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Hexcel cash flow, quarter by quarter

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

Free cash flow$50.7M in Q3 2026 · $210M over twelve months

Operating cash flow$74.4M
Capital spending−$23.7M
Free cash flow+$50.7M
Cash / net income1.9×
Cash conversion cycle103 days

Analysis

In Q3 2026, Hexcel generated $74.4M of operating cash flow and spent $23.7M on capital projects, leaving free cash flow of $50.7M. That is $45.8M less than in Q3 2025 ($96.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $297M; the largest uses were buybacks ($353M), capital spending ($86.8M), dividends ($53.8M); besides operations, cash came from other financing ($186M); the cash balance fell by $12.7M.

Operating cash flow was $74.4M against net income of $38.6M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$30.0M, receivables +$28.1M, payables −$15.5M.

Its cash conversion cycle was 103 days (receivables 53 + inventory 85 − payables 34).

Free cash flow

Hexcel: free cash flow by quarterHexcel: free cash flow by quarter$144MQ4 2024−$54.6MQ1 2025$8.0MQ2 2025$96.5MQ3 2025$107MQ4 2025−$6.2MQ1 2026$58.0MQ2 2026$50.7MQ3 2026
Operating cash flow less capital spending.
Hexcel: operating cash flow against capital spendingHexcel: operating cash flow against capital spendingOperating cash flowCapital spending$163M$18.6MQ4 2024−$28.5M$26.1MQ1 2025$23.3M$15.3MQ2 2025$110M$13.7MQ3 2025$126M$18.2MQ4 2025$19.0M$25.2MQ1 2026$77.7M$19.7MQ2 2026$74.4M$23.7MQ3 2026
Latest (Q3 2026): Operating cash flow $74.4M, Capital spending $23.7M.

Capital allocation, year by year

Hexcel: where the cash came from (up) and went (down), by fiscal yearHexcel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $152MFY2021: Net borrowing −$103MFY2021: Shares issued $7.7MFY2021: Capital spending −$27.9M$159MFY2021FY2022: Operating cash flow $173MFY2022: Net borrowing −$100MFY2022: Shares issued $3.0MFY2022: Capital spending −$76.3MFY2022: Dividends −$33.7M$176MFY2022FY2023: Operating cash flow $257MFY2023: Shares issued $7.8MFY2023: Capital spending −$108MFY2023: Buybacks −$30.1MFY2023: Dividends −$42.2M$265MFY2023FY2024: Operating cash flow $290MFY2024: Shares issued $7.1MFY2024: Capital spending −$87.0MFY2024: Buybacks −$252MFY2024: Dividends −$49.3M$297MFY2024FY2025: Operating cash flow $230MFY2025: Shares issued $5.8MFY2025: Capital spending −$73.3MFY2025: Buybacks −$454MFY2025: Dividends −$53.9M$236MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($737M) and capital spending ($373M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$77.8M
Debt$935M
Net debt$857M

Hexcel funds itself: free cash flow was $210M over the last twelve months, and $77.8M of cash and investments stands against $935M of debt.

Where the cash came from and went

Hexcel: sources (+) and uses (−) of cash, Q3 2026Hexcel: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$74.4MCapital spending−$23.7MOther financing−$21.2MCash drawn (+) / kept (−)−$15.6MDividends−$13.6MExchange rates−$300K
Hexcel: sources (+) and uses (−) of cash, TTM to Q3 2026Hexcel: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$353MOperating cash flow$297MOther financing$186MCapital spending−$86.8MDividends−$53.8MCash drawn (+) / kept (−)$12.7MExchange rates−$1.2M

From profit to cash

Hexcel: net income to operating cash flow, Q3 2026Hexcel: net income to operating cash flow, Q3 2026Net income$38.6MDepreciation & amortization$30.0MStock-based pay$3.9MDeferred taxes$14.5MReceivables$28.1MInventory−$13.5MPayables−$15.5MPrepaid and other assets−$5.0MOther operating capital−$5.2MOperating cash flow$74.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026538534103
Q2 202651803397
Q1 202648823595
Q4 202545853497
Q3 2025519530115
Q2 2025499128113
Q1 2025469433107
Q4 2024469535106

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$74.4M−$23.7M—−$13.6M—−$15.6M$50.7M
Q2 2026$77.7M−$19.7M—−$13.6M—−$8.1M$58.0M
Q1 2026$19.0M−$25.2M—−$13.7M—$16.9M−$6.2M
Q4 2025$126M−$18.2M−$353M−$12.9M—$19.5M$107M
Q3 2025$110M−$13.7M—−$13.5M−$70.0M−$13.3M$96.5M
Q2 2025$23.3M−$15.3M−$50.5M−$13.7M$70.0M$12.0M$8.0M
Q1 2025−$28.5M−$26.1M−$50.4M−$13.8M$90.0M$36.2M−$54.6M
Q4 2024$163M−$18.6M—−$12.1M—−$27.2M$144M

Hexcel: income statement and cash flow

Hexcel, Q3 2026: revenue $496M (+9% year over year), operating margin 11.0%. The chart follows the revenue to costs, profit and cash.

Hexcel: 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.