Filing Flows

Filing Flows › Companies › Primo Brands › Cash flow

Primo Brands cash flow, quarter by quarter

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

Free cash flow$215M in Q3 2026 · $414M over twelve months

Operating cash flow$294M
Capital spending−$78.7M
Free cash flow+$215M
Cash / net income2.4×
Cash conversion cycle8 days

Analysis

In Q3 2026, Primo Brands generated $294M of operating cash flow and spent $78.7M on capital projects, leaving free cash flow of $215M. That is $47.2M more than in Q3 2025 ($168M).

Over the twelve months to Sep 30, 2026, operating cash flow was $828M; the largest uses were other financing ($703M), capital spending ($414M), buybacks ($195M); besides operations, cash came from net borrowing (+) / repaid (−) ($660M), shares issued ($9.4M); the cash balance rose by $53.8M.

Operating cash flow was $294M against net income of $124M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$146M, inventory −$14.9M, stock-based pay +$8.7M.

Its cash conversion cycle was 8 days (receivables 29 + inventory 19 − payables 40).

Free cash flow

Primo Brands: free cash flow by quarterPrimo Brands: free cash flow by quarter$40.4MQ4 2024−$23.2MQ1 2025$101MQ2 2025$168MQ3 2025$57.3MQ4 2025−$700KQ1 2026$142MQ2 2026$215MQ3 2026
Operating cash flow less capital spending.
Primo Brands: operating cash flow against capital spendingPrimo Brands: operating cash flow against capital spendingOperating cash flowCapital spending$93.7M$53.3MQ4 2024$38.8M$62.0MQ1 2025$155M$53.9MQ2 2025$283M$116MQ3 2025$203M$146MQ4 2025$104M$104MQ1 2026$228M$85.5MQ2 2026$294M$78.7MQ3 2026
Latest (Q3 2026): Operating cash flow $294M, Capital spending $78.7M.

Capital allocation, year by year

Primo Brands: where the cash came from (up) and went (down), by fiscal yearPrimo Brands: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2022: Operating cash flow $108MFY2022: Net borrowing −$75.0MFY2022: Capital spending −$258M$108MFY2022FY2023: Operating cash flow $321MFY2023: Net borrowing $61.6MFY2023: Shares issued $3.3MFY2023: Capital spending −$204M$386MFY2023FY2024: Operating cash flow $464MFY2024: Net borrowing $262MFY2024: Shares issued $3.8MFY2024: Capital spending −$150MFY2024: Buybacks −$10.4MFY2024: Dividends −$35.7M$729MFY2024FY2025: Operating cash flow $680MFY2025: Net borrowing −$65.5MFY2025: Shares issued $13.1MFY2025: Capital spending −$377MFY2025: Buybacks −$422MFY2025: Dividends −$151M$693MFY2025
Over these 4 years operating cash flow totalled $1.6B; the largest uses were capital spending ($990M) and buybacks ($432M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$477M
Debt$5.1B
Net debt$4.6B
Due within a year$35.9M

Primo Brands funds itself: free cash flow was $414M over the last twelve months, and $477M of cash and investments stands against $5.1B of debt ($35.9M due within a year, 13.3× covered by cash).

Primo Brands: debt maturities by year (FY2025)Primo Brands: debt maturities by year (FY2025)$35.9MYear 1$32.3MYear 2$3.5BYear 3$1.5BYear 4$200KYear 5$11.5MAfter year 5
Principal due in each year as disclosed in the annual report, against $477M of cash and investments now.

Where the cash came from and went

Primo Brands: sources (+) and uses (−) of cash, Q3 2026Primo Brands: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$294MCash drawn (+) / kept (−)−$111MCapital spending−$78.7MDividends−$43.5MOther investing−$29.2MBuybacks−$22.3MOther financing−$11.6MAsset & business sales$8.1MNet borrowing (+) / repaid (−)−$7.8MShares issued$2.1MExchange rates−$100K
Primo Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Primo Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$828MOther financing−$703MNet borrowing (+) / repaid (−)$660MCapital spending−$414MBuybacks−$195MDividends−$169MCash drawn (+) / kept (−)−$53.8MNot reconciled$38.6MShares issued$9.4MExchange rates−$300KOther investing−$200K

From profit to cash

Primo Brands: net income to operating cash flow, Q3 2026Primo Brands: net income to operating cash flow, Q3 2026Net income$124MDepreciation & amortization$146MStock-based pay$8.7MDeferred taxes−$2.8MGains on disposals−$200KOther non-cash$5.2MReceivables$8.4MInventory−$14.9MPrepaid and other assets$1.3MOperating cash flow$294M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262919408
Q2 20262818388
Q1 20262718396
Q4 20252919444
Q3 20253018417
Q2 20252919399
Q1 20252619396

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$294M−$78.7M—−$22.3M−$43.5M−$7.8M$2.1M−$111M$215M
Q2 2026$228M−$85.5M—−$15.6M−$43.5M−$7.7M$2.4M−$78.6M$142M
Q1 2026$104M−$104M—−$32.2M−$44.2M$6.9M$1.9M$88.7M−$700K
Q4 2025$203M−$146M—−$125M−$38.1M−$7.8M$3.0M$46.7M$57.3M
Q3 2025$283M−$116M−$23.3M−$75.8M−$37.2M−$7.7M$2.9M−$11.2M$168M
Q2 2025$155M−$53.9M−$5.7M−$102M−$37.4M−$15.6M$3.6M$40.9M$101M
Q1 2025$38.8M−$62.0M—−$119M−$38.6M−$7.7M$1.2M$167M−$23.2M
Q4 2024$93.7M−$53.3M—−$10.4M−$35.7M−$8.0M$1.9M−$444M$40.4M

Primo Brands: income statement and cash flow

Primo Brands, Q3 2026: revenue $1.8B (+3% year over year), operating margin 13.7%. The chart follows the revenue to costs, profit and cash.

Primo Brands: 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.