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Eastman Chemical cash flow, quarter by quarter

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

Free cash flow$195M in Q3 2026 · $469M over twelve months

Operating cash flow$290M
Capital spending−$95.0M
Free cash flow+$195M
Cash / net income1.1×
Cash conversion cycle47 days

Analysis

In Q3 2026, Eastman Chemical generated $290M of operating cash flow and spent $95.0M on capital projects, leaving free cash flow of $195M. That is $70.0M less than in Q3 2025 ($265M).

Over the twelve months to Sep 30, 2026, operating cash flow was $879M; the largest uses were capital spending ($410M), dividends ($382M), other financing ($30.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($154M), other investing ($64.0M); the cash balance rose by $279M.

Operating cash flow was $290M against net income of $253M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$134M, payables −$85.0M, inventory −$83.0M.

Its cash conversion cycle was 47 days (receivables 42 + inventory 106 − payables 101).

Free cash flow

Eastman Chemical: free cash flow by quarterEastman Chemical: free cash flow by quarter$361MQ4 2024−$314MQ1 2025$83.0MQ2 2025$265MQ3 2025$390MQ4 2025−$240MQ1 2026$124MQ2 2026$195MQ3 2026
Operating cash flow less capital spending.
Eastman Chemical: operating cash flow against capital spendingEastman Chemical: operating cash flow against capital spendingOperating cash flowCapital spending$540M$179MQ4 2024−$167M$147MQ1 2025$233M$150MQ2 2025$402M$137MQ3 2025$502M$112MQ4 2025−$137M$103MQ1 2026$224M$100MQ2 2026$290M$95.0MQ3 2026
Latest (Q3 2026): Operating cash flow $290M, Capital spending $95.0M.

Capital allocation, year by year

Eastman Chemical: where the cash came from (up) and went (down), by fiscal yearEastman Chemical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.6BFY2021: Net borrowing −$350MFY2021: Capital spending −$555MFY2021: Acquisitions −$114MFY2021: Buybacks −$900MFY2021: Dividends −$375M$1.6BFY2021FY2022: Operating cash flow $975MFY2022: Net borrowing $76.0MFY2022: Capital spending −$611MFY2022: Acquisitions −$1.0MFY2022: Dividends −$381M$1.1BFY2022FY2023: Operating cash flow $1.4BFY2023: Net borrowing −$338MFY2023: Capital spending −$828MFY2023: Acquisitions −$77.0MFY2023: Dividends −$376M$1.4BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $198MFY2024: Capital spending −$599MFY2024: Dividends −$379M$1.5BFY2024FY2025: Operating cash flow $970MFY2025: Net borrowing −$304MFY2025: Capital spending −$546MFY2025: Dividends −$381M$970MFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were capital spending ($3.1B) and dividends ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$768M
Debt$5.2B
Net debt$4.5B

Eastman Chemical funds itself: free cash flow was $469M over the last twelve months, and $768M of cash and investments stands against $5.2B of debt.

Where the cash came from and went

Eastman Chemical: sources (+) and uses (−) of cash, Q3 2026Eastman Chemical: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$290MDividends−$96.0MCapital spending−$95.0MCash drawn (+) / kept (−)−$77.0MOther financing−$21.0MOther investing−$1.0M
Eastman Chemical: sources (+) and uses (−) of cash, TTM to Q3 2026Eastman Chemical: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$879MCapital spending−$410MDividends−$382MCash drawn (+) / kept (−)−$279MNet borrowing (+) / repaid (−)$154MOther investing$64.0MOther financing−$30.0MExchange rates$4.0M

From profit to cash

Eastman Chemical: net income to operating cash flow, Q3 2026Eastman Chemical: net income to operating cash flow, Q3 2026Net income$253MDepreciation & amortization$134MStock-based pay$16.0MDeferred taxes$55.0MReceivables$37.0MInventory−$83.0MPayables−$85.0MOperating cash flow$290M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264210610147
Q2 202637979540
Q1 20263510510535
Q3 20254010610245
Q2 20253710910344
Q1 20253310711130

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$290M−$95.0M−$96.0M—−$77.0M$195M
Q2 2026$224M−$100M−$96.0M—−$26.0M$124M
Q1 2026−$137M−$103M−$96.0M$444M−$99.0M−$240M
Q4 2025$502M−$112M−$94.0M−$290M−$77.0M$390M
Q3 2025$402M−$137M−$96.0M−$54.0M−$66.0M$265M
Q2 2025$233M−$150M−$95.0M$59.0M−$5.0M$83.0M
Q1 2025−$167M−$147M−$96.0M−$19.0M$419M−$314M
Q4 2024$540M−$179M−$94.0M—−$215M$361M

Eastman Chemical: income statement and cash flow

Eastman Chemical, Q3 2026: revenue $2.4B (+8% year over year), operating margin 10.4%. The chart follows the revenue to costs, profit and cash.

Eastman Chemical: 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.