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Fortive cash flow, quarter by quarter

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

Free cash flow$284M in Q3 2026 · $1.1B over twelve months

Operating cash flow$313M
Capital spending−$29.5M
Free cash flow+$284M
Cash / net income1.8×
Cash conversion cycle29 days

Analysis

In Q3 2026, Fortive generated $313M of operating cash flow and spent $29.5M on capital projects, leaving free cash flow of $284M.

Over the twelve months to Oct 2, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($1.3B), capital spending ($115M), acquisitions ($83.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($246M), other financing ($31.5M); the cash balance fell by $53.5M.

Operating cash flow was $313M against net income of $172M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$112M, stock-based pay +$20.9M, prepaid and other assets +$20.3M.

Its cash conversion cycle was 29 days (receivables 55 + inventory 72 − payables 98).

Free cash flow

Fortive: free cash flow by quarterFortive: free cash flow by quarter$480MQ4 2024$221MQ1 2025$274MQ2 2025$136MQ3 2025$336MQ4 2025$208MQ1 2026$258MQ2 2026$284MQ3 2026
Operating cash flow less capital spending.
Fortive: operating cash flow against capital spendingFortive: operating cash flow against capital spendingOperating cash flowCapital spending$502M$22.6MQ4 2024$242M$21.1MQ1 2025$311M$36.7MQ2 2025$164M$28.6MQ3 2025$366M$30.4MQ4 2025$235M$26.6MQ1 2026$286M$28.1MQ2 2026$313M$29.5MQ3 2026
Latest (Q3 2026): Operating cash flow $313M, Capital spending $29.5M.

Capital allocation, year by year

Fortive: where the cash came from (up) and went (down), by fiscal yearFortive: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $961MFY2021: Net borrowing $1.4BFY2021: Shares issued $52.4MFY2021: Capital spending −$50.0MFY2021: Acquisitions −$2.6BFY2021: Dividends −$97.7M$2.4BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing $276MFY2022: Shares issued $17.6MFY2022: Asset sales $9.6MFY2022: Capital spending −$95.8MFY2022: Acquisitions −$12.8MFY2022: Buybacks −$443MFY2022: Dividends −$99.5M$1.6BFY2022FY2023: Operating cash flow $1.4BFY2023: Net borrowing $1.4BFY2023: Shares issued $51.5MFY2023: Capital spending −$78.6MFY2023: Acquisitions −$95.8MFY2023: Buybacks −$273MFY2023: Dividends −$102M$2.8BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $1.1BFY2024: Shares issued $96.9MFY2024: Capital spending −$86.1MFY2024: Acquisitions −$3.6MFY2024: Buybacks −$890MFY2024: Dividends −$111M$2.8BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$715MFY2025: Shares issued $72.3MFY2025: Capital spending −$105MFY2025: Acquisitions −$25.7MFY2025: Buybacks −$1.6BFY2025: Dividends −$92.2M$1.2BFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were buybacks ($3.2B) and acquisitions ($2.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$377M
Debt$3.5B
Net debt$3.1B
Due within a year$1.2B

Fortive funds itself: free cash flow was $1.1B over the last twelve months, and $377M of cash and investments stands against $3.5B of debt ($1.2B due within a year, 0.3× covered by cash).

Fortive: debt maturities by year (FY2025)Fortive: debt maturities by year (FY2025)$1.2BYear 1$822MYear 4$550MAfter year 5
Principal due in each year as disclosed in the annual report, against $377M of cash and investments now.

Where the cash came from and went

Fortive: sources (+) and uses (−) of cash, Q3 2026Fortive: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$313MBuybacks−$300MDividends−$38.9MCapital spending−$29.5MNet borrowing (+) / repaid (−)$21.6MCash drawn (+) / kept (−)$15.0MOther financing$10.1MExchange rates$6.1MOther investing$2.5M
Fortive: sources (+) and uses (−) of cash, TTM to Q3 2026Fortive: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$1.3BOperating cash flow$1.2BNet borrowing (+) / repaid (−)$246MCapital spending−$115MAcquisitions−$83.8MDividends−$76.1MCash drawn (+) / kept (−)$53.5MOther financing$31.5MExchange rates$8.7MOther investing$7.1M

From profit to cash

Fortive: net income to operating cash flow, Q3 2026Fortive: net income to operating cash flow, Q3 2026Net income$172MDepreciation & amortization$112MStock-based pay$20.9MReceivables−$14.8MInventory−$5.6MPayables−$2.9MAccrued liabilities$11.0MPrepaid and other assets$20.3MOperating cash flow$313M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202655729829
Q2 202654709628
Q1 2026587110128
Q4 2025567010026
Q3 20256811113644
Q2 20258214516859
Q1 20257010213438
Q4 20247010513243

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$313M−$29.5M—−$300M−$38.9M$21.6M$15.0M$284M
Q2 2026$286M−$28.1M−$58.0M−$200M—−$1.1B−$36.2M$258M
Q1 2026$235M−$26.6M—−$500M−$18.4M$299M$19.4M$208M
Q4 2025$366M−$30.4M−$25.7M−$272M−$18.8M−$105M$55.3M$336M
Q3 2025$164M−$28.6M—−$1.0B−$19.2M−$357M$1.4B$136M
Q2 2025$311M−$36.7M—−$135M−$27.0M−$334M−$941M$274M
Q1 2025$242M−$21.1M—−$203M−$27.2M$80.7M−$78.8M$221M
Q4 2024$502M−$22.6M$100K−$467M−$27.3M−$25.3M−$2.0M$480M

Fortive: income statement and cash flow

Fortive, Q3 2026: revenue $1.1B (+8% year over year), operating margin 21.3%. The chart follows the revenue to costs, profit and cash.

Fortive: 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.