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James Hardie Industries cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$281M in Q2 FY27 · $683M over twelve months

Operating cash flow$350M
Capital spending−$68.5M
Free cash flow+$281M
Cash / net income2.3×

Analysis

In Q2 FY27, James Hardie Industries generated $350M of operating cash flow and spent $68.5M on capital projects, leaving free cash flow of $281M. That is $326M more than in Q2 FY26 (−$45.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were net borrowing (+) / repaid (−) ($872M), capital spending ($346M), other financing ($145M); besides operations, cash came from other investing ($86.5M), shares issued ($15.2M); the cash balance fell by $234M.

Operating cash flow was $350M against net income of $151M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$163M, inventory +$28.1M, prepaid and other assets +$18.8M.

Free cash flow

James Hardie Industries: free cash flow by quarterJames Hardie Industries: free cash flow by quarter$104MQ1 FY26−$45.3MQ2 FY26$254MQ1 FY27$281MQ2 FY27
Operating cash flow less capital spending.
James Hardie Industries: operating cash flow against capital spendingJames Hardie Industries: operating cash flow against capital spendingOperating cash flowCapital spending$207M$103MQ1 FY26$47.4M$92.7MQ2 FY26$344M$89.8MQ1 FY27$350M$68.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $350M, Capital spending $68.5M.

Capital allocation, year by year

James Hardie Industries: where the cash came from (up) and went (down), by fiscal yearJames Hardie Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $757MFY22: Net borrowing $39.0MFY22: Shares issued $300KFY22: Capital spending −$258MFY22: Dividends −$484M$796MFY22FY23: Operating cash flow $608MFY23: Net borrowing $188MFY23: Shares issued $200KFY23: Asset sales $14.1MFY23: Capital spending −$591MFY23: Buybacks −$78.4MFY23: Dividends −$130M$810MFY23FY24: Operating cash flow $914MFY24: Net borrowing −$231MFY24: Shares issued $400KFY24: Asset sales $4.2MFY24: Capital spending −$449MFY24: Buybacks −$271M$919MFY24FY25: Operating cash flow $803MFY25: Net borrowing −$8.7MFY25: Asset sales $400KFY25: Capital spending −$422MFY25: Buybacks −$150M$803MFY25FY26: Operating cash flow $590MFY26: Net borrowing $1.2BFY26: Shares issued $1.7MFY26: Asset sales $108MFY26: Capital spending −$384MFY26: Acquisitions −$3.9B$1.9BFY26
Over these 5 years operating cash flow totalled $3.7B; the largest uses were acquisitions ($3.9B) and capital spending ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$265M
Debt$4.5B
Net debt$4.3B
Due within a year$43.8M

James Hardie Industries funds itself: free cash flow was $683M over the last twelve months, and $265M of cash and investments stands against $4.5B of debt ($43.8M due within a year, 6.1× covered by cash).

James Hardie Industries: debt maturities by year (FY26)James Hardie Industries: debt maturities by year (FY26)$43.8MYear 1$477MYear 2$838MYear 3$87.5MYear 4$2.1BYear 5$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $265M of cash and investments now.

Where the cash came from and went

James Hardie Industries: sources (+) and uses (−) of cash, Q2 FY27James Hardie Industries: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$350MNet borrowing (+) / repaid (−)−$152MOther financing−$111MCapital spending−$68.5MCash drawn (+) / kept (−)−$30.6MShares issued$12.5MTaxes on employees’ shares−$1.8MNot reconciled$1.3M
James Hardie Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27James Hardie Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.0BNet borrowing (+) / repaid (−)−$872MCapital spending−$346MCash drawn (+) / kept (−)$234MOther financing−$145MOther investing$86.5MShares issued$15.2MTaxes on employees’ shares−$9.3MNot reconciled$7.2M

From profit to cash

James Hardie Industries: net income to operating cash flow, Q2 FY27James Hardie Industries: net income to operating cash flow, Q2 FY27Net income$151MDepreciation & amortization$163MStock-based pay$18.3MDeferred taxes$2.8MReceivables−$13.7MInventory$28.1MPrepaid and other assets$18.8MIncome taxes payable−$3.3MOther operating capital−$3.7MOperating cash flow$350M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$350M−$68.5M−$152M$12.5M−$30.6M$281M
Q1 FY27$344M−$89.8M−$262M$1.0M$22.4M$254M
Q2 FY26$47.4M−$92.7M−$1.2M—$1.5B−$45.3M
Q1 FY26$207M−$103M$1.7B—−$1.5B$104M

James Hardie Industries: income statement and cash flow

James Hardie Industries, Q2 FY27: revenue $1.4B (+24% year over year), operating margin 18.4%. The chart follows the revenue to costs, profit and cash.

James Hardie Industries: 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.