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Smart Sand cash flow, quarter by quarter

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

Free cash flow−$1.4M in Q2 2026 · $34.6M over twelve months

Operating cash flow$3.4M
Capital spending−$4.8M
Free cash flow−$1.4M
Cash / net income0.3×
Cash conversion cycle45 days

Analysis

In Q2 2026, Smart Sand generated $3.4M of operating cash flow and spent $4.8M on capital projects, leaving free cash flow of −$1.4M. That is $6.5M more than in Q2 2025 (−$7.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $47.0M; the largest uses were net borrowing (+) / repaid (−) ($13.2M), capital spending ($12.4M), dividends ($10.0M); besides operations, cash came from shares issued ($41K), other investing ($1K); the cash balance rose by $5.9M.

Operating cash flow was $3.4M against net income of $10.2M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$16.7M, depreciation & amortization +$7.7M, payables +$5.0M.

Its cash conversion cycle was 45 days (receivables 29 + inventory 30 − payables 14).

Free cash flow

Smart Sand: free cash flow by quarterSmart Sand: free cash flow by quarter$3.7MQ3 2024−$840KQ4 2024$5.2MQ1 2025−$7.8MQ2 2025$14.8MQ3 2025$20.4MQ4 2025$842KQ1 2026−$1.4MQ2 2026
Operating cash flow less capital spending.
Smart Sand: operating cash flow against capital spendingSmart Sand: operating cash flow against capital spendingOperating cash flowCapital spending$5.8M$2.1MQ3 2024$1.0M$1.9MQ4 2024$8.7M$3.5MQ1 2025−$5.1M$2.7MQ2 2025$18.2M$3.4MQ3 2025$22.4M$2.0MQ4 2025$3.0M$2.2MQ1 2026$3.4M$4.8MQ2 2026
Latest (Q2 2026): Operating cash flow $3.4M, Capital spending $4.8M.

Capital allocation, year by year

Smart Sand: where the cash came from (up) and went (down), by fiscal yearSmart Sand: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $32.4MFY2021: Net borrowing −$6.9MFY2021: Shares issued $42KFY2021: Asset sales $78KFY2021: Capital spending −$11.2MFY2021: Buybacks −$401K$32.6MFY2021FY2022: Operating cash flow $5.4MFY2022: Net borrowing −$7.4MFY2022: Shares issued $52KFY2022: Asset sales $1.1MFY2022: Capital spending −$12.7MFY2022: Acquisitions −$6.5MFY2022: Buybacks −$540K$6.5MFY2022FY2023: Operating cash flow $31.0MFY2023: Net borrowing −$2.8MFY2023: Shares issued $56KFY2023: Asset sales $129KFY2023: Capital spending −$23.0M$31.2MFY2023FY2024: Operating cash flow $17.9MFY2024: Net borrowing −$10.3MFY2024: Shares issued $51KFY2024: Asset sales $89KFY2024: Capital spending −$7.0MFY2024: Buybacks −$422KFY2024: Dividends −$3.9M$18.0MFY2024FY2025: Operating cash flow $44.1MFY2025: Net borrowing −$3.6MFY2025: Shares issued $47KFY2025: Asset sales $740KFY2025: Capital spending −$11.6MFY2025: Buybacks −$628KFY2025: Dividends −$5.9M$44.9MFY2025
Over these 5 years operating cash flow totalled $131M; the largest uses were capital spending ($65.6M) and net borrowing ($31.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.2M
Debt$16.4M
Net debt$6.2M
Due within a year$5.4M

Smart Sand funds itself: free cash flow was $34.6M over the last twelve months, and $10.2M of cash and investments stands against $16.4M of debt ($5.4M due within a year, 1.9× covered by cash).

Smart Sand: debt maturities by year (FY2025)Smart Sand: debt maturities by year (FY2025)$5.4MYear 1$4.9MYear 2$3.5MYear 3$939KYear 4
Principal due in each year as disclosed in the annual report, against $10.2M of cash and investments now.

Where the cash came from and went

Smart Sand: sources (+) and uses (−) of cash, Q2 2026Smart Sand: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$9.3MCapital spending−$4.8MDividends−$4.1MOperating cash flow$3.4MOther financing−$2.5MNet borrowing (+) / repaid (−)−$1.1MBuybacks−$112KOther investing$1K
Smart Sand: sources (+) and uses (−) of cash, TTM to Q2 2026Smart Sand: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$47.0MNet borrowing (+) / repaid (−)−$13.2MCapital spending−$12.4MDividends−$10.0MCash drawn (+) / kept (−)−$5.9MOther financing−$4.0MBuybacks−$1.6MShares issued$41KOther investing$1K

From profit to cash

Smart Sand: net income to operating cash flow, Q2 2026Smart Sand: net income to operating cash flow, Q2 2026Net income$10.2MDepreciation & amortization$7.7MStock-based pay$712KDeferred taxes−$44KGains on disposals−$160KReceivables−$16.7MInventory−$1.4MPayables$5.0MAccrued liabilities−$1.8MDeferred revenue$542KPrepaid and other assets−$345KOperating cash flow$3.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202629301445
Q1 202628321149
Q4 202540391267
Q3 202545361566
Q2 202540341757
Q1 202547382164
Q4 202433311648
Q3 202437431763

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$3.4M−$4.8M−$112K−$4.1M−$1.1M—$9.3M−$1.4M
Q1 2026$3.0M−$2.2M−$1.2M—−$1.2M$20K$3.1M$842K
Q4 2025$22.4M−$2.0M−$49K−$2.0M−$875K—−$17.5M$20.4M
Q3 2025$18.2M−$3.4M−$207K−$3.9M−$9.9M$21K−$788K$14.8M
Q2 2025−$5.1M−$2.7M−$36K−$72K$8.1M—$815K−$7.8M
Q1 2025$8.7M−$3.5M−$336K−$7K−$1.0M$26K−$3.6M$5.2M
Q4 2024$1.0M−$1.9M−$47K−$3.9M−$777K—$5.7M−$840K
Q3 2024$5.8M−$2.1M−$153K—−$2.0M$26K−$958K$3.7M

Smart Sand: income statement and cash flow

Smart Sand, Q2 2026: revenue $115M (+34% year over year), operating margin 8.7%. The chart follows the revenue to costs, profit and cash.

Smart Sand: 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.