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Smith Midland cash flow, quarter by quarter

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

Free cash flow−$2.4M in Q2 2026 · $4.2M over twelve months

Operating cash flow−$485K
Capital spending−$1.9M
Free cash flow−$2.4M
Cash / net income-0.4×

Analysis

In Q2 2026, Smith Midland generated −$485K of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of −$2.4M. That is $673K less than in Q2 2025 (−$1.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $14.5M; the largest uses were capital spending ($10.4M), net borrowing (+) / repaid (−) ($626K); besides operations, cash came from other investing ($20K); the cash balance rose by $3.6M.

Operating cash flow was −$485K against net income of $1.4M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$5.0M, income taxes payable −$2.0M, payables −$1.8M.

Free cash flow

Smith Midland: free cash flow by quarterSmith Midland: free cash flow by quarter−$1.3MQ4 2024$1.6MQ1 2025−$1.6MQ2 2025−$1.7MQ2 2025$6.3MQ3 2025−$1.4MQ4 2025$1.5MQ1 2026−$2.4MQ2 2026
Operating cash flow less capital spending.
Smith Midland: operating cash flow against capital spendingSmith Midland: operating cash flow against capital spendingOperating cash flowCapital spending−$645K$660KQ4 2024$2.2M$595KQ1 2025−$2.2M−$592KQ2 2025$183K$1.9MQ2 2025$11.7M$5.4MQ3 2025$2.6M$4.0MQ4 2025$3.1M$1.6MQ1 2026−$485K$1.9MQ2 2026
Latest (Q2 2026): Operating cash flow −$485K, Capital spending $1.9M.

Capital allocation, year by year

Smith Midland: where the cash came from (up) and went (down), by fiscal yearSmith Midland: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $9.1MFY2021: Net borrowing −$744KFY2021: Asset sales $489KFY2021: Capital spending −$5.4M$9.6MFY2021FY2022: Operating cash flow −$6.3MFY2022: Net borrowing $2.2MFY2022: Asset sales $118KFY2022: Capital spending −$2.7M$2.3MFY2022FY2023: Operating cash flow $7.7MFY2023: Asset sales $346KFY2023: Capital spending −$5.0M$8.1MFY2023FY2024: Operating cash flow $5.2MFY2024: Net borrowing −$635KFY2024: Asset sales $53KFY2024: Capital spending −$6.2M$5.2MFY2024FY2025: Operating cash flow $14.3MFY2025: Net borrowing −$647KFY2025: Asset sales $20KFY2025: Capital spending −$9.3M$14.3MFY2025
Over these 5 years operating cash flow totalled $30.0M; the largest uses were capital spending ($28.7M) and operating cash flow ($6.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.7M
Debtnone
Net cash$10.7M
Due within a year$648K

Smith Midland funds itself: free cash flow was $4.2M over the last twelve months, with $10.7M of cash and investments and no debt on the balance sheet ($648K due within a year, 16.5× covered by cash).

Smith Midland: debt maturities by year (FY2025)Smith Midland: debt maturities by year (FY2025)$648KYear 1$676KYear 2$707KYear 3$710KYear 4$271KYear 5$1.4MAfter year 5
Principal due in each year as disclosed in the annual report, against $10.7M of cash and investments now.

Where the cash came from and went

Smith Midland: sources (+) and uses (−) of cash, Q2 2026Smith Midland: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$2.6MCapital spending−$1.9MOperating cash flow−$485KNet borrowing (+) / repaid (−)−$145K
Smith Midland: sources (+) and uses (−) of cash, TTM to Q2 2026Smith Midland: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$14.5MCapital spending−$10.4MCash drawn (+) / kept (−)−$3.6MNet borrowing (+) / repaid (−)−$626KOther investing$20K

From profit to cash

Smith Midland: net income to operating cash flow, Q2 2026Smith Midland: net income to operating cash flow, Q2 2026Net income$1.4MDepreciation & amortization$1.0MDeferred taxes$4KReceivables$5.0MInventory−$1.3MPayables−$1.8MDeferred revenue−$945KIncome taxes payable−$2.0MOperating cash flow−$485K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 2026115—3679
Q4 2025105—2976
Q3 202555—1738
Q2 202540—1425
Q1 202584—3054
Q4 202492—3359

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$485K−$1.9M−$145K$2.6M−$2.4M
Q1 2026$3.1M−$1.6M−$166K−$1.3M$1.5M
Q4 2025$2.6M−$4.0M−$143K$1.5M−$1.4M
Q3 2025$11.7M−$5.4M−$504K−$5.8M$6.3M
Q2 2025$183K−$1.9M−$168K$1.9M−$1.7M
Q2 2025−$2.2M$592K$164K$1.5M−$1.6M
Q1 2025$2.2M−$595K−$164K−$1.5M$1.6M
Q4 2024−$645K−$660K−$188K$1.5M−$1.3M

Smith Midland: income statement and cash flow

Smith Midland, Q2 2026: revenue $23.4M (-11% year over year), operating margin 8.5%. The chart follows the revenue to costs, profit and cash.

Smith Midland: 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.