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IPG Photonics cash flow, quarter by quarter

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

Free cash flow$28.8M in Q3 2026 · $35.0M over twelve months

Operating cash flow$46.2M
Capital spending−$17.4M
Free cash flow+$28.8M
Cash / net income2.3×
Cash conversion cycle215 days

Analysis

In Q3 2026, IPG Photonics generated $46.2M of operating cash flow and spent $17.4M on capital projects, leaving free cash flow of $28.8M. That is $14.2M more than in Q3 2025 ($14.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $107M; the largest uses were capital spending ($72.3M), buybacks ($9.2M), other financing ($7.8M); besides operations, cash came from other investing ($342M), asset & business sales ($2.5M); the cash balance rose by $365M.

Operating cash flow was $46.2M against net income of $20.3M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: inventory −$18.1M, depreciation & amortization +$16.0M, stock-based pay +$11.0M.

Its cash conversion cycle was 215 days (receivables 60 + inventory 180 − payables 25).

Free cash flow

IPG Photonics: free cash flow by quarterIPG Photonics: free cash flow by quarter$50.6MQ4 2024−$11.4MQ1 2025−$17.6MQ2 2025$14.6MQ3 2025$10.9MQ4 2025−$21.8MQ1 2026$17.1MQ2 2026$28.8MQ3 2026
Operating cash flow less capital spending.
IPG Photonics: operating cash flow against capital spendingIPG Photonics: operating cash flow against capital spendingOperating cash flowCapital spending$73.8M$23.2MQ4 2024$13.4M$24.8MQ1 2025−$2.2M$15.4MQ2 2025$35.3M$20.7MQ3 2025$28.8M$17.9MQ4 2025−$5.5M$16.3MQ1 2026$37.8M$20.7MQ2 2026$46.2M$17.4MQ3 2026
Latest (Q3 2026): Operating cash flow $46.2M, Capital spending $17.4M.

Capital allocation, year by year

IPG Photonics: where the cash came from (up) and went (down), by fiscal yearIPG Photonics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $390MFY2021: Net borrowing −$3.8MFY2021: Shares issued $19.2MFY2021: Asset sales $1.4MFY2021: Capital spending −$123MFY2021: Buybacks −$135M$410MFY2021FY2022: Operating cash flow $213MFY2022: Net borrowing −$18.1MFY2022: Shares issued $5.5MFY2022: Asset sales $79.8MFY2022: Capital spending −$110MFY2022: Acquisitions −$2.0MFY2022: Buybacks −$500M$298MFY2022FY2023: Operating cash flow $296MFY2023: Net borrowing −$16.0MFY2023: Shares issued $5.6MFY2023: Asset sales $31.2MFY2023: Capital spending −$110MFY2023: Buybacks −$223M$333MFY2023FY2024: Operating cash flow $248MFY2024: Shares issued $5.9MFY2024: Asset sales $3.3MFY2024: Capital spending −$98.5MFY2024: Acquisitions −$66.7MFY2024: Buybacks −$344M$257MFY2024FY2025: Operating cash flow $75.3MFY2025: Shares issued $783KFY2025: Asset sales $922KFY2025: Capital spending −$78.8MFY2025: Acquisitions $505KFY2025: Buybacks −$53.1M$77.6MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($1.3B) and capital spending ($521M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$926M
Debtnone
Net cash$926M

IPG Photonics funds itself: free cash flow was $35.0M over the last twelve months, with $926M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

IPG Photonics: sources (+) and uses (−) of cash, Q3 2026IPG Photonics: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$311MOther investing$284MOperating cash flow$46.2MCapital spending−$17.4MBuybacks−$2.6MAsset & business sales$1.2MExchange rates$518KOther financing−$298K
IPG Photonics: sources (+) and uses (−) of cash, TTM to Q3 2026IPG Photonics: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$365MOther investing$342MOperating cash flow$107MCapital spending−$72.3MBuybacks−$9.2MOther financing−$7.8MExchange rates$2.8MAsset & business sales$2.5M

From profit to cash

IPG Photonics: net income to operating cash flow, Q3 2026IPG Photonics: net income to operating cash flow, Q3 2026Net income$20.3MDepreciation & amortization$16.0MStock-based pay$11.0MOther non-cash$339KReceivables−$8.0MInventory−$18.1MPayables$5.7MAccrued liabilities$6.0MContract assets−$1.6MPrepaid and other assets$3.5MIncome taxes payable$5.9MOperating cash flow$46.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266018025215
Q2 20266117827212
Q1 20266317125209
Q4 20255816721205
Q3 20256719025233
Q2 20256917123217
Q1 20256918724232
Q4 20246619324235

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$46.2M−$17.4M−$2.6M−$311M$28.8M
Q2 2026$37.8M−$20.7M—$81.0M$17.1M
Q1 2026−$5.5M−$16.3M—−$77.0M−$21.8M
Q4 2025$28.8M−$17.9M−$6.5M−$57.8M$10.9M
Q3 2025$35.3M−$20.7M−$16.4M$13.2M$14.6M
Q2 2025−$2.2M−$15.4M—$3.9M−$17.6M
Q1 2025$13.4M−$24.8M—$257M−$11.4M
Q4 2024$73.8M−$23.2M−$57.3M$264M$50.6M

IPG Photonics: income statement and cash flow

IPG Photonics, Q3 2026: revenue $288M (+15% year over year), operating margin 7.2%. The chart follows the revenue to costs, profit and cash.

IPG Photonics: 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.