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Southland Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$38.4M in Q2 2026 · −$158M over twelve months

Operating cash flow−$38.0M
Capital spending−$356K
Free cash flow−$38.4M

Analysis

In Q2 2026, Southland Holdings generated −$38.0M of operating cash flow and spent $356K on capital projects, leaving free cash flow of −$38.4M. That is $31.9M less than in Q2 2025 (−$6.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$156M; the largest uses were operating cash flow ($156M), net borrowing (+) / repaid (−) ($77.4M), capital spending ($1.3M); besides operations, cash came from other financing ($206M), asset & business sales ($10.7M); the cash balance fell by $17.6M.

Operating cash flow was −$38.0M against net income of −$87.1M. The largest differences: contract assets +$94.0M, payables −$66.9M, deferred revenue −$32.3M.

Free cash flow

Southland Holdings: free cash flow by quarterSouthland Holdings: free cash flow by quarter−$7.3MQ3 2024−$11.5MQ4 2024$4.6MQ1 2025−$6.5MQ2 2025$5.3MQ3 2025$9.3MQ4 2025−$134MQ1 2026−$38.4MQ2 2026
Operating cash flow less capital spending.
Southland Holdings: operating cash flow against capital spendingSouthland Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$5.3M$2.0MQ3 2024−$10.3M$1.2MQ4 2024$6.4M$1.8MQ1 2025−$5.4M$1.1MQ2 2025$5.9M$561KQ3 2025$9.7M$400KQ4 2025−$134M$28KQ1 2026−$38.0M$356KQ2 2026
Latest (Q2 2026): Operating cash flow −$38.0M, Capital spending $356K.

Capital allocation, year by year

Southland Holdings: where the cash came from (up) and went (down), by fiscal yearSouthland Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$90.6MFY2021: Net borrowing $32.9MFY2021: Shares issued $276MFY2021: Asset sales $11.3MFY2021: Capital spending −$18.8M$320MFY2021FY2022: Operating cash flow −$66.2MFY2022: Net borrowing $24.2MFY2022: Asset sales $10.1MFY2022: Capital spending −$4.8M$34.3MFY2022FY2023: Operating cash flow −$10.3MFY2023: Net borrowing −$18.3MFY2023: Asset sales $8.8MFY2023: Capital spending −$10.8M$8.8MFY2023FY2024: Operating cash flow $1.9MFY2024: Net borrowing −$17.5MFY2024: Asset sales $6.5MFY2024: Capital spending −$7.4M$8.4MFY2024FY2025: Operating cash flow $16.6MFY2025: Net borrowing −$52.1MFY2025: Asset sales $6.5MFY2025: Capital spending −$3.8M$23.1MFY2025
Over these 5 years operating cash flow totalled −$149M; the largest uses were operating cash flow ($167M) and net borrowing ($87.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$34.9M
Debt$207M
Net debt$172M
Due within a year$53.7M
Cash runway3 months

Southland Holdings is burning cash: its operations consume cash, a free cash flow of −$158M a year at the current rate against $34.9M of cash and investments: a runway of about 3 months; $53.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Southland Holdings: debt maturities by year (FY2025)Southland Holdings: debt maturities by year (FY2025)$53.7MYear 1$62.6MYear 2$127MYear 3$9.8MYear 4$3.5MYear 5$6.3MAfter year 5
Principal due in each year as disclosed in the annual report, against $34.9M of cash and investments now.

Where the cash came from and went

Southland Holdings: sources (+) and uses (−) of cash, Q2 2026Southland Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$70.0MOperating cash flow−$38.0MNet borrowing (+) / repaid (−)−$24.5MCash drawn (+) / kept (−)−$13.8MAsset & business sales$6.6MCapital spending−$356KExchange rates−$57KOther investing$20K
Southland Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Southland Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$206MOperating cash flow−$156MNet borrowing (+) / repaid (−)−$77.4MCash drawn (+) / kept (−)$17.6MAsset & business sales$10.7MCapital spending−$1.3MOther investing$906KExchange rates−$11K

From profit to cash

Southland Holdings: net income to operating cash flow, Q2 2026Southland Holdings: net income to operating cash flow, Q2 2026Net income−$87.1MDepreciation & amortization$5.4MDeferred taxes−$1.7MGains on investments−$67KPayables−$66.9MDeferred revenue−$32.3MContract assets$94.0MPrepaid and other assets−$6KOperating cash flow−$38.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$38.0M−$356K−$24.5M−$13.8M−$38.4M
Q1 2026−$134M−$28K−$27.4M$35.5M−$134M
Q4 2025$9.7M−$400K—−$10.1M$9.3M
Q3 2025$5.9M−$561K−$13.9M$6.0M$5.3M
Q2 2025−$5.4M−$1.1M−$11.6M$17.8M−$6.5M
Q1 2025$6.4M−$1.8M−$13.6M$6.4M$4.6M
Q4 2024−$10.3M−$1.2M−$9.3M$19.2M−$11.5M
Q3 2024−$5.3M−$2.0M$6.7M−$37.6M−$7.3M

Southland Holdings: income statement and cash flow

Southland Holdings, Q2 2026: revenue $113M (-47% year over year), operating margin -77.6%. The chart follows the revenue to costs, profit and cash.

Southland Holdings: 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.