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Otter Tail cash flow, quarter by quarter

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

Free cash flow−$1.6M in Q3 2026 · −$121M over twelve months

Operating cash flow$125M
Capital spending−$127M
Free cash flow−$1.6M
Cash / net income2.1×
Cash conversion cycle89 days

Analysis

In Q3 2026, Otter Tail generated $125M of operating cash flow and spent $127M on capital projects, leaving free cash flow of −$1.6M. That is $42.1M less than in Q3 2025 ($40.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $405M; the largest uses were capital spending ($526M), dividends ($94.8M), taxes on employees’ shares ($4.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($199M), other investing ($5.4M); the cash balance fell by $16.5M.

Operating cash flow was $125M against net income of $59.5M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$30.6M, receivables +$26.5M, accrued liabilities +$10.5M.

Its cash conversion cycle was 89 days (receivables 54 + inventory 134 − payables 99).

Free cash flow

Otter Tail: free cash flow by quarterOtter Tail: free cash flow by quarter$31.1MQ4 2024−$18.5MQ1 2025$53.7MQ2 2025$40.5MQ3 2025$22.3MQ4 2025−$115MQ1 2026−$27.4MQ2 2026−$1.6MQ3 2026
Operating cash flow less capital spending.
Otter Tail: operating cash flow against capital spendingOtter Tail: operating cash flow against capital spendingOperating cash flowCapital spending$130M$98.9MQ4 2024$39.5M$58.0MQ1 2025$120M$66.2MQ2 2025$130M$89.1MQ3 2025$97.0M$74.7MQ4 2025$70.6M$185MQ1 2026$112M$139MQ2 2026$125M$127MQ3 2026
Latest (Q3 2026): Operating cash flow $125M, Capital spending $127M.

Capital allocation, year by year

Otter Tail: where the cash came from (up) and went (down), by fiscal yearOtter Tail: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $231MFY2021: Net borrowing $10.0MFY2021: Shares issued $696KFY2021: Asset sales $9.7MFY2021: Capital spending −$172MFY2021: Dividends −$64.9M$252MFY2021FY2022: Operating cash flow $389MFY2022: Net borrowing −$23.0MFY2022: Asset sales $4.3MFY2022: Capital spending −$171MFY2022: Dividends −$68.8M$394MFY2022FY2023: Operating cash flow $404MFY2023: Net borrowing $73.2MFY2023: Asset sales $6.2MFY2023: Capital spending −$287MFY2023: Dividends −$73.1M$484MFY2023FY2024: Operating cash flow $453MFY2024: Net borrowing $108MFY2024: Asset sales $8.8MFY2024: Capital spending −$359MFY2024: Dividends −$78.3M$570MFY2024FY2025: Operating cash flow $386MFY2025: Net borrowing $90.6MFY2025: Asset sales $6.9MFY2025: Capital spending −$288MFY2025: Dividends −$88.1M$484MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were capital spending ($1.3B) and dividends ($373M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$207M
Debt$1.1B
Net debt$913M
Due within a year$80.0M

Otter Tail's operations bring cash in ($405M over twelve months), and it spends more than that on capital projects: a gap of $121M funded from its $207M of cash and investments and from borrowing ($1.1B of debt, $80.0M due within a year). That is a choice to invest, not a cash runway running down.

Otter Tail: debt maturities by year (FY2025)Otter Tail: debt maturities by year (FY2025)$80.0MYear 1$42.0MYear 2$70.0MYear 4$50.0MYear 5
Principal due in each year as disclosed in the annual report, against $207M of cash and investments now.

Where the cash came from and went

Otter Tail: sources (+) and uses (−) of cash, Q3 2026Otter Tail: sources (+) and uses (−) of cash, Q3 2026Capital spending−$127MOperating cash flow$125MCash drawn (+) / kept (−)$42.6MNet borrowing (+) / repaid (−)−$25.1MDividends−$24.3MOther investing$7.2MOther financing$1.2M
Otter Tail: sources (+) and uses (−) of cash, TTM to Q3 2026Otter Tail: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$526MOperating cash flow$405MNet borrowing (+) / repaid (−)$199MDividends−$94.8MCash drawn (+) / kept (−)$16.5MOther investing$5.4MTaxes on employees’ shares−$4.0MOther financing−$419K

From profit to cash

Otter Tail: net income to operating cash flow, Q3 2026Otter Tail: net income to operating cash flow, Q3 2026Net income$59.5MDepreciation & amortization$30.6MStock-based pay$1.2MDeferred taxes$3.9MGains on investments−$1.0MOther non-cash−$3.8MReceivables$26.5MInventory−$7.4MPayables−$2.6MAccrued liabilities$10.5MPrepaid and other assets−$2.7MOperating cash flow$125M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026541349989
Q2 20265212610176
Q1 2026431329580
Q4 20254715995111
Q3 20254914088101
Q2 20255012877102
Q1 2025441288488
Q4 202450152102101

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$125M−$127M−$24.3M−$25.1M$42.6M−$1.6M
Q2 2026$112M−$139M−$24.3M$55.9M−$3.5M−$27.4M
Q1 2026$70.6M−$185M−$24.3M$108M$37.8M−$115M
Q4 2025$97.0M−$74.7M−$22.0M$60.2M−$60.4M$22.3M
Q3 2025$130M−$89.1M−$22.0M—−$18.5M$40.5M
Q2 2025$120M−$66.2M−$22.0M−$8.9M−$22.4M$53.7M
Q1 2025$39.5M−$58.0M−$22.0M$39.2M$9.8M−$18.5M
Q4 2024$130M−$98.9M−$19.6M$2.2M−$14.6M$31.1M

Otter Tail: income statement and cash flow

Otter Tail, Q3 2026: revenue $317M (-3% year over year), operating margin 21.7%. The chart follows the revenue to costs, profit and cash.

Otter Tail: 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.