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Lear cash flow, quarter by quarter

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

Free cash flow$158M in Q3 2026 · $701M over twelve months

Operating cash flow$329M
Capital spending−$171M
Free cash flow+$158M
Cash / net income2.2×
Cash conversion cycle30 days

Analysis

In Q3 2026, Lear generated $329M of operating cash flow and spent $171M on capital projects, leaving free cash flow of $158M.

Over the twelve months to Oct 3, 2026, operating cash flow was $1.4B; the largest uses were capital spending ($663M), buybacks ($525M), dividends ($159M); besides operations, cash came from other investing ($17.5M); the cash balance fell by $121M.

Operating cash flow was $329M against net income of $150M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: payables −$163M, depreciation & amortization +$151M, receivables +$138M.

Its cash conversion cycle was 30 days (receivables 65 + inventory 29 − payables 65).

Free cash flow

Lear: free cash flow by quarterLear: free cash flow by quarter$489MQ4 2024−$232MQ1 2025$171MQ2 2025$307MQ3 2025$281MQ4 2025−$26.5MQ1 2026$288MQ2 2026$158MQ3 2026
Operating cash flow less capital spending.
Lear: operating cash flow against capital spendingLear: operating cash flow against capital spendingOperating cash flowCapital spending$681M$192MQ4 2024−$128M$104MQ1 2025$296M$125MQ2 2025$444M$137MQ3 2025$476M$195MQ4 2025$98.1M$125MQ1 2026$460M$173MQ2 2026$329M$171MQ3 2026
Latest (Q3 2026): Operating cash flow $329M, Capital spending $171M.

Capital allocation, year by year

Lear: where the cash came from (up) and went (down), by fiscal yearLear: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $670MFY2021: Net borrowing $477MFY2021: Capital spending −$585MFY2021: Buybacks −$100MFY2021: Dividends −$107M$1.1BFY2021FY2022: Operating cash flow $1.0BFY2022: Net borrowing $8.0MFY2022: Capital spending −$638MFY2022: Acquisitions −$188MFY2022: Buybacks −$100MFY2022: Dividends −$186M$1.0BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing $168MFY2023: Capital spending −$626MFY2023: Acquisitions −$174MFY2023: Buybacks −$296MFY2023: Dividends −$182M$1.4BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$50.0MFY2024: Capital spending −$559MFY2024: Acquisitions −$800KFY2024: Buybacks −$417MFY2024: Dividends −$174M$1.1BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$50.0MFY2025: Capital spending −$562MFY2025: Buybacks −$325MFY2025: Dividends −$165M$1.1BFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were capital spending ($3.0B) and buybacks ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$889M
Debt$2.7B
Net debt$1.9B
Due within a year$671M

Lear funds itself: free cash flow was $701M over the last twelve months, and $889M of cash and investments stands against $2.7B of debt ($671M due within a year, 1.3× covered by cash).

Where the cash came from and went

Lear: sources (+) and uses (−) of cash, Q3 2026Lear: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$329MBuybacks−$175MCapital spending−$171MCash drawn (+) / kept (−)$111MPartners−$41.3MDividends−$38.0MExchange rates−$8.2MOther financing−$4.6MOther investing−$2.3M
Lear: sources (+) and uses (−) of cash, TTM to Q3 2026Lear: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BCapital spending−$663MBuybacks−$525MDividends−$159MCash drawn (+) / kept (−)$121MPartners−$83.8MOther financing−$81.1MOther investing$17.5MExchange rates$9.0M

From profit to cash

Lear: net income to operating cash flow, Q3 2026Lear: net income to operating cash flow, Q3 2026Net income$150MDepreciation & amortization$151MReceivables$138MInventory−$46.1MPayables−$163MOperating cash flow$329M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202665296530
Q2 202661286128
Q1 202665306332
Q4 202564295934
Q3 202570306337
Q2 202566276033
Q1 202562285831
Q4 202465305935

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$329M−$171M−$175M−$38.0M$111M$158M
Q2 2026$460M−$173M−$100M−$38.7M−$120M$288M
Q1 2026$98.1M−$125M−$75.0M−$42.5M$151M−$26.5M
Q4 2025$476M−$195M−$175M−$39.4M−$20.9M$281M
Q3 2025$444M−$137M−$103M−$40.9M−$121M$307M
Q2 2025$296M−$125M−$22.5M−$41.2M−$111M$171M
Q1 2025−$128M−$104M−$25.0M−$43.3M$273M−$232M
Q4 2024$681M−$192M−$106M−$41.8M−$288M$489M

Lear: income statement and cash flow

Lear, Q3 2026: revenue $5.8B (+2% year over year), operating margin 3.4%. The chart follows the revenue to costs, profit and cash.

Lear: 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.