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Ingles Markets cash flow, quarter by quarter

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

Free cash flow$43.6M in Q3 FY26 · $150M over twelve months

Operating cash flow$67.0M
Capital spending−$23.4M
Free cash flow+$43.6M
Cash / net income2.6×
Cash conversion cycle33 days

Analysis

In Q3 FY26, Ingles Markets generated $67.0M of operating cash flow and spent $23.4M on capital projects, leaving free cash flow of $43.6M.

Over the twelve months to Jun 27, 2026, operating cash flow was $249M; the largest uses were capital spending ($99.5M), net borrowing (+) / repaid (−) ($19.0M), dividends ($12.3M); besides operations, cash came from asset & business sales ($734K); the cash balance rose by $119M.

Operating cash flow was $67.0M against net income of $25.9M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$30.1M, payables +$23.5M, deferred taxes −$8.2M.

Its cash conversion cycle was 33 days (receivables 7 + inventory 42 − payables 16).

Free cash flow

Ingles Markets: free cash flow by quarterIngles Markets: free cash flow by quarter$5.4MQ4 FY24−$81.4MQ1 FY25$38.9MQ2 FY25$45.4MQ3 FY25$36.8MQ4 FY25$2.1MQ1 FY26$67.1MQ2 FY26$43.6MQ3 FY26
Operating cash flow less capital spending.
Ingles Markets: operating cash flow against capital spendingIngles Markets: operating cash flow against capital spendingOperating cash flowCapital spending$73.3M$67.8MQ4 FY24−$43.6M$37.8MQ1 FY25$63.1M$24.2MQ2 FY25$74.8M$29.4MQ3 FY25$59.9M$23.1MQ4 FY25$38.4M$36.4MQ1 FY26$83.8M$16.7MQ2 FY26$67.0M$23.4MQ3 FY26
Latest (Q3 FY26): Operating cash flow $67.0M, Capital spending $23.4M.

Capital allocation, year by year

Ingles Markets: where the cash came from (up) and went (down), by fiscal yearIngles Markets: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY21: Operating cash flow $306MFY21: Net borrowing −$367MFY21: Asset sales $17.6MFY21: Capital spending −$141MFY21: Buybacks −$80.0MFY21: Dividends −$12.6M$324MFY21FY22: Operating cash flow $339MFY22: Net borrowing −$18.4MFY22: Asset sales $2.6MFY22: Capital spending −$120MFY22: Dividends −$12.3M$342MFY22FY23: Operating cash flow $266MFY23: Net borrowing −$22.7MFY23: Asset sales $3.5MFY23: Capital spending −$174MFY23: Dividends −$12.3M$270MFY23FY24: Operating cash flow $263MFY24: Net borrowing −$18.9MFY24: Asset sales $4.7MFY24: Capital spending −$211MFY24: Dividends −$12.3M$267MFY24FY25: Operating cash flow $154MFY25: Net borrowing −$19.0MFY25: Asset sales $4.6MFY25: Capital spending −$115MFY25: Dividends −$12.3M$159MFY25
Over these 5 years operating cash flow totalled $1.3B; the largest uses were capital spending ($759M) and net borrowing ($446M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$455M
Debt$515M
Net debt$59.7M
Due within a year$18.3M

Ingles Markets funds itself: free cash flow was $150M over the last twelve months, and $455M of cash and investments stands against $515M of debt ($18.3M due within a year, 24.9× covered by cash).

Ingles Markets: debt maturities by year (FY25)Ingles Markets: debt maturities by year (FY25)$18.3MYear 1$18.3MYear 2$12.8MYear 3$12.3MYear 4$84.6MYear 5$373MAfter year 5
Principal due in each year as disclosed in the annual report, against $455M of cash and investments now.

Where the cash came from and went

Ingles Markets: sources (+) and uses (−) of cash, Q3 FY26Ingles Markets: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$67.0MCash drawn (+) / kept (−)−$37.1MCapital spending−$23.4MNet borrowing (+) / repaid (−)−$3.6MDividends−$3.1MAsset & business sales$169K
Ingles Markets: sources (+) and uses (−) of cash, TTM to Q3 FY26Ingles Markets: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$249MCash drawn (+) / kept (−)−$119MCapital spending−$99.5MNet borrowing (+) / repaid (−)−$19.0MDividends−$12.3MAsset & business sales$734KOther financing−$39K

From profit to cash

Ingles Markets: net income to operating cash flow, Q3 FY26Ingles Markets: net income to operating cash flow, Q3 FY26Net income$25.9MDepreciation & amortization$30.1MDeferred taxes−$8.2MGains on disposals−$44KReceivables−$1.5MInventory−$249KPayables$23.5MPrepaid and other assets−$2.6MOperating cash flow$67.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY267421633
Q2 FY267451636
Q1 FY267421534
Q4 FY257431633
Q3 FY257441634
Q2 FY257441635
Q1 FY256441833
Q4 FY246391728

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$67.0M−$23.4M−$3.1M−$3.6M−$37.1M$43.6M
Q2 FY26$83.8M−$16.7M−$3.1M−$8.1M−$56.3M$67.1M
Q1 FY26$38.4M−$36.4M−$3.1M−$3.6M$4.6M$2.1M
Q4 FY25$59.9M−$23.1M−$3.1M−$3.6M−$30.2M$36.8M
Q3 FY25$74.8M−$29.4M−$3.1M−$3.6M−$38.8M$45.4M
Q2 FY25$63.1M−$24.2M−$3.1M−$8.1M−$27.8M$38.9M
Q1 FY25−$43.6M−$37.8M−$3.1M−$3.6M$84.2M−$81.4M
Q4 FY24$73.3M−$67.8M−$3.1M−$3.6M$1.1M$5.4M

Ingles Markets: income statement and cash flow

Ingles Markets, Q3 FY26: revenue $1.4B (+2% year over year), operating margin 2.5%. The chart follows the revenue to costs, profit and cash.

Ingles Markets: 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.