants: debt maturities by year (FY26)$500MYear 1$400MYear 2$350MYear 4$939MAfter year 5
Principal due in each year as disclosed in the annual report, against $220M of cash and investments now.

Where the cash came from and went

Darden Restaurants: sources (+) and uses (−) of cash, Q1 FY27Darden Restaurants: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)$281MOperating cash flow$279MBuybacks−$221MDividends−$184MCapital spending−$175MShares issued$20.0MAsset & business sales$8.8MOther investing−$4.8MNot reconciled−$2.3MCash drawn (+) / kept (−)−$1.0M
Darden Restaurants: sources (+) and uses (−) of cash, TTM to Q1 FY27Darden Restaurants: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$1.8BCapital spending−$735MBuybacks−$710MDividends−$702MOther financing$338MShares issued$36.2MAsset & business sales$34.0MOther investing−$22.2MNet borrowing (+) / repaid (−)−$18.2MNot reconciled−$7.1MCash drawn (+) / kept (−)−$3.1M

From profit to cash

Darden Restaurants: net income to operating cash flow, Q1 FY27Darden Restaurants: net income to operating cash flow, Q1 FY27Net income$233MDepreciation & amortization$144MStock-based pay$26.6MDeferred taxes$23.5MReceivables$11.9MInventory$5.3MPayables$24.4MEmployee-related liabilities−$51.8MDeferred revenue−$34.5MPrepaid and other assets−$19.9MOther liabilities−$76.3MIncome taxes payable$8.8MOperating cash flow$279M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$279M−$175M—−$221M−$184M$281M$20.0M−$1.0M$104M
Q4 FY26$572M−$193M—−$137M−$172M−$4.3M$6.8M$20.9M$379M
Q3 FY26$618M−$166M—−$127M−$172M−$4.3M$5.5M−$9.9M$452M
Q2 FY26$321M−$201M—−$224M−$174M$292M$3.9M−$13.1M$120M
Q1 FY26$342M−$174M—−$183M−$175M$137M$8.8M$29.0M$168M
Q4 FY25$457M−$172M—−$51.0M−$164M−$63.7M$16.7M−$15.8M$285M
Q3 FY25$588M−$158M—−$53.0M−$164M−$223M$17.1M$2.8M$430M
Q2 FY25$389M−$169M−$614M−$142M−$164M$708M$12.1M−$24.6M$219M

Darden Restaurants: income statement and cash flow

Darden Restaurants, Q1 FY27: revenue $3.2B (+5% year over year), operating margin 10.0%. The chart follows the revenue to costs, profit and cash.

Darden Restaurants: 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.