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Heico cash flow, quarter by quarter

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

Free cash flow$323M in Q3 FY26 · $1.0B over twelve months

Operating cash flow$345M
Capital spending−$22.6M
Free cash flow+$323M
Cash / net income1.4×
Cash conversion cycle173 days

Analysis

In Q3 FY26, Heico generated $345M of operating cash flow and spent $22.6M on capital projects, leaving free cash flow of $323M. That is $104M more than in Q3 FY25 ($218M).

Over the twelve months to Jul 31, 2026, operating cash flow was $1.1B; the largest uses were acquisitions ($1.0B), capital spending ($81.0M), partners ($66.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($102M), shares issued ($6.8M); the cash balance fell by $20.9M.

Operating cash flow was $345M against net income of $254M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$62.1M, depreciation & amortization +$58.7M, inventory −$37.9M.

Its cash conversion cycle was 173 days (receivables 48 + inventory 158 − payables 33).

Free cash flow

Heico: free cash flow by quarterHeico: free cash flow by quarter$190MQ4 FY24$186MQ1 FY25$189MQ2 FY25$218MQ3 FY25$268MQ4 FY25$165MQ1 FY26$274MQ2 FY26$323MQ3 FY26
Operating cash flow less capital spending.
Heico: operating cash flow against capital spendingHeico: operating cash flow against capital spendingOperating cash flowCapital spending$206M$16.1MQ4 FY24$203M$17.3MQ1 FY25$205M$16.0MQ2 FY25$231M$12.7MQ3 FY25$295M$26.8MQ4 FY25$179M$13.5MQ1 FY26$292M$18.1MQ2 FY26$345M$22.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $345M, Capital spending $22.6M.

Capital allocation, year by year

Heico: where the cash came from (up) and went (down), by fiscal yearHeico: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY21: Operating cash flow $444MFY21: Net borrowing −$506MFY21: Shares issued $5.3MFY21: Capital spending −$36.2MFY21: Acquisitions −$136MFY21: Dividends −$23.0M$449MFY21FY22: Operating cash flow $468MFY22: Net borrowing $48.4MFY22: Shares issued $2.4MFY22: Capital spending −$32.0MFY22: Acquisitions −$347MFY22: Dividends −$24.5M$519MFY22FY23: Operating cash flow $449MFY23: Net borrowing $2.2BFY23: Shares issued $6.7MFY23: Capital spending −$49.4MFY23: Acquisitions −$2.4BFY23: Dividends −$27.4M$2.6BFY23FY24: Operating cash flow $672MFY24: Net borrowing −$253MFY24: Shares issued $8.0MFY24: Capital spending −$58.3MFY24: Acquisitions −$219MFY24: Dividends −$29.1M$680MFY24FY25: Operating cash flow $934MFY25: Net borrowing −$58.9MFY25: Shares issued $13.2MFY25: Capital spending −$72.9MFY25: Acquisitions −$630MFY25: Dividends −$32.0M$947MFY25
Over these 5 years operating cash flow totalled $3.0B; the largest uses were acquisitions ($3.8B) and net borrowing ($818M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$241M
Debt$2.5B
Net debt$2.3B
Due within a year$3.5M

Heico funds itself: free cash flow was $1.0B over the last twelve months, and $241M of cash and investments stands against $2.5B of debt ($3.5M due within a year, 68.6× covered by cash).

Where the cash came from and went

Heico: sources (+) and uses (−) of cash, Q3 FY26Heico: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)−$1.2BOther financing$1.2BOperating cash flow$345MAcquisitions−$197MCash drawn (+) / kept (−)−$30.6MPartners−$26.4MCapital spending−$22.6MDividends−$18.2MOther investing−$2.5MShares issued$1.5MExchange rates−$919K
Heico: sources (+) and uses (−) of cash, TTM to Q3 FY26Heico: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$1.1BAcquisitions−$1.0BNet borrowing (+) / repaid (−)$102MCapital spending−$81.0MPartners−$66.4MDividends−$34.9MOther financing−$33.0MCash drawn (+) / kept (−)$20.9MOther investing−$7.8MShares issued$6.8MNot reconciled$625K

From profit to cash

Heico: net income to operating cash flow, Q3 FY26Heico: net income to operating cash flow, Q3 FY26Net income$254MDepreciation & amortization$58.7MDeferred taxes−$9.0MOther non-cash−$3.3MReceivables$6.4MInventory−$37.9MPayables−$2.7MAccrued liabilities$62.1MContract assets−$2.0MPrepaid and other assets−$10.1MIncome taxes payable$3.3MOperating cash flow$345M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY264815833173
Q2 FY264515230167
Q1 FY265016730188
Q4 FY254716629183
Q3 FY254817031187
Q2 FY254516630182
Q1 FY254717630193
Q4 FY244817030189

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$345M−$22.6M−$197M−$18.2M−$1.2B$1.5M−$30.6M$323M
Q2 FY26$292M−$18.1M−$380M—$80.0M$947K$50.6M$274M
Q1 FY26$179M−$13.5M−$441M−$16.7M$340M$2.9M−$43.2M$165M
Q4 FY25$295M−$26.8M$100K—−$275M$1.5M$44.1M$268M
Q3 FY25$231M−$12.7M−$344M−$16.7M$170M$5.9M−$19.6M$218M
Q2 FY25$205M−$16.0M−$31.4M—−$75.0M$4.2M−$76.8M$189M
Q1 FY25$203M−$17.3M−$255M−$15.3M$125M$1.6M−$3.4M$186M
Q4 FY24$206M−$16.1M−$164M—−$30.0M$1.6M$40.8M$190M

Heico: income statement and cash flow

Heico, Q3 FY26: revenue $1.4B (+23% year over year), operating margin 25.1%. The chart follows the revenue to costs, profit and cash.

Heico: 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.