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Nordson cash flow, quarter by quarter

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

Free cash flow$237M in Q3 FY26 · $724M over twelve months

Operating cash flow$249M
Capital spending−$12.6M
Free cash flow+$237M
Cash / net income1.6×
Cash conversion cycle82 days

Analysis

In Q3 FY26, Nordson generated $249M of operating cash flow and spent $12.6M on capital projects, leaving free cash flow of $237M. That is $10.3M more than in Q3 FY25 ($226M).

Over the twelve months to Jul 31, 2026, operating cash flow was $773M; the largest uses were net borrowing (+) / repaid (−) ($587M), buybacks ($247M), dividends ($183M); besides operations, cash came from other financing ($192M), shares issued ($52.7M); the cash balance fell by $34.4M.

Operating cash flow was $249M against net income of $153M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$40.4M, depreciation & amortization +$36.5M, other non-cash +$16.2M.

Its cash conversion cycle was 82 days (receivables 1 + inventory 118 − payables 37).

Free cash flow

Nordson: free cash flow by quarterNordson: free cash flow by quarter$75.8MQ4 FY24$138MQ1 FY25$103MQ2 FY25$226MQ3 FY25$194MQ4 FY25$123MQ1 FY26$170MQ2 FY26$237MQ3 FY26
Operating cash flow less capital spending.
Nordson: operating cash flow against capital spendingNordson: operating cash flow against capital spendingOperating cash flowCapital spending$96.4M$20.6MQ4 FY24$159M$21.4MQ1 FY25$119M$16.0MQ2 FY25$238M$11.6MQ3 FY25$203M$9.1MQ4 FY25$140M$17.5MQ1 FY26$181M$10.2MQ2 FY26$249M$12.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $249M, Capital spending $12.6M.

Capital allocation, year by year

Nordson: where the cash came from (up) and went (down), by fiscal yearNordson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $546MFY21: Net borrowing −$296MFY21: Shares issued $31.8MFY21: Asset sales $163KFY21: Capital spending −$38.3MFY21: Buybacks −$61.0MFY21: Dividends −$97.7M$578MFY21FY22: Operating cash flow $513MFY22: Net borrowing −$39.3MFY22: Shares issued $12.1MFY22: Asset sales $280KFY22: Capital spending −$51.4MFY22: Acquisitions −$172MFY22: Buybacks −$263MFY22: Dividends −$126M$526MFY22FY23: Operating cash flow $641MFY23: Net borrowing $969MFY23: Shares issued $21.4MFY23: Asset sales $101KFY23: Capital spending −$34.6MFY23: Acquisitions $1.4BFY23: Buybacks −$89.7MFY23: Dividends −$150M$3.1BFY23FY24: Operating cash flow $556MFY24: Net borrowing $458MFY24: Shares issued $31.1MFY24: Asset sales $75KFY24: Capital spending −$64.4MFY24: Acquisitions $790MFY24: Buybacks −$33.3MFY24: Dividends −$161M$1.8BFY24FY25: Operating cash flow $719MFY25: Net borrowing −$230MFY25: Shares issued $9.0MFY25: Asset sales $28.1MFY25: Capital spending −$58.1MFY25: Buybacks −$306MFY25: Dividends −$179M$756MFY25
Over these 5 years operating cash flow totalled $3.0B; the largest uses were buybacks ($753M) and dividends ($714M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$113M
Debt$1.9B
Net debt$1.8B
Due within a year$315M

Nordson funds itself: free cash flow was $724M over the last twelve months, and $113M of cash and investments stands against $1.9B of debt ($315M due within a year, 0.4× covered by cash).

Nordson: debt maturities by year (FY25)Nordson: debt maturities by year (FY25)$315MYear 1$10.0MYear 2$525MYear 3$620MYear 4$30.0MYear 5
Principal due in each year as disclosed in the annual report, against $113M of cash and investments now.

Where the cash came from and went

Nordson: sources (+) and uses (−) of cash, Q3 FY26Nordson: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)−$345MOperating cash flow$249MOther financing$192MDividends−$45.7MBuybacks−$29.5MCapital spending−$12.6MCash drawn (+) / kept (−)−$11.4MShares issued$6.1MOther investing−$2.8MExchange rates−$617KAsset & business sales$1K
Nordson: sources (+) and uses (−) of cash, TTM to Q3 FY26Nordson: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$773MNet borrowing (+) / repaid (−)−$587MBuybacks−$247MOther financing$192MDividends−$183MShares issued$52.7MCapital spending−$49.4MCash drawn (+) / kept (−)$34.4MOther investing$10.8MExchange rates$2.3MAsset & business sales$1.1M

From profit to cash

Nordson: net income to operating cash flow, Q3 FY26Nordson: net income to operating cash flow, Q3 FY26Net income$153MDepreciation & amortization$36.5MStock-based pay$6.5MDeferred taxes−$3.9MGains on disposals$832KOther non-cash$16.2MOther operating capital$40.4MOperating cash flow$249M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2611183782
Q2 FY2611213488
Q1 FY26113636101
Q4 FY2511273592
Q3 FY2511283495
Q2 FY25113630107
Q1 FY25115631127
Q4 FY2411232698

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$249M−$12.6M—−$29.5M−$45.7M−$345M$6.1M−$11.4M$237M
Q2 FY26$181M−$10.2M—−$43.3M−$45.9M−$112M$24.2M$18.4M$170M
Q1 FY26$140M−$17.5M—−$86.0M−$45.8M$751K$18.8M−$11.9M$123M
Q4 FY25$203M−$9.1M—−$88.2M−$46.1M−$131M$3.6M$39.3M$194M
Q3 FY25$238M−$11.6M—−$71.9M−$44.1M−$90.3M$2.6M−$17.6M$226M
Q2 FY25$119M−$16.0M—−$86.2M−$44.3M$15.5M$1.8M$267K$103M
Q1 FY25$159M−$21.4M—−$60.1M−$44.6M−$23.9M$1.0M−$14.5M$138M
Q4 FY24$96.4M−$20.6M$790M$766K−$44.6M$707M$1.9M$49.4M$75.8M

Nordson: income statement and cash flow

Nordson, Q3 FY26: revenue $818M (+10% year over year), operating margin 27.3%. The chart follows the revenue to costs, profit and cash.

Nordson: 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.