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PPG Industries cash flow, quarter by quarter

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

Free cash flow$411M in Q3 2026 · $1.3B over twelve months

Operating cash flow$566M
Capital spending−$155M
Free cash flow+$411M
Cash / net income1.2×
Cash conversion cycle8 days

Analysis

In Q3 2026, PPG Industries generated $566M of operating cash flow and spent $155M on capital projects, leaving free cash flow of $411M. That is $127M less than in Q3 2025 ($538M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were net borrowing (+) / repaid (−) ($1.4B), capital spending ($765M), buybacks ($425M); besides operations, cash came from other financing ($448M), other investing ($14.0M); the cash balance fell by $239M.

Operating cash flow was $566M against net income of $456M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$134M, receivables +$116M, payables −$99.0M.

Its cash conversion cycle was 8 days (receivables 82 + inventory 79 − payables 154).

Free cash flow

PPG Industries: free cash flow by quarterPPG Industries: free cash flow by quarter$138MQ4 2024−$227MQ1 2025$266MQ2 2025$538MQ3 2025$586MQ4 2025−$163MQ1 2026$446MQ2 2026$411MQ3 2026
Operating cash flow less capital spending.
PPG Industries: operating cash flow against capital spendingPPG Industries: operating cash flow against capital spendingOperating cash flowCapital spending$346M$208MQ4 2024−$18.0M$209MQ1 2025$387M$121MQ2 2025$685M$147MQ3 2025$887M$301MQ4 2025$33.0M$196MQ1 2026$559M$113MQ2 2026$566M$155MQ3 2026
Latest (Q3 2026): Operating cash flow $566M, Capital spending $155M.

Capital allocation, year by year

PPG Industries: where the cash came from (up) and went (down), by fiscal yearPPG Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.6BFY2021: Net borrowing $739MFY2021: Shares issued $94.0MFY2021: Capital spending −$371MFY2021: Acquisitions −$2.1BFY2021: Buybacks −$210MFY2021: Dividends −$536M$2.4BFY2021FY2022: Operating cash flow $963MFY2022: Net borrowing −$441MFY2022: Shares issued $12.0MFY2022: Capital spending −$486MFY2022: Acquisitions −$114MFY2022: Buybacks −$190MFY2022: Dividends −$570M$975MFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$852MFY2023: Shares issued $55.0MFY2023: Capital spending −$516MFY2023: Acquisitions −$109MFY2023: Buybacks −$86.0MFY2023: Dividends −$598M$2.5BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$28.0MFY2024: Shares issued $24.0MFY2024: Capital spending −$721MFY2024: Acquisitions −$31.0MFY2024: Buybacks −$752MFY2024: Dividends −$622M$1.4BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing −$732MFY2025: Shares issued $20.0MFY2025: Capital spending −$778MFY2025: Acquisitions −$1.0MFY2025: Buybacks −$790MFY2025: Dividends −$628M$2.0BFY2025
Over these 5 years operating cash flow totalled $8.3B; the largest uses were dividends ($3.0B) and capital spending ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$6.8B
Net debt$5.2B
Due within a year$702M

PPG Industries funds itself: free cash flow was $1.3B over the last twelve months, and $1.6B of cash and investments stands against $6.8B of debt ($702M due within a year, 2.3× covered by cash).

PPG Industries: debt maturities by year (FY2025)PPG Industries: debt maturities by year (FY2025)$702MYear 1$702MYear 2$2.0BYear 3$1.2BYear 4$295MYear 5$2.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

PPG Industries: sources (+) and uses (−) of cash, Q3 2026PPG Industries: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$566MDividends−$165MCapital spending−$155MBuybacks−$147MCash drawn (+) / kept (−)−$73.0MAcquisitions−$39.0MExchange rates$23.0MOther financing−$9.0MOther investing−$1.0M
PPG Industries: sources (+) and uses (−) of cash, TTM to Q3 2026PPG Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.0BNet borrowing (+) / repaid (−)−$1.4BCapital spending−$765MOther financing$448MBuybacks−$425MCash drawn (+) / kept (−)$239MAcquisitions−$185MExchange rates$27.0MOther investing$14.0M

From profit to cash

PPG Industries: net income to operating cash flow, Q3 2026PPG Industries: net income to operating cash flow, Q3 2026Net income$456MDepreciation & amortization$134MStock-based pay$10.0MDeferred taxes−$8.0MOther non-cash−$25.0MReceivables$116MInventory−$4.0MPayables−$99.0MPrepaid and other assets−$18.0MOperating cash flow$566M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202682791548
Q2 2026777414110
Q1 202680821575
Q3 2025868415217
Q2 2025798114912
Q1 202578831602

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$566M−$155M−$39.0M−$147M−$165M—−$73.0M$411M
Q2 2026$559M−$113M−$66.0M−$79.0M−$158M—$53.0M$446M
Q1 2026$33.0M−$196M−$79.0M−$96.0M−$159M−$133M$590M−$163M
Q4 2025$887M−$301M−$1.0M−$103M—−$698M−$331M$586M
Q3 2025$685M−$147M—−$147M−$160M—−$271M$538M
Q2 2025$387M−$121M—−$146M−$154M−$341M$269M$266M
Q1 2025−$18.0M−$209M—−$394M−$154M$309M−$560M−$227M
Q4 2024$346M−$208M−$2.0M−$241M——−$42.0M$138M

PPG Industries: income statement and cash flow

PPG Industries, Q3 2026: revenue $4.4B (+7% year over year), operating margin 17.4%. The chart follows the revenue to costs, profit and cash.

PPG 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.