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Lennox International cash flow, quarter by quarter

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

Free cash flow$362M in Q3 2026 · $836M over twelve months

Operating cash flow$395M
Capital spending−$33.2M
Free cash flow+$362M
Cash / net income1.8×
Cash conversion cycle106 days

Analysis

In Q3 2026, Lennox International generated $395M of operating cash flow and spent $33.2M on capital projects, leaving free cash flow of $362M. That is $97.0M more than in Q3 2025 ($265M).

Over the twelve months to Sep 30, 2026, operating cash flow was $989M; the largest uses were other investing ($751M), buybacks ($452M), dividends ($183M); besides operations, cash came from net borrowing (+) / repaid (−) ($298M), other financing ($283M); the cash balance rose by $12.8M.

Operating cash flow was $395M against net income of $221M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$34.6M, inventory +$33.2M, accrued liabilities +$32.4M.

Its cash conversion cycle was 106 days (receivables 53 + inventory 100 − payables 46).

Free cash flow

Lennox International: free cash flow by quarterLennox International: free cash flow by quarter$272MQ4 2024−$61.3MQ1 2025$58.3MQ2 2025$265MQ3 2025$377MQ4 2025−$39.4MQ1 2026$136MQ2 2026$362MQ3 2026
Operating cash flow less capital spending.
Lennox International: operating cash flow against capital spendingLennox International: operating cash flow against capital spendingOperating cash flowCapital spending$332M$60.2MQ4 2024−$35.8M$25.5MQ1 2025$86.8M$28.5MQ2 2025$301M$35.6MQ3 2025$406M$29.2MQ4 2025$16.1M$55.5MQ1 2026$172M$35.7MQ2 2026$395M$33.2MQ3 2026
Latest (Q3 2026): Operating cash flow $395M, Capital spending $33.2M.

Capital allocation, year by year

Lennox International: where the cash came from (up) and went (down), by fiscal yearLennox International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $516MFY2021: Net borrowing −$5.8MFY2021: Shares issued $3.3MFY2021: Asset sales $900KFY2021: Capital spending −$107MFY2021: Buybacks −$600MFY2021: Dividends −$126M$520MFY2021FY2022: Operating cash flow $302MFY2022: Net borrowing $172MFY2022: Shares issued $3.6MFY2022: Asset sales $1.6MFY2022: Capital spending −$101MFY2022: Buybacks −$300MFY2022: Dividends −$142M$479MFY2022FY2023: Operating cash flow $736MFY2023: Net borrowing $634MFY2023: Shares issued $3.9MFY2023: Asset sales $25.3MFY2023: Capital spending −$250MFY2023: Acquisitions −$94.9MFY2023: Dividends −$153M$1.4BFY2023FY2024: Operating cash flow $946MFY2024: Net borrowing −$167MFY2024: Shares issued $4.5MFY2024: Asset sales −$5.2MFY2024: Capital spending −$164MFY2024: Acquisitions $1.8MFY2024: Buybacks −$53.6MFY2024: Dividends −$160M$952MFY2024FY2025: Operating cash flow $758MFY2025: Net borrowing $204MFY2025: Shares issued $4.0MFY2025: Asset sales $1.4MFY2025: Capital spending −$119MFY2025: Acquisitions −$545MFY2025: Buybacks −$482MFY2025: Dividends −$173M$967MFY2025
Over these 5 years operating cash flow totalled $3.3B; the largest uses were buybacks ($1.4B) and dividends ($755M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.5M
Debt$1.6B
Net debt$1.6B
Due within a year$774M

Lennox International funds itself: free cash flow was $836M over the last twelve months, and $45.5M of cash and investments stands against $1.6B of debt ($774M due within a year, 0.1× covered by cash).

Lennox International: debt maturities by year (FY2025)Lennox International: debt maturities by year (FY2025)$600MYear 2$500MYear 3
Principal due in each year as disclosed in the annual report, against $45.5M of cash and investments now.

Where the cash came from and went

Lennox International: sources (+) and uses (−) of cash, Q3 2026Lennox International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$395MOther investing−$211MBuybacks−$151MDividends−$47.0MNet borrowing (+) / repaid (−)$43.1MCapital spending−$33.2MOther financing−$6.1MCash drawn (+) / kept (−)$4.6MShares issued$3.2MExchange rates$1.6MAsset & business sales$600KTaxes on employees’ shares−$100K
Lennox International: sources (+) and uses (−) of cash, TTM to Q3 2026Lennox International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$989MOther investing−$751MBuybacks−$452MNet borrowing (+) / repaid (−)$298MOther financing$283MDividends−$183MCapital spending−$154MTaxes on employees’ shares−$17.4MCash drawn (+) / kept (−)−$12.8MExchange rates−$2.5MAsset & business sales$2.3M

From profit to cash

Lennox International: net income to operating cash flow, Q3 2026Lennox International: net income to operating cash flow, Q3 2026Net income$221MDepreciation & amortization$34.6MStock-based pay$3.3MDeferred taxes$1.8MInventory$33.2MPayables$500KAccrued liabilities$32.4MPrepaid and other assets$12.1MIncome taxes payable−$20.3MOther operating capital$8.0MOperating cash flow$395M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265310046106
Q2 20264610745108
Q1 20264913652132
Q4 20255112252122
Q3 202552985298
Q2 202546885481
Q1 2025551086697
Q4 202451805080

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$395M−$33.2M−$151M−$47.0M$43.1M$3.2M$4.6M$362M
Q2 2026$172M−$35.7M−$132M−$45.3M$51.0M—−$3.1M$136M
Q1 2026$16.1M−$55.5M−$19.5M−$45.2M$135M$2.6M−$14.5M−$39.4M
Q4 2025$406M−$29.2M−$150M−$45.6M$69.0M—$200K$377M
Q3 2025$301M−$35.6M−$37.0M−$45.7M$128M$1.4M−$3.7M$265M
Q2 2025$86.8M−$28.5M−$210M−$40.8M$29.0M$1.4M$168M$58.3M
Q1 2025−$35.8M−$25.5M−$85.2M−$40.9M—$1.2M$198M−$61.3M
Q4 2024$332M−$60.2M−$40.7M−$41.0M——−$172M$272M

Lennox International: income statement and cash flow

Lennox International, Q3 2026: revenue $1.6B (+10% year over year), operating margin 19.8%. The chart follows the revenue to costs, profit and cash.

Lennox International: 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.