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Oil States International cash flow, quarter by quarter

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

Free cash flow$2.1M in Q3 2026 · $33.9M over twelve months

Operating cash flow$5.3M
Capital spending−$3.2M
Free cash flow+$2.1M
Cash / net income1.7×
Cash conversion cycle210 days

Analysis

In Q3 2026, Oil States International generated $5.3M of operating cash flow and spent $3.2M on capital projects, leaving free cash flow of $2.1M. That is $19.9M less than in Q3 2025 ($22.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $47.3M; the largest uses were net borrowing (+) / repaid (−) ($80.9M), capital spending ($13.4M), buybacks ($9.5M); besides operations, cash came from asset & business sales ($12.2M), other investing ($6.3M); the cash balance fell by $44.1M.

Operating cash flow was $5.3M against net income of $3.1M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: inventory −$10.9M, depreciation & amortization +$8.0M, contract assets −$5.1M.

Its cash conversion cycle was 210 days (receivables 108 + inventory 152 − payables 49).

Free cash flow

Oil States International: free cash flow by quarterOil States International: free cash flow by quarter$4.0MQ4 2024$137KQ1 2025$4.7MQ2 2025$22.0MQ3 2025$47.1MQ4 2025−$6.1MQ1 2026−$9.2MQ2 2026$2.1MQ3 2026
Operating cash flow less capital spending.
Oil States International: operating cash flow against capital spendingOil States International: operating cash flow against capital spendingOperating cash flowCapital spending$18.2M$14.2MQ4 2024$9.3M$9.2MQ1 2025$15.0M$10.3MQ2 2025$30.7M$8.7MQ3 2025$50.1M$3.0MQ4 2025−$1.9M$4.2MQ1 2026−$6.3M$2.9MQ2 2026$5.3M$3.2MQ3 2026
Latest (Q3 2026): Operating cash flow $5.3M, Capital spending $3.2M.

Capital allocation, year by year

Oil States International: where the cash came from (up) and went (down), by fiscal yearOil States International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $7.2MFY2021: Net borrowing −$19.0MFY2021: Asset sales $11.5MFY2021: Capital spending −$17.5M$18.7MFY2021FY2022: Operating cash flow $32.9MFY2022: Net borrowing −$18.5MFY2022: Asset sales $5.9MFY2022: Capital spending −$20.3MFY2022: Acquisitions −$8.1M$38.7MFY2022FY2023: Operating cash flow $56.6MFY2023: Net borrowing −$17.3MFY2023: Asset sales $5.3MFY2023: Capital spending −$30.7MFY2023: Buybacks −$6.9M$61.8MFY2023FY2024: Operating cash flow $45.9MFY2024: Net borrowing −$10.8MFY2024: Asset sales $35.1MFY2024: Capital spending −$37.5MFY2024: Buybacks −$14.2M$81.0MFY2024FY2025: Operating cash flow $105MFY2025: Net borrowing −$70.4MFY2025: Asset sales $8.4MFY2025: Capital spending −$31.2MFY2025: Buybacks −$16.6M$114MFY2025
Over these 5 years operating cash flow totalled $248M; the largest uses were capital spending ($137M) and net borrowing ($136M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$22.9M
Debt$18.4M
Net cash$4.5M
Due within a year$53.4M

Oil States International funds itself: free cash flow was $33.9M over the last twelve months, and $22.9M of cash and investments stands against $18.4M of debt ($53.4M due within a year, 0.4× covered by cash).

Oil States International: debt maturities by year (FY2025)Oil States International: debt maturities by year (FY2025)$53.4MYear 1$699KYear 2$662KYear 3$307KYear 4$2KYear 5
Principal due in each year as disclosed in the annual report, against $22.9M of cash and investments now.

Where the cash came from and went

Oil States International: sources (+) and uses (−) of cash, Q3 2026Oil States International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.3MAsset & business sales$4.9MBuybacks−$4.0MCapital spending−$3.2MCash drawn (+) / kept (−)−$3.1MNet borrowing (+) / repaid (−)$1.2MOther investing−$882KOther financing−$178KExchange rates−$16K
Oil States International: sources (+) and uses (−) of cash, TTM to Q3 2026Oil States International: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$80.9MOperating cash flow$47.3MCash drawn (+) / kept (−)$44.1MCapital spending−$13.4MAsset & business sales$12.2MBuybacks−$9.5MOther investing$6.3MTaxes on employees’ shares−$4.0MOther financing−$2.7MExchange rates$524K

From profit to cash

Oil States International: net income to operating cash flow, Q3 2026Oil States International: net income to operating cash flow, Q3 2026Net income$3.1MDepreciation & amortization$8.0MStock-based pay$3.7MDeferred taxes$424KGains on disposals−$920KOther non-cash−$69KReceivables−$3.5MInventory−$10.9MPayables$5.0MDeferred revenue−$3.5MContract assets−$5.1MOperating cash flow$5.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610815249210
Q2 202611215651216
Q1 202612115353220
Q4 202510411737185
Q3 202511115742226
Q2 202510515739222
Q1 202510615839225
Q4 202410516041224

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$5.3M−$3.2M−$4.0M$1.2M−$3.1M$2.1M
Q2 2026−$6.3M−$2.9M−$5.1M$18.6M$39.2M−$9.2M
Q1 2026−$1.9M−$4.2M——$10.9M−$6.1M
Q4 2025$50.1M−$3.0M−$422K−$50.2M−$2.9M$47.1M
Q3 2025$30.7M−$8.7M−$4.1M−$6.0M−$13.2M$22.0M
Q2 2025$15.0M−$10.3M−$6.7M—$13.0M$4.7M
Q1 2025$9.3M−$9.2M−$5.3M—−$1.5M$137K
Q4 2024$18.2M−$14.2M−$9.1M—−$19.4M$4.0M

Oil States International: income statement and cash flow

Oil States International, Q3 2026: revenue $170M (+3% year over year), operating margin 3.7%. The chart follows the revenue to costs, profit and cash.

Oil States International: 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.