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Newmarket cash flow, quarter by quarter

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

Free cash flow$31.8M in Q3 2026 · $383M over twelve months

Operating cash flow$68.6M
Capital spending−$36.7M
Free cash flow+$31.8M
Cash / net income0.6×
Cash conversion cycle103 days

Analysis

In Q3 2026, Newmarket generated $68.6M of operating cash flow and spent $36.7M on capital projects, leaving free cash flow of $31.8M. That is $80.4M less than in Q3 2025 ($112M).

Over the twelve months to Sep 30, 2026, operating cash flow was $500M; the largest uses were other investing ($212M), buybacks ($126M), capital spending ($116M); besides operations, cash came from net borrowing (+) / repaid (−) ($46.0M); the cash balance fell by $25.1M.

Operating cash flow was $68.6M against net income of $124M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$31.2M, deferred taxes +$1.3M.

Its cash conversion cycle was 103 days (receivables 60 + inventory 102 − payables 60).

Free cash flow

Newmarket: free cash flow by quarterNewmarket: free cash flow by quarter$166MQ4 2024$98.1MQ1 2025$140MQ2 2025$112MQ3 2025$87.7MQ4 2025$92.4MQ1 2026$135MQ2 2026$31.8MQ3 2026
Operating cash flow less capital spending.
Newmarket: operating cash flow against capital spendingNewmarket: operating cash flow against capital spendingOperating cash flowCapital spending$185M$18.9MQ4 2024$120M$22.3MQ1 2025$161M$21.6MQ2 2025$142M$30.1MQ3 2025$145M$57.5MQ4 2025$124M$31.6MQ1 2026$162M$27.4MQ2 2026$68.6M$36.7MQ3 2026
Latest (Q3 2026): Operating cash flow $68.6M, Capital spending $36.7M.

Capital allocation, year by year

Newmarket: where the cash came from (up) and went (down), by fiscal yearNewmarket: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $165MFY2021: Net borrowing $540MFY2021: Capital spending −$136MFY2021: Buybacks −$196MFY2021: Dividends −$85.9M$706MFY2021FY2022: Operating cash flow $109MFY2022: Net borrowing −$140MFY2022: Capital spending −$68.6MFY2022: Buybacks −$207MFY2022: Dividends −$84.3M$109MFY2022FY2023: Operating cash flow $577MFY2023: Net borrowing −$361MFY2023: Capital spending −$74.1MFY2023: Buybacks −$42.9MFY2023: Dividends −$85.0M$577MFY2023FY2024: Operating cash flow $520MFY2024: Net borrowing $324MFY2024: Capital spending −$78.4MFY2024: Acquisitions −$681MFY2024: Buybacks −$31.9MFY2024: Dividends −$95.9M$844MFY2024FY2025: Operating cash flow $569MFY2025: Net borrowing −$89.0MFY2025: Capital spending −$131MFY2025: Acquisitions −$213MFY2025: Buybacks −$77.2MFY2025: Dividends −$106M$569MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were acquisitions ($895M) and net borrowing ($590M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$77.3M
Debt$830M
Net debt$753M

Newmarket funds itself: free cash flow was $383M over the last twelve months, and $77.3M of cash and investments stands against $830M of debt.

Where the cash came from and went

Newmarket: sources (+) and uses (−) of cash, Q3 2026Newmarket: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$68.6MCapital spending−$36.7MDividends−$27.6MNet borrowing (+) / repaid (−)−$25.0MCash drawn (+) / kept (−)$16.3MExchange rates$5.3MOther financing−$847KOther investing$27K
Newmarket: sources (+) and uses (−) of cash, TTM to Q3 2026Newmarket: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$500MOther investing−$212MBuybacks−$126MCapital spending−$116MDividends−$111MNet borrowing (+) / repaid (−)$46.0MCash drawn (+) / kept (−)$25.1MOther financing−$5.8MExchange rates$1.3M

From profit to cash

Newmarket: net income to operating cash flow, Q3 2026Newmarket: net income to operating cash flow, Q3 2026Net income$124MDepreciation & amortization$31.2MDeferred taxes$1.3MOperating cash flow$68.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266010260103
Q2 202656925494
Q1 20265810050108
Q4 20256210552115
Q3 2025599650105
Q2 2025609449105
Q1 2025559646105
Q4 20246210750119

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$68.6M−$36.7M——−$27.6M−$25.0M$16.3M$31.8M
Q2 2026$162M−$27.4M—−$861K−$27.6M−$85.0M−$20.4M$135M
Q1 2026$124M−$31.6M—−$126M−$28.0M$56.0M$4.4M$92.4M
Q4 2025$145M−$57.5M−$213M—−$28.2M$100M$24.9M$87.7M
Q3 2025$142M−$30.1M——−$25.8M−$59.0M−$32.2M$112M
Q2 2025$161M−$21.6M—−$20.2M−$25.8M−$99.0M$48.0M$140M
Q1 2025$120M−$22.3M—−$57.1M−$26.1M$19.0M−$40.8M$98.1M
Q4 2024$185M−$18.9M—−$31.9M−$23.9M−$114M$2.8M$166M

Newmarket: income statement and cash flow

Newmarket, Q3 2026: revenue $717M (+4% year over year), operating margin 20.0%. The chart follows the revenue to costs, profit and cash.

Newmarket: 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.