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PVH cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$346M in Q2 FY27 · $715M over twelve months

Operating cash flow$383M
Capital spending−$36.5M
Free cash flow+$346M
Cash conversion cycle101 days

Analysis

In Q2 FY27, PVH generated $383M of operating cash flow and spent $36.5M on capital projects, leaving free cash flow of $346M.

Over the twelve months to Aug 2, 2026, operating cash flow was $875M; the largest uses were capital spending ($160M), other financing ($18.4M), buybacks ($17.6M); besides operations, cash came from other investing ($42.4M); the cash balance rose by $717M.

Operating cash flow was $383M against net income of −$103M. The largest differences: impairments +$439M, inventory −$244M, deferred taxes −$154M.

Its cash conversion cycle was 101 days (receivables 39 + inventory 191 − payables 129).

Free cash flow

PVH: free cash flow by quarterPVH: free cash flow by quarter−$11.3MQ3 FY25$443MQ4 FY25−$98.1MQ1 FY26$182MQ2 FY26−$85.1MQ3 FY26$540MQ4 FY26−$86.0MQ1 FY27$346MQ2 FY27
Operating cash flow less capital spending.
PVH: operating cash flow against capital spendingPVH: operating cash flow against capital spendingOperating cash flowCapital spending$28.7M$40.0MQ3 FY25$486M$43.3MQ4 FY25−$71.4M$26.7MQ1 FY26$213M$31.2MQ2 FY26−$44.5M$40.6MQ3 FY26$583M$43.5MQ4 FY26−$46.5M$39.5MQ1 FY27$383M$36.5MQ2 FY27
Latest (Q2 FY27): Operating cash flow $383M, Capital spending $36.5M.

Capital allocation, year by year

PVH: where the cash came from (up) and went (down), by fiscal yearPVH: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY22: Operating cash flow $1.1BFY22: Net borrowing −$1.0BFY22: Shares issued $26.7MFY22: Capital spending −$268MFY22: Buybacks −$361MFY22: Dividends −$2.7M$1.1BFY22FY23: Operating cash flow $39.2MFY23: Capital spending −$290MFY23: Buybacks −$419MFY23: Dividends −$10.1M$39.2MFY23FY24: Operating cash flow $969MFY24: Net borrowing −$160MFY24: Shares issued $17.9MFY24: Capital spending −$245MFY24: Buybacks −$570MFY24: Dividends −$9.4M$987MFY24FY25: Operating cash flow $741MFY25: Net borrowing −$24.3MFY25: Shares issued $7.3MFY25: Capital spending −$159MFY25: Buybacks −$525MFY25: Dividends −$8.6M$748MFY25FY26: Operating cash flow $680MFY26: Net borrowing −$21.9MFY26: Shares issued $1.4MFY26: Capital spending −$142MFY26: Buybacks −$578MFY26: Dividends −$7.5M$682MFY26
Over these 5 years operating cash flow totalled $3.5B; the largest uses were buybacks ($2.5B) and net borrowing ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$966M
Debt$2.2B
Net debt$1.3B
Due within a year$13.1M

PVH funds itself: free cash flow was $715M over the last twelve months, and $966M of cash and investments stands against $2.2B of debt ($13.1M due within a year, 73.7× covered by cash).

PVH: debt maturities by year (FY26)PVH: debt maturities by year (FY26)$13.1MYear 1$1.2BYear 2$622MYear 4$500MYear 5
Principal due in each year as disclosed in the annual report, against $966M of cash and investments now.

Where the cash came from and went

PVH: sources (+) and uses (−) of cash, Q2 FY27PVH: sources (+) and uses (−) of cash, Q2 FY27Net borrowing (+) / repaid (−)−$461MOther financing$452MOperating cash flow$383MCash drawn (+) / kept (−)−$373MOther investing$42.2MCapital spending−$36.5MExchange rates−$2.3MBuybacks−$2.0MDividends−$1.7M
PVH: sources (+) and uses (−) of cash, TTM to Q2 FY27PVH: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$875MCash drawn (+) / kept (−)−$717MCapital spending−$160MOther investing$42.4MOther financing−$18.4MBuybacks−$17.6MDividends−$7.1MExchange rates$5.4MNet borrowing (+) / repaid (−)−$2.6M

From profit to cash

PVH: net income to operating cash flow, Q2 FY27PVH: net income to operating cash flow, Q2 FY27Net income−$103MDepreciation & amortization$57.3MStock-based pay$13.1MDeferred taxes−$154MImpairments$439MReceivables−$36.0MInventory−$244MPrepaid and other assets$11.5MOther operating capital$20.7MOperating cash flow$383M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2739191129101
Q1 FY274216811199
Q4 FY26381399483
Q3 FY264015710691
Q2 FY263716811392
Q1 FY263917211993
Q4 FY253514310573
Q3 FY253815511379

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$383M−$36.5M−$2.0M−$1.7M−$461M—−$373M$346M
Q1 FY27−$46.5M−$39.5M−$14.9M−$1.8M−$3.9M—$109M−$86.0M
Q4 FY26$583M−$43.5M−$500K−$1.8M−$3.3M—−$543M$540M
Q3 FY26−$44.5M−$40.6M−$200K−$1.8M−$3.2M—$90.6M−$85.1M
Q2 FY26$213M−$31.2M−$4.8M−$2.0M−$613M$1.3M−$57.8M$182M
Q1 FY26−$71.4M−$26.7M−$572M−$1.9M$111M$100K$557M−$98.1M
Q4 FY25$486M−$43.3M−$245M−$2.2M−$2.8M—−$188M$443M
Q3 FY25$28.7M−$40.0M−$34.8M−$2.1M−$11.4M—$50.4M−$11.3M

PVH: income statement and cash flow

PVH, Q2 FY27: revenue $2.1B (-3% year over year), operating margin -9.1%. The chart follows the revenue to costs, profit and cash.

PVH: 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.