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SPX Technologies cash flow, quarter by quarter

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

Free cash flow$19.3M in Q3 2026 · $227M over twelve months

Operating cash flow$59.3M
Capital spending−$40.0M
Free cash flow+$19.3M
Cash / net income0.7×
Cash conversion cycle100 days

Analysis

In Q3 2026, SPX Technologies generated $59.3M of operating cash flow and spent $40.0M on capital projects, leaving free cash flow of $19.3M.

Over the twelve months to Sep 26, 2026, operating cash flow was $375M; the largest uses were acquisitions ($1.3B), capital spending ($148M), other financing ($14.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($833M), other investing ($131M); the cash balance fell by $111M.

Operating cash flow was $59.3M against net income of $81.9M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$41.4M, inventory −$23.7M, deferred taxes −$22.6M.

Its cash conversion cycle was 100 days (receivables 59 + inventory 83 − payables 41).

Free cash flow

SPX Technologies: free cash flow by quarterSPX Technologies: free cash flow by quarter$157MQ4 2024−$16.4MQ1 2025$34.8MQ2 2025$96.1MQ3 2025$127MQ4 2025$12.1MQ1 2026$68.5MQ2 2026$19.3MQ3 2026
Operating cash flow less capital spending.
SPX Technologies: operating cash flow against capital spendingSPX Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$166M$9.8MQ4 2024−$10.9M$5.5MQ1 2025$42.5M$7.7MQ2 2025$106M$10.4MQ3 2025$195M$68.5MQ4 2025$30.6M$18.5MQ1 2026$89.6M$21.1MQ2 2026$59.3M$40.0MQ3 2026
Latest (Q3 2026): Operating cash flow $59.3M, Capital spending $40.0M.

Capital allocation, year by year

SPX Technologies: where the cash came from (up) and went (down), by fiscal yearSPX Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $175MFY2021: Net borrowing −$164MFY2021: Capital spending −$9.6MFY2021: Acquisitions −$265M$175MFY2021FY2022: Operating cash flow −$137MFY2022: Net borrowing $100KFY2022: Capital spending −$15.9MFY2022: Acquisitions −$40.0MFY2022: Buybacks −$33.7M$100KFY2022FY2023: Operating cash flow $208MFY2023: Net borrowing $312MFY2023: Capital spending −$23.9MFY2023: Acquisitions −$547M$520MFY2023FY2024: Operating cash flow $286MFY2024: Net borrowing $54.4MFY2024: Capital spending −$38.0MFY2024: Acquisitions −$292M$340MFY2024FY2025: Operating cash flow $333MFY2025: Net borrowing −$114MFY2025: Shares issued $551MFY2025: Capital spending −$92.1MFY2025: Acquisitions −$445M$884MFY2025
Over these 5 years operating cash flow totalled $866M; the largest uses were acquisitions ($1.6B) and net borrowing ($278M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$119M
Debt$1.3B
Net debt$1.2B
Due within a year$3.1M

SPX Technologies funds itself: free cash flow was $227M over the last twelve months, and $119M of cash and investments stands against $1.3B of debt ($3.1M due within a year, 38.5× covered by cash).

SPX Technologies: debt maturities by year (FY2025)SPX Technologies: debt maturities by year (FY2025)$3.1MYear 1$15.6MYear 2$25.0MYear 3$25.0MYear 4$431MYear 5
Principal due in each year as disclosed in the annual report, against $119M of cash and investments now.

Where the cash came from and went

SPX Technologies: sources (+) and uses (−) of cash, Q3 2026SPX Technologies: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$847MNet borrowing (+) / repaid (−)$720MOther investing$61.9MOperating cash flow$59.3MCash drawn (+) / kept (−)$47.4MCapital spending−$40.0MExchange rates−$1.0MOther financing−$300K
SPX Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026SPX Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$1.3BNet borrowing (+) / repaid (−)$833MOperating cash flow$375MCapital spending−$148MOther investing$131MCash drawn (+) / kept (−)$111MOther financing−$14.0MExchange rates−$300K

From profit to cash

SPX Technologies: net income to operating cash flow, Q3 2026SPX Technologies: net income to operating cash flow, Q3 2026Net income$81.9MDepreciation & amortization$41.4MStock-based pay$4.3MDeferred taxes−$22.6MOther non-cash−$2.3MReceivables−$15.6MInventory−$23.7MPayables−$6.7MOperating cash flow$59.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026598341100
Q2 202656804096
Q1 2026578340101
Q4 202555783796
Q3 2025588438103
Q2 2025568941104
Q1 2025588943104
Q4 2024588540102

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$59.3M−$40.0M−$847M$720M$47.4M$19.3M
Q2 2026$89.6M−$21.1M—−$59.3M−$9.9M$68.5M
Q1 2026$30.6M−$18.5M−$440M$172M$208M$12.1M
Q4 2025$195M−$68.5M$300K—−$135M$127M
Q3 2025$106M−$10.4M$2.4M−$518M−$94.5M$96.1M
Q2 2025$42.5M−$7.7M−$144M$58.9M$45.3M$34.8M
Q1 2025−$10.9M−$5.5M−$304M$346M−$20.8M−$16.4M
Q4 2024$166M−$9.8M—−$124M−$32.0M$157M

SPX Technologies: income statement and cash flow

SPX Technologies, Q3 2026: revenue $714M (+20% year over year), operating margin 16.1%. The chart follows the revenue to costs, profit and cash.

SPX Technologies: 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.