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Harmonic cash flow, quarter by quarter

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

Free cash flow$47.4M in Q3 2026 · $27.7M over twelve months

Operating cash flow$50.2M
Capital spending−$2.8M
Free cash flow+$47.4M
Cash / net income3.4×
Cash conversion cycle105 days

Analysis

In Q3 2026, Harmonic generated $50.2M of operating cash flow and spent $2.8M on capital projects, leaving free cash flow of $47.4M.

Over the twelve months to Oct 2, 2026, operating cash flow was $36.2M; the largest uses were other financing ($290M), buybacks ($59.9M), capital spending ($8.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($210M), other investing ($130M); the cash balance rose by $15.5M.

Operating cash flow was $50.2M against net income of $14.6M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: receivables −$43.6M, inventory −$28.0M, deferred taxes +$19.0M.

Its cash conversion cycle was 105 days (receivables 63 + inventory 102 − payables 61).

Free cash flow

Harmonic: free cash flow by quarterHarmonic: free cash flow by quarter$46.2MQ4 2024$81.7MQ1 2025−$15.5MQ2 2025$21.0MQ3 2025$9.6MQ4 2025$30.3MQ1 2026−$59.6MQ2 2026$47.4MQ3 2026
Operating cash flow less capital spending.
Harmonic: operating cash flow against capital spendingHarmonic: operating cash flow against capital spendingOperating cash flowCapital spending$48.5M$2.3MQ4 2024$83.6M$1.9MQ1 2025−$11.7M$3.8MQ2 2025$23.8M$2.7MQ3 2025$12.3M$2.7MQ4 2025$31.7M$1.4MQ1 2026−$58.0M$1.6MQ2 2026$50.2M$2.8MQ3 2026
Latest (Q3 2026): Operating cash flow $50.2M, Capital spending $2.8M.

Capital allocation, year by year

Harmonic: where the cash came from (up) and went (down), by fiscal yearHarmonic: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $41.0MFY2021: Shares issued $12.3MFY2021: Capital spending −$13.0M$53.3MFY2021FY2022: Operating cash flow $5.5MFY2022: Net borrowing −$37.7MFY2022: Shares issued $7.1MFY2022: Capital spending −$9.2MFY2022: Buybacks −$5.1M$12.6MFY2022FY2023: Operating cash flow $7.1MFY2023: Shares issued $6.6MFY2023: Capital spending −$8.5M$13.6MFY2023FY2024: Operating cash flow $61.9MFY2024: Net borrowing −$500KFY2024: Shares issued $6.6MFY2024: Capital spending −$9.2MFY2024: Buybacks −$30.0M$68.5MFY2024FY2025: Operating cash flow $108MFY2025: Net borrowing $135MFY2025: Shares issued $6.0MFY2025: Capital spending −$11.1MFY2025: Buybacks −$79.0M$249MFY2025
Over these 5 years operating cash flow totalled $223M; the largest uses were buybacks ($114M) and capital spending ($51.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$143M
Debt$34.9M
Net cash$108M
Due within a year$2.9M

Harmonic funds itself: free cash flow was $27.7M over the last twelve months, and $143M of cash and investments stands against $34.9M of debt ($2.9M due within a year, 48.5× covered by cash).

Where the cash came from and went

Harmonic: sources (+) and uses (−) of cash, Q3 2026Harmonic: sources (+) and uses (−) of cash, Q3 2026Other financing−$169MCash drawn (+) / kept (−)$89.0MOperating cash flow$50.2MNot reconciled$42.4MBuybacks−$3.6MExchange rates−$3.6MCapital spending−$2.8MOther investing−$1.8MTaxes on employees’ shares−$715K
Harmonic: sources (+) and uses (−) of cash, TTM to Q3 2026Harmonic: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$290MNet borrowing (+) / repaid (−)$210MOther investing$130MBuybacks−$59.9MOperating cash flow$36.2MCash drawn (+) / kept (−)−$15.5MCapital spending−$8.5MTaxes on employees’ shares−$7.3MShares issued$4.5MExchange rates−$196K

From profit to cash

Harmonic: net income to operating cash flow, Q3 2026Harmonic: net income to operating cash flow, Q3 2026Net income$14.6MDepreciation & amortization$3.1MStock-based pay$6.1MDeferred taxes$19.0MImpairments$205KReceivables−$43.6MInventory−$28.0MPayables$17.5MAccrued liabilities−$3.0MDeferred revenue−$10.2MPrepaid and other assets−$6.7MOperating cash flow$50.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266310261105
Q2 202659845390
Q1 202665794698
Q4 20259310743158
Q3 202511313260185
Q2 202511512966178
Q1 202512411963180
Q4 2024477169103543

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$50.2M−$2.8M−$3.6M——$89.0M$47.4M
Q2 2026−$58.0M−$1.6M$1K$115M$1.4M−$123M−$59.6M
Q1 2026$31.7M−$1.4M−$43.0M—$3.1M$15.1M$30.3M
Q4 2025$12.3M−$2.7M−$13.3M——$3.3M$9.6M
Q3 2025$23.8M−$2.7M−$15.7M$55.0M$2.9M−$3.4M$21.0M
Q2 2025−$11.7M−$3.8M−$14.0M$40.0M—$24.8M−$15.5M
Q1 2025$83.6M−$1.9M−$36.1M−$500K$3.1M−$47.2M$81.7M
Q4 2024$48.5M−$2.3M———−$43.3M$46.2M

Harmonic: income statement and cash flow

Harmonic, Q3 2026: revenue $149M (+64% year over year), operating margin 17.6%. The chart follows the revenue to costs, profit and cash.

Harmonic: 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.