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Limbach Holdings cash flow, quarter by quarter

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

Free cash flow$19.5M in Q3 2026 · $57.3M over twelve months

Operating cash flow$20.3M
Capital spending−$735K
Free cash flow+$19.5M
Cash / net income2.1×
Cash conversion cycle21 days

Analysis

In Q3 2026, Limbach Holdings generated $20.3M of operating cash flow and spent $735K on capital projects, leaving free cash flow of $19.5M. That is $6.7M more than in Q3 2025 ($12.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $59.3M; the largest uses were net borrowing (+) / repaid (−) ($301M), other investing ($95.8M), taxes on employees’ shares ($12.0M); besides operations, cash came from other financing ($376M), asset & business sales ($1.3M); the cash balance rose by $26.2M.

Operating cash flow was $20.3M against net income of $9.4M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.5M, prepaid and other assets +$4.9M, payables +$3.4M.

Its cash conversion cycle was 21 days (receivables 68 + inventory 0 − payables 46).

Free cash flow

Limbach Holdings: free cash flow by quarterLimbach Holdings: free cash flow by quarter$18.0MQ4 2024$11KQ1 2025$1.2MQ2 2025$12.8MQ3 2025$27.9MQ4 2025−$8.2MQ1 2026$18.1MQ2 2026$19.5MQ3 2026
Operating cash flow less capital spending.
Limbach Holdings: operating cash flow against capital spendingLimbach Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$19.3M$1.3MQ4 2024$2.2M$2.2MQ1 2025$2.0M$845KQ2 2025$13.3M$481KQ3 2025$28.1M$251KQ4 2025−$7.8M$407KQ1 2026$18.7M$639KQ2 2026$20.3M$735KQ3 2026
Latest (Q3 2026): Operating cash flow $20.3M, Capital spending $735K.

Capital allocation, year by year

Limbach Holdings: where the cash came from (up) and went (down), by fiscal yearLimbach Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$24.2MFY2021: Net borrowing −$7.7MFY2021: Shares issued $23.1MFY2021: Asset sales $467KFY2021: Capital spending −$791KFY2021: Acquisitions −$19.0M$23.6MFY2021FY2022: Operating cash flow $35.4MFY2022: Net borrowing −$16.2MFY2022: Shares issued $309KFY2022: Asset sales $498KFY2022: Capital spending −$993KFY2022: Buybacks −$2.0M$36.2MFY2022FY2023: Operating cash flow $57.4MFY2023: Net borrowing −$14.2MFY2023: Shares issued $368KFY2023: Asset sales $435KFY2023: Capital spending −$2.3M$58.2MFY2023FY2024: Operating cash flow $36.8MFY2024: Net borrowing −$3.0MFY2024: Shares issued $440KFY2024: Asset sales $1.5MFY2024: Capital spending −$7.5M$38.8MFY2024FY2025: Operating cash flow $45.7MFY2025: Net borrowing −$4.4MFY2025: Shares issued $653KFY2025: Asset sales $1.9MFY2025: Capital spending −$3.8M$48.2MFY2025
Over these 5 years operating cash flow totalled $151M; the largest uses were net borrowing ($45.5M) and operating cash flow ($24.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.1M
Debt$154M
Net debt$125M
Due within a year$9.0M

Limbach Holdings funds itself: free cash flow was $57.3M over the last twelve months, and $29.1M of cash and investments stands against $154M of debt ($9.0M due within a year, 3.2× covered by cash).

Where the cash came from and went

Limbach Holdings: sources (+) and uses (−) of cash, Q3 2026Limbach Holdings: sources (+) and uses (−) of cash, Q3 2026Other financing$242MNet borrowing (+) / repaid (−)−$148MAcquisitions−$66.0MOther investing−$29.9MOperating cash flow$20.3MCash drawn (+) / kept (−)−$18.5MCapital spending−$735KAsset & business sales$369KShares issued$113K
Limbach Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Limbach Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$376MNet borrowing (+) / repaid (−)−$301MOther investing−$95.8MOperating cash flow$59.3MCash drawn (+) / kept (−)−$26.2MTaxes on employees’ shares−$12.0MCapital spending−$2.0MAsset & business sales$1.3MShares issued$717K

From profit to cash

Limbach Holdings: net income to operating cash flow, Q3 2026Limbach Holdings: net income to operating cash flow, Q3 2026Net income$9.4MDepreciation & amortization$6.5MStock-based pay$1.5MDeferred taxes$2.6MGains on disposals−$129KReceivables$1.2MPayables$3.4MAccrued liabilities$2.2MPrepaid and other assets$4.9MOther liabilities−$354KIncome taxes payable$1.1MOperating cash flow$20.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202668—4621
Q2 202671—4823
Q1 202682—5725
Q4 202568—4621
Q3 202564—4024
Q2 202572—4923
Q1 202578—5424
Q4 202471—5219

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$20.3M−$735K−$66.0M−$148M$113K−$18.5M$19.5M
Q2 2026$18.7M−$639K—−$16.1M$102K−$1.8M$18.1M
Q1 2026−$7.8M−$407K—$21.1M$419K−$4.4M−$8.2M
Q4 2025$28.1M−$251K—−$25.8M$83K−$1.5M$27.9M
Q3 2025$13.3M−$481K$3K$23.2M$129K$29.1M$12.8M
Q2 2025$2.0M−$845K$11K−$916K$117K−$850K$1.2M
Q1 2025$2.2M−$2.2M−$14K−$851K$324K$6.8M$11K
Q4 2024$19.3M−$1.3M—−$749K$71K$6.2M$18.0M

Limbach Holdings: income statement and cash flow

Limbach Holdings, Q3 2026: revenue $230M (+25% year over year), operating margin 6.5%. The chart follows the revenue to costs, profit and cash.

Limbach Holdings: 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.