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Thor Industries cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$190M in Q4 FY26

Operating cash flow$244M
Capital spending−$54.3M
Free cash flow+$190M
Cash / net income5.9×
Cash conversion cycle54 days

Analysis

In Q4 FY26, Thor Industries generated $244M of operating cash flow and spent $54.3M on capital projects, leaving free cash flow of $190M. That is $30.8M less than in Q4 FY25 ($221M).

Operating cash flow was $244M against net income of $41.3M — 5.9× profit, cash ran ahead of reported earnings. The largest differences: receivables +$170M, payables −$114M, inventory +$98.9M.

Its cash conversion cycle was 54 days (receivables 24 + inventory 67 − payables 36).

Free cash flow

Thor Industries: free cash flow by quarterThor Industries: free cash flow by quarter$5.5MQ1 FY25$4.6MQ2 FY25$223MQ3 FY25$221MQ4 FY25−$76.4MQ1 FY26−$145MQ2 FY26$196MQ3 FY26$190MQ4 FY26
Operating cash flow less capital spending.
Thor Industries: operating cash flow against capital spendingThor Industries: operating cash flow against capital spendingOperating cash flowCapital spending$30.7M$25.3MQ1 FY25$30.8M$26.3MQ2 FY25$258M$35.2MQ3 FY25$259M$37.9MQ4 FY25−$44.9M$31.6MQ1 FY26−$112M$33.0MQ2 FY26$234M$38.1MQ3 FY26$244M$54.3MQ4 FY26
Latest (Q4 FY26): Operating cash flow $244M, Capital spending $54.3M.

Capital allocation, year by year

Thor Industries: where the cash came from (up) and went (down), by fiscal yearThor Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $990MFY22: Net borrowing $588MFY22: Capital spending −$242MFY22: Acquisitions −$782MFY22: Buybacks −$165MFY22: Dividends −$94.9M$1.6BFY22FY23: Operating cash flow $982MFY23: Net borrowing −$113MFY23: Asset sales $13.7MFY23: Capital spending −$209MFY23: Acquisitions −$6.2MFY23: Buybacks −$42.0MFY23: Dividends −$96.0M$995MFY23FY24: Operating cash flow $546MFY24: Net borrowing −$10.0MFY24: Asset sales $24.9MFY24: Capital spending −$140MFY24: Acquisitions −$7.3MFY24: Buybacks −$68.4MFY24: Dividends −$102M$570MFY24FY25: Operating cash flow $578MFY25: Net borrowing −$32.8MFY25: Asset sales $63.3MFY25: Capital spending −$123MFY25: Buybacks −$52.6MFY25: Dividends −$106M$641MFY25FY26: Operating cash flow $321MFY26: Net borrowing −$4.4MFY26: Asset sales $67.9MFY26: Capital spending −$152MFY26: Acquisitions −$9.6MFY26: Buybacks −$115MFY26: Dividends −$109M$389MFY26
Over these 5 years operating cash flow totalled $3.4B; the largest uses were capital spending ($866M) and acquisitions ($805M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$482M
Debt$868M
Net debt$386M
Due within a year$2.8M

Thor Industries funds itself: free cash flow was — over the last twelve months, and $482M of cash and investments stands against $868M of debt ($2.8M due within a year, 171.3× covered by cash).

Thor Industries: debt maturities by year (FY26)Thor Industries: debt maturities by year (FY26)$2.8MYear 1$8.6MYear 2$2.8MYear 3$503MYear 4$356MYear 5$2.6MAfter year 5
Principal due in each year as disclosed in the annual report, against $482M of cash and investments now.

Where the cash came from and went

Thor Industries: sources (+) and uses (−) of cash, Q4 FY26Thor Industries: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$244MCash drawn (+) / kept (−)−$110MCapital spending−$54.3MBuybacks−$34.3MDividends−$26.9MOther investing−$11.7MOther financing−$5.2MExchange rates−$2.4MAsset & business sales$2.0MNet borrowing (+) / repaid (−)−$961KAcquisitions−$305KTaxes on employees’ shares−$127K

From profit to cash

Thor Industries: net income to operating cash flow, Q4 FY26Thor Industries: net income to operating cash flow, Q4 FY26Net income$41.3MDepreciation & amortization$69.5MStock-based pay$979KGains on disposals−$90KReceivables$170MInventory$98.9MPayables−$114MAccrued liabilities−$10.3MPrepaid and other assets−$1.5MOther liabilities−$19.5MOperating cash flow$244M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2624673654
Q3 FY2621573049
Q2 FY2626753566
Q1 FY2621633153
Q4 FY2523583348
Q3 FY2519502742
Q2 FY2524713362
Q1 FY2522683060

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$244M−$54.3M−$305K−$34.3M−$26.9M−$961K−$110M$190M
Q3 FY26$234M−$38.1M—−$50.5M−$27.1M−$959K−$130M$196M
Q2 FY26−$112M−$33.0M—−$25.2M—−$1.0M$268M−$145M
Q1 FY26−$44.9M−$31.6M—−$5.0M—−$1.4M$76.7M−$76.4M
Q4 FY25$259M−$37.9M—−$50.9M−$26.4M−$3.1M−$78.3M$221M
Q3 FY25$258M−$35.2M——−$26.6M−$23.9M−$135M$223M
Q2 FY25$30.8M−$26.3M—−$1.7M—−$3.9M$71.4M$4.6M
Q1 FY25$30.7M−$25.3M———−$2.0M$56.1M$5.5M

Thor Industries: income statement and cash flow

Thor Industries, Q4 FY26: revenue $2.3B (-8% year over year), operating margin 2.2%. The chart follows the revenue to costs, profit and cash.

Thor Industries: 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.