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Tennant cash flow, quarter by quarter

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

Free cash flow$5.2M in Q3 2026 · −$19.8M over twelve months

Operating cash flow$11.9M
Capital spending−$6.7M
Free cash flow+$5.2M
Cash / net income0.6×
Cash conversion cycle129 days

Analysis

In Q3 2026, Tennant generated $11.9M of operating cash flow and spent $6.7M on capital projects, leaving free cash flow of $5.2M. That is $17.1M less than in Q3 2025 ($22.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$100K; the largest uses were buybacks ($92.8M), dividends ($21.5M), capital spending ($19.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($120M), other investing ($500K); the cash balance fell by $24.1M.

Operating cash flow was $11.9M against net income of $19.5M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$16.4M, depreciation & amortization +$14.6M, other operating capital −$13.9M.

Its cash conversion cycle was 129 days (receivables 82 + inventory 103 − payables 57).

Free cash flow

Tennant: free cash flow by quarterTennant: free cash flow by quarter$28.1MQ4 2024−$7.4MQ1 2025$18.7MQ2 2025$22.3MQ3 2025$9.7MQ4 2025−$34.4MQ1 2026−$300KQ2 2026$5.2MQ3 2026
Operating cash flow less capital spending.
Tennant: operating cash flow against capital spendingTennant: operating cash flow against capital spendingOperating cash flowCapital spending$37.5M$9.4MQ4 2024−$400K$7.0MQ1 2025$22.5M$3.8MQ2 2025$28.7M$6.4MQ3 2025$14.2M$4.5MQ4 2025−$31.2M$3.2MQ1 2026$5.0M$5.3MQ2 2026$11.9M$6.7MQ3 2026
Latest (Q3 2026): Operating cash flow $11.9M, Capital spending $6.7M.

Capital allocation, year by year

Tennant: where the cash came from (up) and went (down), by fiscal yearTennant: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $69.4MFY2021: Net borrowing −$46.3MFY2021: Shares issued $5.0MFY2021: Asset sales $24.7MFY2021: Capital spending −$19.4MFY2021: Buybacks −$15.0MFY2021: Dividends −$17.5M$99.1MFY2021FY2022: Operating cash flow −$25.1MFY2022: Net borrowing $32.9MFY2022: Shares issued −$900KFY2022: Asset sales $4.1MFY2022: Capital spending −$25.0MFY2022: Buybacks −$5.0MFY2022: Dividends −$18.9M$37.0MFY2022FY2023: Operating cash flow $188MFY2023: Net borrowing −$100MFY2023: Shares issued $19.0MFY2023: Capital spending −$22.8MFY2023: Buybacks −$21.7MFY2023: Dividends −$20.1M$207MFY2023FY2024: Operating cash flow $89.7MFY2024: Shares issued $19.6MFY2024: Capital spending −$20.9MFY2024: Acquisitions −$25.7MFY2024: Buybacks −$19.6MFY2024: Dividends −$21.4M$109MFY2024FY2025: Operating cash flow $65.0MFY2025: Net borrowing $74.2MFY2025: Shares issued −$2.5MFY2025: Asset sales $1.5MFY2025: Capital spending −$21.7MFY2025: Acquisitions −$3.2MFY2025: Buybacks −$88.5MFY2025: Dividends −$21.9M$141MFY2025
Over these 5 years operating cash flow totalled $387M; the largest uses were buybacks ($150M) and net borrowing ($146M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$75.3M
Debt$274M
Net debt$198M
Due within a year$400K
Cash runway3.8 years

Tennant is burning cash: its operations consume cash, a free cash flow of −$19.8M a year at the current rate against $75.3M of cash and investments: a runway of about 3.8 years; $400K of debt also comes due within a year, which the cash covers before any new financing.

Tennant: debt maturities by year (FY2025)Tennant: debt maturities by year (FY2025)$400KYear 1$400KYear 2$200KYear 3$273MYear 4
Principal due in each year as disclosed in the annual report, against $75.3M of cash and investments now.

Where the cash came from and went

Tennant: sources (+) and uses (−) of cash, Q3 2026Tennant: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$11.9MCapital spending−$6.7MDividends−$5.2MCash drawn (+) / kept (−)$1.6MExchange rates−$1.5MBuybacks−$100KTaxes on employees’ shares−$100KShares issued−$100KOther investing$100KOther financing$100K
Tennant: sources (+) and uses (−) of cash, TTM to Q3 2026Tennant: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$120MBuybacks−$92.8MCash drawn (+) / kept (−)$24.1MDividends−$21.5MCapital spending−$19.7MAcquisitions−$7.2MShares issued−$2.4MExchange rates−$900KOther investing$500KOperating cash flow−$100K

From profit to cash

Tennant: net income to operating cash flow, Q3 2026Tennant: net income to operating cash flow, Q3 2026Net income$19.5MDepreciation & amortization$14.6MStock-based pay$1.5MDeferred taxes$500KOther non-cash$100KReceivables−$5.5MInventory−$16.4MPayables$3.8MEmployee-related liabilities$7.1MOther operating capital−$13.9MOperating cash flow$11.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268210357129
Q2 2026809455119
Q1 2026819861118
Q4 2025809757120
Q3 20257810662123
Q2 2025749559111
Q1 2025799964114
Q4 2024739261104

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$11.9M−$6.7M—−$100K−$5.2M—−$100K$1.6M$5.2M
Q2 2026$5.0M−$5.3M—−$500K−$5.3M——$5.7M−$300K
Q1 2026−$31.2M−$3.2M−$7.2M−$60.0M−$5.5M$85.0M−$2.3M$23.8M−$34.4M
Q4 2025$14.2M−$4.5M—−$32.2M−$5.5M$35.0M—−$7.0M$9.7M
Q3 2025$28.7M−$6.4M−$3.2M−$22.7M−$5.4M$25.0M−$100K−$19.3M$22.3M
Q2 2025$22.5M−$3.8M—−$13.4M−$5.4M—−$300K−$600K$18.7M
Q1 2025−$400K−$7.0M—−$20.2M−$5.6M$15.0M−$2.1M$20.3M−$7.4M
Q4 2024$37.5M−$9.4M—−$2.5M−$5.5M−$9.1M—−$8.5M$28.1M

Tennant: income statement and cash flow

Tennant, Q3 2026: revenue $322M (+6% year over year), operating margin 9.7%. The chart follows the revenue to costs, profit and cash.

Tennant: 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.