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Miller Industries cash flow, quarter by quarter

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

Free cash flow$13.7M in Q3 2026 · $108M over twelve months

Operating cash flow$23.7M
Capital spending−$10.0M
Free cash flow+$13.7M
Cash / net income3.9×

Analysis

In Q3 2026, Miller Industries generated $23.7M of operating cash flow and spent $10.0M on capital projects, leaving free cash flow of $13.7M. That is $4.5M less than in Q3 2025 ($18.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $136M; the largest uses were net borrowing (+) / repaid (−) ($45.0M), capital spending ($27.2M), other investing ($19.9M); the cash balance rose by $22.0M.

Operating cash flow was $23.7M against net income of $6.1M — 3.9× profit, cash ran ahead of reported earnings. The largest differences: payables −$12.2M, inventory −$6.7M, depreciation & amortization +$3.3M.

Free cash flow

Miller Industries: free cash flow by quarterMiller Industries: free cash flow by quarter−$13.0MQ4 2024−$2.4MQ1 2025$25.6MQ2 2025$18.1MQ3 2025$43.8MQ4 2025$22.8MQ1 2026$28.0MQ2 2026$13.7MQ3 2026
Operating cash flow less capital spending.
Miller Industries: operating cash flow against capital spendingMiller Industries: operating cash flow against capital spendingOperating cash flowCapital spending−$11.7M$1.3MQ4 2024$2.7M$5.1MQ1 2025$27.2M$1.7MQ2 2025$19.9M$1.8MQ3 2025$48.9M$5.1MQ4 2025$30.7M$7.9MQ1 2026$32.2M$4.2MQ2 2026$23.7M$10.0MQ3 2026
Latest (Q3 2026): Operating cash flow $23.7M, Capital spending $10.0M.

Capital allocation, year by year

Miller Industries: where the cash came from (up) and went (down), by fiscal yearMiller Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $15.3MFY2021: Net borrowing −$22KFY2021: Asset sales $91KFY2021: Capital spending −$9.2MFY2021: Dividends −$8.2M$15.4MFY2021FY2022: Operating cash flow −$19.2MFY2022: Net borrowing $45.0MFY2022: Asset sales $8KFY2022: Capital spending −$28.9MFY2022: Dividends −$8.2M$45.0MFY2022FY2023: Operating cash flow $11.0MFY2023: Net borrowing $15.0MFY2023: Asset sales $398KFY2023: Capital spending −$12.1MFY2023: Acquisitions −$17.4MFY2023: Dividends −$8.2M$26.4MFY2023FY2024: Operating cash flow $16.9MFY2024: Net borrowing $5.0MFY2024: Capital spending −$15.4MFY2024: Buybacks −$2.9MFY2024: Dividends −$8.7M$21.9MFY2024FY2025: Operating cash flow $98.7MFY2025: Net borrowing −$35.6MFY2025: Capital spending −$13.7MFY2025: Acquisitions −$18.6MFY2025: Buybacks −$6.0MFY2025: Dividends −$9.2M$98.7MFY2025
Over these 5 years operating cash flow totalled $123M; the largest uses were capital spending ($79.2M) and dividends ($42.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$60.4M
Debt$3.5M
Net cash$56.9M
Due within a year$2.5M

Miller Industries funds itself: free cash flow was $108M over the last twelve months, and $60.4M of cash and investments stands against $3.5M of debt ($2.5M due within a year, 24.4× covered by cash).

Where the cash came from and went

Miller Industries: sources (+) and uses (−) of cash, Q3 2026Miller Industries: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$23.7MCapital spending−$10.0MCash drawn (+) / kept (−)−$4.8MBuybacks−$2.7MExchange rates−$2.6MDividends−$2.4MOther investing−$1.6MOther financing$360K
Miller Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Miller Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$136MNet borrowing (+) / repaid (−)−$45.0MCapital spending−$27.2MCash drawn (+) / kept (−)−$22.0MOther investing−$19.9MBuybacks−$9.6MDividends−$9.5MExchange rates−$2.0MOther financing−$249K

From profit to cash

Miller Industries: net income to operating cash flow, Q3 2026Miller Industries: net income to operating cash flow, Q3 2026Net income$6.1MDepreciation & amortization$3.3MStock-based pay$1.4MDeferred taxes$1.6MGains on disposals$490KInventory−$6.7MPayables−$12.2MAccrued liabilities$3.3MPrepaid and other assets−$80KIncome taxes payable−$335KOperating cash flow$23.7M
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$23.7M−$10.0M−$2.7M−$2.4M—−$4.8M$13.7M
Q2 2026$32.2M−$4.2M−$2.5M−$2.4M−$20.0M−$2.7M$28.0M
Q1 2026$30.7M−$7.9M−$2.2M−$2.4M−$10.0M−$8.3M$22.8M
Q4 2025$48.9M−$5.1M−$2.2M−$2.3M−$15.0M−$6.3M$43.8M
Q3 2025$19.9M−$1.8M−$1.2M−$2.3M−$10.0M−$6.6M$18.1M
Q2 2025$27.2M−$1.7M−$500K−$2.3M−$20.0M−$4.5M$25.6M
Q1 2025$2.7M−$5.1M−$2.1M−$2.3M$10.0M−$3.0M−$2.4M
Q4 2024−$11.7M−$1.3M—−$2.2M—$16.3M−$13.0M

Miller Industries: income statement and cash flow

Miller Industries, Q3 2026: revenue $212M (+19% year over year), operating margin 3.5%. The chart follows the revenue to costs, profit and cash.

Miller Industries: 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.