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Fabrinet cash flow, quarter by quarter

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

Free cash flow−$137M in Q1 FY27 · −$190M over twelve months

Operating cash flow$21.3M
Capital spending−$159M
Free cash flow−$137M
Cash / net income0.2×
Cash conversion cycle65 days

Analysis

In Q1 FY27, Fabrinet generated $21.3M of operating cash flow and spent $159M on capital projects, leaving free cash flow of −$137M.

Over the twelve months to Sep 25, 2026, operating cash flow was $175M; the largest uses were capital spending ($366M), buybacks ($34.1M), taxes on employees’ shares ($26.7M); besides operations, cash came from other investing ($265M), other financing ($74.8M); the cash balance rose by $88.2M.

Operating cash flow was $21.3M against net income of $103M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$262M, inventory −$178M, receivables −$143M.

Its cash conversion cycle was 65 days (receivables 67 + inventory 77 − payables 80).

Free cash flow

Fabrinet: free cash flow by quarterFabrinet: free cash flow by quarter$94.0MQ2 FY25$45.7MQ3 FY25$4.7MQ4 FY25$57.3MQ1 FY26−$5.3MQ2 FY26−$10.8MQ3 FY26−$36.9MQ4 FY26−$137MQ1 FY27
Operating cash flow less capital spending.
Fabrinet: operating cash flow against capital spendingFabrinet: operating cash flow against capital spendingOperating cash flowCapital spending$116M$21.9MQ2 FY25$74.2M$28.5MQ3 FY25$55.1M$50.4MQ4 FY25$103M$45.3MQ1 FY26$46.3M$51.6MQ2 FY26$52.9M$63.8MQ3 FY26$55.0M$91.9MQ4 FY26$21.3M$159MQ1 FY27
Latest (Q1 FY27): Operating cash flow $21.3M, Capital spending $159M.

Capital allocation, year by year

Fabrinet: where the cash came from (up) and went (down), by fiscal yearFabrinet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY22: Operating cash flow $124MFY22: Net borrowing −$12.2MFY22: Asset sales $263KFY22: Capital spending −$89.6MFY22: Buybacks −$59.9M$125MFY22FY23: Operating cash flow $213MFY23: Net borrowing −$15.2MFY23: Asset sales $128KFY23: Capital spending −$61.4MFY23: Buybacks −$47.6M$213MFY23FY24: Operating cash flow $413MFY24: Net borrowing −$12.2MFY24: Asset sales $2.7MFY24: Capital spending −$47.5MFY24: Buybacks −$39.5M$416MFY24FY25: Operating cash flow $328MFY25: Asset sales $252KFY25: Capital spending −$121MFY25: Buybacks −$126M$329MFY25FY26: Operating cash flow $257MFY26: Asset sales $1.4MFY26: Capital spending −$253MFY26: Buybacks −$5.2M$258MFY26
Over these 5 years operating cash flow totalled $1.3B; the largest uses were capital spending ($572M) and buybacks ($278M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$756M
Debt$74.7M
Net cash$681M
Due within a year$11.2M

Fabrinet's operations bring cash in ($175M over twelve months), and it spends more than that on capital projects: a gap of $190M funded from its $756M of cash and investments and from borrowing ($74.7M of debt, $11.2M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Fabrinet: sources (+) and uses (−) of cash, Q1 FY27Fabrinet: sources (+) and uses (−) of cash, Q1 FY27Other investing$161MCapital spending−$159MNet borrowing (+) / repaid (−)$74.8MCash drawn (+) / kept (−)−$45.8MBuybacks−$29.1MTaxes on employees’ shares−$23.9MOperating cash flow$21.3MAsset & business sales$150KExchange rates$2K
Fabrinet: sources (+) and uses (−) of cash, TTM to Q1 FY27Fabrinet: sources (+) and uses (−) of cash, TTM to Q1 FY27Capital spending−$366MOther investing$265MOperating cash flow$175MCash drawn (+) / kept (−)−$88.2MOther financing$74.8MBuybacks−$34.1MTaxes on employees’ shares−$26.7MAsset & business sales$1.5MExchange rates−$1.4M

From profit to cash

Fabrinet: net income to operating cash flow, Q1 FY27Fabrinet: net income to operating cash flow, Q1 FY27Net income$103MDepreciation & amortization$21.7MStock-based pay$11.2MDeferred taxes$608KOther non-cash$135KReceivables−$143MInventory−$178MPayables$262MPrepaid and other assets−$81.2MOther liabilities$3.4MIncome taxes payable$22.0MOperating cash flow$21.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2767778065
Q4 FY2667757368
Q3 FY2664717065
Q2 FY2661706863
Q1 FY2668697067
Q4 FY2571636668
Q3 FY2570606268
Q2 FY2573585972

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$21.3M−$159M−$29.1M$74.8M−$45.8M−$137M
Q4 FY26$55.0M−$91.9M——$9.8M−$36.9M
Q3 FY26$52.9M−$63.8M−$151K—−$36.7M−$10.8M
Q2 FY26$46.3M−$51.6M−$4.8M—−$15.5M−$5.3M
Q1 FY26$103M−$45.3M−$268K—$1.4M$57.3M
Q4 FY25$55.1M−$50.4M−$22.3M—$480K$4.7M
Q3 FY25$74.2M−$28.5M−$34.8M—$96.8M$45.7M
Q2 FY25$116M−$21.9M−$68.7M—−$3.0M$94.0M

Fabrinet: income statement and cash flow

Fabrinet, Q1 FY27: revenue $1.5B (+51% year over year), operating margin 9.9%. The chart follows the revenue to costs, profit and cash.

Fabrinet: 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.