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Estee Lauder Companies cash flow, quarter by quarter

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

Free cash flow−$235M in Q1 FY27 · $1.5B over twelve months

Operating cash flow−$166M
Capital spending−$69.0M
Free cash flow−$235M
Cash / net income-0.7×
Cash conversion cycle98 days

Analysis

In Q1 FY27, Estee Lauder Companies generated −$166M of operating cash flow and spent $69.0M on capital projects, leaving free cash flow of −$235M. That is $201M more than in Q1 FY26 (−$436M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were dividends ($507M), capital spending ($430M), buybacks ($62.0M); besides operations, cash came from shares issued ($61.0M); the cash balance rose by $979M.

Operating cash flow was −$166M against net income of $233M — -0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$399M, depreciation & amortization +$191M, inventory −$146M.

Its cash conversion cycle was 98 days (receivables 42 + inventory 211 − payables 156).

Free cash flow

Estee Lauder Companies: free cash flow by quarterEstee Lauder Companies: free cash flow by quarter$925MQ2 FY25$162MQ3 FY25$394MQ4 FY25−$436MQ1 FY26$1.0BQ2 FY26$310MQ3 FY26$425MQ4 FY26−$235MQ1 FY27
Operating cash flow less capital spending.
Estee Lauder Companies: operating cash flow against capital spendingEstee Lauder Companies: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$132MQ2 FY25$284M$122MQ3 FY25$601M$207MQ4 FY25−$340M$96.0MQ1 FY26$1.1B$108MQ2 FY26$412M$102MQ3 FY26$576M$151MQ4 FY26−$166M$69.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$166M, Capital spending $69.0M.

Capital allocation, year by year

Estee Lauder Companies: where the cash came from (up) and went (down), by fiscal yearEstee Lauder Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $3.0BFY22: Net borrowing −$18.0MFY22: Shares issued $151MFY22: Capital spending −$1.0BFY22: Acquisitions −$3.0MFY22: Buybacks −$2.3BFY22: Dividends −$840M$3.2BFY22FY23: Operating cash flow $1.7BFY23: Net borrowing −$265MFY23: Shares issued $88.0MFY23: Capital spending −$1.0BFY23: Buybacks −$271MFY23: Dividends −$925M$1.8BFY23FY24: Operating cash flow $2.4BFY24: Net borrowing −$10.0MFY24: Shares issued $40.0MFY24: Capital spending −$919MFY24: Buybacks −$35.0MFY24: Dividends −$947M$2.4BFY24FY25: Operating cash flow $1.3BFY25: Net borrowing −$505MFY25: Shares issued $15.0MFY25: Asset sales $3.0MFY25: Capital spending −$602MFY25: Buybacks −$35.0MFY25: Dividends −$618M$1.3BFY25FY26: Operating cash flow $1.8BFY26: Net borrowing −$3.0MFY26: Shares issued $53.0MFY26: Capital spending −$457MFY26: Acquisitions −$5.0MFY26: Buybacks −$70.0MFY26: Dividends −$508M$1.8BFY26
Over these 5 years operating cash flow totalled $10.2B; the largest uses were capital spending ($4.0B) and dividends ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.2B
Debt$7.3B
Net debt$4.1B

Estee Lauder Companies funds itself: free cash flow was $1.5B over the last twelve months, and $3.2B of cash and investments stands against $7.3B of debt.

Where the cash came from and went

Estee Lauder Companies: sources (+) and uses (−) of cash, Q1 FY27Estee Lauder Companies: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$300MOperating cash flow−$166MDividends−$126MCapital spending−$69.0MShares issued$47.0MOther investing$8.0MExchange rates$7.0MBuybacks−$1.0MNet borrowing (+) / repaid (−)−$1.0MOther financing$1.0M
Estee Lauder Companies: sources (+) and uses (−) of cash, TTM to Q1 FY27Estee Lauder Companies: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$1.9BCash drawn (+) / kept (−)−$979MDividends−$507MCapital spending−$430MBuybacks−$62.0MShares issued$61.0MOther financing−$45.0MExchange rates$19.0MOther investing−$4.0M

From profit to cash

Estee Lauder Companies: net income to operating cash flow, Q1 FY27Estee Lauder Companies: net income to operating cash flow, Q1 FY27Net income$233MDepreciation & amortization$191MStock-based pay$70.0MDeferred taxes−$71.0MOther non-cash$3.0MReceivables−$399MInventory−$146MPayables−$111MPrepaid and other assets−$6.0MOther liabilities$58.0MOperating cash flow−$166M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY274221115698
Q4 FY264120014893
Q3 FY2641196133104
Q2 FY2639183118104
Q1 FY2645205138112
Q4 FY2544192129107
Q3 FY2543201119125
Q2 FY2541205109137

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$166M−$69.0M−$1.0M−$126M−$1.0M$47.0M$300M−$235M
Q4 FY26$576M−$151M—−$127M——−$372M$425M
Q3 FY26$412M−$102M−$3.0M−$126M−$1.0M$7.0M−$44.0M$310M
Q2 FY26$1.1B−$108M−$58.0M−$128M−$1.0M$7.0M−$863M$1.0B
Q1 FY26−$340M−$96.0M−$9.0M−$127M−$1.0M$39.0M$702M−$436M
Q4 FY25$601M−$207M—−$126M——−$290M$394M
Q3 FY25$284M−$122M—−$126M−$1.0M—−$45.0M$162M
Q2 FY25$1.1B−$132M−$25.0M−$126M−$501M—−$236M$925M

Estee Lauder Companies: income statement and cash flow

Estee Lauder Companies, Q1 FY27: revenue $3.7B (+7% year over year), operating margin 11.0%. The chart follows the revenue to costs, profit and cash.

Estee Lauder Companies: 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.