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Powell Industries cash flow, quarter by quarter

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

Free cash flow$93.7M in Q3 FY26 · $244M over twelve months

Operating cash flow$100M
Capital spending−$6.5M
Free cash flow+$93.7M
Cash / net income1.9×
Cash conversion cycle92 days

Analysis

In Q3 FY26, Powell Industries generated $100M of operating cash flow and spent $6.5M on capital projects, leaving free cash flow of $93.7M. That is $51.4M more than in Q3 FY25 ($42.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was $256M; the largest uses were taxes on employees’ shares ($14.9M), dividends ($13.0M), capital spending ($12.2M); besides operations, cash came from other investing ($22.5M), asset & business sales ($17K); the cash balance rose by $235M.

Operating cash flow was $100M against net income of $52.2M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: receivables −$125M, accrued liabilities +$15.5M, inventory −$9.4M.

Its cash conversion cycle was 92 days (receivables 88 + inventory 38 − payables 34).

Free cash flow

Powell Industries: free cash flow by quarterPowell Industries: free cash flow by quarter−$14.4MQ4 FY24$34.9MQ1 FY25$18.3MQ2 FY25$42.3MQ3 FY25$59.3MQ4 FY25$41.6MQ1 FY26$49.3MQ2 FY26$93.7MQ3 FY26
Operating cash flow less capital spending.
Powell Industries: operating cash flow against capital spendingPowell Industries: operating cash flow against capital spendingOperating cash flowCapital spending−$6.0M$8.5MQ4 FY24$37.1M$2.2MQ1 FY25$22.4M$4.1MQ2 FY25$47.4M$5.1MQ3 FY25$61.1M$1.8MQ4 FY25$43.6M$2.0MQ1 FY26$51.2M$1.8MQ2 FY26$100M$6.5MQ3 FY26
Latest (Q3 FY26): Operating cash flow $100M, Capital spending $6.5M.

Capital allocation, year by year

Powell Industries: where the cash came from (up) and went (down), by fiscal yearPowell Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY21: Operating cash flow −$30.5MFY21: Net borrowing −$400KFY21: Asset sales $40KFY21: Capital spending −$2.9MFY21: Dividends −$12.1M$40KFY21FY22: Operating cash flow −$3.6MFY22: Net borrowing −$400KFY22: Asset sales $5.0MFY22: Capital spending −$2.5MFY22: Dividends −$12.2M$5.0MFY22FY23: Operating cash flow $183MFY23: Asset sales $12KFY23: Capital spending −$7.8MFY23: Dividends −$12.4M$183MFY23FY24: Operating cash flow $109MFY24: Asset sales $107KFY24: Capital spending −$12.0MFY24: Dividends −$12.7M$109MFY24FY25: Operating cash flow $168MFY25: Asset sales $20KFY25: Capital spending −$13.1MFY25: Acquisitions −$11.5MFY25: Dividends −$12.9M$168MFY25
Over these 5 years operating cash flow totalled $425M; the largest uses were dividends ($62.3M) and capital spending ($38.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$634M
Debtnone
Net cash$634M

Powell Industries funds itself: free cash flow was $244M over the last twelve months, with $634M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Powell Industries: sources (+) and uses (−) of cash, Q3 FY26Powell Industries: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$100MCash drawn (+) / kept (−)−$95.8MOther investing$7.0MCapital spending−$6.5MDividends−$3.3MExchange rates−$1.4MTaxes on employees’ shares−$203KAsset & business sales$13K
Powell Industries: sources (+) and uses (−) of cash, TTM to Q3 FY26Powell Industries: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$256MCash drawn (+) / kept (−)−$235MOther investing$22.5MTaxes on employees’ shares−$14.9MDividends−$13.0MCapital spending−$12.2MExchange rates−$3.4MAsset & business sales$17K

From profit to cash

Powell Industries: net income to operating cash flow, Q3 FY26Powell Industries: net income to operating cash flow, Q3 FY26Net income$52.2MDepreciation & amortization$2.2MStock-based pay$1.4MDeferred taxes$4.5MReceivables−$125MInventory−$9.4MPayables$8.8MAccrued liabilities$15.5MPrepaid and other assets−$1.1MIncome taxes payable$1.2MOther operating capital$1.5MOperating cash flow$100M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2688383492
Q2 FY2665372775
Q1 FY2674433088
Q4 FY2566393075
Q3 FY2566413274
Q2 FY2564413273
Q1 FY2578443587
Q4 FY2465403669

Every quarter

QuarterOperating cash flowCapital spendingDividendsCash drawn (+) / kept (−)Free cash flow
Q3 FY26$100M−$6.5M−$3.3M−$95.8M$93.7M
Q2 FY26$51.2M−$1.8M−$3.3M−$47.1M$49.3M
Q1 FY26$43.6M−$2.0M−$3.2M−$39.9M$41.6M
Q4 FY25$61.1M−$1.8M−$3.2M−$52.3M$59.3M
Q3 FY25$47.4M−$5.1M−$3.2M−$38.9M$42.3M
Q2 FY25$22.4M−$4.1M−$3.2M−$33.9M$18.3M
Q1 FY25$37.1M−$2.2M−$3.2M−$10.3M$34.9M
Q4 FY24−$6.0M−$8.5M−$3.2M$16.7M−$14.4M

Powell Industries: income statement and cash flow

Powell Industries, Q3 FY26: revenue $312M (+9% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Powell Industries: 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.