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Penguin Solutions cash flow, quarter by quarter

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

Free cash flow−$167M in Q4 FY26

Operating cash flow−$163M
Capital spending−$4.3M
Free cash flow−$167M
Cash / net income-1.7×

Analysis

In Q4 FY26, Penguin Solutions generated −$163M of operating cash flow and spent $4.3M on capital projects, leaving free cash flow of −$167M.

Operating cash flow was −$163M against net income of $95.0M — -1.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$250M, payables +$102M, receivables −$92.0M.

Free cash flow

Penguin Solutions: free cash flow by quarterPenguin Solutions: free cash flow by quarter$12.0MQ1 FY25$70.5MQ2 FY25$90.9MQ3 FY25−$73.4MQ4 FY25$28.2MQ1 FY26$53.3MQ2 FY26−$77.6MQ3 FY26−$167MQ4 FY26
Operating cash flow less capital spending.
Penguin Solutions: operating cash flow against capital spendingPenguin Solutions: operating cash flow against capital spendingOperating cash flowCapital spending$13.8M$1.8MQ1 FY25$72.9M$2.3MQ2 FY25$92.8M$1.9MQ3 FY25−$70.4M$2.9MQ4 FY25$31.1M$2.9MQ1 FY26$55.0M$1.6MQ2 FY26−$74.8M$2.8MQ3 FY26−$163M$4.3MQ4 FY26
Latest (Q4 FY26): Operating cash flow −$163M, Capital spending $4.3M.

Capital allocation, year by year

Penguin Solutions: where the cash came from (up) and went (down), by fiscal yearPenguin Solutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $105MFY22: Net borrowing $119MFY22: Shares issued $12.1MFY22: Capital spending −$20.4MFY22: Buybacks −$57.2M$236MFY22FY23: Operating cash flow $104MFY23: Net borrowing $274MFY23: Shares issued $43.0MFY23: Capital spending −$39.4MFY23: Acquisitions −$213MFY23: Buybacks −$24.7M$421MFY23FY24: Operating cash flow $77.2MFY24: Net borrowing −$159MFY24: Shares issued $9.8MFY24: Capital spending −$19.4MFY24: Buybacks −$21.3M$87.0MFY24FY25: Operating cash flow $109MFY25: Net borrowing −$200MFY25: Shares issued $200MFY25: Capital spending −$9.0MFY25: Buybacks −$52.3M$309MFY25FY26: Operating cash flow −$152MFY26: Net borrowing $321MFY26: Shares issued $10.4MFY26: Capital spending −$11.6MFY26: Buybacks −$74.4M$331MFY26
Over these 5 years operating cash flow totalled $244M; the largest uses were net borrowing ($359M) and buybacks ($230M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$647M
Debt$789M
Net debt$142M
Due within a year$53.4M
Cash runway12 months

Penguin Solutions is burning cash: its operations consume cash, a free cash flow of −$670M a year at the current rate against $647M of cash and investments: a runway of about 12 months; $53.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Penguin Solutions: debt maturities by year (FY26)Penguin Solutions: debt maturities by year (FY26)$14.5MYear 3$40.0MYear 4$750MYear 5
Principal due in each year as disclosed in the annual report, against $647M of cash and investments now.

Where the cash came from and went

Penguin Solutions: sources (+) and uses (−) of cash, Q4 FY26Penguin Solutions: sources (+) and uses (−) of cash, Q4 FY26Other financing$638MNet borrowing (+) / repaid (−)−$295MCash drawn (+) / kept (−)−$169MOperating cash flow−$163MBuybacks−$5.5MCapital spending−$4.3MOther investing−$747KShares issued$156K

From profit to cash

Penguin Solutions: net income to operating cash flow, Q4 FY26Penguin Solutions: net income to operating cash flow, Q4 FY26Net income$95.0MDepreciation & amortization$12.3MStock-based pay$6.6MGains on investments−$14KGains on disposals$200KReceivables−$92.0MInventory−$250MPayables$102MPrepaid and other assets−$8.9MOther operating capital$1.4MOperating cash flow−$163M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY25818310262
Q3 FY25877610162
Q2 FY2575788469
Q1 FY2570748065

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26−$163M−$4.3M−$5.5M−$295M$156K−$169M−$167M
Q3 FY26−$74.8M−$2.8M−$11.8M—$4.3M$10.9M−$77.6M
Q2 FY26$55.0M−$1.6M−$36.9M—$2.5M−$27.7M$53.3M
Q1 FY26$31.1M−$2.9M−$20.2M—$3.3M−$7.7M$28.2M
Q4 FY25−$70.4M−$2.9M−$3.1M−$300M$1.1M$256M−$73.4M
Q3 FY25$92.8M−$1.9M−$31.6M—$4.0M−$88.2M$90.9M
Q2 FY25$72.9M−$2.3M−$6.5M—$382K−$251M$70.5M
Q1 FY25$13.8M−$1.8M−$11.1M—$3.4M$12.9M$12.0M

Penguin Solutions: income statement and cash flow

Penguin Solutions, Q4 FY26: revenue $567M (+68% year over year), operating margin 12.3%. The chart follows the revenue to costs, profit and cash.

Penguin Solutions: 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.