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Lineage cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$186M in Q2 2026 · $244M over twelve months

Operating cash flow$311M
Capital spending−$125M
Free cash flow+$186M
Cash conversion cycle-55 days

Analysis

In Q2 2026, Lineage generated $311M of operating cash flow and spent $125M on capital projects, leaving free cash flow of $186M. That is $91.0M more than in Q2 2025 ($95.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $987M; the largest uses were capital spending ($743M), dividends ($538M), other financing ($164M); besides operations, cash came from net borrowing (+) / repaid (−) ($344M), asset & business sales ($85.0M); the cash balance fell by $24.0M.

Operating cash flow was $311M against net income of −$32.0M. The largest differences: depreciation & amortization +$237M, stock-based pay +$23.0M, inventory +$13.0M.

Its cash conversion cycle was -55 days (receivables 61 + inventory 13 − payables 129): suppliers fund its working capital.

Free cash flow

Lineage: free cash flow by quarterLineage: free cash flow by quarter$33.0MQ3 2024$52.0MQ4 2024−$12.0MQ1 2025$95.0MQ2 2025$35.0MQ3 2025$78.0MQ4 2025−$55.0MQ1 2026$186MQ2 2026
Operating cash flow less capital spending.
Lineage: operating cash flow against capital spendingLineage: operating cash flow against capital spendingOperating cash flowCapital spending$186M$153MQ3 2024$257M$205MQ4 2024$139M$151MQ1 2025$258M$163MQ2 2025$230M$195MQ3 2025$316M$238MQ4 2025$130M$185MQ1 2026$311M$125MQ2 2026
Latest (Q2 2026): Operating cash flow $311M, Capital spending $125M.

Capital allocation, year by year

Lineage: where the cash came from (up) and went (down), by fiscal yearLineage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $501MFY2022: Net borrowing $1.1BFY2022: Asset sales $4.0MFY2022: Capital spending −$813MFY2022: Acquisitions −$1.6BFY2022: Dividends −$180M$1.6BFY2022FY2023: Operating cash flow $796MFY2023: Net borrowing $64.0MFY2023: Shares issued −$6.0MFY2023: Asset sales $19.0MFY2023: Capital spending −$766MFY2023: Acquisitions −$283MFY2023: Buybacks −$12.0MFY2023: Dividends −$46.0M$879MFY2023FY2024: Operating cash flow $703MFY2024: Net borrowing −$4.1BFY2024: Shares issued $4.9BFY2024: Asset sales $7.0MFY2024: Capital spending −$691MFY2024: Acquisitions −$346MFY2024: Buybacks −$42.0MFY2024: Dividends −$234M$5.6BFY2024FY2025: Operating cash flow $943MFY2025: Net borrowing $673MFY2025: Asset sales $84.0MFY2025: Capital spending −$747MFY2025: Acquisitions −$443MFY2025: Buybacks −$82.0MFY2025: Dividends −$537M$1.7BFY2025
Over these 4 years operating cash flow totalled $2.9B; the largest uses were net borrowing ($4.1B) and capital spending ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$58.0M
Debt$6.2B
Net debt$6.2B
Due within a year$809M

Lineage funds itself: free cash flow was $244M over the last twelve months, and $58.0M of cash and investments stands against $6.2B of debt ($809M due within a year, 0.1× covered by cash).

Lineage: debt maturities by year (FY2025)Lineage: debt maturities by year (FY2025)$809MYear 1$96.0MYear 2$779MYear 3$2.8BYear 4$501MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $58.0M of cash and investments now.

Where the cash came from and went

Lineage: sources (+) and uses (−) of cash, Q2 2026Lineage: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$311MDividends−$136MCapital spending−$125MNet borrowing (+) / repaid (−)−$69.0MCash drawn (+) / kept (−)$9.0MOther financing$7.0MAsset & business sales$4.0MOther investing−$1.0M
Lineage: sources (+) and uses (−) of cash, TTM to Q2 2026Lineage: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$987MCapital spending−$743MDividends−$538MNet borrowing (+) / repaid (−)$344MOther financing−$164MAsset & business sales$85.0MOther investing$31.0MCash drawn (+) / kept (−)$24.0MTaxes on employees’ shares−$14.0MAcquisitions−$8.0MPartners−$2.0MExchange rates−$2.0M

From profit to cash

Lineage: net income to operating cash flow, Q2 2026Lineage: net income to operating cash flow, Q2 2026Net income−$32.0MDepreciation & amortization$237MStock-based pay$23.0MDeferred taxes−$7.0MReceivables−$3.0MInventory$13.0MOperating cash flow$311M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20266113129-55
Q1 20266314133-56
Q4 20256016121-45
Q3 20255817109-34
Q2 20255917113-38
Q1 20255819121-44
Q4 20245918127-49
Q3 20246418121-40

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$311M−$125M——−$136M−$69.0M$9.0M$186M
Q1 2026$130M−$185M——−$133M$174M−$1.0M−$55.0M
Q4 2025$316M−$238M−$2.0M−$82.0M−$135M$112M$9.0M$78.0M
Q3 2025$230M−$195M−$2.0M—−$134M$146M$7.0M$35.0M
Q2 2025$258M−$163M−$439M—−$134M$277M$115M$95.0M
Q1 2025$139M−$151M——−$134M$159M−$22.0M−$12.0M
Q4 2024$257M−$205M−$233M−$17.0M−$96.0M$16.0M$237M$52.0M
Q3 2024$186M−$153M−$40.0M—−$15.0M−$4.5B−$336M$33.0M

Lineage: income statement and cash flow

Lineage, Q2 2026: revenue $1.4B (+0.8% year over year), operating margin 4.0%. The chart follows the revenue to costs, profit and cash.

Lineage: 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.