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Nutanix cash flow, quarter by quarter

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

Free cash flow$278M in Q4 FY26

Operating cash flow$315M
Capital spending−$37.4M
Free cash flow+$278M
Cash / net income0.2×
Cash conversion cycle-46 days

Analysis

In Q4 FY26, Nutanix generated $315M of operating cash flow and spent $37.4M on capital projects, leaving free cash flow of $278M. That is $69.8M more than in Q4 FY25 ($208M).

Operating cash flow was $315M against net income of $1.3B — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue +$116M, employee-related liabilities +$97.9M, stock-based pay +$94.5M.

Its cash conversion cycle was -46 days (receivables 33 + inventory 0 − payables 79): suppliers fund its working capital.

Free cash flow

Nutanix: free cash flow by quarterNutanix: free cash flow by quarter$152MQ1 FY25$187MQ2 FY25$203MQ3 FY25$208MQ4 FY25$175MQ1 FY26$191MQ2 FY26$197MQ3 FY26$278MQ4 FY26
Operating cash flow less capital spending.
Nutanix: operating cash flow against capital spendingNutanix: operating cash flow against capital spendingOperating cash flowCapital spending$162M$9.8MQ1 FY25$222M$34.6MQ2 FY25$219M$15.1MQ3 FY25$220M$11.8MQ4 FY25$197M$22.3MQ1 FY26$197M$5.9MQ2 FY26$208M$10.3MQ3 FY26$315M$37.4MQ4 FY26
Latest (Q4 FY26): Operating cash flow $315M, Capital spending $37.4M.

Capital allocation, year by year

Nutanix: where the cash came from (up) and went (down), by fiscal yearNutanix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $67.5MFY22: Net borrowing $87.6MFY22: Shares issued $6.5MFY22: Capital spending −$49.1MFY22: Buybacks −$58.6M$162MFY22FY23: Operating cash flow $272MFY23: Net borrowing −$4.8MFY23: Shares issued $3.7MFY23: Asset sales $5.9MFY23: Capital spending −$65.4M$282MFY23FY24: Operating cash flow $673MFY24: Net borrowing −$3.6MFY24: Shares issued $4.2MFY24: Capital spending −$75.3MFY24: Acquisitions −$4.5MFY24: Buybacks −$131M$677MFY24FY25: Operating cash flow $821MFY25: Net borrowing $844MFY25: Shares issued $2.8MFY25: Capital spending −$71.3MFY25: Buybacks −$308M$1.7BFY25FY26: Operating cash flow $917MFY26: Net borrowing −$3.4MFY26: Shares issued $100KFY26: Capital spending −$76.0MFY26: Buybacks −$484M$917MFY26
Over these 5 years operating cash flow totalled $2.8B; the largest uses were buybacks ($981M) and capital spending ($337M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.4B
Debtnone
Net cash$2.4B

Nutanix funds itself: free cash flow was — over the last twelve months, with $2.4B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Nutanix: sources (+) and uses (−) of cash, Q4 FY26Nutanix: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$315MOther investing−$290MOther financing$122MCash drawn (+) / kept (−)−$57.9MBuybacks−$50.3MCapital spending−$37.4MNet borrowing (+) / repaid (−)−$761K

From profit to cash

Nutanix: net income to operating cash flow, Q4 FY26Nutanix: net income to operating cash flow, Q4 FY26Net income$1.3BDepreciation & amortization$17.1MStock-based pay$94.5MReceivables−$37.7MPayables$16.3MAccrued liabilities$10.0MEmployee-related liabilities$97.9MDeferred revenue$116MPrepaid and other assets−$37.8MOperating cash flow$315M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2633—79-46
Q3 FY2632—87-55
Q2 FY2638—93-55
Q1 FY2646—89-43
Q4 FY2543—72-29
Q3 FY2542—51-10
Q2 FY2537—49-12
Q1 FY2533—50-17

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$315M−$37.4M−$50.3M−$761K—−$57.9M$278M
Q3 FY26$208M−$10.3M−$50.1M−$800K$32.4M−$116M$197M
Q2 FY26$197M−$5.9M−$333M−$891K—$177M$191M
Q1 FY26$197M−$22.3M−$50.2M−$946K$29.0M−$10.9M$175M
Q4 FY25$220M−$11.8M−$50.0M−$979K$410K$103M$208M
Q3 FY25$219M−$15.1M−$37.8M−$998K$39.2M$200M$203M
Q2 FY25$222M−$34.6M−$200M−$981K$1.2M−$355M$187M
Q1 FY25$162M−$9.8M−$20.1M−$964K$28.1M−$61.3M$152M

Nutanix: income statement and cash flow

Nutanix, Q4 FY26: revenue $757M (+16% year over year), operating margin 9.2%. The chart follows the revenue to costs, profit and cash.

Nutanix: 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.