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Matson cash flow, quarter by quarter

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

Free cash flow$176M in Q3 2026 · $283M over twelve months

Operating cash flow$229M
Capital spending−$52.5M
Free cash flow+$176M
Cash / net income1.1×

Analysis

In Q3 2026, Matson generated $229M of operating cash flow and spent $52.5M on capital projects, leaving free cash flow of $176M. That is $84.1M more than in Q3 2025 ($92.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $638M; the largest uses were capital spending ($355M), buybacks ($258M), dividends ($44.6M); besides operations, cash came from other investing ($214M); the cash balance rose by $129M.

Operating cash flow was $229M against net income of $209M — 1.1× profit, roughly in line with earnings. The largest differences: payables +$39.3M, prepaid and other assets −$18.7M, stock-based pay +$6.5M.

Free cash flow

Matson: free cash flow by quarterMatson: free cash flow by quarter$49.3MQ4 2024−$200KQ1 2025$19.3MQ2 2025$92.4MQ3 2025$42.2MQ4 2025$45.7MQ1 2026−$44.2MQ2 2026$176MQ3 2026
Operating cash flow less capital spending.
Matson: operating cash flow against capital spendingMatson: operating cash flow against capital spendingOperating cash flowCapital spending$175M$125MQ4 2024$89.0M$89.2MQ1 2025$106M$86.3MQ2 2025$176M$83.2MQ3 2025$177M$135MQ4 2025$94.0M$48.3MQ1 2026$138M$182MQ2 2026$229M$52.5MQ3 2026
Latest (Q3 2026): Operating cash flow $229M, Capital spending $52.5M.

Capital allocation, year by year

Matson: where the cash came from (up) and went (down), by fiscal yearMatson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $984MFY2021: Net borrowing −$131MFY2021: Asset sales $1.9MFY2021: Capital spending −$14.9MFY2021: Buybacks −$198MFY2021: Dividends −$45.9M$986MFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing −$112MFY2022: Asset sales $1.2MFY2022: Capital spending −$209MFY2022: Buybacks −$397MFY2022: Dividends −$48.0M$1.3BFY2022FY2023: Operating cash flow $510MFY2023: Net borrowing −$76.9MFY2023: Asset sales $1.2MFY2023: Capital spending −$248MFY2023: Buybacks −$155MFY2023: Dividends −$45.0M$512MFY2023FY2024: Operating cash flow $768MFY2024: Net borrowing −$39.7MFY2024: Asset sales $5.9MFY2024: Capital spending −$310MFY2024: Buybacks −$199MFY2024: Dividends −$44.8M$774MFY2024FY2025: Operating cash flow $547MFY2025: Net borrowing −$39.7MFY2025: Asset sales $9.1MFY2025: Capital spending −$393MFY2025: Buybacks −$303MFY2025: Dividends −$44.9M$556MFY2025
Over these 5 years operating cash flow totalled $4.1B; the largest uses were buybacks ($1.3B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$222M
Debt$371M
Net debt$149M
Due within a year$39.7M

Matson funds itself: free cash flow was $283M over the last twelve months, and $222M of cash and investments stands against $371M of debt ($39.7M due within a year, 5.6× covered by cash).

Matson: debt maturities by year (FY2025)Matson: debt maturities by year (FY2025)$39.7MYear 1$39.7MYear 2$28.2MYear 3$28.2MYear 4$28.2MYear 5$197MAfter year 5
Principal due in each year as disclosed in the annual report, against $222M of cash and investments now.

Where the cash came from and went

Matson: sources (+) and uses (−) of cash, Q3 2026Matson: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$229MCash drawn (+) / kept (−)−$103MBuybacks−$60.3MCapital spending−$52.5MDividends−$11.4MNet borrowing (+) / repaid (−)−$10.1MOther investing$7.9M
Matson: sources (+) and uses (−) of cash, TTM to Q3 2026Matson: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$638MCapital spending−$355MBuybacks−$258MOther investing$214MCash drawn (+) / kept (−)−$129MDividends−$44.6MNet borrowing (+) / repaid (−)−$39.7MTaxes on employees’ shares−$25.2M

From profit to cash

Matson: net income to operating cash flow, Q3 2026Matson: net income to operating cash flow, Q3 2026Net income$209MStock-based pay$6.5MDeferred taxes−$1.9MPayables$39.3MPrepaid and other assets−$18.7MOther liabilities−$3.2MOperating cash flow$229M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$229M−$52.5M−$60.3M−$11.4M−$10.1M−$103M$176M
Q2 2026$138M−$182M−$67.0M−$11.0M−$9.8M−$19.2M−$44.2M
Q1 2026$94.0M−$48.3M−$52.8M−$11.0M−$10.1M$41.8M$45.7M
Q4 2025$177M−$135M−$77.5M−$11.2M−$9.7M−$49.2M$42.2M
Q3 2025$176M−$83.2M−$65.4M−$11.4M−$10.1M−$33.6M$92.4M
Q2 2025$106M−$86.3M−$93.5M−$11.0M−$9.8M$62.9M$19.3M
Q1 2025$89.0M−$89.2M−$66.9M−$11.3M−$10.1M$145M−$200K
Q4 2024$175M−$125M−$31.7M−$11.3M−$9.7M$5.9M$49.3M

Matson: income statement and cash flow

Matson, Q3 2026: revenue $1.1B (+26% year over year), operating margin 22.9%. The chart follows the revenue to costs, profit and cash.

Matson: 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.