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Herbalife cash flow, quarter by quarter

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

Free cash flow$133M in Q3 2026 · $337M over twelve months

Operating cash flow$151M
Capital spending−$18.5M
Free cash flow+$133M
Cash / net income2.6×
Cash conversion cycle131 days

Analysis

In Q3 2026, Herbalife generated $151M of operating cash flow and spent $18.5M on capital projects, leaving free cash flow of $133M. That is $14.8M more than in Q3 2025 ($118M).

Over the twelve months to Sep 30, 2026, operating cash flow was $396M; the largest uses were net borrowing (+) / repaid (−) ($129M), other financing ($64.3M), capital spending ($59.2M); the cash balance rose by $104M.

Operating cash flow was $151M against net income of $57.1M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$46.2M, depreciation & amortization +$30.5M, prepaid and other assets −$20.3M.

Its cash conversion cycle was 131 days (receivables 8 + inventory 153 − payables 29).

Free cash flow

Herbalife: free cash flow by quarterHerbalife: free cash flow by quarter$43.9MQ4 2024−$18.1MQ1 2025$73.2MQ2 2025$118MQ3 2025$79.8MQ4 2025$103MQ1 2026$21.6MQ2 2026$133MQ3 2026
Operating cash flow less capital spending.
Herbalife: operating cash flow against capital spendingHerbalife: operating cash flow against capital spendingOperating cash flowCapital spending$69.6M$25.7MQ4 2024$200K$18.3MQ1 2025$96.0M$22.8MQ2 2025$139M$20.8MQ3 2025$98.3M$18.5MQ4 2025$114M$10.9MQ1 2026$32.9M$11.3MQ2 2026$151M$18.5MQ3 2026
Latest (Q3 2026): Operating cash flow $151M, Capital spending $18.5M.

Capital allocation, year by year

Herbalife: where the cash came from (up) and went (down), by fiscal yearHerbalife: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $460MFY2021: Net borrowing $107MFY2021: Capital spending −$151MFY2021: Buybacks −$1.0B$568MFY2021FY2022: Operating cash flow $352MFY2022: Net borrowing −$120MFY2022: Capital spending −$156MFY2022: Buybacks −$147M$352MFY2022FY2023: Operating cash flow $358MFY2023: Net borrowing −$75.0MFY2023: Capital spending −$135MFY2023: Buybacks −$11.0M$358MFY2023FY2024: Operating cash flow $285MFY2024: Net borrowing −$1.0BFY2024: Capital spending −$122MFY2024: Buybacks −$8.3M$285MFY2024FY2025: Operating cash flow $333MFY2025: Net borrowing −$284MFY2025: Capital spending −$80.4MFY2025: Acquisitions −$25.5MFY2025: Buybacks −$8.2M$333MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were net borrowing ($1.5B) and buybacks ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$409M
Debt$1.9B
Net debt$1.5B
Due within a year$20.9M

Herbalife funds itself: free cash flow was $337M over the last twelve months, and $409M of cash and investments stands against $1.9B of debt ($20.9M due within a year, 19.6× covered by cash).

Herbalife: debt maturities by year (FY2025)Herbalife: debt maturities by year (FY2025)$20.9MYear 1$20.7MYear 2$298MYear 3$1.7BYear 4$200KYear 5
Principal due in each year as disclosed in the annual report, against $409M of cash and investments now.

Where the cash came from and went

Herbalife: sources (+) and uses (−) of cash, Q3 2026Herbalife: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$151MNet borrowing (+) / repaid (−)−$88.2MCash drawn (+) / kept (−)−$38.7MCapital spending−$18.5MExchange rates−$3.8MOther financing−$1.6MOther investing−$300KBuybacks−$200K
Herbalife: sources (+) and uses (−) of cash, TTM to Q3 2026Herbalife: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$396MNet borrowing (+) / repaid (−)−$129MCash drawn (+) / kept (−)−$104MOther financing−$64.3MCapital spending−$59.2MExchange rates−$18.5MBuybacks−$10.3MAcquisitions−$10.0MOther investing−$1.1M

From profit to cash

Herbalife: net income to operating cash flow, Q3 2026Herbalife: net income to operating cash flow, Q3 2026Net income$57.1MDepreciation & amortization$30.5MStock-based pay$8.7MDeferred taxes$18.7MOther non-cash$500KReceivables−$500KInventory−$10.4MPayables−$5.1MPrepaid and other assets−$20.3MOther liabilities$46.2MOther operating capital−$7.1MOperating cash flow$151M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026815329131
Q2 2026815429132
Q1 2026715629133
Q4 2025716330140
Q3 2025716629144
Q2 2025716429142
Q1 2025616326143
Q4 2024617027149

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$151M−$18.5M−$200K−$88.2M−$38.7M$133M
Q2 2026$32.9M−$11.3M−$9.3M−$5.2M$79.6M$21.6M
Q1 2026$114M−$10.9M−$700K−$5.2M−$97.7M$103M
Q4 2025$98.3M−$18.5M−$100K−$30.2M−$47.3M$79.8M
Q3 2025$139M−$20.8M−$1.3M−$128M$15.6M$118M
Q2 2025$96.0M−$22.8M−$4.6M−$56.0M$7.4M$73.2M
Q1 2025$200K−$18.3M−$2.2M−$70.3M$87.1M−$18.1M
Q4 2024$69.6M−$25.7M−$2.6M−$10.3M−$20.2M$43.9M

Herbalife: income statement and cash flow

Herbalife, Q3 2026: revenue $1.4B (+6% year over year), operating margin 10.3%. The chart follows the revenue to costs, profit and cash.

Herbalife: 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.