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Forestar Group cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$221M in Q3 FY26 · −$743M over twelve months

Operating cash flow$32.7M
Capital spending−$253M
Free cash flow−$221M
Cash / net income0.9×

Analysis

In Q3 FY26, Forestar Group generated $32.7M of operating cash flow and spent $253M on capital projects, leaving free cash flow of −$221M. That is $63.6M more than in Q3 FY25 (−$284M).

Over the twelve months to Jun 30, 2026, operating cash flow was $284M; the largest uses were capital spending ($1.0B), net borrowing (+) / repaid (−) ($80.5M), taxes on employees’ shares ($2.1M); besides operations, cash came from other investing ($1.0B), shares issued ($800K); the cash balance rose by $206M.

Operating cash flow was $32.7M against net income of $35.9M — 0.9× profit, roughly in line with earnings. The largest differences: prepaid and other assets −$6.7M, deferred revenue −$6.4M, payables −$6.2M.

Free cash flow

Forestar Group: free cash flow by quarterForestar Group: free cash flow by quarter−$151MQ4 FY24−$747MQ1 FY25−$287MQ2 FY25−$284MQ3 FY25$20.6MQ4 FY25−$462MQ1 FY26−$81.3MQ2 FY26−$221MQ3 FY26
Operating cash flow less capital spending.
Forestar Group: operating cash flow against capital spendingForestar Group: operating cash flow against capital spendingOperating cash flowCapital spending$119M$270MQ4 FY24−$450M$297MQ1 FY25−$19.8M$267MQ2 FY25$15.8M$300MQ3 FY25$256M$236MQ4 FY25−$157M$305MQ1 FY26$152M$233MQ2 FY26$32.7M$253MQ3 FY26
Latest (Q3 FY26): Operating cash flow $32.7M, Capital spending $253M.

Capital allocation, year by year

Forestar Group: where the cash came from (up) and went (down), by fiscal yearForestar Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY21: Operating cash flow −$303MFY21: Net borrowing $36.0MFY21: Shares issued $33.4MFY21: Capital spending −$851M$69.4MFY21FY22: Operating cash flow $109MFY22: Shares issued $1.7MFY22: Capital spending −$1.1B$110MFY22FY23: Operating cash flow $364MFY23: Net borrowing −$12.5MFY23: Capital spending −$777M$364MFY23FY24: Operating cash flow −$158MFY24: Shares issued $19.7MFY24: Capital spending −$1.0B$19.7MFY24FY25: Operating cash flow −$198MFY25: Net borrowing $100MFY25: Shares issued $500KFY25: Capital spending −$1.1B$100MFY25
Over these 5 years operating cash flow totalled −$186M; the largest uses were capital spending ($4.8B) and operating cash flow ($659M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$395M
Debt$794M
Net debt$399M

Forestar Group's operations bring cash in ($284M over twelve months), and it spends more than that on capital projects: a gap of $743M funded from its $395M of cash and investments and from borrowing ($794M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Forestar Group: sources (+) and uses (−) of cash, Q3 FY26Forestar Group: sources (+) and uses (−) of cash, Q3 FY26Capital spending−$253MOther investing$253MOperating cash flow$32.7MCash drawn (+) / kept (−)−$32.7M
Forestar Group: sources (+) and uses (−) of cash, TTM to Q3 FY26Forestar Group: sources (+) and uses (−) of cash, TTM to Q3 FY26Other investing$1.0BCapital spending−$1.0BOperating cash flow$284MCash drawn (+) / kept (−)−$206MNet borrowing (+) / repaid (−)−$80.5MTaxes on employees’ shares−$2.1MShares issued$800KOther financing$100K

From profit to cash

Forestar Group: net income to operating cash flow, Q3 FY26Forestar Group: net income to operating cash flow, Q3 FY26Net income$36.0MDepreciation & amortization$700KStock-based pay$1.9MInventory−$2.2MPayables−$6.2MDeferred revenue−$6.4MPrepaid and other assets−$6.7MOperating cash flow$32.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$32.7M−$253M——−$32.7M−$221M
Q2 FY26$152M−$233M——−$150M−$81.3M
Q1 FY26−$157M−$305M−$9.9M—$168M−$462M
Q4 FY25$256M−$236M−$70.6M$500K−$190M$20.6M
Q3 FY25$15.8M−$300M——−$14.9M−$284M
Q2 FY25−$19.8M−$267M−$574M—−$42.3M−$287M
Q1 FY25−$450M−$297M$100M—$349M−$747M
Q4 FY24$119M−$270M——−$122M−$151M

Forestar Group: income statement and cash flow

Forestar Group, Q4 FY26: revenue $581M (-13% year over year), operating margin 13.5%. The chart follows the revenue to costs, profit and cash.

Forestar Group: 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.