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Exponent cash flow, quarter by quarter

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

Free cash flow$62.1M in Q3 2026 · $141M over twelve months

Operating cash flow$63.2M
Capital spending−$1.2M
Free cash flow+$62.1M
Cash / net income2.0×

Analysis

In Q3 2026, Exponent generated $63.2M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of $62.1M.

Over the twelve months to Oct 2, 2026, operating cash flow was $149M; the largest uses were buybacks ($171M), dividends ($61.0M), capital spending ($8.1M); besides operations, cash came from shares issued ($3.5M); the cash balance fell by $92.7M.

Operating cash flow was $63.2M against net income of $30.9M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$12.1M, payables +$8.7M, stock-based pay +$6.7M.

Free cash flow

Exponent: free cash flow by quarterExponent: free cash flow by quarter$53.5MQ4 2024$5.5MQ1 2025$33.9MQ2 2025$30.0MQ3 2025$52.9MQ4 2025−$3.4MQ1 2026$29.1MQ2 2026$62.1MQ3 2026
Operating cash flow less capital spending.
Exponent: operating cash flow against capital spendingExponent: operating cash flow against capital spendingOperating cash flowCapital spending$56.1M$2.6MQ4 2024$7.3M$1.8MQ1 2025$36.2M$2.3MQ2 2025$32.7M$2.7MQ3 2025$55.6M$2.7MQ4 2025−$975K$2.5MQ1 2026$30.9M$1.8MQ2 2026$63.2M$1.2MQ3 2026
Latest (Q3 2026): Operating cash flow $63.2M, Capital spending $1.2M.

Capital allocation, year by year

Exponent: where the cash came from (up) and went (down), by fiscal yearExponent: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $125MFY2021: Shares issued $3.1MFY2021: Capital spending −$6.8MFY2021: Buybacks −$7.0MFY2021: Dividends −$41.7M$128MFY2021FY2022: Operating cash flow $93.8MFY2022: Shares issued $2.0MFY2022: Capital spending −$12.0MFY2022: Buybacks −$156MFY2022: Dividends −$49.1M$95.8MFY2022FY2023: Operating cash flow $127MFY2023: Shares issued $2.2MFY2023: Capital spending −$16.4MFY2023: Buybacks −$24.2MFY2023: Dividends −$52.7M$130MFY2023FY2024: Operating cash flow $145MFY2024: Shares issued $5.7MFY2024: Capital spending −$6.9MFY2024: Buybacks −$5.7MFY2024: Dividends −$56.8M$150MFY2024FY2025: Operating cash flow $132MFY2025: Shares issued $2.4MFY2025: Capital spending −$9.4MFY2025: Buybacks −$97.1MFY2025: Dividends −$60.4M$134MFY2025
Over these 5 years operating cash flow totalled $622M; the largest uses were buybacks ($290M) and dividends ($261M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$115M
Debtnone
Net cash$115M

Exponent funds itself: free cash flow was $141M over the last twelve months, with $115M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Exponent: sources (+) and uses (−) of cash, Q3 2026Exponent: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$63.2MCash drawn (+) / kept (−)−$48.1MDividends−$14.7MCapital spending−$1.2MShares issued$872KExchange rates−$127K
Exponent: sources (+) and uses (−) of cash, TTM to Q3 2026Exponent: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$171MOperating cash flow$149MCash drawn (+) / kept (−)$92.7MDividends−$61.0MCapital spending−$8.1MTaxes on employees’ shares−$5.1MShares issued$3.5MExchange rates−$222K

From profit to cash

Exponent: net income to operating cash flow, Q3 2026Exponent: net income to operating cash flow, Q3 2026Net income$30.9MDepreciation & amortization$2.7MStock-based pay$6.7MDeferred taxes−$1.8MReceivables$5.7MPayables$8.7MEmployee-related liabilities$12.1MDeferred revenue−$3.5MPrepaid and other assets−$972KOperating cash flow$63.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$63.2M−$1.2M—−$14.7M$872K−$48.1M$62.1M
Q2 2026$30.9M−$1.8M−$67.4M−$14.8M$1.0M$51.9M$29.1M
Q1 2026−$975K−$2.5M−$78.8M−$16.6M$777K$103M−$3.4M
Q4 2025$55.6M−$2.7M−$24.4M−$14.9M$866K−$14.6M$52.9M
Q3 2025$32.7M−$2.7M−$40.0M−$15.1M$595K$24.4M$30.0M
Q2 2025$36.2M−$2.3M—−$15.2M$427K$13.3M$33.9M
Q1 2025$7.3M−$1.8M—−$15.2M$484K$13.8M$5.5M
Q4 2024$56.1M−$2.6M−$1K−$14.2M$2.0M−$39.2M$53.5M

Exponent: income statement and cash flow

Exponent, Q3 2026: revenue $174M (+18% year over year), operating margin 24.1%. The chart follows the revenue to costs, profit and cash.

Exponent: 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.