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Grocery Outlet Holding cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4M in Q2 2026 · $12.1M over twelve months

Operating cash flow$43.1M
Capital spending−$41.8M
Free cash flow+$1.4M
Cash / net income7.7×
Cash conversion cycle-22 days

Analysis

In Q2 2026, Grocery Outlet Holding generated $43.1M of operating cash flow and spent $41.8M on capital projects, leaving free cash flow of $1.4M.

Over the twelve months to Jul 4, 2026, operating cash flow was $185M; the largest uses were capital spending ($173M), other investing ($24.3M), other financing ($20.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($50.0M), asset & business sales ($924K); the cash balance rose by $19.0M.

Operating cash flow was $43.1M against net income of $5.6M — 7.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$26.0M, payables +$18.7M, accrued liabilities −$9.7M.

Its cash conversion cycle was -22 days (receivables 1 + inventory 0 − payables 23): suppliers fund its working capital.

Free cash flow

Grocery Outlet Holding: free cash flow by quarterGrocery Outlet Holding: free cash flow by quarter−$19.3MQ3 2024−$19.6MQ4 2024−$1.5MQ1 2025$14.4MQ2 2025−$21.6MQ3 2025$32.5MQ4 2025−$193KQ1 2026$1.4MQ2 2026
Operating cash flow less capital spending.
Grocery Outlet Holding: operating cash flow against capital spendingGrocery Outlet Holding: operating cash flow against capital spendingOperating cash flowCapital spending$23.0M$42.4MQ3 2024$39.5M$59.1MQ4 2024$58.9M$60.5MQ1 2025$73.6M$59.2MQ2 2025$17.3M$38.8MQ3 2025$72.3M$39.8MQ4 2025$52.6M$52.8MQ1 2026$43.1M$41.8MQ2 2026
Latest (Q2 2026): Operating cash flow $43.1M, Capital spending $41.8M.

Capital allocation, year by year

Grocery Outlet Holding: where the cash came from (up) and went (down), by fiscal yearGrocery Outlet Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $166MFY2021: Net borrowing −$1.2MFY2021: Shares issued $7.2MFY2021: Asset sales $37KFY2021: Capital spending −$123MFY2021: Dividends −$186K$173MFY2021FY2022: Operating cash flow $186MFY2022: Net borrowing −$76.3MFY2022: Shares issued $6.9MFY2022: Asset sales $39KFY2022: Capital spending −$147MFY2022: Buybacks −$3.5MFY2022: Dividends −$100K$192MFY2022FY2023: Operating cash flow $303MFY2023: Net borrowing $299MFY2023: Shares issued $6.0MFY2023: Asset sales $24KFY2023: Capital spending −$192MFY2023: Buybacks −$5.9MFY2023: Dividends −$15K$608MFY2023FY2024: Operating cash flow $112MFY2024: Net borrowing $188MFY2024: Shares issued $8.8MFY2024: Capital spending −$207MFY2024: Acquisitions −$60.5MFY2024: Buybacks −$81.4M$309MFY2024FY2025: Operating cash flow $222MFY2025: Net borrowing $28.6MFY2025: Shares issued $700KFY2025: Asset sales $39KFY2025: Capital spending −$220M$251MFY2025
Over these 5 years operating cash flow totalled $989M; the largest uses were capital spending ($890M) and buybacks ($90.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$74.2M
Debt$506M
Net debt$431M
Due within a year$15.0M

Grocery Outlet Holding funds itself: free cash flow was $12.1M over the last twelve months, and $74.2M of cash and investments stands against $506M of debt ($15.0M due within a year, 4.9× covered by cash).

Grocery Outlet Holding: debt maturities by year (FY2025)Grocery Outlet Holding: debt maturities by year (FY2025)$15.0MYear 1$15.0MYear 2$464MYear 3
Principal due in each year as disclosed in the annual report, against $74.2M of cash and investments now.

Where the cash came from and went

Grocery Outlet Holding: sources (+) and uses (−) of cash, Q2 2026Grocery Outlet Holding: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$43.1MCapital spending−$41.8MNet borrowing (+) / repaid (−)$16.2MCash drawn (+) / kept (−)−$15.2MOther investing−$2.3MOther financing−$293KShares issued$103K
Grocery Outlet Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Grocery Outlet Holding: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$185MCapital spending−$173MNet borrowing (+) / repaid (−)$50.0MOther investing−$24.3MOther financing−$20.1MCash drawn (+) / kept (−)−$19.0MAsset & business sales$924KShares issued$408K

From profit to cash

Grocery Outlet Holding: net income to operating cash flow, Q2 2026Grocery Outlet Holding: net income to operating cash flow, Q2 2026Net income$5.6MDepreciation & amortization$26.0MStock-based pay$3.8MDeferred taxes$3.4MOther non-cash−$541KReceivables−$1.6MInventory−$7.7MPayables$18.7MAccrued liabilities−$9.7MPrepaid and other assets−$3.6MIncome taxes payable−$1.1MOperating cash flow$43.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20261—23-22
Q1 20261—21-20
Q4 20251—21-20
Q3 20251—23-22
Q2 20251—23-21
Q1 20251—21-20
Q4 20241—22-21
Q3 20241—24-23

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$43.1M−$41.8M——$16.2M$103K−$15.2M$1.4M
Q1 2026$52.6M−$52.8M——−$3.8M—$10.6M−$193K
Q4 2025$72.3M−$39.8M———$135K−$17.5M$32.5M
Q3 2025$17.3M−$38.8M——$26.2M$170K$3.1M−$21.6M
Q2 2025$73.6M−$59.2M——−$1.9M$342K−$4.3M$14.4M
Q1 2025$58.9M−$60.5M——−$1.9M$53K$11.9M−$1.5M
Q4 2024$39.5M−$59.1M—−$25.0M$50.0M$585K$5.8M−$19.6M
Q3 2024$23.0M−$42.4M$248K−$25.0M$50.0M$4.5M−$1.6M−$19.3M

Grocery Outlet Holding: income statement and cash flow

Grocery Outlet Holding, Q2 2026: revenue $1.2B (+1% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Grocery Outlet Holding: 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.