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Levi Strauss cash flow, quarter by quarter

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

Free cash flow$44.3M in Q3 FY26 · $643M over twelve months

Operating cash flow$103M
Capital spending−$58.6M
Free cash flow+$44.3M
Cash / net income0.6×
Cash conversion cycle132 days

Analysis

In Q3 FY26, Levi Strauss generated $103M of operating cash flow and spent $58.6M on capital projects, leaving free cash flow of $44.3M.

Over the twelve months to Aug 30, 2026, operating cash flow was $852M; the largest uses were other investing ($241M), dividends ($224M), capital spending ($209M); besides operations, cash came from asset & business sales ($96.3M); the cash balance rose by $28.6M.

Operating cash flow was $103M against net income of $169M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$157M, inventory −$91.7M, payables +$85.6M.

Its cash conversion cycle was 132 days (receivables 38 + inventory 202 − payables 107).

Free cash flow

Levi Strauss: free cash flow by quarterLevi Strauss: free cash flow by quarter$232MQ4 FY24−$14.1MQ1 FY25$146MQ2 FY25−$39.4MQ3 FY25$216MQ4 FY25$152MQ1 FY26$231MQ2 FY26$44.3MQ3 FY26
Operating cash flow less capital spending.
Levi Strauss: operating cash flow against capital spendingLevi Strauss: operating cash flow against capital spendingOperating cash flowCapital spending$297M$65.7MQ4 FY24$52.5M$66.6MQ1 FY25$186M$39.5MQ2 FY25$24.8M$64.2MQ3 FY25$267M$51.1MQ4 FY25$212M$59.4MQ1 FY26$271M$39.9MQ2 FY26$103M$58.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $103M, Capital spending $58.6M.

Capital allocation, year by year

Levi Strauss: where the cash came from (up) and went (down), by fiscal yearLevi Strauss: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $737MFY21: Net borrowing −$12.2MFY21: Shares issued $7.7MFY21: Capital spending −$167MFY21: Acquisitions −$391MFY21: Buybacks −$85.9MFY21: Dividends −$104M$745MFY21FY22: Operating cash flow $228MFY22: Capital spending −$267MFY22: Buybacks −$176MFY22: Dividends −$174M$228MFY22FY23: Operating cash flow $436MFY23: Capital spending −$314MFY23: Acquisitions −$12.1MFY23: Buybacks −$8.1MFY23: Dividends −$190M$436MFY23FY24: Operating cash flow $898MFY24: Capital spending −$228MFY24: Acquisitions −$34.4MFY24: Buybacks −$90.1MFY24: Dividends −$198M$898MFY24FY25: Operating cash flow $530MFY25: Net borrowing −$7.9MFY25: Asset sales $195MFY25: Capital spending −$221MFY25: Buybacks −$30.5MFY25: Dividends −$213M$724MFY25
Over these 5 years operating cash flow totalled $2.8B; the largest uses were capital spending ($1.2B) and dividends ($881M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$779M
Debt$1.0B
Net debt$264M

Levi Strauss funds itself: free cash flow was $643M over the last twelve months, and $779M of cash and investments stands against $1.0B of debt.

Levi Strauss: debt maturities by year (FY25)Levi Strauss: debt maturities by year (FY25)$551MYear 5$500MAfter year 5
Principal due in each year as disclosed in the annual report, against $779M of cash and investments now.

Where the cash came from and went

Levi Strauss: sources (+) and uses (−) of cash, Q3 FY26Levi Strauss: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)$208MOther investing−$184MOperating cash flow$103MDividends−$61.6MCapital spending−$58.6MExchange rates−$3.0MTaxes on employees’ shares−$2.8MOther financing−$300K
Levi Strauss: sources (+) and uses (−) of cash, TTM to Q3 FY26Levi Strauss: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$852MOther investing−$241MDividends−$224MCapital spending−$209MOther financing−$208MAsset & business sales$96.3MTaxes on employees’ shares−$35.3MCash drawn (+) / kept (−)−$28.6MNet borrowing (+) / repaid (−)−$1.3MExchange rates−$1.1M

From profit to cash

Levi Strauss: net income to operating cash flow, Q3 FY26Levi Strauss: net income to operating cash flow, Q3 FY26Net income$169MDepreciation & amortization$54.8MStock-based pay$18.7MDeferred taxes$11.7MReceivables−$157MInventory−$91.7MPayables$85.6MEmployee-related liabilities$34.5MPrepaid and other assets−$36.3MOther operating capital$21.7MOperating cash flow$103M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2638202107132
Q2 FY263817885131
Q1 FY263916274126
Q4 FY253916680124
Q3 FY2540195100134
Q2 FY2540209104145
Q1 FY254118696131
Q4 FY243917698118

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$103M−$58.6M—−$61.6M—$208M$44.3M
Q2 FY26$271M−$39.9M—−$53.9M—−$133M$231M
Q1 FY26$212M−$59.4M—−$53.8M—$41.3M$152M
Q4 FY25$267M−$51.1M—−$54.7M−$1.3M−$145M$216M
Q3 FY25$24.8M−$64.2M—−$55.4M—$40.8M−$39.4M
Q2 FY25$186M−$39.5M−$500K−$51.4M—−$79.2M$146M
Q1 FY25$52.5M−$66.6M−$30.0M−$51.4M—$116M−$14.1M
Q4 FY24$297M−$65.7M−$30.4M−$51.4M—−$113M$232M

Levi Strauss: income statement and cash flow

Levi Strauss, Q3 FY26: revenue $1.6B (+4% year over year), operating margin 13.8%. The chart follows the revenue to costs, profit and cash.

Levi Strauss: 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.