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Distribution Solutions Group cash flow, quarter by quarter

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

Free cash flow$16.4M in Q3 2026 · $20.9M over twelve months

Operating cash flow$18.7M
Capital spending−$2.3M
Free cash flow+$16.4M
Cash / net income2.1×
Cash conversion cycle100 days

Analysis

In Q3 2026, Distribution Solutions Group generated $18.7M of operating cash flow and spent $2.3M on capital projects, leaving free cash flow of $16.4M. That is $16.4M less than in Q3 2025 ($32.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $37.3M; the largest uses were net borrowing (+) / repaid (−) ($651M), acquisitions ($58.3M), capital spending ($16.4M); besides operations, cash came from other financing ($690M), shares issued ($534K); the cash balance fell by $10.4M.

Operating cash flow was $18.7M against net income of $8.9M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$20.2M, inventory −$16.4M, receivables −$9.4M.

Its cash conversion cycle was 100 days (receivables 54 + inventory 92 − payables 46).

Free cash flow

Distribution Solutions Group: free cash flow by quarterDistribution Solutions Group: free cash flow by quarter$41.1MQ4 2024−$10.4MQ1 2025$28.7MQ2 2025$32.9MQ3 2025$11.7MQ4 2025−$23.7MQ1 2026$16.4MQ2 2026$16.4MQ3 2026
Operating cash flow less capital spending.
Distribution Solutions Group: operating cash flow against capital spendingDistribution Solutions Group: operating cash flow against capital spendingOperating cash flowCapital spending$45.7M$4.6MQ4 2024−$4.8M$5.6MQ1 2025$33.3M$4.6MQ2 2025$38.4M$5.5MQ3 2025$16.9M$5.2MQ4 2025−$20.4M$3.4MQ1 2026$22.0M$5.5MQ2 2026$18.7M$2.3MQ3 2026
Latest (Q3 2026): Operating cash flow $18.7M, Capital spending $2.3M.

Capital allocation, year by year

Distribution Solutions Group: where the cash came from (up) and went (down), by fiscal yearDistribution Solutions Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $10.3MFY2021: Net borrowing $25.4MFY2021: Capital spending −$3.0MFY2021: Acquisitions −$33.9M$35.8MFY2021FY2022: Operating cash flow −$11.0MFY2022: Net borrowing $173MFY2022: Capital spending −$8.3MFY2022: Acquisitions −$115MFY2022: Buybacks −$1.9M$173MFY2022FY2023: Operating cash flow $102MFY2023: Net borrowing $155MFY2023: Shares issued $98.5MFY2023: Capital spending −$15.3MFY2023: Acquisitions −$260MFY2023: Buybacks −$3.6M$355MFY2023FY2024: Operating cash flow $56.5MFY2024: Net borrowing $165MFY2024: Capital spending −$13.7MFY2024: Acquisitions −$199MFY2024: Buybacks −$2.6M$221MFY2024FY2025: Operating cash flow $83.8MFY2025: Net borrowing −$36.1MFY2025: Shares issued $877KFY2025: Capital spending −$21.0MFY2025: Acquisitions −$2.2MFY2025: Buybacks −$23.8M$84.7MFY2025
Over these 5 years operating cash flow totalled $242M; the largest uses were acquisitions ($611M) and capital spending ($61.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$63.2M
Debt$724M
Net debt$660M
Due within a year$35.0M

Distribution Solutions Group funds itself: free cash flow was $20.9M over the last twelve months, and $63.2M of cash and investments stands against $724M of debt ($35.0M due within a year, 1.8× covered by cash).

Distribution Solutions Group: debt maturities by year (FY2025)Distribution Solutions Group: debt maturities by year (FY2025)$35.0MYear 1$35.0MYear 2$35.0MYear 3$35.0MYear 4$564MYear 5
Principal due in each year as disclosed in the annual report, against $63.2M of cash and investments now.

Where the cash came from and went

Distribution Solutions Group: sources (+) and uses (−) of cash, Q3 2026Distribution Solutions Group: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$41.8MNet borrowing (+) / repaid (−)$26.9MOperating cash flow$18.7MOther investing−$3.6MCash drawn (+) / kept (−)$3.2MCapital spending−$2.3MOther financing−$1.5MShares issued$534KExchange rates−$107K
Distribution Solutions Group: sources (+) and uses (−) of cash, TTM to Q3 2026Distribution Solutions Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$690MNet borrowing (+) / repaid (−)−$651MAcquisitions−$58.3MOperating cash flow$37.3MCapital spending−$16.4MOther investing−$11.8MCash drawn (+) / kept (−)$10.4MShares issued$534KExchange rates−$101K

From profit to cash

Distribution Solutions Group: net income to operating cash flow, Q3 2026Distribution Solutions Group: net income to operating cash flow, Q3 2026Net income$8.9MDepreciation & amortization$20.2MStock-based pay$2.3MGains on disposals$14KOther non-cash−$2.7MReceivables−$9.4MInventory−$16.4MPayables$5.9MPrepaid and other assets−$4.7MOther operating capital$419KOperating cash flow$18.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026549246100
Q2 2026529143100
Q1 2026529843108
Q4 2025549943110
Q3 2025519239104
Q2 2025519638109
Q1 20255010037113
Q4 20245110037114

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$18.7M−$2.3M−$41.8M—$26.9M$534K$3.2M$16.4M
Q2 2026$22.0M−$5.5M−$295K—−$3.1M—−$10.5M$16.4M
Q1 2026−$20.4M−$3.4M−$16.2M—$32.1M—$10.3M−$23.7M
Q4 2025$16.9M−$5.2M—−$3.5M−$7.3M—$7.4M$11.7M
Q3 2025$38.4M−$5.5M−$750K$4K−$9.2M—−$20.9M$32.9M
Q2 2025$33.3M−$4.6M−$1.4M−$9.1M−$37.6M—$18.3M$28.7M
Q1 2025−$4.8M−$5.6M—−$11.2M$18.0M$877K$1.7M−$10.4M
Q4 2024$45.7M−$4.6M−$5.0M—−$12.6M—−$6.0M$41.1M

Distribution Solutions Group: income statement and cash flow

Distribution Solutions Group, Q3 2026: revenue $574M (+11% year over year), operating margin 4.4%. The chart follows the revenue to costs, profit and cash.

Distribution Solutions Group: 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.