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PagerDuty cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$34.7M in Q2 FY27 · $127M over twelve months

Operating cash flow$36.9M
Capital spending−$2.2M
Free cash flow+$34.7M
Cash / net income4.8×
Cash conversion cycle32 days

Analysis

In Q2 FY27, PagerDuty generated $36.9M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of $34.7M. That is $1.6M more than in Q2 FY26 ($33.1M).

Over the twelve months to Jul 31, 2026, operating cash flow was $131M; the largest uses were buybacks ($208M), taxes on employees’ shares ($16.5M), other investing ($15.3M); besides operations, cash came from other financing ($4.9M), shares issued ($1.9M); the cash balance fell by $106M.

Operating cash flow was $36.9M against net income of $7.7M — 4.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$16.5M, deferred revenue −$7.4M, deferred taxes +$4.1M.

Its cash conversion cycle was 32 days (receivables 55 + inventory 0 − payables 23).

Free cash flow

PagerDuty: free cash flow by quarterPagerDuty: free cash flow by quarter$21.5MQ3 FY25$30.3MQ4 FY25$30.2MQ1 FY26$33.1MQ2 FY26$24.1MQ3 FY26$24.5MQ4 FY26$43.3MQ1 FY27$34.7MQ2 FY27
Operating cash flow less capital spending.
PagerDuty: operating cash flow against capital spendingPagerDuty: operating cash flow against capital spendingOperating cash flowCapital spending$22.1M$552KQ3 FY25$31.4M$1.1MQ4 FY25$30.7M$441KQ1 FY26$34.0M$874KQ2 FY26$24.8M$743KQ3 FY26$25.4M$883KQ4 FY26$44.3M$965KQ1 FY27$36.9M$2.2MQ2 FY27
Latest (Q2 FY27): Operating cash flow $36.9M, Capital spending $2.2M.

Capital allocation, year by year

PagerDuty: where the cash came from (up) and went (down), by fiscal yearPagerDuty: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$6.0MFY22: Shares issued $15.1MFY22: Capital spending −$3.5MFY22: Acquisitions −$160K$15.1MFY22FY23: Operating cash flow $17.0MFY23: Shares issued $10.5MFY23: Capital spending −$4.6MFY23: Acquisitions −$66.3M$27.5MFY23FY24: Operating cash flow $72.0MFY24: Net borrowing $167MFY24: Shares issued $9.9MFY24: Capital spending −$2.2MFY24: Acquisitions −$24.1MFY24: Buybacks −$50.0M$249MFY24FY25: Operating cash flow $118MFY25: Net borrowing −$403KFY25: Shares issued $4.3MFY25: Capital spending −$2.8MFY25: Buybacks −$100M$122MFY25FY26: Operating cash flow $115MFY26: Net borrowing −$57.5MFY26: Shares issued $4.0MFY26: Capital spending −$2.9MFY26: Buybacks −$135M$119MFY26
Over these 5 years operating cash flow totalled $316M; the largest uses were buybacks ($285M) and acquisitions ($90.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$470M
Debt$421M
Net cash$49.4M
Due within a year$6.0M

PagerDuty funds itself: free cash flow was $127M over the last twelve months, and $470M of cash and investments stands against $421M of debt ($6.0M due within a year, 77.8× covered by cash).

PagerDuty: debt maturities by year (FY26)PagerDuty: debt maturities by year (FY26)$6.0MYear 1$6.0MYear 2$409MYear 3
Principal due in each year as disclosed in the annual report, against $470M of cash and investments now.

Where the cash came from and went

PagerDuty: sources (+) and uses (−) of cash, Q2 FY27PagerDuty: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$36.9MCash drawn (+) / kept (−)−$24.8MBuybacks−$7.5MOther investing−$3.4MCapital spending−$2.2MShares issued$1.8MOther financing−$833KExchange rates−$16K
PagerDuty: sources (+) and uses (−) of cash, TTM to Q2 FY27PagerDuty: sources (+) and uses (−) of cash, TTM to Q2 FY27Buybacks−$208MOperating cash flow$131MCash drawn (+) / kept (−)$106MTaxes on employees’ shares−$16.5MOther investing−$15.3MOther financing$4.9MCapital spending−$4.8MShares issued$1.9MExchange rates−$257K

From profit to cash

PagerDuty: net income to operating cash flow, Q2 FY27PagerDuty: net income to operating cash flow, Q2 FY27Net income$7.7MDepreciation & amortization$2.9MStock-based pay$16.5MDeferred taxes$4.1MOther non-cash−$28KReceivables$4.0MPayables$1.7MAccrued liabilities$3.6MEmployee-related liabilities$2.3MDeferred revenue−$7.4MPrepaid and other assets$1.7MOperating cash flow$36.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2755—2332
Q1 FY2768—2642
Q4 FY2669—3534
Q3 FY2655—3421
Q2 FY2656—3620
Q1 FY2669—3534
Q4 FY2569—3336
Q3 FY2555—3223

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$36.9M−$2.2M−$7.5M$1.8M−$24.8M$34.7M
Q1 FY27$44.3M−$965K−$65.5M$4K$28.5M$43.3M
Q4 FY26$25.4M−$883K−$98.8M$17K$86.9M$24.5M
Q3 FY26$24.8M−$743K−$36.1M$129K$15.8M$24.1M
Q2 FY26$34.0M−$874K—$208K$32.5M$33.1M
Q1 FY26$30.7M−$441K—$3.6M−$25.4M$30.2M
Q4 FY25$31.4M−$1.1M−$2.6M$2.8M−$18.3M$30.3M
Q3 FY25$22.1M−$552K−$70.3M$723K$59.2M$21.5M

PagerDuty: income statement and cash flow

PagerDuty, Q2 FY27: revenue $124M (+0.8% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

PagerDuty: 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.