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Leslie's cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$97.9M in Q3 FY26 · −$6.3M over twelve months

Operating cash flow$99.0M
Capital spending−$1.0M
Free cash flow+$97.9M
Cash / net income2.1×
Cash conversion cycle51 days

Analysis

In Q3 FY26, Leslie's generated $99.0M of operating cash flow and spent $1.0M on capital projects, leaving free cash flow of $97.9M.

Over the twelve months to Jul 4, 2026, operating cash flow was $10.6M; the largest uses were net borrowing (+) / repaid (−) ($105M), capital spending ($17.0M), taxes on employees’ shares ($23K); besides operations, cash came from other financing ($115M), asset & business sales ($151K); the cash balance rose by $3.2M.

Operating cash flow was $99.0M against net income of $47.8M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: inventory +$29.1M, payables +$16.8M, receivables −$9.6M.

Its cash conversion cycle was 51 days (receivables 5 + inventory 77 − payables 32).

Free cash flow

Leslie's: free cash flow by quarterLeslie's: free cash flow by quarter$34.1MQ4 FY24−$110MQ1 FY25−$55.8MQ2 FY25$107MQ3 FY25$41.8MQ4 FY25−$85.5MQ1 FY26−$60.6MQ2 FY26$97.9MQ3 FY26
Operating cash flow less capital spending.
Leslie's: operating cash flow against capital spendingLeslie's: operating cash flow against capital spendingOperating cash flowCapital spending$47.1M$12.9MQ4 FY24−$105M$4.7MQ1 FY25−$49.2M$6.5MQ2 FY25$115M$7.9MQ3 FY25$48.2M$6.4MQ4 FY25−$81.1M$4.3MQ1 FY26−$55.4M$5.2MQ2 FY26$99.0M$1.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $99.0M, Capital spending $1.0M.

Capital allocation, year by year

Leslie's: where the cash came from (up) and went (down), by fiscal yearLeslie's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $169MFY21: Net borrowing −$395MFY21: Shares issued $459MFY21: Asset sales $2.4MFY21: Capital spending −$28.9MFY21: Acquisitions −$8.9M$630MFY21FY22: Operating cash flow $66.6MFY22: Net borrowing −$53.1MFY22: Asset sales $408KFY22: Capital spending −$31.7MFY22: Acquisitions −$108MFY22: Buybacks −$152M$67.1MFY22FY23: Operating cash flow $6.5MFY23: Net borrowing −$8.1MFY23: Asset sales $1.6MFY23: Capital spending −$38.6MFY23: Acquisitions −$15.5M$8.1MFY23FY24: Operating cash flow $107MFY24: Net borrowing −$6.1MFY24: Asset sales $81KFY24: Capital spending −$47.2M$108MFY24FY25: Operating cash flow $8.8MFY25: Net borrowing −$27.0MFY25: Asset sales $141KFY25: Capital spending −$25.5M$9.0MFY25
Over these 5 years operating cash flow totalled $359M; the largest uses were net borrowing ($490M) and capital spending ($172M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.9M
Debt$787M
Net debt$741M

Leslie's's operations bring cash in ($10.6M over twelve months), and it spends more than that on capital projects: a gap of $6.3M funded from its $45.9M of cash and investments and from borrowing ($787M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Leslie's: sources (+) and uses (−) of cash, Q3 FY26Leslie's: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$99.0MNet borrowing (+) / repaid (−)−$82.1MCash drawn (+) / kept (−)−$29.0MOther financing$13.0MCapital spending−$1.0MAsset & business sales$101KTaxes on employees’ shares−$2K
Leslie's: sources (+) and uses (−) of cash, TTM to Q3 FY26Leslie's: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing$115MNet borrowing (+) / repaid (−)−$105MCapital spending−$17.0MOperating cash flow$10.6MCash drawn (+) / kept (−)−$3.2MAsset & business sales$151KTaxes on employees’ shares−$23K

From profit to cash

Leslie's: net income to operating cash flow, Q3 FY26Leslie's: net income to operating cash flow, Q3 FY26Net income$47.8MDepreciation & amortization$7.6MStock-based pay$796KDeferred taxes−$6KGains on disposals$208KReceivables−$9.6MInventory$29.1MPayables$16.8MPrepaid and other assets−$1.6MOperating cash flow$99.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265773251
Q2 FY261016448125
Q1 FY261215837134
Q4 FY257992977
Q3 FY256923167
Q2 FY251620458162
Q1 FY252017744153
Q4 FY2410963275

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$99.0M−$1.0M−$82.1M−$29.0M$97.9M
Q2 FY26−$55.4M−$5.2M−$105K−$13.3M−$60.6M
Q1 FY26−$81.1M−$4.3M−$110K$60.7M−$85.5M
Q4 FY25$48.2M−$6.4M−$20.1M−$21.7M$41.8M
Q3 FY25$115M−$7.9M−$122M−$25.4M$107M
Q2 FY25−$49.2M−$6.5M−$18.1M−$5.6M−$55.8M
Q1 FY25−$105M−$4.7M−$27.1M$96.9M−$110M
Q4 FY24$47.1M−$12.9M−$145K−$34.1M$34.1M

Leslie's: income statement and cash flow

Leslie's, Q3 FY26: revenue $458M (-8% year over year), operating margin 13.4%. The chart follows the revenue to costs, profit and cash.

Leslie's: 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.