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Smith Douglas Homes cash flow, quarter by quarter

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

Free cash flow−$34.9M in Q3 2026 · −$22.4M over twelve months

Operating cash flow−$33.3M
Capital spending−$1.5M
Free cash flow−$34.9M
Cash / net income-11.0×

Analysis

In Q3 2026, Smith Douglas Homes generated −$33.3M of operating cash flow and spent $1.5M on capital projects, leaving free cash flow of −$34.9M. That is $56.3M less than in Q3 2025 ($21.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$18.7M; the largest uses were other financing ($35.6M), operating cash flow ($18.7M), capital spending ($3.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($48.2M), other investing ($1.7M); the cash balance fell by $8.9M.

Operating cash flow was −$33.3M against net income of $3.0M — -11.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$10.9M, prepaid and other assets −$4.4M, stock-based pay +$1.6M.

Free cash flow

Smith Douglas Homes: free cash flow by quarterSmith Douglas Homes: free cash flow by quarter$4.8MQ4 2024−$35.9MQ1 2025−$31.1MQ2 2025$21.4MQ3 2025$8.7MQ4 2025−$202KQ1 2026$3.9MQ2 2026−$34.9MQ3 2026
Operating cash flow less capital spending.
Smith Douglas Homes: operating cash flow against capital spendingSmith Douglas Homes: operating cash flow against capital spendingOperating cash flowCapital spending$5.5M$676KQ4 2024−$34.9M$1.0MQ1 2025−$28.9M$2.1MQ2 2025$22.8M$1.4MQ3 2025$9.8M$1.0MQ4 2025$338K$540KQ1 2026$4.5M$599KQ2 2026−$33.3M$1.5MQ3 2026
Latest (Q3 2026): Operating cash flow −$33.3M, Capital spending $1.5M.

Capital allocation, year by year

Smith Douglas Homes: where the cash came from (up) and went (down), by fiscal yearSmith Douglas Homes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2023: Operating cash flow $76.3MFY2023: Net borrowing $55.6MFY2023: Capital spending −$1.3MFY2023: Acquisitions −$75.9M$132MFY2023FY2024: Operating cash flow $19.1MFY2024: Net borrowing −$72.6MFY2024: Shares issued $4KFY2024: Capital spending −$3.9M$19.1MFY2024FY2025: Operating cash flow −$31.3MFY2025: Net borrowing $38.3MFY2025: Capital spending −$5.5M$38.3MFY2025
Over these 3 years operating cash flow totalled $64.1M; the largest uses were acquisitions ($75.9M) and net borrowing ($72.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.9M
Debtnone
Net cash$5.9M
Cash runway3 months

Smith Douglas Homes is burning cash: its operations consume cash, a free cash flow of −$22.4M a year at the current rate against $5.9M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Smith Douglas Homes: sources (+) and uses (−) of cash, Q3 2026Smith Douglas Homes: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$35.5MOperating cash flow−$33.3MOther financing−$10.4MCash drawn (+) / kept (−)$8.3MOther investing$1.8MCapital spending−$1.5MBuybacks−$307KTaxes on employees’ shares−$39K
Smith Douglas Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Smith Douglas Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$48.2MOther financing−$35.6MOperating cash flow−$18.7MCash drawn (+) / kept (−)$8.9MCapital spending−$3.7MOther investing$1.7MTaxes on employees’ shares−$692K

From profit to cash

Smith Douglas Homes: net income to operating cash flow, Q3 2026Smith Douglas Homes: net income to operating cash flow, Q3 2026Net income$3.0MDepreciation & amortization$927KStock-based pay$1.6MDeferred taxes−$75KPayables$10.9MAccrued liabilities$755KDeferred revenue$1.5MPrepaid and other assets−$4.4MOperating cash flow−$33.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$33.3M−$1.5M−$307K$35.5M$8.3M−$34.9M
Q2 2026$4.5M−$599K−$4.4M−$2.5M$13.8M$3.9M
Q1 2026$338K−$540K−$5.7M$24.6M−$15.2M−$202K
Q4 2025$9.8M−$1.0M—−$9.4M$2.0M$8.7M
Q3 2025$22.8M−$1.4M—−$20.3M$2.0M$21.4M
Q2 2025−$28.9M−$2.1M—$28.5M−$4.1M−$31.1M
Q1 2025−$34.9M−$1.0M—$39.6M$9.7M−$35.9M
Q4 2024$5.5M−$676K—−$405K$1.4M$4.8M

Smith Douglas Homes: income statement and cash flow

Smith Douglas Homes, Q3 2026: revenue $263M (+0.2% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Smith Douglas Homes: 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.