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Innovex International cash flow, quarter by quarter

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

Free cash flow$38.8M in Q3 2026 · $148M over twelve months

Operating cash flow$38.8M
Free cash flow+$38.8M
Cash / net income1.5×
Cash conversion cycle196 days

Analysis

In Q3 2026, Innovex International generated $38.8M of operating cash flow. That is $9.6M less than in Q3 2025 ($48.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $148M; the largest uses were acquisitions ($77.9M), other investing ($27.8M), buybacks ($14.1M); besides operations, cash came from asset & business sales ($7.5M); the cash balance rose by $25.4M.

Operating cash flow was $38.8M against net income of $26.3M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: inventory −$16.8M, depreciation & amortization +$16.5M, deferred taxes +$7.1M.

Its cash conversion cycle was 196 days (receivables 85 + inventory 154 − payables 43).

Free cash flow

Innovex International: free cash flow by quarterInnovex International: free cash flow by quarter$36.3MQ4 2024$31.1MQ1 2025$59.2MQ2 2025$48.4MQ3 2025$52.2MQ4 2025$19.8MQ1 2026$37.0MQ2 2026$38.8MQ3 2026
Operating cash flow less capital spending.
Innovex International: operating cash flow against capital spendingInnovex International: operating cash flow against capital spendingOperating cash flowCapital spending$36.3M$0Q4 2024$31.1M$0Q1 2025$59.2M$0Q2 2025$48.4M$0Q3 2025$52.2M$0Q4 2025$19.8M$0Q1 2026$37.0M$0Q2 2026$38.8M$0Q3 2026
Latest (Q3 2026): Operating cash flow $38.8M, Capital spending $0.

Capital allocation, year by year

Innovex International: where the cash came from (up) and went (down), by fiscal yearInnovex International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $38.4MFY2021: Net borrowing −$109KFY2021: Capital spending −$10.0MFY2021: Buybacks −$24.2M$38.4MFY2021FY2022: Operating cash flow −$36.8MFY2022: Asset sales $967KFY2022: Capital spending −$18.9MFY2022: Buybacks −$20.8M$967KFY2022FY2023: Operating cash flow $7.7MFY2023: Net borrowing −$23.9MFY2023: Asset sales $1.4MFY2023: Capital spending −$32.6MFY2023: Acquisitions −$82.3M$9.1MFY2023FY2024: Operating cash flow $93.4MFY2024: Net borrowing −$14.9MFY2024: Shares issued $3.3MFY2024: Asset sales $3.2MFY2024: Acquisitions −$65.5MFY2024: Dividends −$75.0M$100MFY2024FY2025: Operating cash flow $191MFY2025: Net borrowing −$21.5MFY2025: Asset sales $100MFY2025: Acquisitions −$83.7MFY2025: Buybacks −$9.3M$291MFY2025
Over these 5 years operating cash flow totalled $294M; the largest uses were acquisitions ($231M) and dividends ($75.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$189M
Debt$24.1M
Net cash$165M
Due within a year$5.0M

Innovex International funds itself: free cash flow was $148M over the last twelve months, and $189M of cash and investments stands against $24.1M of debt ($5.0M due within a year, 37.8× covered by cash).

Innovex International: debt maturities by year (FY2024)Innovex International: debt maturities by year (FY2024)$5.0MYear 1$19.0MYear 2$1.4MYear 3
Principal due in each year as disclosed in the annual report, against $189M of cash and investments now.

Where the cash came from and went

Innovex International: sources (+) and uses (−) of cash, Q3 2026Innovex International: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$63.3MOperating cash flow$38.8MCash drawn (+) / kept (−)$33.3MOther investing−$6.4MNet borrowing (+) / repaid (−)−$2.1MTaxes on employees’ shares−$709KAsset & business sales$343KExchange rates$84K
Innovex International: sources (+) and uses (−) of cash, TTM to Q3 2026Innovex International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$148MAcquisitions−$77.9MOther investing−$27.8MCash drawn (+) / kept (−)−$25.4MBuybacks−$14.1MNet borrowing (+) / repaid (−)−$8.4MAsset & business sales$7.5MTaxes on employees’ shares−$2.4MExchange rates$544K

From profit to cash

Innovex International: net income to operating cash flow, Q3 2026Innovex International: net income to operating cash flow, Q3 2026Net income$26.3MDepreciation & amortization$16.5MStock-based pay$3.4MDeferred taxes$7.1MGains on disposals−$89KReceivables−$6.8MInventory−$16.8MPayables$2.9MAccrued liabilities$6.2MPrepaid and other assets−$6.5MOther operating capital$238KOperating cash flow$38.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268515443196
Q2 20269014643193
Q1 20269114639198
Q4 20257712430171
Q3 20258515537203
Q2 20259316342214
Q1 20258914839199
Q4 20248515841202

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$38.8M−$63.3M—−$2.1M$33.3M$38.8M
Q2 2026$37.0M−$12.0M$1K−$2.0M−$21.3M$37.0M
Q1 2026$19.8M—−$14.1M−$2.1M$2.7M$19.8M
Q4 2025$52.2M−$2.5M—−$2.2M−$40.0M$52.2M
Q3 2025$48.4M−$500K—−$30.8M−$94.6M$48.4M
Q2 2025$59.2M−$63.3M−$8.7M$11.5M−$665K$59.2M
Q1 2025$31.1M−$17.4M−$626K−$30K$5.2M$31.1M
Q4 2024$36.3M−$65.5M—$12.4M$26.6M$36.3M

Innovex International: income statement and cash flow

Innovex International, Q3 2026: revenue $265M (+10% year over year), operating margin 12.2%. The chart follows the revenue to costs, profit and cash.

Innovex International: 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.