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InnovAge Holding cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$25.8M in Q1 FY27 · $76.3M over twelve months

Operating cash flow$28.7M
Capital spending−$3.0M
Free cash flow+$25.8M
Cash / net income1.4×

Analysis

In Q1 FY27, InnovAge Holding generated $28.7M of operating cash flow and spent $3.0M on capital projects, leaving free cash flow of $25.8M. That is $25.9M more than in Q1 FY26 (−$153K).

Over the twelve months to Sep 30, 2026, operating cash flow was $89.5M; the largest uses were net borrowing (+) / repaid (−) ($17.1M), capital spending ($13.2M), taxes on employees’ shares ($2.9M); the cash balance rose by $52.1M.

Operating cash flow was $28.7M against net income of $20.9M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: receivables +$16.9M, payables −$15.0M, prepaid and other assets −$7.1M.

Free cash flow

InnovAge Holding: free cash flow by quarterInnovAge Holding: free cash flow by quarter$5.4MQ2 FY25$21.7MQ3 FY25$9.2MQ4 FY25−$153KQ1 FY26$19.0MQ2 FY26$14.5MQ3 FY26$17.0MQ4 FY26$25.8MQ1 FY27
Operating cash flow less capital spending.
InnovAge Holding: operating cash flow against capital spendingInnovAge Holding: operating cash flow against capital spendingOperating cash flowCapital spending$6.8M$1.3MQ2 FY25$24.6M$2.9MQ3 FY25$9.0M−$179KQ4 FY25$3.9M$4.1MQ1 FY26$21.4M$2.4MQ2 FY26$18.1M$3.6MQ3 FY26$21.3M$4.3MQ4 FY26$28.7M$3.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow $28.7M, Capital spending $3.0M.

Capital allocation, year by year

InnovAge Holding: where the cash came from (up) and went (down), by fiscal yearInnovAge Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsFY22: Operating cash flow $27.3MFY22: Net borrowing −$6.3MFY22: Capital spending −$38.2M$27.3MFY22FY23: Operating cash flow $20.2MFY23: Net borrowing −$7.9MFY23: Capital spending −$23.4M$20.2MFY23FY24: Operating cash flow −$36.9MFY24: Net borrowing −$8.4MFY24: Capital spending −$7.9MFY24: Acquisitions −$23.9MFY24FY25: Operating cash flow $32.9MFY25: Net borrowing −$9.9MFY25: Capital spending −$6.3MFY25: Acquisitions −$4.8M$32.9MFY25FY26: Operating cash flow $64.7MFY26: Net borrowing −$16.4MFY26: Capital spending −$14.3M$64.7MFY26
Over these 5 years operating cash flow totalled $108M; the largest uses were capital spending ($90.1M) and net borrowing ($49.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$163M
Debt$48.8M
Net cash$114M
Due within a year$2.5M

InnovAge Holding funds itself: free cash flow was $76.3M over the last twelve months, and $163M of cash and investments stands against $48.8M of debt ($2.5M due within a year, 64.3× covered by cash).

InnovAge Holding: debt maturities by year (FY26)InnovAge Holding: debt maturities by year (FY26)$2.5MYear 1$2.5MYear 2$43.7MYear 3
Principal due in each year as disclosed in the annual report, against $163M of cash and investments now.

Where the cash came from and went

InnovAge Holding: sources (+) and uses (−) of cash, Q1 FY27InnovAge Holding: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$28.7MCash drawn (+) / kept (−)−$21.4MCapital spending−$3.0MNet borrowing (+) / repaid (−)−$2.0MTaxes on employees’ shares−$1.6MOther investing−$437KOther financing−$361K
InnovAge Holding: sources (+) and uses (−) of cash, TTM to Q1 FY27InnovAge Holding: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$89.5MCash drawn (+) / kept (−)−$52.1MNet borrowing (+) / repaid (−)−$17.1MCapital spending−$13.2MTaxes on employees’ shares−$2.9MOther financing−$2.4MOther investing−$1.7M

From profit to cash

InnovAge Holding: net income to operating cash flow, Q1 FY27InnovAge Holding: net income to operating cash flow, Q1 FY27Net income$20.9MDepreciation & amortization$5.7MStock-based pay$1.7MDeferred taxes−$799KGains on disposals$5KReceivables$16.9MPayables−$15.0MPrepaid and other assets−$7.1MOperating cash flow$28.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$28.7M−$3.0M—−$2.0M−$21.4M$25.8M
Q4 FY26$21.3M−$4.3M—−$11.2M−$2.4M$17.0M
Q3 FY26$18.1M−$3.6M—−$1.9M−$12.3M$14.5M
Q2 FY26$21.4M−$2.4M—−$2.0M−$16.1M$19.0M
Q1 FY26$3.9M−$4.1M——−$3.0M−$153K
Q4 FY25$9.0M$179K—−$3.9M−$3.7M$9.2M
Q3 FY25$24.6M−$2.9M−$4.8M−$967K−$14.4M$21.7M
Q2 FY25$6.8M−$1.3M—−$3.0M−$7.1M$5.4M

InnovAge Holding: income statement and cash flow

InnovAge Holding, Q1 FY27: revenue $265M (+12% year over year), operating margin 7.6%. The chart follows the revenue to costs, profit and cash.

InnovAge Holding: 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.