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Eplus cash flow, quarter by quarter

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

Free cash flow−$59.0M in Q2 FY27 · $31.6M over twelve months

Operating cash flow−$57.4M
Capital spending−$1.5M
Free cash flow−$59.0M
Cash / net income-1.4×
Cash conversion cycle76 days

Analysis

In Q2 FY27, Eplus generated −$57.4M of operating cash flow and spent $1.5M on capital projects, leaving free cash flow of −$59.0M. That is $23.2M less than in Q2 FY26 (−$35.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $36.6M; the largest uses were buybacks ($61.8M), dividends ($27.1M), acquisitions ($15.9M); besides operations, cash came from other financing ($40.7M), other investing ($7.5M); the cash balance fell by $21.3M.

Operating cash flow was −$57.4M against net income of $40.4M — -1.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$125M, payables +$55.7M, prepaid and other assets −$49.3M.

Its cash conversion cycle was 76 days (receivables 103 + inventory 39 − payables 66).

Free cash flow

Eplus: free cash flow by quarterEplus: free cash flow by quarter$65.7MQ3 FY25$159MQ4 FY25−$99.8MQ1 FY26−$35.8MQ2 FY26−$88.9MQ3 FY26$104MQ4 FY26$75.6MQ1 FY27−$59.0MQ2 FY27
Operating cash flow less capital spending.
Eplus: operating cash flow against capital spendingEplus: operating cash flow against capital spendingOperating cash flowCapital spending$65.7M$0Q3 FY25$161M$1.9MQ4 FY25−$99.0M$835KQ1 FY26−$34.8M$994KQ2 FY26−$87.4M$1.4MQ3 FY26$105M$1.2MQ4 FY26$76.5M$853KQ1 FY27−$57.4M$1.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$57.4M, Capital spending $1.5M.

Capital allocation, year by year

Eplus: where the cash came from (up) and went (down), by fiscal yearEplus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow −$20.6MFY22: Net borrowing $14.1MFY22: Buybacks −$13.6M$14.1MFY22FY23: Operating cash flow −$15.4MFY23: Net borrowing −$7.1MFY23: Asset sales $45KFY23: Capital spending −$8.1MFY23: Acquisitions −$13.3MFY23: Buybacks −$7.2M$45KFY23FY24: Operating cash flow $248MFY24: Net borrowing −$6.0MFY24: Shares issued $3.0MFY24: Asset sales $38KFY24: Capital spending −$7.7MFY24: Acquisitions −$54.2MFY24: Buybacks −$9.9M$252MFY24FY25: Operating cash flow $302MFY25: Shares issued $3.6MFY25: Asset sales $7KFY25: Capital spending −$5.3MFY25: Acquisitions −$125MFY25: Buybacks −$46.9M$306MFY25FY26: Operating cash flow −$116MFY26: Shares issued $3.6MFY26: Asset sales $74KFY26: Capital spending −$4.4MFY26: Buybacks −$30.6MFY26: Dividends −$19.7M$3.7MFY26
Over these 5 years operating cash flow totalled $398M; the largest uses were acquisitions ($192M) and operating cash flow ($152M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$381M
Debtnone
Net cash$381M
Due within a year$27.5M
Cash runway19 months

Eplus is burning cash: its operations consume cash, a free cash flow of −$236M a year at the current rate against $381M of cash and investments: a runway of about 19 months; $27.5M of debt also comes due within a year, which the cash covers before any new financing.

Eplus: debt maturities by year (FY25)Eplus: debt maturities by year (FY25)$27.5MYear 1$8.2MYear 2$2.6MYear 3$509KYear 4
Principal due in each year as disclosed in the annual report, against $381M of cash and investments now.

Where the cash came from and went

Eplus: sources (+) and uses (−) of cash, Q2 FY27Eplus: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$68.0MOperating cash flow−$57.4MOther financing$26.7MOther investing−$15.9MBuybacks−$13.1MDividends−$7.0MCapital spending−$1.5MExchange rates$266K
Eplus: sources (+) and uses (−) of cash, TTM to Q2 FY27Eplus: sources (+) and uses (−) of cash, TTM to Q2 FY27Buybacks−$61.8MOther financing$40.7MOperating cash flow$36.6MDividends−$27.1MCash drawn (+) / kept (−)$21.3MAcquisitions−$15.9MOther investing$7.5MCapital spending−$5.0MShares issued$3.7MExchange rates$67KAsset & business sales$58K

From profit to cash

Eplus: net income to operating cash flow, Q2 FY27Eplus: net income to operating cash flow, Q2 FY27Net income$40.4MDepreciation & amortization$5.9MStock-based pay$4.1MGains on disposals$22KReceivables$3.3MInventory−$125MPayables$55.7MPrepaid and other assets−$49.3MOther liabilities$8.1MOperating cash flow−$57.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27103396676
Q1 FY2798325376
Q4 FY26104465892
Q3 FY26103405885
Q2 FY26104266268
Q1 FY2686216046
Q4 FY25104298349
Q3 FY25110247460

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$57.4M−$1.5M—−$13.1M−$7.0M——$68.0M−$59.0M
Q1 FY27$76.5M−$853K—−$25.5M−$7.1M—$1.8M−$38.1M$75.6M
Q4 FY26$105M−$1.2M—−$6.3M−$6.5M——−$84.5M$104M
Q3 FY26−$87.4M−$1.4M—−$17.0M−$6.5M—$1.8M$75.9M−$88.9M
Q2 FY26−$34.8M−$994K—−$4.0M−$6.6M——$78.0M−$35.8M
Q1 FY26−$99.0M−$835K—−$3.3M——$1.8M−$90.8M−$99.8M
Q4 FY25$161M−$1.9M—−$13.5M—−$8.1M—−$136M$159M
Q3 FY25$65.7M—−$280K−$9.9M—$8.8M$1.8M−$65.5M$65.7M

Eplus: income statement and cash flow

Eplus, Q2 FY27: revenue $668M (+10% year over year), operating margin 8.5%. The chart follows the revenue to costs, profit and cash.

Eplus: 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.