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Tapestry cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$149M in Q1 FY27 · $1.9B over twelve months

Operating cash flow$197M
Capital spending−$48.0M
Free cash flow+$149M
Cash / net income0.5×
Cash conversion cycle83 days

Analysis

In Q1 FY27, Tapestry generated $197M of operating cash flow and spent $48.0M on capital projects, leaving free cash flow of $149M.

Over the twelve months to Sep 26, 2026, operating cash flow was $2.1B; the largest uses were buybacks ($1.5B), dividends ($335M), capital spending ($182M); besides operations, cash came from shares issued ($122M), asset & business sales ($100K); the cash balance fell by $120M.

Operating cash flow was $197M against net income of $360M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$222M, accrued liabilities −$124M, prepaid and other assets +$110M.

Its cash conversion cycle was 83 days (receivables 14 + inventory 211 − payables 141).

Free cash flow

Tapestry: free cash flow by quarterTapestry: free cash flow by quarter$475MQ2 FY25$113MQ3 FY25$412MQ4 FY25$81.0MQ1 FY26$1.0BQ2 FY26$226MQ3 FY26$469MQ4 FY26$149MQ1 FY27
Operating cash flow less capital spending.
Tapestry: operating cash flow against capital spendingTapestry: operating cash flow against capital spendingOperating cash flowCapital spending$506M$30.9MQ2 FY25$144M$30.9MQ3 FY25$447M$35.3MQ4 FY25$113M$32.0MQ1 FY26$1.1B$44.0MQ2 FY26$263M$36.8MQ3 FY26$522M$53.2MQ4 FY26$197M$48.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow $197M, Capital spending $48.0M.

Capital allocation, year by year

Tapestry: where the cash came from (up) and went (down), by fiscal yearTapestry: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $853MFY22: Net borrowing $97.6MFY22: Shares issued $74.7MFY22: Capital spending −$93.9MFY22: Buybacks −$1.6BFY22: Dividends −$264M$1.0BFY22FY23: Operating cash flow $975MFY23: Net borrowing −$32.3MFY23: Shares issued $38.8MFY23: Capital spending −$184MFY23: Buybacks −$704MFY23: Dividends −$283M$1.0BFY23FY24: Operating cash flow $1.3BFY24: Net borrowing $5.6BFY24: Shares issued $27.3MFY24: Capital spending −$109MFY24: Dividends −$321M$6.9BFY24FY25: Operating cash flow $1.2BFY25: Net borrowing −$4.9BFY25: Shares issued $156MFY25: Capital spending −$123MFY25: Buybacks −$1.7BFY25: Dividends −$299M$1.4BFY25FY26: Operating cash flow $2.0BFY26: Net borrowing −$17.0MFY26: Shares issued $119MFY26: Asset sales $109MFY26: Capital spending −$166MFY26: Buybacks −$1.6BFY26: Dividends −$326M$2.2BFY26
Over these 5 years operating cash flow totalled $6.3B; the largest uses were buybacks ($5.6B) and net borrowing ($4.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$782M
Debt$2.0B
Net debt$1.2B
Due within a year$597M

Tapestry funds itself: free cash flow was $1.9B over the last twelve months, and $782M of cash and investments stands against $2.0B of debt ($597M due within a year, 1.3× covered by cash).

Tapestry: debt maturities by year (FY26)Tapestry: debt maturities by year (FY26)$397MYear 2$750MYear 4$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $782M of cash and investments now.

Where the cash came from and went

Tapestry: sources (+) and uses (−) of cash, Q1 FY27Tapestry: sources (+) and uses (−) of cash, Q1 FY27Buybacks−$603MCash drawn (+) / kept (−)$376MNet borrowing (+) / repaid (−)$200MOperating cash flow$197MTaxes on employees’ shares−$104MDividends−$92.0MShares issued$73.0MCapital spending−$48.0MExchange rates$6.0MOther investing−$5.0M
Tapestry: sources (+) and uses (−) of cash, TTM to Q1 FY27Tapestry: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$2.1BBuybacks−$1.5BDividends−$335MCapital spending−$182MOther investing−$158MShares issued$122MCash drawn (+) / kept (−)$120MTaxes on employees’ shares−$107MOther financing−$56.5MExchange rates−$6.6MAsset & business sales$100K

From profit to cash

Tapestry: net income to operating cash flow, Q1 FY27Tapestry: net income to operating cash flow, Q1 FY27Net income$360MDepreciation & amortization$40.0MStock-based pay$31.0MDeferred taxes$15.0MOther non-cash−$14.0MReceivables−$106MInventory−$222MPayables$95.0MAccrued liabilities−$124MPrepaid and other assets$110MOther liabilities−$7.0MOperating cash flow$197M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY271421114183
Q4 FY261324315799
Q3 FY261517810984
Q2 FY26111427975
Q1 FY2614212107119
Q4 FY251319395112
Q3 FY2516218109124
Q2 FY25121598686

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$197M−$48.0M−$603M−$92.0M$200M$73.0M$376M$149M
Q4 FY26$522M−$53.2M−$303M−$80.5M—$8.0M$71.8M$469M
Q3 FY26$263M−$36.8M−$150M−$81.0M−$17.0M$19.8M$6.8M$226M
Q2 FY26$1.1B−$44.0M−$404M−$81.6M—$21.1M−$334M$1.0B
Q1 FY26$113M−$32.0M−$698M−$83.0M$240M$70.0M$381M$81.0M
Q4 FY25$447M−$35.3M−$53.4M−$72.8M−$304M$13.8M−$62.3M$412M
Q3 FY25$144M−$30.9M−$52.3M−$72.7M$16.1M$28.1M−$54.3M$113M
Q2 FY25$506M−$30.9M−$1.6B−$72.4M−$6.9B$72.5M$5.5B$475M

Tapestry: income statement and cash flow

Tapestry, Q1 FY27: revenue $1.9B (+11% year over year), operating margin 22.4%. The chart follows the revenue to costs, profit and cash.

Tapestry: 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.