Filing Flows

Filing Flows › Companies › H2O America › Cash flow

H2O America cash flow, quarter by quarter

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

Free cash flow$80.2M in Q3 2026 · $248M over twelve months

Operating cash flow$80.2M
Free cash flow+$80.2M
Cash / net income1.9×

Analysis

In Q3 2026, H2O America generated $80.2M of operating cash flow. That is $3.0M more than in Q3 2025 ($77.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $248M; the largest uses were other investing ($497M), dividends ($67.8M); besides operations, cash came from shares issued ($633M), net borrowing (+) / repaid (−) ($193M); the cash balance rose by $562M.

Operating cash flow was $80.2M against net income of $43.0M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$33.9M, receivables −$16.2M, payables +$15.1M.

Free cash flow

H2O America: free cash flow by quarterH2O America: free cash flow by quarter$41.5MQ4 2024$43.2MQ1 2025$60.8MQ2 2025$77.3MQ3 2025$63.5MQ4 2025$43.7MQ1 2026$60.7MQ2 2026$80.2MQ3 2026
Operating cash flow less capital spending.
H2O America: operating cash flow against capital spendingH2O America: operating cash flow against capital spendingOperating cash flowCapital spending$41.5M$0Q4 2024$43.2M$0Q1 2025$60.8M$0Q2 2025$77.3M$0Q3 2025$63.5M$0Q4 2025$43.7M$0Q1 2026$60.7M$0Q2 2026$80.2M$0Q3 2026
Latest (Q3 2026): Operating cash flow $80.2M, Capital spending $0.

Capital allocation, year by year

H2O America: where the cash came from (up) and went (down), by fiscal yearH2O America: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsDividendsFY2021: Operating cash flow $130MFY2021: Net borrowing $58.8MFY2021: Shares issued $91.0MFY2021: Acquisitions −$23.6MFY2021: Dividends −$40.1M$280MFY2021FY2022: Operating cash flow $166MFY2022: Net borrowing $62.4MFY2022: Shares issued $39.1MFY2022: Acquisitions −$433KFY2022: Dividends −$43.6M$268MFY2022FY2023: Operating cash flow $191MFY2023: Net borrowing $77.6MFY2023: Shares issued $80.7MFY2023: Acquisitions −$7.5MFY2023: Dividends −$47.9M$349MFY2023FY2024: Operating cash flow $196MFY2024: Net borrowing $83.1MFY2024: Shares issued $85.0MFY2024: Dividends −$52.1M$364MFY2024FY2025: Operating cash flow $245MFY2025: Net borrowing $149MFY2025: Shares issued $123MFY2025: Dividends −$58.6M$517MFY2025
Over these 5 years operating cash flow totalled $927M; the largest uses were dividends ($242M) and acquisitions ($31.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$573M
Debt$1.9B
Net debt$1.3B
Due within a year$23.9M

H2O America funds itself: free cash flow was $248M over the last twelve months, and $573M of cash and investments stands against $1.9B of debt ($23.9M due within a year, 23.9× covered by cash).

H2O America: debt maturities by year (FY2025)H2O America: debt maturities by year (FY2025)$23.9MYear 1$3.2MYear 2$44.7MYear 3$326MYear 4$53.2MYear 5$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $573M of cash and investments now.

Where the cash came from and went

H2O America: sources (+) and uses (−) of cash, Q3 2026H2O America: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$469MShares issued$330MNet borrowing (+) / repaid (−)$198MOther investing−$130MOperating cash flow$80.2MDividends−$18.4MOther financing$8.7M
H2O America: sources (+) and uses (−) of cash, TTM to Q3 2026H2O America: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$633MCash drawn (+) / kept (−)−$562MOther investing−$497MOperating cash flow$248MNet borrowing (+) / repaid (−)$193MDividends−$67.8MOther financing$51.7M

From profit to cash

H2O America: net income to operating cash flow, Q3 2026H2O America: net income to operating cash flow, Q3 2026Net income$43.0MDepreciation & amortization$33.9MStock-based pay$1.8MDeferred taxes$14.7MReceivables−$16.2MPayables$15.1MIncome taxes payable−$5.7MOther operating capital−$13.8MOperating cash flow$80.2M
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$80.2M−$18.4M$198M$330M−$469M$80.2M
Q2 2026$60.7M−$18.4M$17.5M−$2K$48.9M$60.7M
Q1 2026$43.7M−$15.9M−$103M$289M−$132M$43.7M
Q4 2025$63.5M−$15.0M$80.1M$14.7M−$9.4M$63.5M
Q3 2025$77.3M−$14.9M$29.0M$24.4M$8.5M$77.3M
Q2 2025$60.8M−$14.6M$7.6M$57.2M$3.8M$60.8M
Q1 2025$43.2M−$14.1M$32.4M$26.5M−$12.6M$43.2M
Q4 2024$41.5M−$13.3M$55.0M$21.7M−$7.1M$41.5M

H2O America: income statement and cash flow

H2O America, Q3 2026: revenue $250M (+4% year over year), operating margin 24.2%. The chart follows the revenue to costs, profit and cash.

H2O America: 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.