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Johnson Controls International cash flow, quarter by quarter

Latest: Q2 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$604M in Q2 FY26 · $2.7B over twelve months

Operating cash flow$672M
Capital spending−$68.0M
Free cash flow+$604M
Cash / net income1.1×
Cash conversion cycle55 days

Analysis

In Q2 FY26, Johnson Controls International generated $672M of operating cash flow and spent $68.0M on capital projects, leaving free cash flow of $604M. That is $148M more than in Q2 FY25 ($456M).

Over the twelve months to Mar 31, 2026, operating cash flow was $3.0B; the largest uses were buybacks ($5.5B), net borrowing (+) / repaid (−) ($1.4B), dividends ($975M); besides operations, cash came from other financing ($627M), asset & business sales ($213M); the cash balance fell by $105M.

Operating cash flow was $672M against net income of $616M — 1.1× profit, roughly in line with earnings. The largest differences: receivables −$460M, payables +$238M, depreciation & amortization +$169M.

Its cash conversion cycle was 55 days (receivables 94 + inventory 45 − payables 84).

Free cash flow

Johnson Controls International: free cash flow by quarterJohnson Controls International: free cash flow by quarter$932MQ3 FY24$1.2BQ4 FY24$133MQ1 FY25$456MQ2 FY25$693MQ3 FY25$838MQ4 FY25$531MQ1 FY26$604MQ2 FY26
Operating cash flow less capital spending.
Johnson Controls International: operating cash flow against capital spendingJohnson Controls International: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$89.0MQ3 FY24$1.4B$195MQ4 FY24$249M$116MQ1 FY25$550M$94.0MQ2 FY25$787M$94.0MQ3 FY25$968M$130MQ4 FY25$611M$80.0MQ1 FY26$672M$68.0MQ2 FY26
Latest (Q2 FY26): Operating cash flow $672M, Capital spending $68.0M.

Capital allocation, year by year

Johnson Controls International: where the cash came from (up) and went (down), by fiscal yearJohnson Controls International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $2.6BFY21: Net borrowing −$28.0MFY21: Shares issued $178MFY21: Asset sales $143MFY21: Capital spending −$552MFY21: Acquisitions −$725MFY21: Buybacks −$1.3BFY21: Dividends −$762M$2.9BFY21FY22: Operating cash flow $1.2BFY22: Net borrowing $2.0BFY22: Shares issued $17.0MFY22: Asset sales $127MFY22: Capital spending −$487MFY22: Acquisitions −$269MFY22: Buybacks −$1.4BFY22: Dividends −$916M$3.3BFY22FY23: Operating cash flow $1.9BFY23: Net borrowing −$457MFY23: Shares issued $42.0MFY23: Asset sales $58.0MFY23: Capital spending −$446MFY23: Acquisitions −$726MFY23: Buybacks −$625MFY23: Dividends −$980M$2.0BFY23FY24: Operating cash flow $1.6BFY24: Net borrowing $405MFY24: Asset sales $346MFY24: Capital spending −$494MFY24: Acquisitions −$3.0MFY24: Buybacks −$1.2BFY24: Dividends −$1.0B$2.3BFY24FY25: Operating cash flow $2.6BFY25: Net borrowing $155MFY25: Asset sales $42.0MFY25: Capital spending −$434MFY25: Acquisitions −$10.0MFY25: Buybacks −$6.0BFY25: Dividends −$976M$2.8BFY25
Over these 5 years operating cash flow totalled $9.8B; the largest uses were buybacks ($10.6B) and dividends ($4.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$698M
Debt$10.1B
Net debt$9.4B
Due within a year$566M

Johnson Controls International funds itself: free cash flow was $2.7B over the last twelve months, and $698M of cash and investments stands against $10.1B of debt ($566M due within a year, 1.2× covered by cash).

Johnson Controls International: debt maturities by year (FY25)Johnson Controls International: debt maturities by year (FY25)$566MYear 1$972MYear 2$710MYear 3$706MYear 4$631MYear 5$5.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $698M of cash and investments now.

Where the cash came from and went

Johnson Controls International: sources (+) and uses (−) of cash, Q2 FY26Johnson Controls International: sources (+) and uses (−) of cash, Q2 FY26Operating cash flow$672MDividends−$244MBuybacks−$215MCash drawn (+) / kept (−)−$140MNet borrowing (+) / repaid (−)−$87.0MNot reconciled$74.0MCapital spending−$68.0MOther investing$17.0MTaxes on employees’ shares−$11.0MAsset & business sales$2.0M
Johnson Controls International: sources (+) and uses (−) of cash, TTM to Q2 FY26Johnson Controls International: sources (+) and uses (−) of cash, TTM to Q2 FY26Buybacks−$5.5BNot reconciled$4.4BOperating cash flow$3.0BNet borrowing (+) / repaid (−)−$1.4BDividends−$975MOther financing$627MCapital spending−$372MAsset & business sales$213MCash drawn (+) / kept (−)$105MOther investing$5.0M

From profit to cash

Johnson Controls International: net income to operating cash flow, Q2 FY26Johnson Controls International: net income to operating cash flow, Q2 FY26Net income$616MDepreciation & amortization$169MStock-based pay$32.0MDeferred taxes−$18.0MImpairments$44.0MOther non-cash$24.0MReceivables−$460MInventory−$28.0MPayables$238MPrepaid and other assets$9.0MIncome taxes payable$92.0MOperating cash flow$672M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2694458455
Q1 FY2699468956
Q4 FY2589417951
Q3 FY2590438053
Q2 FY2591448154
Q1 FY2599468758
Q4 FY2494548760
Q3 FY24103709875

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY26$672M−$68.0M—−$215M−$244M−$87.0M—−$140M$604M
Q1 FY26$611M−$80.0M——−$245M−$171M—−$175M$531M
Q4 FY25$968M−$130M—−$5.0B−$243M−$1.4B—$358M$838M
Q3 FY25$787M−$94.0M—−$310M−$243M−$75.0M$4.0M$62.0M$693M
Q2 FY25$550M−$94.0M—−$330M−$245M−$156M—$440M$456M
Q1 FY25$249M−$116M—−$330M−$245M$787M—−$491M$133M
Q4 FY24$1.4B−$195M−$4.0M−$370M−$247M−$1.1B—$121M$1.2B
Q3 FY24$1.0B−$89.0M—−$402M−$249M−$256M$13.0M$66.0M$932M

Johnson Controls International: income statement and cash flow

Johnson Controls International, Q4 FY26: revenue $7.1B (+10% year over year), operating margin 14.9%. The chart follows the revenue to costs, profit and cash.

Johnson Controls 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.