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Trex cash flow, quarter by quarter

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

Free cash flow$136M in Q3 2026 · $201M over twelve months

Operating cash flow$153M
Capital spending−$16.6M
Free cash flow+$136M
Cash / net income2.9×
Cash conversion cycle114 days

Analysis

In Q3 2026, Trex generated $153M of operating cash flow and spent $16.6M on capital projects, leaving free cash flow of $136M. That is $7.0M less than in Q3 2025 ($143M).

Over the twelve months to Sep 30, 2026, operating cash flow was $314M; the largest uses were buybacks ($259M), capital spending ($113M), other investing ($7.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($58.7M), shares issued ($1.2M); the cash balance fell by $8.1M.

Operating cash flow was $153M against net income of $52.5M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: receivables +$39.6M, income taxes payable −$31.2M, depreciation & amortization +$22.2M.

Its cash conversion cycle was 114 days (receivables 62 + inventory 74 − payables 22).

Free cash flow

Trex: free cash flow by quarterTrex: free cash flow by quarter−$89.3MQ4 2024−$233MQ1 2025$203MQ2 2025$143MQ3 2025$22.1MQ4 2025−$142MQ1 2026$185MQ2 2026$136MQ3 2026
Operating cash flow less capital spending.
Trex: operating cash flow against capital spendingTrex: operating cash flow against capital spendingOperating cash flowCapital spending−$8.5M$80.9MQ4 2024−$154M$79.5MQ1 2025$250M$46.8MQ2 2025$197M$53.9MQ3 2025$65.5M$43.4MQ4 2025−$118M$23.1MQ1 2026$214M$29.6MQ2 2026$153M$16.6MQ3 2026
Latest (Q3 2026): Operating cash flow $153M, Capital spending $16.6M.

Capital allocation, year by year

Trex: where the cash came from (up) and went (down), by fiscal yearTrex: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $258MFY2021: Shares issued $1.8MFY2021: Asset sales $1.4MFY2021: Capital spending −$159MFY2021: Buybacks −$82.5M$261MFY2021FY2022: Operating cash flow $216MFY2022: Net borrowing $222MFY2022: Shares issued $1.7MFY2022: Asset sales $54KFY2022: Capital spending −$176MFY2022: Buybacks −$398M$440MFY2022FY2023: Operating cash flow $389MFY2023: Net borrowing −$216MFY2023: Shares issued $1.2MFY2023: Capital spending −$166MFY2023: Buybacks −$18.4M$391MFY2023FY2024: Operating cash flow $144MFY2024: Net borrowing $197MFY2024: Shares issued $1.3MFY2024: Asset sales $106KFY2024: Capital spending −$232MFY2024: Buybacks −$106M$342MFY2024FY2025: Operating cash flow $358MFY2025: Net borrowing −$69.1MFY2025: Shares issued $1.2MFY2025: Asset sales $358KFY2025: Capital spending −$224MFY2025: Buybacks −$54.5M$360MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($958M) and buybacks ($660M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3M
Debtnone
Net cash$3.3M

Trex funds itself: free cash flow was $201M over the last twelve months, with $3.3M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Trex: sources (+) and uses (−) of cash, Q3 2026Trex: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$153MNet borrowing (+) / repaid (−)−$83.0MBuybacks−$55.1MCapital spending−$16.6MCash drawn (+) / kept (−)$3.2MOther investing−$1.4MShares issued$285KAsset & business sales$8K
Trex: sources (+) and uses (−) of cash, TTM to Q3 2026Trex: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$314MBuybacks−$259MCapital spending−$113MNet borrowing (+) / repaid (−)$58.7MCash drawn (+) / kept (−)$8.1MOther investing−$7.7MOther financing−$2.4MShares issued$1.2MAsset & business sales$89K

From profit to cash

Trex: net income to operating cash flow, Q3 2026Trex: net income to operating cash flow, Q3 2026Net income$52.5MDepreciation & amortization$22.2MStock-based pay$2.6MGains on disposals$497KOther non-cash−$84KReceivables$39.6MInventory$8.5MPayables−$9.1MAccrued liabilities$16.7MPrepaid and other assets$5.3MIncome taxes payable−$31.2MOperating cash flow$153M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026627422114
Q2 2026647322115
Q1 20264910322130
Q4 20256115934186
Q3 2025737931121
Q2 2025806322121
Q1 2025639624136
Q4 20246321258216

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$153M−$16.6M−$55.1M−$83.0M$285K$3.2M$136M
Q2 2026$214M−$29.6M−$70.7M−$130M$335K−$2.0M$185M
Q1 2026−$118M−$23.1M−$82.8M$249M$286K−$685K−$142M
Q4 2025$65.5M−$43.4M−$50.4M$22.2M$284K$7.5M$22.1M
Q3 2025$197M−$53.9M−$25K−$134M$267K−$5.8M$143M
Q2 2025$250M−$46.8M—−$198M$334K−$560K$203M
Q1 2025−$154M−$79.5M−$4.0M$241M$300K−$3.7M−$233M
Q4 2024−$8.5M−$80.9M−$50.3M$133M$275K$11.5M−$89.3M

Trex: income statement and cash flow

Trex, Q3 2026: revenue $360M (+26% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

Trex: 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.