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Ichor Holdings cash flow, quarter by quarter

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

Free cash flow−$39.5M in Q3 2026 · −$67.2M over twelve months

Operating cash flow−$28.8M
Capital spending−$10.7M
Free cash flow−$39.5M
Cash / net income-1.4×
Cash conversion cycle93 days

Analysis

In Q3 2026, Ichor Holdings generated −$28.8M of operating cash flow and spent $10.7M on capital projects, leaving free cash flow of −$39.5M.

Over the twelve months to Sep 25, 2026, operating cash flow was −$38.4M; the largest uses were operating cash flow ($38.4M), capital spending ($28.8M), taxes on employees’ shares ($9.6M); besides operations, cash came from shares issued ($203M); the cash balance rose by $121M.

Operating cash flow was −$28.8M against net income of $20.9M — -1.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$39.5M, receivables −$36.0M, depreciation & amortization +$7.5M.

Its cash conversion cycle was 93 days (receivables 34 + inventory 102 − payables 43).

Free cash flow

Ichor Holdings: free cash flow by quarterIchor Holdings: free cash flow by quarter−$6.9MQ4 2024$496KQ1 2025−$14.8MQ2 2025$2.1MQ3 2025$5.9MQ4 2025−$10.0MQ1 2026−$23.6MQ2 2026−$39.5MQ3 2026
Operating cash flow less capital spending.
Ichor Holdings: operating cash flow against capital spendingIchor Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$2.5M$4.4MQ4 2024$19.0M$18.5MQ1 2025−$7.5M$7.3MQ2 2025$9.2M$7.1MQ3 2025$9.2M$3.2MQ4 2025−$2.9M$7.1MQ1 2026−$15.9M$7.8MQ2 2026−$28.8M$10.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$28.8M, Capital spending $10.7M.

Capital allocation, year by year

Ichor Holdings: where the cash came from (up) and went (down), by fiscal yearIchor Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $15.3MFY2021: Net borrowing $95.8MFY2021: Shares issued $9.7MFY2021: Asset sales $504KFY2021: Capital spending −$20.8MFY2021: Acquisitions −$269M$121MFY2021FY2022: Operating cash flow $31.5MFY2022: Net borrowing $5.0MFY2022: Shares issued $3.8MFY2022: Capital spending −$29.4MFY2022: Acquisitions $500K$40.7MFY2022FY2023: Operating cash flow $57.6MFY2023: Net borrowing −$45.0MFY2023: Shares issued $7.5MFY2023: Capital spending −$15.5M$65.2MFY2023FY2024: Operating cash flow $27.9MFY2024: Net borrowing −$115MFY2024: Shares issued $145MFY2024: Capital spending −$17.6M$172MFY2024FY2025: Operating cash flow $29.9MFY2025: Shares issued $5.6MFY2025: Capital spending −$36.2M$35.5MFY2025
Over these 5 years operating cash flow totalled $162M; the largest uses were acquisitions ($269M) and net borrowing ($160M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$214M
Debt$119M
Net cash$94.4M
Due within a year$6.2M
Cash runway3.2 years

Ichor Holdings is burning cash: its operations consume cash, a free cash flow of −$67.2M a year at the current rate against $214M of cash and investments: a runway of about 3.2 years; $6.2M of debt also comes due within a year, which the cash covers before any new financing.

Ichor Holdings: debt maturities by year (FY2025)Ichor Holdings: debt maturities by year (FY2025)$6.2MYear 1$7.8MYear 2$7.8MYear 3$7.8MYear 4$95.3MYear 5
Principal due in each year as disclosed in the annual report, against $214M of cash and investments now.

Where the cash came from and went

Ichor Holdings: sources (+) and uses (−) of cash, Q3 2026Ichor Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$43.0MOperating cash flow−$28.8MCapital spending−$10.7MTaxes on employees’ shares−$2.5MOther financing−$1.6MShares issued$604K
Ichor Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Ichor Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$203MCash drawn (+) / kept (−)−$121MOperating cash flow−$38.4MCapital spending−$28.8MTaxes on employees’ shares−$9.6MOther financing−$4.7M

From profit to cash

Ichor Holdings: net income to operating cash flow, Q3 2026Ichor Holdings: net income to operating cash flow, Q3 2026Net income$20.9MDepreciation & amortization$7.5MStock-based pay$2.8MDeferred taxes−$1.3MReceivables−$36.0MInventory−$39.5MPayables$7.1MAccrued liabilities$7.0MPrepaid and other assets$2.4MOther liabilities$173KOperating cash flow−$28.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026341024393
Q2 202631974286
Q1 202629983988
Q4 2025321064098
Q3 2025311003795
Q2 20253011241101
Q1 2025311084198
Q4 20243310838103

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$28.8M−$10.7M$604K$43.0M−$39.5M
Q2 2026−$15.9M−$7.8M$1.4M−$167M−$23.6M
Q1 2026−$2.9M−$7.1M$4.8M$9.2M−$10.0M
Q4 2025$9.2M−$3.2M$356K−$5.8M$5.9M
Q3 2025$9.2M−$7.1M$618K−$276K$2.1M
Q2 2025−$7.5M−$7.3M$650K$17.1M−$14.8M
Q1 2025$19.0M−$18.5M$4.0M−$612K$496K
Q4 2024−$2.5M−$4.4M$2.2M$7.8M−$6.9M

Ichor Holdings: income statement and cash flow

Ichor Holdings, Q3 2026: revenue $329M (+37% year over year), operating margin 6.9%. The chart follows the revenue to costs, profit and cash.

Ichor Holdings: 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.