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TransDigm Group cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$650M in Q3 FY26 · $1.9B over twelve months

Operating cash flow$724M
Capital spending−$74.0M
Free cash flow+$650M
Cash / net income1.3×
Cash conversion cycle227 days

Analysis

In Q3 FY26, TransDigm Group generated $724M of operating cash flow and spent $74.0M on capital projects, leaving free cash flow of $650M.

Over the twelve months to Jun 27, 2026, operating cash flow was $2.2B; the largest uses were dividends ($5.3B), acquisitions ($3.3B), buybacks ($1.8B); besides operations, cash came from net borrowing (+) / repaid (−) ($7.8B), other financing ($589M); the cash balance fell by $19.0M.

Operating cash flow was $724M against net income of $540M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$118M, inventory −$87.0M, stock-based pay +$65.0M.

Its cash conversion cycle was 227 days (receivables 59 + inventory 204 − payables 35).

Free cash flow

TransDigm Group: free cash flow by quarterTransDigm Group: free cash flow by quarter$531MQ4 FY24$710MQ1 FY25$92.0MQ2 FY25$573MQ3 FY25$441MQ4 FY25$772MQ1 FY26$64.0MQ2 FY26$650MQ3 FY26
Operating cash flow less capital spending.
TransDigm Group: operating cash flow against capital spendingTransDigm Group: operating cash flow against capital spendingOperating cash flowCapital spending$572M$41.0MQ4 FY24$752M$42.0MQ1 FY25$148M$56.0MQ2 FY25$631M$58.0MQ3 FY25$507M$66.0MQ4 FY25$832M$60.0MQ1 FY26$135M$71.0MQ2 FY26$724M$74.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $724M, Capital spending $74.0M.

Capital allocation, year by year

TransDigm Group: where the cash came from (up) and went (down), by fiscal yearTransDigm Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $913MFY21: Net borrowing $1.9BFY21: Shares issued $128MFY21: Asset sales $259MFY21: Capital spending −$105MFY21: Acquisitions −$963MFY21: Dividends −$73.0M$3.2BFY21FY22: Operating cash flow $948MFY22: Net borrowing −$275MFY22: Shares issued $132MFY22: Asset sales $3.0MFY22: Capital spending −$119MFY22: Acquisitions −$437MFY22: Buybacks −$912MFY22: Dividends −$1.1B$1.1BFY22FY23: Operating cash flow $1.4BFY23: Net borrowing −$1.1BFY23: Shares issued $215MFY23: Asset sales $1.0MFY23: Capital spending −$139MFY23: Acquisitions −$762MFY23: Dividends −$38.0M$1.6BFY23FY24: Operating cash flow $2.0BFY24: Net borrowing $2.4BFY24: Shares issued $245MFY24: Asset sales $71.0MFY24: Capital spending −$165MFY24: Acquisitions −$2.3BFY24: Dividends −$2.0B$4.8BFY24FY25: Operating cash flow $2.0BFY25: Net borrowing $6.0BFY25: Shares issued $166MFY25: Asset sales $46.0MFY25: Capital spending −$222MFY25: Acquisitions −$419MFY25: Buybacks −$500MFY25: Dividends −$159M$8.3BFY25
Over these 5 years operating cash flow totalled $7.3B; the largest uses were acquisitions ($4.9B) and dividends ($3.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.8B
Debt$32.8B
Net debt$30.0B
Due within a year$116M

TransDigm Group funds itself: free cash flow was $1.9B over the last twelve months, and $2.8B of cash and investments stands against $32.8B of debt ($116M due within a year, 23.9× covered by cash).

TransDigm Group: debt maturities by year (FY25)TransDigm Group: debt maturities by year (FY25)$116MYear 1$116MYear 2$2.2BYear 3$4.8BYear 4$3.5BYear 5$18.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.8B of cash and investments now.

Where the cash came from and went

TransDigm Group: sources (+) and uses (−) of cash, Q3 FY26TransDigm Group: sources (+) and uses (−) of cash, Q3 FY26Acquisitions−$2.2BCash drawn (+) / kept (−)$1.1BBuybacks−$1.1BNet borrowing (+) / repaid (−)$990MOperating cash flow$724MOther financing$466MCapital spending−$74.0MShares issued$33.0MExchange rates−$5.0M
TransDigm Group: sources (+) and uses (−) of cash, TTM to Q3 FY26TransDigm Group: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)$7.8BDividends−$5.3BAcquisitions−$3.3BOperating cash flow$2.2BBuybacks−$1.8BOther financing$589MCapital spending−$271MShares issued$135MExchange rates−$22.0MCash drawn (+) / kept (−)$19.0MOther investing−$6.0M

From profit to cash

TransDigm Group: net income to operating cash flow, Q3 FY26TransDigm Group: net income to operating cash flow, Q3 FY26Net income$540MDepreciation & amortization$118MStock-based pay$65.0MReceivables−$61.0MInventory−$87.0MPayables−$8.0MAccrued liabilities$13.0MPrepaid and other assets−$43.0MIncome taxes payable$43.0MOperating cash flow$724M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265920435227
Q2 FY265921036233
Q1 FY266121136236
Q4 FY256020334230
Q3 FY256020633233
Q2 FY255820533229
Q1 FY255922037242
Q4 FY245718832213

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$724M−$74.0M−$2.2B−$1.1B—$990M$33.0M$1.1B$650M
Q2 FY26$135M−$71.0M−$93.0M−$615M——$54.0M−$1.4B$64.0M
Q1 FY26$832M−$60.0M−$907M−$106M−$59.0M—$29.0M$280M$772M
Q4 FY25$507M−$66.0M−$180M—−$5.2B$6.0B$19.0M−$16.0M$441M
Q3 FY25$631M−$58.0M−$99.0M−$131M—−$1.0M$58.0M−$366M$573M
Q2 FY25$148M−$56.0M−$111M−$53.0M—−$2.0M$54.0M$33.0M$92.0M
Q1 FY25$752M−$42.0M−$29.0M−$316M−$4.4B−$2.0M$35.0M$3.8B$710M
Q4 FY24$572M−$41.0M−$661M——$1.5B$32.0M−$2.9B$531M

TransDigm Group: income statement and cash flow

TransDigm Group, Q3 FY26: revenue $2.7B (+22% year over year), operating margin 44.8%. The chart follows the revenue to costs, profit and cash.

TransDigm Group: 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.