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Karman Holdings cash flow, quarter by quarter

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

Free cash flow$13.4M in Q3 2026 · −$7.5M over twelve months

Operating cash flow$26.7M
Capital spending−$13.4M
Free cash flow+$13.4M
Cash / net income1.3×
Cash conversion cycle32 days

Analysis

In Q3 2026, Karman Holdings generated $26.7M of operating cash flow and spent $13.4M on capital projects, leaving free cash flow of $13.4M. That is $20.2M more than in Q3 2025 (−$6.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $32.5M; the largest uses were acquisitions ($390M), other financing ($41.1M), capital spending ($39.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($488M), other investing ($387K); the cash balance rose by $49.5M.

Operating cash flow was $26.7M against net income of $20.9M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: contract assets −$21.2M, depreciation & amortization +$16.5M, deferred revenue +$8.4M.

Its cash conversion cycle was 32 days (receivables 54 + inventory 20 − payables 42).

Free cash flow

Karman Holdings: free cash flow by quarterKarman Holdings: free cash flow by quarter$3.6MQ4 2024−$18.6MQ1 2025−$21.0MQ2 2025−$6.8MQ3 2025$4.0MQ4 2025−$7.2MQ1 2026−$17.7MQ2 2026$13.4MQ3 2026
Operating cash flow less capital spending.
Karman Holdings: operating cash flow against capital spendingKarman Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$7.6M$4.0MQ4 2024−$13.6M$5.0MQ1 2025−$17.4M$3.6MQ2 2025$131K$7.0MQ3 2025$8.7M$4.7MQ4 2025$209K$7.4MQ1 2026−$3.2M$14.5MQ2 2026$26.7M$13.4MQ3 2026
Latest (Q3 2026): Operating cash flow $26.7M, Capital spending $13.4M.

Capital allocation, year by year

Karman Holdings: where the cash came from (up) and went (down), by fiscal yearKarman Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2022: Operating cash flow −$5.9MFY2022: Net borrowing $17.5MFY2022: Capital spending −$21.3M$17.5MFY2022FY2023: Operating cash flow $20.3MFY2023: Net borrowing −$6.3MFY2023: Capital spending −$16.8M$20.3MFY2023FY2024: Operating cash flow $26.6MFY2024: Net borrowing $25.5MFY2024: Asset sales $306KFY2024: Capital spending −$15.3MFY2024: Acquisitions −$31.3M$52.4MFY2024FY2025: Operating cash flow −$22.1MFY2025: Net borrowing $137MFY2025: Shares issued $155MFY2025: Capital spending −$20.3MFY2025: Acquisitions −$212M$292MFY2025
Over these 4 years operating cash flow totalled $19.0M; the largest uses were acquisitions ($243M) and capital spending ($73.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$68.2M
Debt$859M
Net debt$791M
Due within a year$5.0M

Karman Holdings's operations bring cash in ($32.5M over twelve months), and it spends more than that on capital projects: a gap of $7.5M funded from its $68.2M of cash and investments and from borrowing ($859M of debt, $5.0M due within a year). That is a choice to invest, not a cash runway running down.

Karman Holdings: debt maturities by year (FY2025)Karman Holdings: debt maturities by year (FY2025)$5.0MYear 1$5.0MYear 2$5.0MYear 3$5.0MYear 4$5.0MYear 5$482MAfter year 5
Principal due in each year as disclosed in the annual report, against $68.2M of cash and investments now.

Where the cash came from and went

Karman Holdings: sources (+) and uses (−) of cash, Q3 2026Karman Holdings: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$94.6MAcquisitions−$94.2MOperating cash flow$26.7MCash drawn (+) / kept (−)−$16.4MCapital spending−$13.4MOther financing$2.9MNot reconciled−$196K
Karman Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Karman Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$488MAcquisitions−$390MCash drawn (+) / kept (−)−$49.5MOther financing−$41.1MCapital spending−$39.9MOperating cash flow$32.5MOther investing$387KNot reconciled−$196K

From profit to cash

Karman Holdings: net income to operating cash flow, Q3 2026Karman Holdings: net income to operating cash flow, Q3 2026Net income$20.9MDepreciation & amortization$16.5MStock-based pay$1.9MDeferred taxes−$4.5MReceivables−$2.7MInventory−$8.0MDeferred revenue$8.4MContract assets−$21.2MPrepaid and other assets−$5.8MOperating cash flow$26.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202654204232
Q2 202653143731
Q1 202653143630
Q4 202551153729
Q3 202548193929
Q2 202542173623
Q1 202546154021

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$26.7M−$13.4M−$94.2M$94.6M—−$16.4M$13.4M
Q2 2026−$3.2M−$14.5M$150K−$3.1M—$22.1M−$17.7M
Q1 2026$209K−$7.4M−$210M$262M—−$39.8M−$7.2M
Q4 2025$8.7M−$4.7M−$85.7M$104M$1.0M−$15.3M$4.0M
Q3 2025$131K−$7.0M—−$996K—$8.8M−$6.8M
Q2 2025−$17.4M−$3.6M—−$336M—$86.2M−$21.0M
Q1 2025−$13.6M−$5.0M—−$27.3M$154M−$102M−$18.6M
Q4 2024$7.6M−$4.0M−$455K$1.4M—−$3.9M$3.6M

Karman Holdings: income statement and cash flow

Karman Holdings, Q3 2026: revenue $202M (+66% year over year), operating margin 15.7%. The chart follows the revenue to costs, profit and cash.

Karman Holdings: 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.