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Mueller Water Products cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$94.1M in Q3 FY26 · $180M over twelve months

Operating cash flow$106M
Capital spending−$11.7M
Free cash flow+$94.1M
Cash / net income1.6×
Cash conversion cycle143 days

Analysis

In Q3 FY26, Mueller Water Products generated $106M of operating cash flow and spent $11.7M on capital projects, leaving free cash flow of $94.1M. That is $38.4M more than in Q3 FY25 ($55.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $238M; the largest uses were capital spending ($58.1M), dividends ($43.3M), buybacks ($15.5M); besides operations, cash came from shares issued ($2.3M), asset & business sales ($1.3M); the cash balance rose by $123M.

Operating cash flow was $106M against net income of $67.3M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$12.6M, prepaid and other assets −$9.2M, other liabilities +$7.7M.

Its cash conversion cycle was 143 days (receivables 47 + inventory 145 − payables 49).

Free cash flow

Mueller Water Products: free cash flow by quarterMueller Water Products: free cash flow by quarter$69.9MQ4 FY24$42.2MQ1 FY25$5.1MQ2 FY25$55.7MQ3 FY25$69.0MQ4 FY25$44.0MQ1 FY26−$27.5MQ2 FY26$94.1MQ3 FY26
Operating cash flow less capital spending.
Mueller Water Products: operating cash flow against capital spendingMueller Water Products: operating cash flow against capital spendingOperating cash flowCapital spending$89.3M$19.4MQ4 FY24$54.1M$11.9MQ1 FY25$14.3M$9.2MQ2 FY25$67.4M$11.7MQ3 FY25$83.5M$14.5MQ4 FY25$61.2M$17.2MQ1 FY26−$12.8M$14.7MQ2 FY26$106M$11.7MQ3 FY26
Latest (Q3 FY26): Operating cash flow $106M, Capital spending $11.7M.

Capital allocation, year by year

Mueller Water Products: where the cash came from (up) and went (down), by fiscal yearMueller Water Products: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $157MFY21: Net borrowing $450MFY21: Shares issued $1.9MFY21: Asset sales $700KFY21: Capital spending −$62.7MFY21: Acquisitions −$19.7MFY21: Buybacks −$10.0MFY21: Dividends −$34.8M$609MFY21FY22: Operating cash flow $52.3MFY22: Net borrowing −$1.4MFY22: Shares issued $2.0MFY22: Capital spending −$54.7MFY22: Acquisitions −$200KFY22: Buybacks −$35.0MFY22: Dividends −$36.5M$54.3MFY22FY23: Operating cash flow $109MFY23: Net borrowing −$1.1MFY23: Shares issued $2.7MFY23: Asset sales $5.5MFY23: Capital spending −$47.6MFY23: Buybacks −$10.0MFY23: Dividends −$38.1M$117MFY23FY24: Operating cash flow $239MFY24: Net borrowing −$900KFY24: Shares issued $7.7MFY24: Asset sales $200KFY24: Capital spending −$47.4MFY24: Buybacks −$10.0MFY24: Dividends −$39.9M$247MFY24FY25: Operating cash flow $219MFY25: Net borrowing −$1.3MFY25: Shares issued $4.7MFY25: Asset sales $200KFY25: Capital spending −$47.3MFY25: Buybacks −$15.0MFY25: Dividends −$41.9M$224MFY25
Over these 5 years operating cash flow totalled $776M; the largest uses were capital spending ($260M) and dividends ($191M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$495M
Debt$453M
Net cash$42.4M
Due within a year$1.2M

Mueller Water Products funds itself: free cash flow was $180M over the last twelve months, and $495M of cash and investments stands against $453M of debt ($1.2M due within a year, 412.8× covered by cash).

Mueller Water Products: debt maturities by year (FY25)Mueller Water Products: debt maturities by year (FY25)$1.2MYear 1$1.2MYear 2$1.2MYear 3$450MYear 4
Principal due in each year as disclosed in the annual report, against $495M of cash and investments now.

Where the cash came from and went

Mueller Water Products: sources (+) and uses (−) of cash, Q3 FY26Mueller Water Products: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$106MCash drawn (+) / kept (−)−$74.3MCapital spending−$11.7MDividends−$10.9MBuybacks−$10.0MAsset & business sales$1.1MShares issued$600KNet borrowing (+) / repaid (−)−$500KTaxes on employees’ shares−$200KExchange rates$100K
Mueller Water Products: sources (+) and uses (−) of cash, TTM to Q3 FY26Mueller Water Products: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$238MCash drawn (+) / kept (−)−$123MCapital spending−$58.1MDividends−$43.3MBuybacks−$15.5MExchange rates$5.0MTaxes on employees’ shares−$4.4MShares issued$2.3MNet borrowing (+) / repaid (−)−$1.7MAsset & business sales$1.3M

From profit to cash

Mueller Water Products: net income to operating cash flow, Q3 FY26Mueller Water Products: net income to operating cash flow, Q3 FY26Net income$67.3MDepreciation & amortization$12.6MStock-based pay$2.9MDeferred taxes$2.7MImpairments$4.0MOther non-cash$300KReceivables$5.1MInventory$500KPayables$1.9MPrepaid and other assets−$9.2MOther liabilities$7.7MOperating cash flow$106M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY264714549143
Q2 FY264014348135
Q1 FY265016461153
Q4 FY255012348125
Q3 FY255012146125
Q2 FY254511941122
Q1 FY255414248147
Q4 FY245611538133

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$106M−$11.7M−$10.0M−$10.9M−$500K$600K−$74.3M$94.1M
Q2 FY26−$12.8M−$14.7M—−$11.0M−$400K$600K$38.6M−$27.5M
Q1 FY26$61.2M−$17.2M−$5.5M−$10.9M−$300K$700K−$28.1M$44.0M
Q4 FY25$83.5M−$14.5M—−$10.5M−$500K$400K−$59.5M$69.0M
Q3 FY25$67.4M−$11.7M−$10.0M−$10.4M−$300K$400K−$42.8M$55.7M
Q2 FY25$14.3M−$9.2M−$5.0M−$10.5M−$300K$2.3M$9.0M$5.1M
Q1 FY25$54.1M−$11.9M—−$10.5M−$200K$1.6M−$28.3M$42.2M
Q4 FY24$89.3M−$19.4M—−$10.0M−$200K$5.2M−$66.6M$69.9M

Mueller Water Products: income statement and cash flow

Mueller Water Products, Q4 FY26: revenue $376M (-1% year over year), operating margin 19.4%. The chart follows the revenue to costs, profit and cash.

Mueller Water Products: 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.