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International Flavors & Fragrances cash flow, quarter by quarter

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

Free cash flow−$7.0M in Q3 2026 · $501M over twelve months

Operating cash flow$141M
Capital spending−$148M
Free cash flow−$7.0M
Cash conversion cycle104 days

Analysis

In Q3 2026, International Flavors & Fragrances generated $141M of operating cash flow and spent $148M on capital projects, leaving free cash flow of −$7.0M. That is $39.0M less than in Q3 2025 ($32.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were net borrowing (+) / repaid (−) ($759M), capital spending ($637M), buybacks ($622M); besides operations, cash came from other financing ($1.0B), asset & business sales ($283M); the cash balance fell by $102M.

Operating cash flow was $141M against net income of −$55.0M. The largest differences: depreciation & amortization +$150M, receivables −$103M, employee-related liabilities +$87.0M.

Its cash conversion cycle was 104 days (receivables 67 + inventory 122 − payables 85).

Free cash flow

International Flavors & Fragrances: free cash flow by quarterInternational Flavors & Fragrances: free cash flow by quarter$229MQ4 2024−$52.0MQ1 2025$146MQ2 2025$32.0MQ3 2025$130MQ4 2025$92.0MQ1 2026$286MQ2 2026−$7.0MQ3 2026
Operating cash flow less capital spending.
International Flavors & Fragrances: operating cash flow against capital spendingInternational Flavors & Fragrances: operating cash flow against capital spendingOperating cash flowCapital spending$389M$160MQ4 2024$127M$179MQ1 2025$241M$95.0MQ2 2025$164M$132MQ3 2025$318M$188MQ4 2025$257M$165MQ1 2026$422M$136MQ2 2026$141M$148MQ3 2026
Latest (Q3 2026): Operating cash flow $141M, Capital spending $148M.

Capital allocation, year by year

International Flavors & Fragrances: where the cash came from (up) and went (down), by fiscal yearInternational Flavors & Fragrances: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.4BFY2021: Net borrowing −$612MFY2021: Shares issued $9.0MFY2021: Asset sales $133MFY2021: Capital spending −$393MFY2021: Dividends −$667M$1.6BFY2021FY2022: Operating cash flow $397MFY2022: Net borrowing −$340MFY2022: Asset sales $1.2BFY2022: Capital spending −$504MFY2022: Acquisitions −$110MFY2022: Dividends −$810M$1.6BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing −$879MFY2023: Asset sales $1.1BFY2023: Capital spending −$503MFY2023: Dividends −$826M$2.5BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$1.0BFY2024: Asset sales $896MFY2024: Capital spending −$463MFY2024: Dividends −$514M$2.0BFY2024FY2025: Operating cash flow $850MFY2025: Net borrowing −$2.6BFY2025: Asset sales $2.8BFY2025: Capital spending −$594MFY2025: Buybacks −$38.0MFY2025: Dividends −$409M$3.6BFY2025
Over these 5 years operating cash flow totalled $5.2B; the largest uses were net borrowing ($5.5B) and dividends ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$272M
Debt$6.2B
Net debt$5.9B
Due within a year$2.1B

International Flavors & Fragrances funds itself: free cash flow was $501M over the last twelve months, and $272M of cash and investments stands against $6.2B of debt ($2.1B due within a year, 0.1× covered by cash).

Where the cash came from and went

International Flavors & Fragrances: sources (+) and uses (−) of cash, Q3 2026International Flavors & Fragrances: sources (+) and uses (−) of cash, Q3 2026Other financing$1.0BBuybacks−$513MNet borrowing (+) / repaid (−)−$428MCapital spending−$148MOperating cash flow$141MDividends−$102MCash drawn (+) / kept (−)$50.0MAsset & business sales$46.0MOther investing−$39.0MExchange rates−$6.0MTaxes on employees’ shares−$1.0M
International Flavors & Fragrances: sources (+) and uses (−) of cash, TTM to Q3 2026International Flavors & Fragrances: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BOther financing$1.0BNet borrowing (+) / repaid (−)−$759MCapital spending−$637MBuybacks−$622MDividends−$409MAsset & business sales$283MCash drawn (+) / kept (−)$102MOther investing−$77.0MTaxes on employees’ shares−$20.0M

From profit to cash

International Flavors & Fragrances: net income to operating cash flow, Q3 2026International Flavors & Fragrances: net income to operating cash flow, Q3 2026Net income−$55.0MDepreciation & amortization$150MStock-based pay$20.0MDeferred taxes−$62.0MImpairments$23.0MGains on disposals$2.0MReceivables−$103MInventory−$9.0MPayables−$84.0MEmployee-related liabilities$87.0MOther operating capital−$58.0MOperating cash flow$141M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266712285104
Q2 202676155101130
Q1 202651986089
Q4 202529492849
Q3 202590202113179
Q2 202584192111165
Q1 2025531096597
Q4 20245611164104

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$141M−$148M−$513M−$102M−$428M$50.0M−$7.0M
Q2 2026$422M−$136M−$36.0M−$102M−$107M−$7.0M$286M
Q1 2026$257M−$165M−$35.0M−$102M−$160M$28.0M$92.0M
Q4 2025$318M−$188M−$38.0M−$103M−$56.0M$31.0M$130M
Q3 2025$164M−$132M—−$102M−$130M$195M$32.0M
Q2 2025$241M−$95.0M—−$102M−$2.7B−$166M$146M
Q1 2025$127M−$179M—−$102M$276M−$179M−$52.0M
Q4 2024$389M−$160M—−$103M−$56.0M$98.0M$229M

International Flavors & Fragrances: income statement and cash flow

International Flavors & Fragrances, Q3 2026: revenue $1.9B (+4% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

International Flavors & Fragrances: 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.