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Photronics cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$39.4M in Q3 FY26 · $110M over twelve months

Operating cash flow$76.3M
Capital spending−$37.0M
Free cash flow+$39.4M
Cash / net income1.7×
Cash conversion cycle50 days

Analysis

In Q3 FY26, Photronics generated $76.3M of operating cash flow and spent $37.0M on capital projects, leaving free cash flow of $39.4M.

Over the twelve months to Aug 2, 2026, operating cash flow was $308M; the largest uses were capital spending ($198M), other investing ($18.1M), other financing ($1.8M); besides operations, cash came from shares issued ($1.4M); the cash balance rose by $69.9M.

Operating cash flow was $76.3M against net income of $43.9M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$21.0M, stock-based pay +$3.9M, inventory +$3.2M.

Its cash conversion cycle was 50 days (receivables 79 + inventory 42 − payables 71).

Free cash flow

Photronics: free cash flow by quarterPhotronics: free cash flow by quarter$25.2MQ4 FY24$43.3MQ1 FY25−$29.1MQ2 FY25$25.2MQ3 FY25$20.3MQ4 FY25$49.6MQ1 FY26$1.2MQ2 FY26$39.4MQ3 FY26
Operating cash flow less capital spending.
Photronics: operating cash flow against capital spendingPhotronics: operating cash flow against capital spendingOperating cash flowCapital spending$68.4M$43.2MQ4 FY24$78.5M$35.2MQ1 FY25$31.5M$60.5MQ2 FY25$50.1M$24.8MQ3 FY25$87.8M$67.5MQ4 FY25$97.3M$47.6MQ1 FY26$47.0M$45.8MQ2 FY26$76.3M$37.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $76.3M, Capital spending $37.0M.

Capital allocation, year by year

Photronics: where the cash came from (up) and went (down), by fiscal yearPhotronics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY21: Operating cash flow $151MFY21: Shares issued $3.9MFY21: Capital spending −$109MFY21: Buybacks −$48.2M$155MFY21FY22: Operating cash flow $275MFY22: Net borrowing −$72.7MFY22: Shares issued $5.7MFY22: Capital spending −$112MFY22: Buybacks −$2.5M$281MFY22FY23: Operating cash flow $302MFY23: Net borrowing −$25.0MFY23: Shares issued $1.2MFY23: Capital spending −$131M$303MFY23FY24: Operating cash flow $261MFY24: Net borrowing −$13.2MFY24: Shares issued $1.9MFY24: Capital spending −$131M$263MFY24FY25: Operating cash flow $248MFY25: Net borrowing −$18.0MFY25: Shares issued $2.2MFY25: Capital spending −$188MFY25: Buybacks −$97.4M$250MFY25
Over these 5 years operating cash flow totalled $1.2B; the largest uses were capital spending ($672M) and buybacks ($148M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$673M
Debt$3.9M
Net cash$669M
Due within a year$3.9M

Photronics funds itself: free cash flow was $110M over the last twelve months, and $673M of cash and investments stands against $3.9M of debt ($3.9M due within a year, 173.0× covered by cash).

Where the cash came from and went

Photronics: sources (+) and uses (−) of cash, Q3 FY26Photronics: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$76.3MCash drawn (+) / kept (−)−$38.0MCapital spending−$37.0MExchange rates−$5.6MOther investing$4.1MShares issued$121KOther financing−$41KNet borrowing (+) / repaid (−)−$3K
Photronics: sources (+) and uses (−) of cash, TTM to Q3 FY26Photronics: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$308MCapital spending−$198MCash drawn (+) / kept (−)−$69.9MExchange rates−$22.2MOther investing−$18.1MOther financing−$1.8MShares issued$1.4MNet borrowing (+) / repaid (−)−$11K

From profit to cash

Photronics: net income to operating cash flow, Q3 FY26Photronics: net income to operating cash flow, Q3 FY26Net income$43.9MDepreciation & amortization$21.0MStock-based pay$3.9MGains on disposals−$20KReceivables$1.1MInventory$3.2MPayables$1.3MPrepaid and other assets$2.0MOperating cash flow$76.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2679427150
Q2 FY2684416956
Q1 FY2682406259
Q4 FY2580405961
Q3 FY2584416262
Q2 FY2583416064
Q1 FY2586395769
Q4 FY2486385767

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$76.3M−$37.0M—−$3K$121K−$38.0M$39.4M
Q2 FY26$47.0M−$45.8M—−$2K$464K$32.6M$1.2M
Q1 FY26$97.3M−$47.6M—−$3K$752K−$51.8M$49.6M
Q4 FY25$87.8M−$67.5M—−$3K$111K−$12.7M$20.3M
Q3 FY25$50.1M−$24.8M−$20.7M−$3K$537K$51.1M$25.2M
Q2 FY25$31.5M−$60.5M−$72.1M−$2.6M$150K$111M−$29.1M
Q1 FY25$78.5M−$35.2M−$4.6M−$15.3M$1.4M−$43.6M$43.3M
Q4 FY24$68.4M−$43.2M—−$2.1M$842K−$61.2M$25.2M

Photronics: income statement and cash flow

Photronics, Q3 FY26: revenue $216M (+3% year over year), operating margin 21.1%. The chart follows the revenue to costs, profit and cash.

Photronics: 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.