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CPI Card Group cash flow, quarter by quarter

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

Free cash flow$10.1M in Q3 2026 · $81.3M over twelve months

Operating cash flow$15.1M
Capital spending−$5.0M
Free cash flow+$10.1M
Cash / net income3.0×
Cash conversion cycle80 days

Analysis

In Q3 2026, CPI Card Group generated $15.1M of operating cash flow and spent $5.0M on capital projects, leaving free cash flow of $10.1M. That is $4.8M more than in Q3 2025 ($5.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $96.8M; the largest uses were net borrowing (+) / repaid (−) ($67.9M), capital spending ($15.5M), acquisitions ($8.1M); the cash balance fell by $778K.

Operating cash flow was $15.1M against net income of $5.0M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.7M, prepaid and other assets +$4.9M, accrued liabilities −$3.3M.

Its cash conversion cycle was 80 days (receivables 52 + inventory 54 − payables 26).

Free cash flow

CPI Card Group: free cash flow by quarterCPI Card Group: free cash flow by quarter$21.6MQ4 2024$292KQ1 2025$533KQ2 2025$5.3MQ3 2025$35.2MQ4 2025$10.1MQ1 2026$25.9MQ2 2026$10.1MQ3 2026
Operating cash flow less capital spending.
CPI Card Group: operating cash flow against capital spendingCPI Card Group: operating cash flow against capital spendingOperating cash flowCapital spending$26.7M$5.1MQ4 2024$5.6M$5.3MQ1 2025$4.3M$3.8MQ2 2025$10.0M$4.7MQ3 2025$39.6M$4.4MQ4 2025$13.6M$3.5MQ1 2026$28.5M$2.6MQ2 2026$15.1M$5.0MQ3 2026
Latest (Q3 2026): Operating cash flow $15.1M, Capital spending $5.0M.

Capital allocation, year by year

CPI Card Group: where the cash came from (up) and went (down), by fiscal yearCPI Card Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $20.2MFY2021: Net borrowing −$4.9MFY2021: Capital spending −$10.1M$20.2MFY2021FY2022: Operating cash flow $31.3MFY2022: Net borrowing −$23.3MFY2022: Capital spending −$17.9M$31.3MFY2022FY2023: Operating cash flow $34.0MFY2023: Net borrowing −$25.8MFY2023: Capital spending −$6.4MFY2023: Buybacks −$250K$34.0MFY2023FY2024: Operating cash flow $43.3MFY2024: Capital spending −$9.3MFY2024: Buybacks −$8.7M$43.3MFY2024FY2025: Operating cash flow $59.5MFY2025: Net borrowing −$3.4MFY2025: Capital spending −$18.2MFY2025: Acquisitions −$44.2M$59.5MFY2025
Over these 5 years operating cash flow totalled $188M; the largest uses were capital spending ($61.8M) and net borrowing ($57.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.2M
Debt$251M
Net debt$236M

CPI Card Group funds itself: free cash flow was $81.3M over the last twelve months, and $15.2M of cash and investments stands against $251M of debt.

Where the cash came from and went

CPI Card Group: sources (+) and uses (−) of cash, Q3 2026CPI Card Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$15.1MNet borrowing (+) / repaid (−)−$13.7MCash drawn (+) / kept (−)$6.2MCapital spending−$5.0MTaxes on employees’ shares−$1.8MOther financing−$795K
CPI Card Group: sources (+) and uses (−) of cash, TTM to Q3 2026CPI Card Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$96.8MNet borrowing (+) / repaid (−)−$67.9MCapital spending−$15.5MAcquisitions−$8.1MTaxes on employees’ shares−$2.8MOther investing−$2.5MOther financing−$795KCash drawn (+) / kept (−)$778K

From profit to cash

CPI Card Group: net income to operating cash flow, Q3 2026CPI Card Group: net income to operating cash flow, Q3 2026Net income$5.0MDepreciation & amortization$6.7MStock-based pay$2.6MReceivables−$2.4MInventory−$1.8MPayables$681KAccrued liabilities−$3.3MPrepaid and other assets$4.9MIncome taxes payable$1.2MOperating cash flow$15.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202652542680
Q2 202654582488
Q1 202656602295
Q4 2025566925100
Q3 2025598026114
Q2 2025578124114
Q1 2025598121119
Q4 2024619221132

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$15.1M−$5.0M—−$13.7M$6.2M$10.1M
Q2 2026$28.5M−$2.6M—−$17.4M−$2.1M$25.9M
Q1 2026$13.6M−$3.5M—−$12.4M$2.4M$10.1M
Q4 2025$39.6M−$4.4M−$1.8M−$24.4M−$5.7M$35.2M
Q3 2025$10.0M−$4.7M—−$5.2M$1.2M$5.3M
Q2 2025$4.3M−$3.8M—−$2.0M$14.4M$533K
Q1 2025$5.6M−$5.3M—−$1.8M$2.0M$292K
Q4 2024$26.7M−$5.1M—−$1.5M−$18.9M$21.6M

CPI Card Group: income statement and cash flow

CPI Card Group, Q3 2026: revenue $158M (+15% year over year), operating margin 9.9%. The chart follows the revenue to costs, profit and cash.

CPI Card Group: 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.