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Steris cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$213M in Q2 FY27 · $937M over twelve months

Operating cash flow$289M
Capital spending−$76.1M
Free cash flow+$213M
Cash / net income1.3×
Cash conversion cycle99 days

Analysis

In Q2 FY27, Steris generated $289M of operating cash flow and spent $76.1M on capital projects, leaving free cash flow of $213M. That is $11.6M more than in Q2 FY26 ($201M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were capital spending ($352M), buybacks ($340M), dividends ($252M); besides operations, cash came from shares issued ($21.8M), other financing ($16.9M); the cash balance rose by $212M.

Operating cash flow was $289M against net income of $214M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$126M, accrued liabilities −$61.8M, prepaid and other assets +$32.2M.

Its cash conversion cycle was 99 days (receivables 58 + inventory 76 − payables 36).

Free cash flow

Steris: free cash flow by quarterSteris: free cash flow by quarter$244MQ3 FY25$190MQ4 FY25$326MQ1 FY26$201MQ2 FY26$200MQ3 FY26$245MQ4 FY26$280MQ1 FY27$213MQ2 FY27
Operating cash flow less capital spending.
Steris: operating cash flow against capital spendingSteris: operating cash flow against capital spendingOperating cash flowCapital spending$333M$89.2MQ3 FY25$261M$70.9MQ4 FY25$420M$93.6MQ1 FY26$288M$86.5MQ2 FY26$298M$98.7MQ3 FY26$335M$90.2MQ4 FY26$367M$87.5MQ1 FY27$289M$76.1MQ2 FY27
Latest (Q2 FY27): Operating cash flow $289M, Capital spending $76.1M.

Capital allocation, year by year

Steris: where the cash came from (up) and went (down), by fiscal yearSteris: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $685MFY22: Net borrowing $88.5MFY22: Shares issued $10.1MFY22: Asset sales $171MFY22: Capital spending −$288MFY22: Acquisitions −$550MFY22: Buybacks −$55.8MFY22: Dividends −$163M$955MFY22FY23: Operating cash flow $757MFY23: Net borrowing $242MFY23: Shares issued $1.8MFY23: Asset sales $21.2MFY23: Capital spending −$362MFY23: Acquisitions −$42.6MFY23: Buybacks −$309MFY23: Dividends −$183M$1.0BFY23FY24: Operating cash flow $973MFY24: Net borrowing $182MFY24: Shares issued $10.5MFY24: Asset sales $16.9MFY24: Capital spending −$360MFY24: Acquisitions −$546MFY24: Buybacks −$11.8MFY24: Dividends −$201M$1.2BFY24FY25: Operating cash flow $1.1BFY25: Net borrowing −$446MFY25: Shares issued $25.5MFY25: Asset sales $824MFY25: Capital spending −$370MFY25: Acquisitions −$54.1MFY25: Buybacks −$211MFY25: Dividends −$220M$2.0BFY25FY26: Operating cash flow $1.3BFY26: Net borrowing $3.0MFY26: Shares issued $32.9MFY26: Asset sales $10.5MFY26: Capital spending −$369MFY26: Acquisitions −$20.1MFY26: Buybacks −$236MFY26: Dividends −$242M$1.4BFY26
Over these 5 years operating cash flow totalled $4.9B; the largest uses were capital spending ($1.7B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$531M
Debt$1.9B
Net debt$1.4B

Steris funds itself: free cash flow was $937M over the last twelve months, and $531M of cash and investments stands against $1.9B of debt.

Steris: debt maturities by year (FY26)Steris: debt maturities by year (FY26)$150MYear 2$128MYear 3$37.8MYear 4$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $531M of cash and investments now.

Where the cash came from and went

Steris: sources (+) and uses (−) of cash, Q2 FY27Steris: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$289MBuybacks−$100MCapital spending−$76.1MDividends−$67.0MCash drawn (+) / kept (−)−$48.7MShares issued$4.5MExchange rates−$600KTaxes on employees’ shares−$400KOther financing−$200KNot reconciled−$100K
Steris: sources (+) and uses (−) of cash, TTM to Q2 FY27Steris: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.3BCapital spending−$352MBuybacks−$340MDividends−$252MCash drawn (+) / kept (−)−$212MOther investing−$127MShares issued$21.8MAcquisitions−$21.1MTaxes on employees’ shares−$17.3MOther financing$16.9MExchange rates−$4.4MPartners−$1.9M

From profit to cash

Steris: net income to operating cash flow, Q2 FY27Steris: net income to operating cash flow, Q2 FY27Net income$214MDepreciation & amortization$126MStock-based pay$21.7MDeferred taxes−$700KOther non-cash−$22.9MReceivables$3.0MInventory−$26.3MPayables−$10.5MAccrued liabilities−$61.8MPrepaid and other assets$32.2MOperating cash flow$289M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2758763699
Q1 FY27647638101
Q3 FY26607333100
Q2 FY2660733499
Q1 FY26657335103
Q3 FY25628129114

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$289M−$76.1M—−$100M−$67.0M—$4.5M−$48.7M$213M
Q1 FY27$367M−$87.5M−$16.0M−$116M−$61.4M−$37.8M$1.3M−$42.8M$280M
Q4 FY26$335M−$90.2M—−$74.3M−$61.8M$37.8M$600K−$15.9M$245M
Q3 FY26$298M−$98.7M−$5.1M−$50.1M−$61.9M—$15.4M−$104M$200M
Q2 FY26$288M−$86.5M—−$100M−$61.9M−$4.3M$7.6M−$39.5M$201M
Q1 FY26$420M−$93.6M−$15.0M−$10.6M−$56.2M−$156M$9.3M−$108M$326M
Q4 FY25$261M−$70.9M−$400K−$200K−$56.0M−$127M$6.1M−$16.5M$190M
Q3 FY25$333M−$89.2M−$36.2M−$100M−$56.2M−$54.1M$300K$17.0M$244M

Steris: income statement and cash flow

Steris, Q2 FY27: revenue $1.6B (+9% year over year), operating margin 18.5%. The chart follows the revenue to costs, profit and cash.

Steris: 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.