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Flex cash flow, quarter by quarter

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

Free cash flow$260M in Q2 FY27 · $783M over twelve months

Operating cash flow$501M
Capital spending−$241M
Free cash flow+$260M
Cash conversion cycle28 days

Analysis

In Q2 FY27, Flex generated $501M of operating cash flow and spent $241M on capital projects, leaving free cash flow of $260M.

Over the twelve months to Sep 25, 2026, operating cash flow was $1.6B; the largest uses were acquisitions ($1.1B), capital spending ($827M), buybacks ($400M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.5B), asset & business sales ($96.0M); the cash balance rose by $834M.

Operating cash flow was $413M against net income of $250M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$131M, stock-based pay +$34.0M.

Its cash conversion cycle was 30 days (receivables 51 + inventory 76 − payables 97).

Free cash flow

Flex: free cash flow by quarterFlex: free cash flow by quarter$301MQ3 FY25$321MQ4 FY25$266MQ1 FY26$303MQ2 FY26$272MQ3 FY26$211MQ4 FY26$40.0MQ1 FY27$260MQ2 FY27
Operating cash flow less capital spending.
Flex: operating cash flow against capital spendingFlex: operating cash flow against capital spendingOperating cash flowCapital spending$413M$112MQ3 FY25$433M$112MQ4 FY25$399M$133MQ1 FY26$453M$150MQ2 FY26$420M$148MQ3 FY26$413M$202MQ4 FY26$276M$236MQ1 FY27$501M$241MQ2 FY27
Latest (Q2 FY27): Operating cash flow $501M, Capital spending $241M.

Capital allocation, year by year

Flex: where the cash came from (up) and went (down), by fiscal yearFlex: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.0BFY22: Net borrowing $475MFY22: Asset sales $20.0MFY22: Capital spending −$443MFY22: Acquisitions −$539MFY22: Buybacks −$686M$1.5BFY22FY23: Operating cash flow $950MFY23: Net borrowing −$306MFY23: Shares issued $694MFY23: Asset sales $22.0MFY23: Capital spending −$635MFY23: Acquisitions $2.0MFY23: Buybacks −$337M$1.7BFY23FY24: Operating cash flow $1.3BFY24: Net borrowing −$407MFY24: Shares issued $552MFY24: Asset sales $37.0MFY24: Capital spending −$530MFY24: Buybacks −$1.3B$1.9BFY24FY25: Operating cash flow $1.5BFY25: Net borrowing $441MFY25: Asset sales −$6.0MFY25: Capital spending −$438MFY25: Acquisitions −$405MFY25: Buybacks −$1.3B$1.9BFY25FY26: Operating cash flow $1.7BFY26: Net borrowing $34.0MFY26: Asset sales $4.0MFY26: Capital spending −$633MFY26: Acquisitions −$40.0MFY26: Buybacks −$944M$1.7BFY26
Over these 5 years operating cash flow totalled $6.5B; the largest uses were buybacks ($4.5B) and capital spending ($2.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.1B
Debt$5.2B
Net debt$2.1B

Flex funds itself: free cash flow was $783M over the last twelve months, and $3.1B of cash and investments stands against $5.2B of debt.

Flex: debt maturities by year (FY26)Flex: debt maturities by year (FY26)$898MYear 2$30.0MYear 3$683MYear 4$701MYear 5$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.1B of cash and investments now.

Where the cash came from and went

Flex: sources (+) and uses (−) of cash, Q2 FY27Flex: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$501MCash drawn (+) / kept (−)−$243MCapital spending−$241MNet borrowing (+) / repaid (−)−$16.0MOther financing−$3.0MExchange rates$2.0MAsset & business sales$1.0MOther investing−$1.0M
Flex: sources (+) and uses (−) of cash, TTM to Q2 FY27Flex: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.6BNet borrowing (+) / repaid (−)$1.5BAcquisitions−$1.1BCash drawn (+) / kept (−)−$834MCapital spending−$827MBuybacks−$400MAsset & business sales$96.0MOther financing−$11.0MExchange rates−$5.0MOther investing$4.0M

From profit to cash

Flex: net income to operating cash flow, Q2 FY27Flex: net income to operating cash flow, Q2 FY27Net income$263MDepreciation & amortization$156MStock-based pay$43.0MImpairments$1.0MOperating cash flow$501M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27588211228
Q1 FY27537510523
Q4 FY2651769730
Q3 FY2652819539
Q2 FY2652778841
Q1 FY2651768046
Q4 FY2550807951
Q3 FY2550868154

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$501M−$241M——−$16.0M−$243M$260M
Q1 FY27$276M−$236M−$1.1B—$1.4B−$451M$40.0M
Q4 FY26$413M−$202M—−$200M−$675M$668M$211M
Q3 FY26$420M−$148M$3.0M−$200M$744M−$808M$272M
Q2 FY26$453M−$150M−$2.0M−$297M−$3.0M−$10.0M$303M
Q1 FY26$399M−$133M−$41.0M−$247M−$32.0M$50.0M$266M
Q4 FY25$433M−$112M−$58.0M−$299M—$44.0M$321M
Q3 FY25$413M−$112M−$346M−$201M−$1.0M$268M$301M

Flex: income statement and cash flow

Flex, Q2 FY27: revenue $8.5B (+25% year over year), operating margin 4.9%. The chart follows the revenue to costs, profit and cash.

Flex: 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.