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Rocky Brands cash flow, quarter by quarter

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

Free cash flow$6.3M in Q3 2026 · $27.9M over twelve months

Operating cash flow$8.5M
Capital spending−$2.2M
Free cash flow+$6.3M
Cash / net income0.7×
Cash conversion cycle199 days

Analysis

In Q3 2026, Rocky Brands generated $8.5M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of $6.3M. That is $11.4M more than in Q3 2025 (−$5.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $35.8M; the largest uses were net borrowing (+) / repaid (−) ($23.5M), capital spending ($7.9M), dividends ($4.9M); besides operations, cash came from shares issued ($1.5M), other investing ($372K); the cash balance fell by $1.0M.

Operating cash flow was $8.5M against net income of $12.8M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$16.1M, payables +$11.8M, receivables −$11.6M.

Its cash conversion cycle was 199 days (receivables 58 + inventory 219 − payables 78).

Free cash flow

Rocky Brands: free cash flow by quarterRocky Brands: free cash flow by quarter$22.9MQ4 2024$529KQ1 2025−$2.4MQ2 2025−$5.2MQ3 2025$16.7MQ4 2025$744KQ1 2026$4.1MQ2 2026$6.3MQ3 2026
Operating cash flow less capital spending.
Rocky Brands: operating cash flow against capital spendingRocky Brands: operating cash flow against capital spendingOperating cash flowCapital spending$24.4M$1.5MQ4 2024$1.2M$701KQ1 2025$812K$3.2MQ2 2025−$3.3M$1.8MQ3 2025$17.6M$867KQ4 2025$1.9M$1.1MQ1 2026$7.8M$3.7MQ2 2026$8.5M$2.2MQ3 2026
Latest (Q3 2026): Operating cash flow $8.5M, Capital spending $2.2M.

Capital allocation, year by year

Rocky Brands: where the cash came from (up) and went (down), by fiscal yearRocky Brands: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$54.9MFY2021: Net borrowing $274MFY2021: Shares issued $825KFY2021: Capital spending −$21.1MFY2021: Acquisitions −$212MFY2021: Dividends −$4.3M$274MFY2021FY2022: Operating cash flow $19.1MFY2022: Net borrowing −$14.0MFY2022: Shares issued $461KFY2022: Capital spending −$6.7MFY2022: Dividends −$4.5M$19.6MFY2022FY2023: Operating cash flow $73.6MFY2023: Net borrowing −$84.6MFY2023: Shares issued $977KFY2023: Asset sales $17.3MFY2023: Capital spending −$3.9MFY2023: Dividends −$4.6M$91.9MFY2023FY2024: Operating cash flow $52.8MFY2024: Net borrowing −$44.2MFY2024: Shares issued $599KFY2024: Asset sales $1.7MFY2024: Capital spending −$4.7MFY2024: Dividends −$4.6M$55.1MFY2024FY2025: Operating cash flow $16.3MFY2025: Net borrowing −$6.6MFY2025: Shares issued $808KFY2025: Capital spending −$6.6MFY2025: Buybacks −$201KFY2025: Dividends −$4.6M$17.1MFY2025
Over these 5 years operating cash flow totalled $107M; the largest uses were acquisitions ($212M) and net borrowing ($149M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3M
Debt$116M
Net debt$114M
Due within a year$8.4M

Rocky Brands funds itself: free cash flow was $27.9M over the last twelve months, and $2.3M of cash and investments stands against $116M of debt ($8.4M due within a year, 0.3× covered by cash).

Rocky Brands: debt maturities by year (FY2025)Rocky Brands: debt maturities by year (FY2025)$8.4MYear 1$8.4MYear 2$8.4MYear 3$99.3MYear 4
Principal due in each year as disclosed in the annual report, against $2.3M of cash and investments now.

Where the cash came from and went

Rocky Brands: sources (+) and uses (−) of cash, Q3 2026Rocky Brands: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$8.5MNet borrowing (+) / repaid (−)−$6.5MCapital spending−$2.2MDividends−$1.3MShares issued$1.2MCash drawn (+) / kept (−)$335KOther financing−$46K
Rocky Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Rocky Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$35.8MNet borrowing (+) / repaid (−)−$23.5MCapital spending−$7.9MDividends−$4.9MBuybacks−$2.0MShares issued$1.5MCash drawn (+) / kept (−)$1.0MOther investing$372KOther financing−$318K

From profit to cash

Rocky Brands: net income to operating cash flow, Q3 2026Rocky Brands: net income to operating cash flow, Q3 2026Net income$12.8MDepreciation & amortization$2.4MStock-based pay$459KReceivables−$11.6MInventory−$16.1MPayables$11.8MAccrued liabilities$5.8MPrepaid and other assets$415KIncome taxes payable$2.0MOperating cash flow$8.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265821978199
Q2 20266127494240
Q1 20265720265194
Q4 20255321065198
Q3 20255623978216
Q2 20256126492233
Q1 20255823082205
Q4 20245420874187

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$8.5M−$2.2M—−$1.3M−$6.5M$1.2M$335K$6.3M
Q2 2026$7.8M−$3.7M−$2.0M−$1.3M$108K$16K−$960K$4.1M
Q1 2026$1.9M−$1.1M—−$1.2M−$620K—$1.2M$744K
Q4 2025$17.6M−$867K—−$1.2M−$16.5M$228K$417K$16.7M
Q3 2025−$3.3M−$1.8M—−$1.2M$6.4M$561K−$540K−$5.2M
Q2 2025$812K−$3.2M—−$1.2M$3.8M—−$222K−$2.4M
Q1 2025$1.2M−$701K−$201K−$1.2M−$252K$19K$1.2M$529K
Q4 2024$24.4M−$1.5M—−$1.2M−$21.7M—−$14K$22.9M

Rocky Brands: income statement and cash flow

Rocky Brands, Q3 2026: revenue $139M (+13% year over year), operating margin 13.1%. The chart follows the revenue to costs, profit and cash.

Rocky 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.