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Ranpak Holdings cash flow, quarter by quarter

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

Free cash flow$13.3M in Q3 2026 · $36.5M over twelve months

Operating cash flow$17.7M
Capital spending−$4.4M
Free cash flow+$13.3M

Analysis

In Q3 2026, Ranpak Holdings generated $17.7M of operating cash flow and spent $4.4M on capital projects, leaving free cash flow of $13.3M. That is $6.2M more than in Q3 2025 ($7.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $44.3M; the largest uses were other investing ($32.6M), capital spending ($7.8M); besides operations, cash came from other financing ($100K); the cash balance rose by $3.5M.

Operating cash flow was $17.7M against net income of −$7.2M. The largest differences: depreciation & amortization +$16.0M, receivables +$6.1M, payables −$5.0M.

Free cash flow

Ranpak Holdings: free cash flow by quarterRanpak Holdings: free cash flow by quarter$5.7MQ4 2024−$1.5MQ1 2025−$5.5MQ2 2025$7.1MQ3 2025$19.7MQ4 2025$3.5MQ1 2026$0Q2 2026$13.3MQ3 2026
Operating cash flow less capital spending.
Ranpak Holdings: operating cash flow against capital spendingRanpak Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$6.5M$800KQ4 2024−$1.3M$200KQ1 2025−$3.6M$1.9MQ2 2025$8.5M$1.4MQ3 2025$19.5M−$200KQ4 2025$4.4M$900KQ1 2026$2.7M$2.7MQ2 2026$17.7M$4.4MQ3 2026
Latest (Q3 2026): Operating cash flow $17.7M, Capital spending $4.4M.

Capital allocation, year by year

Ranpak Holdings: where the cash came from (up) and went (down), by fiscal yearRanpak Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $54.3MFY2021: Net borrowing −$2.3MFY2021: Shares issued $104MFY2021: Capital spending −$54.5MFY2021: Acquisitions −$14.1M$158MFY2021FY2022: Operating cash flow $1.1MFY2022: Net borrowing −$4.5MFY2022: Capital spending −$44.8MFY2022: Acquisitions −$2.1M$1.1MFY2022FY2023: Operating cash flow $52.6MFY2023: Net borrowing −$1.9MFY2023: Asset sales $2.9MFY2023: Capital spending −$55.3M$55.5MFY2023FY2024: Operating cash flow $41.4MFY2024: Net borrowing −$373MFY2024: Capital spending −$4.8M$41.4MFY2024FY2025: Operating cash flow $23.1MFY2025: Net borrowing −$6.4MFY2025: Capital spending −$3.3M$23.1MFY2025
Over these 5 years operating cash flow totalled $172M; the largest uses were net borrowing ($388M) and capital spending ($163M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$53.4M
Debt$408M
Net debt$355M
Due within a year$7.6M

Ranpak Holdings funds itself: free cash flow was $36.5M over the last twelve months, and $53.4M of cash and investments stands against $408M of debt ($7.6M due within a year, 7.0× covered by cash).

Where the cash came from and went

Ranpak Holdings: sources (+) and uses (−) of cash, Q3 2026Ranpak Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$17.7MCash drawn (+) / kept (−)−$10.2MOther investing−$5.9MCapital spending−$4.4MOther financing$4.3MNet borrowing (+) / repaid (−)−$1.4MExchange rates−$100K
Ranpak Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Ranpak Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$44.3MOther investing−$32.6MCapital spending−$7.8MCash drawn (+) / kept (−)−$3.5MNot reconciled−$500KOther financing$100K

From profit to cash

Ranpak Holdings: net income to operating cash flow, Q3 2026Ranpak Holdings: net income to operating cash flow, Q3 2026Net income−$7.2MDepreciation & amortization$16.0MStock-based pay$1.2MDeferred taxes−$600KGains on disposals$1.0MReceivables$6.1MInventory$3.6MPayables−$5.0MAccrued liabilities$1.5MPrepaid and other assets$800KOther operating capital−$1.1MOperating cash flow$17.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$17.7M−$4.4M−$1.4M−$10.2M$13.3M
Q2 2026$2.7M−$2.7M−$1.6M$5.3M$0
Q1 2026$4.4M−$900K—$14.5M$3.5M
Q4 2025$19.5M$200K−$1.5M−$13.1M$19.7M
Q3 2025$8.5M−$1.4M−$1.3M−$700K$7.1M
Q2 2025−$3.6M−$1.9M−$2.1M$16.3M−$5.5M
Q1 2025−$1.3M−$200K−$2.5M$10.6M−$1.5M
Q4 2024$6.5M−$800K−$781M−$6.6M$5.7M

Ranpak Holdings: income statement and cash flow

Ranpak Holdings, Q3 2026: revenue $102M (+2% year over year), operating margin 0.0%. The chart follows the revenue to costs, profit and cash.

Ranpak Holdings: 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.