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Peloton Interactive cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$143M in Q1 FY27 · $454M over twelve months

Operating cash flow$146M
Capital spending−$2.3M
Free cash flow+$143M
Cash / net income1.5×
Cash conversion cycle-63 days

Analysis

In Q1 FY27, Peloton Interactive generated $146M of operating cash flow and spent $2.3M on capital projects, leaving free cash flow of $143M. That is $76.0M more than in Q1 FY26 ($67.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $461M; the largest uses were other financing ($196M), other investing ($13.3M), net borrowing (+) / repaid (−) ($10.4M); besides operations, cash came from shares issued ($600K); the cash balance rose by $233M.

Operating cash flow was $146M against net income of $96.2M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$39.9M, payables +$26.2M, inventory −$21.5M.

Its cash conversion cycle was -63 days (receivables 13 + inventory 63 − payables 138): suppliers fund its working capital.

Free cash flow

Peloton Interactive: free cash flow by quarterPeloton Interactive: free cash flow by quarter$106MQ2 FY25$94.6MQ3 FY25$112MQ4 FY25$67.4MQ1 FY26$71.0MQ2 FY26$150MQ3 FY26$88.8MQ4 FY26$143MQ1 FY27
Operating cash flow less capital spending.
Peloton Interactive: operating cash flow against capital spendingPeloton Interactive: operating cash flow against capital spendingOperating cash flowCapital spending$107M$700KQ2 FY25$96.7M$2.1MQ3 FY25$117M$4.7MQ4 FY25$71.9M$4.5MQ1 FY26$71.9M$900KQ2 FY26$153M$2.2MQ3 FY26$91.1M$2.3MQ4 FY26$146M$2.3MQ1 FY27
Latest (Q1 FY27): Operating cash flow $146M, Capital spending $2.3M.

Capital allocation, year by year

Peloton Interactive: where the cash came from (up) and went (down), by fiscal yearPeloton Interactive: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow −$2.0BFY22: Net borrowing $695MFY22: Shares issued $1.3BFY22: Capital spending −$337MFY22: Acquisitions −$11.0M$2.0BFY22FY23: Operating cash flow −$388MFY23: Net borrowing −$2.3MFY23: Shares issued $79.8MFY23: Asset sales $12.4MFY23: Capital spending −$82.4M$92.2MFY23FY24: Operating cash flow −$66.1MFY24: Net borrowing $244MFY24: Shares issued $41.2MFY24: Asset sales $46.5MFY24: Capital spending −$19.7M$332MFY24FY25: Operating cash flow $333MFY25: Net borrowing −$10.0MFY25: Shares issued $11.2MFY25: Asset sales $4.2MFY25: Capital spending −$9.3M$348MFY25FY26: Operating cash flow $388MFY26: Net borrowing −$10.3MFY26: Shares issued $600KFY26: Capital spending −$9.9M$388MFY26
Over these 5 years operating cash flow totalled −$1.8B; the largest uses were operating cash flow ($2.5B) and capital spending ($459M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$1.3B
Net cash$14.7M
Due within a year$10.0M

Peloton Interactive funds itself: free cash flow was $454M over the last twelve months, and $1.3B of cash and investments stands against $1.3B of debt ($10.0M due within a year, 134.2× covered by cash).

Peloton Interactive: debt maturities by year (FY26)Peloton Interactive: debt maturities by year (FY26)$10.0MYear 1$10.0MYear 2$960MYear 3$350MYear 4
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Peloton Interactive: sources (+) and uses (−) of cash, Q1 FY27Peloton Interactive: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$146MCash drawn (+) / kept (−)−$135MOther investing−$4.0MTaxes on employees’ shares−$3.3MNet borrowing (+) / repaid (−)−$2.6MCapital spending−$2.3MExchange rates$900KOther financing$600KShares issued$100K
Peloton Interactive: sources (+) and uses (−) of cash, TTM to Q1 FY27Peloton Interactive: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$461MCash drawn (+) / kept (−)−$233MOther financing−$196MOther investing−$13.3MNet borrowing (+) / repaid (−)−$10.4MCapital spending−$7.7MTaxes on employees’ shares−$5.5MExchange rates$3.6MShares issued$600K

From profit to cash

Peloton Interactive: net income to operating cash flow, Q1 FY27Peloton Interactive: net income to operating cash flow, Q1 FY27Net income$96.2MDepreciation & amortization$11.3MStock-based pay$39.9MImpairments$800KReceivables$5.5MInventory−$21.5MPayables$26.2MDeferred revenue−$10.0MPrepaid and other assets$1.0MOther liabilities−$3.0MOperating cash flow$146M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY271363138-63
Q3 FY261258104-34
Q2 FY261264103-27
Q1 FY261476129-38
Q3 FY251469113-30
Q2 FY251476102-12

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$146M−$2.3M—−$2.6M$100K−$135M$143M
Q4 FY26$91.1M−$2.3M—−$2.5M$100K−$75.6M$88.8M
Q3 FY26$153M−$2.2M—−$2.7M$200K$51.3M$150M
Q2 FY26$71.9M−$900K—−$100K$200K−$73.5M$71.0M
Q1 FY26$71.9M−$4.5M−$2.2M−$2.5M$100K−$63.9M$67.4M
Q4 FY25$117M−$4.7M—−$2.5M$4.2M−$124M$112M
Q3 FY25$96.7M−$2.1M—−$2.6M−$100K−$85.0M$94.6M
Q2 FY25$107M−$700K—−$2.5M$600K−$105M$106M

Peloton Interactive: income statement and cash flow

Peloton Interactive, Q1 FY27: revenue $559M (+2% year over year), operating margin 20.8%. The chart follows the revenue to costs, profit and cash.

Peloton Interactive: 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.