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EquipmentShare.com cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$58.0M in Q2 2026 · $249M over twelve months

Operating cash flow$58.0M
Free cash flow+$58.0M
Cash / net income3.1×
Cash conversion cycle87 days

Analysis

In Q2 2026, EquipmentShare.com generated $58.0M of operating cash flow. That is $134M more than in Q2 2025 (−$76.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $249M; the largest uses were other financing ($1.7B), other investing ($1.2B), acquisitions ($48.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.8B), shares issued ($4.0M); the cash balance rose by $82.0M.

Operating cash flow was $58.0M against net income of $19.0M — 3.1× profit, cash ran ahead of reported earnings. The largest differences: receivables −$165M, depreciation & amortization +$112M, accrued liabilities +$98.0M.

Its cash conversion cycle was 87 days (receivables 56 + inventory 39 − payables 8).

Free cash flow

EquipmentShare.com: free cash flow by quarterEquipmentShare.com: free cash flow by quarter−$51.0MQ1 2025−$76.0MQ2 2025−$200MQ1 2026$58.0MQ2 2026
Operating cash flow less capital spending.
EquipmentShare.com: operating cash flow against capital spendingEquipmentShare.com: operating cash flow against capital spendingOperating cash flowCapital spending−$51.0M$0Q1 2025−$76.0M$0Q2 2025−$200M$0Q1 2026$58.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow $58.0M, Capital spending $0.

Capital allocation, year by year

EquipmentShare.com: where the cash came from (up) and went (down), by fiscal yearEquipmentShare.com: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsDividendsFY2023: Operating cash flow $279MFY2023: Net borrowing $1.6BFY2023: Shares issued $48.0MFY2023: Dividends −$5.0M$1.9BFY2023FY2024: Operating cash flow $282MFY2024: Net borrowing $2.4BFY2024: Shares issued $3.0MFY2024: Acquisitions −$6.0MFY2024: Dividends −$9.0M$2.7BFY2024FY2025: Operating cash flow $264MFY2025: Net borrowing $2.3BFY2025: Shares issued $2.0MFY2025: Acquisitions −$48.0MFY2025: Dividends −$37.0M$2.6BFY2025
Over these 3 years operating cash flow totalled $825M; the largest uses were acquisitions ($54.0M) and dividends ($51.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$306M
Debt$3.3B
Net debt$3.0B
Due within a year$4.0M

EquipmentShare.com funds itself: free cash flow was $249M over the last twelve months, and $306M of cash and investments stands against $3.3B of debt ($4.0M due within a year, 76.5× covered by cash).

EquipmentShare.com: debt maturities by year (FY2025)EquipmentShare.com: debt maturities by year (FY2025)$4.0MYear 1$1.0BYear 3$1.2BYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $306M of cash and investments now.

Where the cash came from and went

EquipmentShare.com: sources (+) and uses (−) of cash, Q2 2026EquipmentShare.com: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$951MOther investing−$448MOther financing−$446MCash drawn (+) / kept (−)−$114MOperating cash flow$58.0MAcquisitions−$2.0MShares issued$1.0M
EquipmentShare.com: sources (+) and uses (−) of cash, TTM to Q2 2026EquipmentShare.com: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$2.8BOther financing−$1.7BOther investing−$1.2BOperating cash flow$249MCash drawn (+) / kept (−)−$82.0MAcquisitions−$48.0MDividends−$37.0MShares issued$4.0M

From profit to cash

EquipmentShare.com: net income to operating cash flow, Q2 2026EquipmentShare.com: net income to operating cash flow, Q2 2026Net income$19.0MDepreciation & amortization$112MStock-based pay$26.0MGains on investments−$6.0MOther non-cash$1.0MReceivables−$165MInventory−$41.0MAccrued liabilities$98.0MPrepaid and other assets−$50.0MOperating cash flow$58.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20265639887
Q1 2026715311114

Every quarter

QuarterOperating cash flowAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$58.0M−$2.0M$951M$1.0M−$114M$58.0M
Q1 2026−$200M−$7.0M$381M$708M−$23.0M−$200M
Q2 2025−$76.0M−$8.0M$600M—−$15.0M−$76.0M
Q1 2025−$51.0M−$1.0M$300M$1.0M$61.0M−$51.0M

EquipmentShare.com: income statement and cash flow

EquipmentShare.com, Q2 2026: revenue $1.4B (+26% year over year), operating margin 6.4%. The chart follows the revenue to costs, profit and cash.

EquipmentShare.com: 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.