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Q2 Holdings cash flow, quarter by quarter

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

Free cash flow$62.6M in Q3 2026 · $233M over twelve months

Operating cash flow$64.7M
Capital spending−$2.1M
Free cash flow+$62.6M
Cash / net income1.9×
Cash conversion cycle14 days

Analysis

In Q3 2026, Q2 Holdings generated $64.7M of operating cash flow and spent $2.1M on capital projects, leaving free cash flow of $62.6M. That is $19.7M more than in Q3 2025 ($42.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $245M; the largest uses were other financing ($495M), buybacks ($164M), capital spending ($12.4M); besides operations, cash came from other investing ($63.7M), shares issued ($6.4M); the cash balance fell by $356M.

Operating cash flow was $64.7M against net income of $33.2M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: receivables −$23.6M, stock-based pay +$20.0M, deferred revenue +$14.2M.

Its cash conversion cycle was 14 days (receivables 34 + inventory 0 − payables 19).

Free cash flow

Q2 Holdings: free cash flow by quarterQ2 Holdings: free cash flow by quarter$41.6MQ4 2024$42.7MQ1 2025$47.3MQ2 2025$42.9MQ3 2025$61.7MQ4 2025$49.7MQ1 2026$59.0MQ2 2026$62.6MQ3 2026
Operating cash flow less capital spending.
Q2 Holdings: operating cash flow against capital spendingQ2 Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$43.0M$1.4MQ4 2024$43.5M$785KQ1 2025$48.6M$1.3MQ2 2025$45.6M$2.7MQ3 2025$63.7M$2.0MQ4 2025$56.3M$6.6MQ1 2026$60.7M$1.7MQ2 2026$64.7M$2.1MQ3 2026
Latest (Q3 2026): Operating cash flow $64.7M, Capital spending $2.1M.

Capital allocation, year by year

Q2 Holdings: where the cash came from (up) and went (down), by fiscal yearQ2 Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $31.1MFY2021: Net borrowing −$63.7MFY2021: Shares issued $5.9MFY2021: Capital spending −$19.8MFY2021: Acquisitions −$64.7M$37.0MFY2021FY2022: Operating cash flow $36.6MFY2022: Shares issued $5.9MFY2022: Capital spending −$11.1MFY2022: Acquisitions −$5.0M$42.4MFY2022FY2023: Operating cash flow $70.3MFY2023: Net borrowing −$150MFY2023: Shares issued $8.4MFY2023: Capital spending −$5.7M$78.7MFY2023FY2024: Operating cash flow $136MFY2024: Shares issued $14.3MFY2024: Capital spending −$6.7M$150MFY2024FY2025: Operating cash flow $201MFY2025: Shares issued $7.0MFY2025: Capital spending −$6.8MFY2025: Buybacks −$5.0M$208MFY2025
Over these 5 years operating cash flow totalled $475M; the largest uses were net borrowing ($213M) and acquisitions ($69.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$123M
Debtnone
Net cash$123M

Q2 Holdings funds itself: free cash flow was $233M over the last twelve months, with $123M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Q2 Holdings: sources (+) and uses (−) of cash, Q3 2026Q2 Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$64.7MBuybacks−$38.8MCash drawn (+) / kept (−)−$15.9MOther investing−$7.8MCapital spending−$2.1MExchange rates−$140K
Q2 Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Q2 Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$495MCash drawn (+) / kept (−)$356MOperating cash flow$245MBuybacks−$164MOther investing$63.7MCapital spending−$12.4MShares issued$6.4MExchange rates−$721K

From profit to cash

Q2 Holdings: net income to operating cash flow, Q3 2026Q2 Holdings: net income to operating cash flow, Q3 2026Net income$33.2MDepreciation & amortization$12.5MStock-based pay$20.0MDeferred taxes−$1.3MOther non-cash−$22KReceivables−$23.6MPayables$5.3MAccrued liabilities$3.3MDeferred revenue$14.2MContract assets$30KPrepaid and other assets−$207KOther liabilities−$1.9MOperating cash flow$64.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202634—1914
Q2 202630—1416
Q1 202626—1611
Q4 202527—1413
Q3 202530—723
Q2 202529—1018
Q1 202525—1213
Q4 202425—1213

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$64.7M−$2.1M−$38.8M—−$15.9M$62.6M
Q2 2026$60.7M−$1.7M−$22.9M$3.6M$242M$59.0M
Q1 2026$56.3M−$6.6M−$97.2M—$24.9M$49.7M
Q4 2025$63.7M−$2.0M−$5.0M$2.8M$105M$61.7M
Q3 2025$45.6M−$2.7M——−$58.5M$42.9M
Q2 2025$48.6M−$1.3M—$3.7M−$30.5M$47.3M
Q1 2025$43.5M−$785K—$547K−$24.7M$42.7M
Q4 2024$43.0M−$1.4M—$2.8M−$38.6M$41.6M

Q2 Holdings: income statement and cash flow

Q2 Holdings, Q3 2026: revenue $226M (+12% year over year), operating margin 15.0%. The chart follows the revenue to costs, profit and cash.

Q2 Holdings: 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.