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Steven Madden cash flow, quarter by quarter

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

Free cash flow−$10.9M in Q3 2026 · $205M over twelve months

Operating cash flow$3.5M
Capital spending−$14.4M
Free cash flow−$10.9M
Cash / net income0.1×
Cash conversion cycle38 days

Analysis

In Q3 2026, Steven Madden generated $3.5M of operating cash flow and spent $14.4M on capital projects, leaving free cash flow of −$10.9M. That is $19.6M less than in Q3 2025 ($8.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $244M; the largest uses were net borrowing (+) / repaid (−) ($175M), dividends ($61.3M), capital spending ($39.1M); besides operations, cash came from other financing ($26.7M), other investing ($10.0M); the cash balance fell by $37.4M.

Operating cash flow was $3.5M against net income of $52.6M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$68.4M, inventory −$39.4M, receivables −$17.5M.

Its cash conversion cycle was 38 days (receivables 1 + inventory 85 − payables 48).

Free cash flow

Steven Madden: free cash flow by quarterSteven Madden: free cash flow by quarter$94.6MQ4 2024−$28.7MQ1 2025$58.8MQ2 2025$8.6MQ3 2025$80.8MQ4 2025−$61.2MQ1 2026$196MQ2 2026−$10.9MQ3 2026
Operating cash flow less capital spending.
Steven Madden: operating cash flow against capital spendingSteven Madden: operating cash flow against capital spendingOperating cash flowCapital spending$104M$9.3MQ4 2024−$18.8M$9.8MQ1 2025$66.5M$7.7MQ2 2025$23.4M$14.8MQ3 2025$91.1M$10.3MQ4 2025−$55.3M$5.9MQ1 2026$205M$8.5MQ2 2026$3.5M$14.4MQ3 2026
Latest (Q3 2026): Operating cash flow $3.5M, Capital spending $14.4M.

Capital allocation, year by year

Steven Madden: where the cash came from (up) and went (down), by fiscal yearSteven Madden: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $159MFY2021: Shares issued $9.7MFY2021: Capital spending −$6.6MFY2021: Buybacks −$123MFY2021: Dividends −$49.2M$169MFY2021FY2022: Operating cash flow $268MFY2022: Shares issued $602KFY2022: Asset sales $1.0MFY2022: Capital spending −$16.4MFY2022: Buybacks −$149MFY2022: Dividends −$66.0M$270MFY2022FY2023: Operating cash flow $229MFY2023: Shares issued $1.2MFY2023: Asset sales $1.0MFY2023: Capital spending −$19.5MFY2023: Acquisitions −$75.3MFY2023: Buybacks −$142MFY2023: Dividends −$63.2M$231MFY2023FY2024: Operating cash flow $198MFY2024: Shares issued $1.6MFY2024: Asset sales $1.0MFY2024: Capital spending −$25.9MFY2024: Acquisitions −$14.0MFY2024: Buybacks −$98.4MFY2024: Dividends −$61.0M$201MFY2024FY2025: Operating cash flow $162MFY2025: Net borrowing $240MFY2025: Shares issued $32KFY2025: Capital spending −$42.7MFY2025: Acquisitions −$372MFY2025: Buybacks −$13.5MFY2025: Dividends −$61.0M$402MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($526M) and acquisitions ($461M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$112M
Debt$120M
Net debt$7.7M

Steven Madden funds itself: free cash flow was $205M over the last twelve months, and $112M of cash and investments stands against $120M of debt.

Where the cash came from and went

Steven Madden: sources (+) and uses (−) of cash, Q3 2026Steven Madden: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$23.4MDividends−$15.4MCapital spending−$14.4MOther investing$7.7MNet borrowing (+) / repaid (−)−$5.0MOperating cash flow$3.5MShares issued$469KBuybacks−$343KExchange rates$66K
Steven Madden: sources (+) and uses (−) of cash, TTM to Q3 2026Steven Madden: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$244MNet borrowing (+) / repaid (−)−$175MDividends−$61.3MCapital spending−$39.1MCash drawn (+) / kept (−)$37.4MTaxes on employees’ shares−$32.2MOther financing$26.7MBuybacks−$13.9MOther investing$10.0MShares issued$3.5MExchange rates$1.4MAcquisitions−$1.3M

From profit to cash

Steven Madden: net income to operating cash flow, Q3 2026Steven Madden: net income to operating cash flow, Q3 2026Net income$52.6MDepreciation & amortization$9.2MStock-based pay$8.6MGains on disposals$1.1MReceivables−$17.5MInventory−$39.4MPayables$68.4MEmployee-related liabilities$8.2MPrepaid and other assets$2.6MOther operating capital−$1.6MOperating cash flow$3.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261854838
Q2 20261975147
Q1 202611216062
Q4 20251954848
Q3 202511085851
Q2 20251926231
Q1 20251685811
Q4 20241705713

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.5M−$14.4M—−$343K−$15.4M−$5.0M$469K$23.4M−$10.9M
Q2 2026$205M−$8.5M—−$985K−$15.4M−$162M$3.0M−$17.6M$196M
Q1 2026−$55.3M−$5.9M—−$7.4M−$15.3M$52.0M—$35.3M−$61.2M
Q4 2025$91.1M−$10.3M—−$5.2M−$15.3M−$60.0M$32K−$3.7M$80.8M
Q3 2025$23.4M−$14.8M—−$169K−$15.3M——$3.0M$8.6M
Q2 2025$66.5M−$7.7M—−$428K−$15.2M$300M—$33.0M$58.8M
Q1 2025−$18.8M−$9.8M—−$7.8M−$15.2M——$45.2M−$28.7M
Q4 2024$104M−$9.3M−$9.7M−$2.6M−$15.2M—$527K−$50.5M$94.6M

Steven Madden: income statement and cash flow

Steven Madden, Q3 2026: revenue $773M (+16% year over year), operating margin 9.5%. The chart follows the revenue to costs, profit and cash.

Steven Madden: 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.