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Seaboard cash flow, quarter by quarter

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

Free cash flow$165M in Q3 2026 · −$10.0M over twelve months

Operating cash flow$266M
Capital spending−$101M
Free cash flow+$165M
Cash / net income9.2×
Cash conversion cycle75 days

Analysis

In Q3 2026, Seaboard generated $266M of operating cash flow and spent $101M on capital projects, leaving free cash flow of $165M.

Over the twelve months to Oct 3, 2026, operating cash flow was $424M; the largest uses were capital spending ($434M), other investing ($173M), dividends ($9.0M); besides operations, cash came from other financing ($120M), net borrowing (+) / repaid (−) ($25.0M); the cash balance fell by $46.0M.

Operating cash flow was $266M against net income of $29.0M — 9.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$86.0M, depreciation & amortization +$82.0M, inventory +$53.0M.

Its cash conversion cycle was 75 days (receivables 28 + inventory 61 − payables 14).

Free cash flow

Seaboard: free cash flow by quarterSeaboard: free cash flow by quarter$162MQ4 2024−$129MQ1 2025−$70.0MQ2 2025$152MQ3 2025$53.0MQ4 2025−$150MQ1 2026−$78.0MQ2 2026$165MQ3 2026
Operating cash flow less capital spending.
Seaboard: operating cash flow against capital spendingSeaboard: operating cash flow against capital spendingOperating cash flowCapital spending$300M$138MQ4 2024−$20.0M$109MQ1 2025$81.0M$151MQ2 2025$319M$167MQ3 2025$188M$135MQ4 2025−$54.0M$96.0MQ1 2026$24.0M$102MQ2 2026$266M$101MQ3 2026
Latest (Q3 2026): Operating cash flow $266M, Capital spending $101M.

Capital allocation, year by year

Seaboard: where the cash came from (up) and went (down), by fiscal yearSeaboard: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $92.0MFY2021: Net borrowing $88.0MFY2021: Asset sales $39.0MFY2021: Capital spending −$460MFY2021: Acquisitions −$7.0MFY2021: Dividends −$10.0M$219MFY2021FY2022: Operating cash flow $676MFY2022: Net borrowing −$77.0MFY2022: Asset sales $29.0MFY2022: Capital spending −$474MFY2022: Acquisitions −$58.0MFY2022: Dividends −$10.0M$705MFY2022FY2023: Operating cash flow $710MFY2023: Net borrowing $219MFY2023: Asset sales $34.0MFY2023: Capital spending −$506MFY2023: Buybacks −$600MFY2023: Dividends −$10.0M$963MFY2023FY2024: Operating cash flow $519MFY2024: Net borrowing $11.0MFY2024: Asset sales $34.0MFY2024: Capital spending −$511MFY2024: Buybacks −$8.0MFY2024: Dividends −$9.0M$564MFY2024FY2025: Operating cash flow $568MFY2025: Net borrowing −$40.0MFY2025: Asset sales $35.0MFY2025: Capital spending −$562MFY2025: Buybacks −$39.0MFY2025: Dividends −$9.0M$603MFY2025
Over these 5 years operating cash flow totalled $2.6B; the largest uses were capital spending ($2.5B) and buybacks ($647M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$969M
Net cash$503M
Due within a year$11.0M

Seaboard's operations bring cash in ($424M over twelve months), and it spends more than that on capital projects: a gap of $10.0M funded from its $1.5B of cash and investments and from borrowing ($969M of debt, $11.0M due within a year). That is a choice to invest, not a cash runway running down.

Seaboard: debt maturities by year (FY2025)Seaboard: debt maturities by year (FY2025)$11.0MYear 1$41.0MYear 2$11.0MYear 3$11.0MYear 4$11.0MYear 5$906MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

Seaboard: sources (+) and uses (−) of cash, Q3 2026Seaboard: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$266MOther investing−$234MCapital spending−$101MOther financing$42.0MNet borrowing (+) / repaid (−)$36.0MCash drawn (+) / kept (−)−$14.0MAsset & business sales$7.0MDividends−$2.0M
Seaboard: sources (+) and uses (−) of cash, TTM to Q3 2026Seaboard: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$434MOperating cash flow$424MOther investing−$173MOther financing$120MCash drawn (+) / kept (−)$46.0MNet borrowing (+) / repaid (−)$25.0MDividends−$9.0MExchange rates$1.0M

From profit to cash

Seaboard: net income to operating cash flow, Q3 2026Seaboard: net income to operating cash flow, Q3 2026Net income$29.0MDepreciation & amortization$82.0MDeferred taxes−$6.0MGains on investments−$20.0MOther non-cash$4.0MReceivables$86.0MInventory$53.0MPayables$17.0MPrepaid and other assets−$34.0MOther liabilities$24.0MOperating cash flow$266M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202628611475
Q2 202626591372
Q1 202629701683
Q4 202531621577
Q3 202529571274
Q2 202530591375
Q1 202530581673
Q4 202430581672

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$266M−$101M—−$2.0M$36.0M−$14.0M$165M
Q2 2026$24.0M−$102M—−$2.0M−$70.0M−$34.0M−$78.0M
Q1 2026−$54.0M−$96.0M—−$2.0M$75.0M$67.0M−$150M
Q4 2025$188M−$135M−$1.0M−$3.0M−$5.0M$27.0M$53.0M
Q3 2025$319M−$167M−$14.0M−$2.0M−$12.0M−$88.0M$152M
Q2 2025$81.0M−$151M—−$2.0M−$27.0M−$30.0M−$70.0M
Q1 2025−$20.0M−$109M—−$2.0M$4.0M$11.0M−$129M
Q4 2024$300M−$138M—−$3.0M−$16.0M$8.0M$162M

Seaboard: income statement and cash flow

Seaboard, Q3 2026: revenue $2.8B (+9% year over year), operating margin 0.5%. The chart follows the revenue to costs, profit and cash.

Seaboard: 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.