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HA Sustainable Infrastructure Capital cash flow, quarter by quarter

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

Free cash flow$56.2M in Q3 2026 · $387M over twelve months

Operating cash flow$56.2M
Free cash flow+$56.2M
Cash / net income0.4×

Analysis

In Q3 2026, HA Sustainable Infrastructure Capital generated $56.2M of operating cash flow. That is $178M more than in Q3 2025 (−$122M).

Over the twelve months to Sep 30, 2026, operating cash flow was $387M; the largest uses were other investing ($1.6B), dividends ($223M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), shares issued ($49.6M); the cash balance fell by $204M.

Operating cash flow was $56.2M against net income of $142M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$42.6M, gains on disposals −$7.5M, prepaid and other assets −$4.5M.

Free cash flow

HA Sustainable Infrastructure Capital: free cash flow by quarterHA Sustainable Infrastructure Capital: free cash flow by quarter−$12.2MQ4 2024−$37.1MQ1 2025$79.6MQ2 2025−$122MQ3 2025$247MQ4 2025$15.6MQ1 2026$68.0MQ2 2026$56.2MQ3 2026
Operating cash flow less capital spending.
HA Sustainable Infrastructure Capital: operating cash flow against capital spendingHA Sustainable Infrastructure Capital: operating cash flow against capital spendingOperating cash flowCapital spending−$12.2M$0Q4 2024−$37.1M$0Q1 2025$79.6M$0Q2 2025−$122M$0Q3 2025$247M$0Q4 2025$15.6M$0Q1 2026$68.0M$0Q2 2026$56.2M$0Q3 2026
Latest (Q3 2026): Operating cash flow $56.2M, Capital spending $0.

Capital allocation, year by year

HA Sustainable Infrastructure Capital: where the cash came from (up) and went (down), by fiscal yearHA Sustainable Infrastructure Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesDividendsFY2021: Operating cash flow $13.3MFY2021: Net borrowing $628MFY2021: Shares issued $201MFY2021: Dividends −$114M$842MFY2021FY2022: Operating cash flow $230KFY2022: Net borrowing −$150MFY2022: Shares issued $189MFY2022: Asset sales $4.5MFY2022: Dividends −$132M$194MFY2022FY2023: Operating cash flow $99.7MFY2023: Net borrowing $1.5BFY2023: Shares issued $492MFY2023: Dividends −$160M$2.1BFY2023FY2024: Operating cash flow $5.9MFY2024: Net borrowing $470MFY2024: Shares issued $204MFY2024: Asset sales $116MFY2024: Dividends −$192M$795MFY2024FY2025: Operating cash flow $167MFY2025: Net borrowing $467MFY2025: Shares issued $237MFY2025: Dividends −$210M$871MFY2025
Over these 5 years operating cash flow totalled $286M; the largest uses were dividends ($808M) and net borrowing ($150M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$102M
Debt$475M
Net debt$372M

HA Sustainable Infrastructure Capital funds itself: free cash flow was $387M over the last twelve months, and $102M of cash and investments stands against $475M of debt.

Where the cash came from and went

HA Sustainable Infrastructure Capital: sources (+) and uses (−) of cash, Q3 2026HA Sustainable Infrastructure Capital: sources (+) and uses (−) of cash, Q3 2026Other investing−$744MNet borrowing (+) / repaid (−)$650MCash drawn (+) / kept (−)$166MOther financing−$72.6MOperating cash flow$56.2MDividends−$55.9M
HA Sustainable Infrastructure Capital: sources (+) and uses (−) of cash, TTM to Q3 2026HA Sustainable Infrastructure Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.6BNet borrowing (+) / repaid (−)$1.2BOperating cash flow$387MDividends−$223MCash drawn (+) / kept (−)$204MShares issued$49.6MOther financing$12.1M

From profit to cash

HA Sustainable Infrastructure Capital: net income to operating cash flow, Q3 2026HA Sustainable Infrastructure Capital: net income to operating cash flow, Q3 2026Net income$142MDepreciation & amortization$221KStock-based pay$3.5MGains on disposals−$7.5MPayables$42.6MPrepaid and other assets−$4.5MOperating cash flow$56.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$56.2M−$55.9M$650M—$166M$56.2M
Q2 2026$68.0M−$55.8M$396M—−$130M$68.0M
Q1 2026$15.6M−$56.8M$234M—−$5.8M$15.6M
Q4 2025$247M−$54.1M−$562M$49.6M$173M$247M
Q3 2025−$122M−$53.2M$476M$67.3M−$215M−$122M
Q2 2025$79.6M−$52.0M$147M$73.3M−$20.2M$79.6M
Q1 2025−$37.1M−$50.4M$662M$46.6M$66.5M−$37.1M
Q4 2024−$12.2M−$50.1M$267M$23.8M−$91.5M−$12.2M

HA Sustainable Infrastructure Capital: income statement and cash flow

HA Sustainable Infrastructure Capital, Q3 2026: revenue $114M (+11% year over year), operating margin 166.5%. The chart follows the revenue to costs, profit and cash.

HA Sustainable Infrastructure Capital: 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.