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Ralph Lauren cash flow, quarter by quarter

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

Free cash flow$218M in Q2 FY27 · $1.5B over twelve months

Operating cash flow$279M
Capital spending−$60.8M
Free cash flow+$218M
Cash / net income0.9×
Cash conversion cycle121 days

Analysis

In Q2 FY27, Ralph Lauren generated $279M of operating cash flow and spent $60.8M on capital projects, leaving free cash flow of $218M.

Over the twelve months to Sep 26, 2026, operating cash flow was $1.5B; the largest uses were buybacks ($814M), other investing ($479M), dividends ($225M); the cash balance fell by $16.4M.

Operating cash flow was $279M against net income of $297M — 0.9× profit, roughly in line with earnings. The largest differences: receivables −$179M, payables +$75.3M, depreciation & amortization +$60.4M.

Its cash conversion cycle was 121 days (receivables 20 + inventory 186 − payables 85).

Free cash flow

Ralph Lauren: free cash flow by quarterRalph Lauren: free cash flow by quarter$677MQ3 FY25$42.3MQ4 FY25−$11.2MQ1 FY26−$40.6MQ2 FY26$704MQ3 FY26$145MQ4 FY26$286MQ1 FY27$218MQ2 FY27
Operating cash flow less capital spending.
Ralph Lauren: operating cash flow against capital spendingRalph Lauren: operating cash flow against capital spendingOperating cash flowCapital spending$738M$61.2MQ3 FY25$122M$79.9MQ4 FY25$176M$187MQ1 FY26$53.2M$93.8MQ2 FY26$780M$75.6MQ3 FY26$145M$0Q4 FY26$339M$53.4MQ1 FY27$279M$60.8MQ2 FY27
Latest (Q2 FY27): Operating cash flow $279M, Capital spending $60.8M.

Capital allocation, year by year

Ralph Lauren: where the cash came from (up) and went (down), by fiscal yearRalph Lauren: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY22: Operating cash flow $716MFY22: Net borrowing −$23.1MFY22: Capital spending −$167MFY22: Buybacks −$493MFY22: Dividends −$150M$716MFY22FY23: Operating cash flow $411MFY23: Net borrowing −$522MFY23: Capital spending −$218MFY23: Buybacks −$489MFY23: Dividends −$198M$411MFY23FY24: Operating cash flow $1.1BFY24: Net borrowing −$21.3MFY24: Capital spending −$165MFY24: Buybacks −$450MFY24: Dividends −$195M$1.1BFY24FY25: Operating cash flow $1.2BFY25: Net borrowing −$22.0MFY25: Capital spending −$216MFY25: Buybacks −$481MFY25: Dividends −$201M$1.2BFY25FY26: Operating cash flow $1.2BFY26: Net borrowing $75.0MFY26: Buybacks −$624MFY26: Dividends −$216M$1.2BFY26
Over these 5 years operating cash flow totalled $4.6B; the largest uses were buybacks ($2.5B) and dividends ($960M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$1.2B
Net cash$582M

Ralph Lauren funds itself: free cash flow was $1.5B over the last twelve months, and $1.8B of cash and investments stands against $1.2B of debt.

Where the cash came from and went

Ralph Lauren: sources (+) and uses (−) of cash, Q2 FY27Ralph Lauren: sources (+) and uses (−) of cash, Q2 FY27Buybacks−$302MCash drawn (+) / kept (−)$293MOperating cash flow$279MOther investing−$167MCapital spending−$60.8MDividends−$59.6MExchange rates$22.5MNet borrowing (+) / repaid (−)−$5.0M
Ralph Lauren: sources (+) and uses (−) of cash, TTM to Q2 FY27Ralph Lauren: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.5BBuybacks−$814MOther investing−$479MDividends−$225MNet borrowing (+) / repaid (−)−$23.8MExchange rates−$16.9MCash drawn (+) / kept (−)$16.4MOther financing−$400K

From profit to cash

Ralph Lauren: net income to operating cash flow, Q2 FY27Ralph Lauren: net income to operating cash flow, Q2 FY27Net income$297MDepreciation & amortization$60.4MStock-based pay$38.3MDeferred taxes−$3.9MOther non-cash−$2.0MReceivables−$179MInventory$22.1MPayables$75.3MPrepaid and other assets$15.4MIncome taxes payable−$32.4MOther operating capital−$11.5MOperating cash flow$279M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY272018685121
Q1 FY272019287125
Q4 FY262216474112
Q3 FY261915168102
Q2 FY262117581116
Q1 FY2623207100130
Q4 FY252416779111
Q3 FY25201436697

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$279M−$60.8M−$302M−$59.6M−$5.0M$293M$218M
Q1 FY27$339M−$53.4M−$325M−$54.8M−$7.1M$268M$286M
Q4 FY26$145M—−$150M−$55.2M−$5.5M$44.7M$145M
Q3 FY26$780M−$75.6M−$37.5M−$55.3M−$6.2M−$589M$704M
Q2 FY26$53.2M−$93.8M−$113M−$55.3M−$5.5M$647M−$40.6M
Q1 FY26$176M−$187M−$323M−$50.7M$492M−$168M−$11.2M
Q4 FY25$122M−$79.9M−$76.3M−$51.0M−$5.5M$17.6M$42.3M
Q3 FY25$738M−$61.2M−$74.4M−$51.2M−$5.7M−$585M$677M

Ralph Lauren: income statement and cash flow

Ralph Lauren, Q2 FY27: revenue $2.2B (+9% year over year), operating margin 16.6%. The chart follows the revenue to costs, profit and cash.

Ralph Lauren: 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.