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Keel Infrastructure cash flow, quarter by quarter

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

Free cash flow−$56.6M in Q3 2026 · −$325M over twelve months

Operating cash flow−$41.9M
Capital spending−$14.8M
Free cash flow−$56.6M
Cash conversion cycle-19 days

Analysis

In Q3 2026, Keel Infrastructure generated −$41.9M of operating cash flow and spent $14.8M on capital projects, leaving free cash flow of −$56.6M. That is $16.9M more than in Q3 2025 (−$73.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$232M; the largest uses were operating cash flow ($232M), net borrowing (+) / repaid (−) ($115M), capital spending ($93.1M); besides operations, cash came from other investing ($166M), asset & business sales ($13.1M); the cash balance rose by $757M.

Operating cash flow was −$41.9M against net income of −$62.7M. The largest differences: other non-cash +$53.2M, other operating capital −$25.1M, payables −$15.1M.

Its cash conversion cycle was -19 days (receivables 14 + inventory 20 − payables 53): suppliers fund its working capital.

Free cash flow

Keel Infrastructure: free cash flow by quarterKeel Infrastructure: free cash flow by quarter−$62.2MQ1 2025−$93.6MQ2 2025−$73.5MQ3 2025−$97.6MQ4 2025−$75.0MQ1 2026−$96.0MQ2 2026−$56.6MQ3 2026
Operating cash flow less capital spending.
Keel Infrastructure: operating cash flow against capital spendingKeel Infrastructure: operating cash flow against capital spendingOperating cash flowCapital spending−$18.8M$43.3MQ1 2025−$74.9M$18.7MQ2 2025−$60.2M$13.3MQ3 2025−$72.7M$24.9MQ4 2025−$64.7M$10.3MQ1 2026−$52.9M$43.1MQ2 2026−$41.9M$14.8MQ3 2026
Latest (Q3 2026): Operating cash flow −$41.9M, Capital spending $14.8M.

Capital allocation, year by year

Keel Infrastructure: where the cash came from (up) and went (down), by fiscal yearKeel Infrastructure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$43.3MFY2021FY2022: Operating cash flow −$122MFY2022: Capital spending −$153MFY2022FY2023: Operating cash flow −$107MFY2023: Net borrowing −$33.0MFY2023: Asset sales $3.1MFY2023: Capital spending −$48.4M$3.1MFY2023FY2024: Operating cash flow −$142MFY2024: Net borrowing −$3.5MFY2024: Asset sales $5.5MFY2024: Capital spending −$287M$5.5MFY2024FY2025: Operating cash flow −$227MFY2025: Net borrowing $688MFY2025: Asset sales $63.0MFY2025: Capital spending −$100MFY2025: Acquisitions −$48.1M$751MFY2025
Over these 5 years operating cash flow totalled −$641M; the largest uses were operating cash flow ($641M) and capital spending ($589M). Cash-flow statements as filed.

Where the cash came from and went

Keel Infrastructure: sources (+) and uses (−) of cash, Q3 2026Keel Infrastructure: sources (+) and uses (−) of cash, Q3 2026Other investing$158MCash drawn (+) / kept (−)−$100MOperating cash flow−$41.9MCapital spending−$14.8MOther financing−$1.2MNet borrowing (+) / repaid (−)−$244KExchange rates−$45K
Keel Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Keel Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Not reconciled$1.0BCash drawn (+) / kept (−)−$757MOperating cash flow−$232MOther investing$166MNet borrowing (+) / repaid (−)−$115MCapital spending−$93.1MAsset & business sales$13.1MExchange rates−$93K

From profit to cash

Keel Infrastructure: net income to operating cash flow, Q3 2026Keel Infrastructure: net income to operating cash flow, Q3 2026Net income−$62.7MDepreciation & amortization$12.6MStock-based pay$8.8MImpairments$2.8MGains on disposals−$2.7MOther non-cash$53.2MReceivables−$3.4MInventory−$738KPayables−$15.1MPrepaid and other assets−$433KOther liabilities−$1.8MOther operating capital−$25.1MOperating cash flow−$41.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026142053-19
Q2 2026167149
Q1 20261314242

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$41.9M−$14.8M—−$244K−$100M−$56.6M
Q2 2026−$52.9M−$43.1M—−$342K−$371M−$96.0M
Q1 2026−$64.7M−$10.3M—−$114M$233M−$75.0M
Q4 2025−$72.7M−$24.9M—−$519K−$519M−$97.6M
Q3 2025−$60.2M−$13.3M—−$416K−$1.5M−$73.5M
Q2 2025−$74.9M−$18.7M—−$563K−$71.9M−$93.6M
Q1 2025−$18.8M−$43.3M−$48.1M−$40K$21.0M−$62.2M

Keel Infrastructure: income statement and cash flow

Keel Infrastructure, Q3 2026: revenue $27.6M (-59% year over year), operating margin -27.8%. The chart follows the revenue to costs, profit and cash.

Keel Infrastructure: 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.