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Dynatrace cash flow, quarter by quarter

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

Free cash flow$36.0M in Q2 FY27 · $579M over twelve months

Operating cash flow$41.1M
Capital spending−$5.1M
Free cash flow+$36.0M
Cash / net income0.6×
Cash conversion cycle50 days

Analysis

In Q2 FY27, Dynatrace generated $41.1M of operating cash flow and spent $5.1M on capital projects, leaving free cash flow of $36.0M. That is $8.2M more than in Q2 FY26 ($27.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $607M; the largest uses were buybacks ($907M), acquisitions ($105M), capital spending ($28.7M); besides operations, cash came from other financing ($1.3B), other investing ($39.4M); the cash balance rose by $855M.

Operating cash flow was $41.1M against net income of $67.8M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$78.2M, receivables −$67.7M, deferred revenue −$53.3M.

Its cash conversion cycle was 50 days (receivables 66 + inventory 0 − payables 15).

Free cash flow

Dynatrace: free cash flow by quarterDynatrace: free cash flow by quarter$37.6MQ3 FY25$148MQ4 FY25$262MQ1 FY26$27.8MQ2 FY26$27.2MQ3 FY26$212MQ4 FY26$303MQ1 FY27$36.0MQ2 FY27
Operating cash flow less capital spending.
Dynatrace: operating cash flow against capital spendingDynatrace: operating cash flow against capital spendingOperating cash flowCapital spending$42.2M$4.7MQ3 FY25$163M$14.6MQ4 FY25$270M$7.5MQ1 FY26$32.0M$4.2MQ2 FY26$33.8M$6.5MQ3 FY26$226M$14.0MQ4 FY26$306M$3.2MQ1 FY27$41.1M$5.1MQ2 FY27
Latest (Q2 FY27): Operating cash flow $41.1M, Capital spending $5.1M.

Capital allocation, year by year

Dynatrace: where the cash came from (up) and went (down), by fiscal yearDynatrace: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $251MFY22: Net borrowing −$120MFY22: Shares issued $25.5MFY22: Capital spending −$17.7MFY22: Acquisitions −$13.2MFY22: Buybacks −$66K$276MFY22FY23: Operating cash flow $355MFY23: Net borrowing −$281MFY23: Shares issued $32.9MFY23: Capital spending −$21.5M$388MFY23FY24: Operating cash flow $378MFY24: Shares issued $31.2MFY24: Capital spending −$26.5MFY24: Acquisitions −$57.1M$409MFY24FY25: Operating cash flow $459MFY25: Shares issued $21.0MFY25: Capital spending −$26.1MFY25: Acquisitions −$100KFY25: Buybacks −$173M$480MFY25FY26: Operating cash flow $562MFY26: Shares issued $6.5MFY26: Capital spending −$32.2MFY26: Acquisitions −$6.0MFY26: Buybacks −$479M$568MFY26
Over these 5 years operating cash flow totalled $2.0B; the largest uses were buybacks ($651M) and net borrowing ($401M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debtnone
Net cash$2.1B

Dynatrace funds itself: free cash flow was $579M over the last twelve months, with $2.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Dynatrace: sources (+) and uses (−) of cash, Q2 FY27Dynatrace: sources (+) and uses (−) of cash, Q2 FY27Other financing$1.2BCash drawn (+) / kept (−)−$1.0BBuybacks−$247MOperating cash flow$41.1MOther investing−$7.7MCapital spending−$5.1MTaxes on employees’ shares−$4.1MShares issued$3.6MAcquisitions$409KExchange rates$203K
Dynatrace: sources (+) and uses (−) of cash, TTM to Q2 FY27Dynatrace: sources (+) and uses (−) of cash, TTM to Q2 FY27Other financing$1.3BBuybacks−$907MCash drawn (+) / kept (−)−$855MOperating cash flow$607MAcquisitions−$105MOther investing$39.4MCapital spending−$28.7MTaxes on employees’ shares−$17.3MShares issued$7.9MExchange rates−$6.3M

From profit to cash

Dynatrace: net income to operating cash flow, Q2 FY27Dynatrace: net income to operating cash flow, Q2 FY27Net income$67.8MDepreciation & amortization$7.9MStock-based pay$78.2MDeferred taxes$10.7MOther non-cash$1.8MReceivables−$67.7MPayables−$3.1MDeferred revenue−$53.3MContract assets$6.5MPrepaid and other assets−$7.0MOperating cash flow$41.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2766—1550
Q1 FY2789—585
Q4 FY26100—694
Q3 FY2670—1654
Q2 FY2657—1541
Q1 FY2687—1969
Q4 FY25103—1984
Q3 FY2573—1459

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$41.1M−$5.1M$409K−$247M$3.6M−$1.0B$36.0M
Q1 FY27$306M−$3.2M−$99.5M−$275M$1.6M$39.4M$303M
Q4 FY26$226M−$14.0M−$6.0M—$1.8M−$5.7M$212M
Q3 FY26$33.8M−$6.5M—−$160M$963K$133M$27.2M
Q2 FY26$32.0M−$4.2M—−$50.0M$1.3M$22.4M$27.8M
Q1 FY26$270M−$7.5M—−$45.0M$2.4M−$230M$262M
Q4 FY25$163M−$14.6M——$6.1M−$110M$148M
Q3 FY25$42.2M−$4.7M—−$40.0M$6.1M−$305K$37.6M

Dynatrace: income statement and cash flow

Dynatrace, Q2 FY27: revenue $580M (+17% year over year), operating margin 16.5%. The chart follows the revenue to costs, profit and cash.

Dynatrace: 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.