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Mercury Systems cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$28.6M in Q4 FY26

Operating cash flow$42.2M
Capital spending−$13.6M
Free cash flow+$28.6M
Cash / net income52.8×
Cash conversion cycle158 days

Analysis

In Q4 FY26, Mercury Systems generated $42.2M of operating cash flow and spent $13.6M on capital projects, leaving free cash flow of $28.6M.

Operating cash flow was $42.2M against net income of $798K — 52.8× profit, cash ran ahead of reported earnings. The largest differences: payables −$43.6M, deferred revenue +$30.4M, depreciation & amortization +$17.5M.

Its cash conversion cycle was 158 days (receivables 28 + inventory 177 − payables 48).

Free cash flow

Mercury Systems: free cash flow by quarterMercury Systems: free cash flow by quarter−$20.9MQ1 FY25$81.9MQ2 FY25$24.1MQ3 FY25$34.0MQ4 FY25−$4.4MQ1 FY26$45.7MQ2 FY26−$1.8MQ3 FY26$28.6MQ4 FY26
Operating cash flow less capital spending.
Mercury Systems: operating cash flow against capital spendingMercury Systems: operating cash flow against capital spendingOperating cash flowCapital spending−$14.7M$6.2MQ1 FY25$85.5M$3.6MQ2 FY25$30.0M$5.9MQ3 FY25$38.1M$4.1MQ4 FY25$2.2M$6.5MQ1 FY26$51.6M$5.9MQ2 FY26$6.4M$8.3MQ3 FY26$42.2M$13.6MQ4 FY26
Latest (Q4 FY26): Operating cash flow $42.2M, Capital spending $13.6M.

Capital allocation, year by year

Mercury Systems: where the cash came from (up) and went (down), by fiscal yearMercury Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$18.9MFY22: Net borrowing $252MFY22: Shares issued $5.4MFY22: Capital spending −$27.7MFY22: Acquisitions −$243MFY22: Buybacks −$8.2M$257MFY22FY23: Operating cash flow −$21.3MFY23: Net borrowing $60.0MFY23: Shares issued $5.5MFY23: Capital spending −$38.8MFY23: Buybacks −$63K$65.5MFY23FY24: Operating cash flow $60.4MFY24: Net borrowing $80.0MFY24: Shares issued $4.6MFY24: Capital spending −$34.3MFY24: Buybacks −$31K$145MFY24FY25: Operating cash flow $139MFY25: Shares issued $3.7MFY25: Asset sales $6.2MFY25: Capital spending −$19.8MFY25: Acquisitions −$4.5M$149MFY25FY26: Operating cash flow $102MFY26: Net borrowing −$150MFY26: Shares issued $5.4MFY26: Capital spending −$34.3MFY26: Acquisitions −$1.4MFY26: Buybacks −$15.0M$108MFY26
Over these 5 years operating cash flow totalled $261M; the largest uses were acquisitions ($249M) and capital spending ($155M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$214M
Debtnone
Net cash$214M

Mercury Systems funds itself: free cash flow was — over the last twelve months, with $214M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Mercury Systems: sources (+) and uses (−) of cash, Q4 FY26Mercury Systems: sources (+) and uses (−) of cash, Q4 FY26Other financing−$150MCash drawn (+) / kept (−)$117MOperating cash flow$42.2MCapital spending−$13.6MShares issued$2.7MExchange rates$1.3M

From profit to cash

Mercury Systems: net income to operating cash flow, Q4 FY26Mercury Systems: net income to operating cash flow, Q4 FY26Net income$798KDepreciation & amortization$17.5MStock-based pay$11.9MDeferred taxes$8.8MOther non-cash−$986KReceivables$10.1MInventory−$8.1MPayables−$43.6MDeferred revenue$30.4MOther liabilities−$3.7MIncome taxes payable−$565KOperating cash flow$42.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY262817748158
Q3 FY263919457176
Q2 FY263918254167
Q1 FY264118950180
Q4 FY253516637164
Q3 FY254520641210
Q2 FY254719539203
Q1 FY255320546211

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$42.2M−$13.6M—$2.7M$117M$28.6M
Q3 FY26$6.4M−$8.3M——$3.2M−$1.8M
Q2 FY26$51.6M−$5.9M——−$30.3M$45.7M
Q1 FY26$2.2M−$6.5M——$4.4M−$4.4M
Q4 FY25$38.1M−$4.1M−$4.5M$2.2M−$39.3M$34.0M
Q3 FY25$30.0M−$5.9M——−$27.3M$24.1M
Q2 FY25$85.5M−$3.6M——−$84.4M$81.9M
Q1 FY25−$14.7M−$6.2M——$22.4M−$20.9M

Mercury Systems: income statement and cash flow

Mercury Systems, Q4 FY26: revenue $290M (+6% year over year), operating margin 5.0%. The chart follows the revenue to costs, profit and cash.

Mercury Systems: 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.