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Helmerich & Payne cash flow, quarter by quarter

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

Free cash flow$83.9M in Q3 FY26 · $315M over twelve months

Operating cash flow$154M
Capital spending−$69.8M
Free cash flow+$83.9M
Cash / net income2.0×
Cash conversion cycle92 days

Analysis

In Q3 FY26, Helmerich & Payne generated $154M of operating cash flow and spent $69.8M on capital projects, leaving free cash flow of $83.9M. That is $59.3M more than in Q3 FY25 ($24.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $580M; the largest uses were other financing ($334M), capital spending ($264M), dividends ($101M); besides operations, cash came from other investing ($164M), acquisitions ($2.8M); the cash balance rose by $12.2M.

Operating cash flow was $154M against net income of $78.2M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$181M, gains on disposals −$120M, receivables −$37.6M.

Its cash conversion cycle was 92 days (receivables 74 + inventory 44 − payables 26).

Free cash flow

Helmerich & Payne: free cash flow by quarterHelmerich & Payne: free cash flow by quarter$62.8MQ4 FY24$51.9MQ1 FY25−$103MQ2 FY25$24.6MQ3 FY25$143MQ4 FY25$115MQ1 FY26−$26.3MQ2 FY26$83.9MQ3 FY26
Operating cash flow less capital spending.
Helmerich & Payne: operating cash flow against capital spendingHelmerich & Payne: operating cash flow against capital spendingOperating cash flowCapital spending$169M$106MQ4 FY24$158M$106MQ1 FY25$56.0M$159MQ2 FY25$122M$97.0MQ3 FY25$207M$64.1MQ4 FY25$182M$67.6MQ1 FY26$36.6M$62.9MQ2 FY26$154M$69.8MQ3 FY26
Latest (Q3 FY26): Operating cash flow $154M, Capital spending $69.8M.

Capital allocation, year by year

Helmerich & Payne: where the cash came from (up) and went (down), by fiscal yearHelmerich & Payne: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $136MFY21: Net borrowing $549MFY21: Asset sales $86.5MFY21: Capital spending −$82.1MFY21: Dividends −$109M$772MFY21FY22: Operating cash flow $234MFY22: Capital spending −$251MFY22: Buybacks −$77.0MFY22: Dividends −$107M$234MFY22FY23: Operating cash flow $834MFY23: Capital spending −$395MFY23: Buybacks −$247MFY23: Dividends −$201M$834MFY23FY24: Operating cash flow $685MFY24: Net borrowing $1.2BFY24: Capital spending −$495MFY24: Buybacks −$51.3MFY24: Dividends −$168M$1.9BFY24FY25: Operating cash flow $543MFY25: Net borrowing $400MFY25: Capital spending −$426MFY25: Acquisitions −$1.8BFY25: Dividends −$101M$943MFY25
Over these 5 years operating cash flow totalled $2.4B; the largest uses were acquisitions ($1.8B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$231M
Debt$1.9B
Net debt$1.6B
Due within a year$6.9M

Helmerich & Payne funds itself: free cash flow was $315M over the last twelve months, and $231M of cash and investments stands against $1.9B of debt ($6.9M due within a year, 33.7× covered by cash).

Helmerich & Payne: debt maturities by year (FY25)Helmerich & Payne: debt maturities by year (FY25)$6.9MYear 1$207MYear 2$357MYear 3$8.6MYear 4$361MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $231M of cash and investments now.

Where the cash came from and went

Helmerich & Payne: sources (+) and uses (−) of cash, Q3 FY26Helmerich & Payne: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$154MOther financing−$142MOther investing$138MCapital spending−$69.8MCash drawn (+) / kept (−)−$35.3MDividends−$25.4MExchange rates−$11.9MPartners−$7.2MTaxes on employees’ shares−$247K
Helmerich & Payne: sources (+) and uses (−) of cash, TTM to Q3 FY26Helmerich & Payne: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$580MOther financing−$334MCapital spending−$264MOther investing$164MDividends−$101MPartners−$15.0MExchange rates−$13.7MCash drawn (+) / kept (−)−$12.2MTaxes on employees’ shares−$6.5MAcquisitions$2.8M

From profit to cash

Helmerich & Payne: net income to operating cash flow, Q3 FY26Helmerich & Payne: net income to operating cash flow, Q3 FY26Net income$78.2MDepreciation & amortization$181MStock-based pay$8.3MDeferred taxes−$23.0MImpairments$1.2MGains on investments$16.0MGains on disposals−$120MOther non-cash−$1.2MReceivables−$37.6MInventory$6.6MPayables$36.0MAccrued liabilities$36.1MPrepaid and other assets−$16.8MOther liabilities$8.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2674442692
Q2 FY2674452594
Q1 FY2668442785
Q4 FY2571433084
Q3 FY2569423377
Q2 FY2554292755
Q1 FY2557273253
Q4 FY2455263348

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$154M−$69.8M—−$25.4M—−$35.3M$83.9M
Q2 FY26$36.6M−$62.9M—−$25.4M—$75.5M−$26.3M
Q1 FY26$182M−$67.6M—−$25.2M—−$53.6M$115M
Q4 FY25$207M−$64.1M$2.8M−$25.2M—$1.2M$143M
Q3 FY25$122M−$97.0M—−$25.2M—$17.9M$24.6M
Q2 FY25$56.0M−$159M—−$25.3M—$1.5B−$103M
Q1 FY25$158M−$106M—−$25.0M—−$178M$51.9M
Q4 FY24$169M−$106M—−$42.0M$1.2B−$1.2B$62.8M

Helmerich & Payne: income statement and cash flow

Helmerich & Payne, Q3 FY26: revenue $1.0B (-0.6% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Helmerich & Payne: 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.