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Gartner cash flow, quarter by quarter

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

Free cash flow$275M in Q3 2026 · $1.3B over twelve months

Operating cash flow$294M
Capital spending−$19.3M
Free cash flow+$275M
Cash / net income1.4×
Cash conversion cycle-128 days

Analysis

In Q3 2026, Gartner generated $294M of operating cash flow and spent $19.3M on capital projects, leaving free cash flow of $275M. That is $5.9M more than in Q3 2025 ($269M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were buybacks ($1.7B), capital spending ($83.5M), net borrowing (+) / repaid (−) ($5.0M); besides operations, cash came from other financing ($517M), asset & business sales ($99.8M); the cash balance rose by $202M.

Operating cash flow was $294M against net income of $214M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue −$187M, receivables +$171M, depreciation & amortization +$45.1M.

Its cash conversion cycle was -128 days (receivables 68 + inventory 0 − payables 196): suppliers fund its working capital.

Free cash flow

Gartner: free cash flow by quarterGartner: free cash flow by quarter$311MQ4 2024$288MQ1 2025$347MQ2 2025$269MQ3 2025$271MQ4 2025$371MQ1 2026$378MQ2 2026$275MQ3 2026
Operating cash flow less capital spending.
Gartner: operating cash flow against capital spendingGartner: operating cash flow against capital spendingOperating cash flowCapital spending$335M$23.9MQ4 2024$314M$25.6MQ1 2025$384M$36.2MQ2 2025$299M$29.5MQ3 2025$295M$23.8MQ4 2025$391M$20.4MQ1 2026$398M$19.9MQ2 2026$294M$19.3MQ3 2026
Latest (Q3 2026): Operating cash flow $294M, Capital spending $19.3M.

Capital allocation, year by year

Gartner: where the cash came from (up) and went (down), by fiscal yearGartner: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.3BFY2021: Net borrowing $487MFY2021: Shares issued $18.2MFY2021: Capital spending −$59.8MFY2021: Acquisitions −$22.9MFY2021: Buybacks −$1.7B$1.8BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$5.9MFY2022: Shares issued $22.2MFY2022: Capital spending −$108MFY2022: Acquisitions −$9.5MFY2022: Buybacks −$1.0B$1.1BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing −$7.8MFY2023: Shares issued $25.1MFY2023: Asset sales $161MFY2023: Capital spending −$103MFY2023: Acquisitions −$3.8MFY2023: Buybacks −$606M$1.3BFY2023FY2024: Operating cash flow $1.5BFY2024: Shares issued $28.2MFY2024: Capital spending −$102MFY2024: Acquisitions −$2.0MFY2024: Buybacks −$735M$1.5BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $525MFY2025: Shares issued $32.5MFY2025: Capital spending −$115MFY2025: Buybacks −$2.0B$1.8BFY2025
Over these 5 years operating cash flow totalled $6.3B; the largest uses were buybacks ($6.0B) and capital spending ($488M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$3.0B
Net debt$1.3B

Gartner funds itself: free cash flow was $1.3B over the last twelve months, and $1.6B of cash and investments stands against $3.0B of debt.

Where the cash came from and went

Gartner: sources (+) and uses (−) of cash, Q3 2026Gartner: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$294MCash drawn (+) / kept (−)−$144MBuybacks−$138MCapital spending−$19.3MExchange rates$7.1MShares issued$5.4MAsset & business sales−$5.0M
Gartner: sources (+) and uses (−) of cash, TTM to Q3 2026Gartner: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$1.7BOperating cash flow$1.4BOther financing$517MCash drawn (+) / kept (−)−$202MAsset & business sales$99.8MCapital spending−$83.5MShares issued$27.4MExchange rates−$13.7MNet borrowing (+) / repaid (−)−$5.0M

From profit to cash

Gartner: net income to operating cash flow, Q3 2026Gartner: net income to operating cash flow, Q3 2026Net income$214MDepreciation & amortization$45.1MStock-based pay$38.4MDeferred taxes−$19.3MReceivables$171MPayables$7.3MDeferred revenue−$187MPrepaid and other assets−$33.9MOperating cash flow$294M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202668—196-128
Q2 202671—165-94
Q1 202692—220-128
Q3 202572—180-108
Q2 202575—152-77
Q1 202594—197-103

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$294M−$19.3M−$138M$5.4M−$144M$275M
Q2 2026$398M−$19.9M−$547M$6.1M$178M$378M
Q1 2026$391M−$20.4M−$535M$8.7M$55.6M$371M
Q4 2025$295M−$23.8M−$498M$7.2M−$292M$271M
Q3 2025$299M−$29.5M−$1.1B$7.7M$767M$269M
Q2 2025$384M−$36.2M−$274M$7.7M−$106M$347M
Q1 2025$314M−$25.6M−$163M$9.7M−$158M$288M
Q4 2024$335M−$23.9M−$102M$7.4M−$165M$311M

Gartner: income statement and cash flow

Gartner, Q3 2026: revenue $1.5B (-1% year over year), operating margin 18.7%. The chart follows the revenue to costs, profit and cash.

Gartner: 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.