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Toro cash flow, quarter by quarter

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

Free cash flow$160M in Q3 FY26 · $712M over twelve months

Operating cash flow$183M
Capital spending−$23.1M
Free cash flow+$160M
Cash / net income2.4×
Cash conversion cycle84 days

Analysis

In Q3 FY26, Toro generated $183M of operating cash flow and spent $23.1M on capital projects, leaving free cash flow of $160M.

Over the twelve months to Jul 31, 2026, operating cash flow was $789M; the largest uses were buybacks ($358M), acquisitions ($210M), dividends ($150M); besides operations, cash came from shares issued ($39.8M), asset & business sales ($13.2M); the cash balance fell by $25.7M.

Operating cash flow was $183M against net income of $77.0M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: payables −$87.4M, receivables +$78.1M, impairments +$43.1M.

Its cash conversion cycle was 84 days (receivables 40 + inventory 102 − payables 57).

Free cash flow

Toro: free cash flow by quarterToro: free cash flow by quarter$200MQ4 FY24−$67.7MQ1 FY25$152MQ2 FY25$207MQ3 FY25$286MQ4 FY25$14.6MQ1 FY26$251MQ2 FY26$160MQ3 FY26
Operating cash flow less capital spending.
Toro: operating cash flow against capital spendingToro: operating cash flow against capital spendingOperating cash flowCapital spending$240M$39.9MQ4 FY24−$48.6M$19.1MQ1 FY25$172M$19.3MQ2 FY25$226M$18.6MQ3 FY25$313M$26.7MQ4 FY25$26.1M$11.5MQ1 FY26$267M$16.5MQ2 FY26$183M$23.1MQ3 FY26
Latest (Q3 FY26): Operating cash flow $183M, Capital spending $23.1M.

Capital allocation, year by year

Toro: where the cash came from (up) and went (down), by fiscal yearToro: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $556MFY21: Net borrowing −$100MFY21: Shares issued $13.1MFY21: Asset sales $27.6MFY21: Capital spending −$104MFY21: Acquisitions −$24.9MFY21: Buybacks −$302MFY21: Dividends −$112M$596MFY21FY22: Operating cash flow $297MFY22: Net borrowing $300MFY22: Shares issued $10.3MFY22: Asset sales $4.8MFY22: Capital spending −$144MFY22: Acquisitions −$402MFY22: Buybacks −$140MFY22: Dividends −$126M$612MFY22FY23: Operating cash flow $307MFY23: Net borrowing $40.0MFY23: Shares issued $19.7MFY23: Asset sales $5.7MFY23: Capital spending −$150MFY23: Acquisitions −$21.0MFY23: Buybacks −$60.0MFY23: Dividends −$142M$372MFY23FY24: Operating cash flow $570MFY24: Shares issued $9.1MFY24: Asset sales $40.3MFY24: Capital spending −$104MFY24: Acquisitions −$800KFY24: Buybacks −$246MFY24: Dividends −$150M$619MFY24FY25: Operating cash flow $662MFY25: Shares issued $2.1MFY25: Asset sales $10.5MFY25: Capital spending −$83.7MFY25: Acquisitions −$4.2MFY25: Buybacks −$290MFY25: Dividends −$151M$675MFY25
Over these 5 years operating cash flow totalled $2.4B; the largest uses were buybacks ($1.0B) and dividends ($681M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$175M
Debt$962M
Net debt$787M

Toro funds itself: free cash flow was $712M over the last twelve months, and $175M of cash and investments stands against $962M of debt.

Toro: debt maturities by year (FY25)Toro: debt maturities by year (FY25)$100MYear 2$20.0MYear 3$280MYear 4$525MAfter year 5
Principal due in each year as disclosed in the annual report, against $175M of cash and investments now.

Where the cash came from and went

Toro: sources (+) and uses (−) of cash, Q3 FY26Toro: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$183MBuybacks−$73.0MNet borrowing (+) / repaid (−)−$55.0MDividends−$37.0MCapital spending−$23.1MCash drawn (+) / kept (−)$5.1MExchange rates−$2.2MShares issued$2.1MAsset & business sales$1.6MTaxes on employees’ shares−$1.2M
Toro: sources (+) and uses (−) of cash, TTM to Q3 FY26Toro: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$789MBuybacks−$358MAcquisitions−$210MDividends−$150MCapital spending−$77.8MOther financing−$73.8MShares issued$39.8MCash drawn (+) / kept (−)$25.7MAsset & business sales$13.2MExchange rates$4.4MTaxes on employees’ shares−$2.3M

From profit to cash

Toro: net income to operating cash flow, Q3 FY26Toro: net income to operating cash flow, Q3 FY26Net income$77.0MDepreciation & amortization$29.3MStock-based pay$5.7MDeferred taxes−$600KImpairments$43.1MOther non-cash$1.3MReceivables$78.1MInventory$39.5MPayables−$87.4MPrepaid and other assets−$10.5MOther liabilities$2.8MOperating cash flow$183M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26401025784
Q2 FY2634924878
Q1 FY263812452109
Q4 FY253612448113
Q3 FY254313155119
Q2 FY253811750105
Q1 FY254415263134
Q4 FY244113155118

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$183M−$23.1M—−$73.0M−$37.0M−$55.0M$2.1M$5.1M$160M
Q2 FY26$267M−$16.5M—−$190M−$37.5M−$55.0M$28.3M$8.6M$251M
Q1 FY26$26.1M−$11.5M−$210M−$94.9M−$38.3M$150M$9.1M$152M$14.6M
Q4 FY25$313M−$26.7M——−$37.3M—$300K−$140M$286M
Q3 FY25$226M−$18.6M—−$90.0M−$37.5M−$65.0M$500K−$24.5M$207M
Q2 FY25$172M−$19.3M−$4.2M−$100M−$37.8M−$10.0M$600K−$5.2M$152M
Q1 FY25−$48.6M−$19.1M—−$100M−$38.5M$185M$700K$28.2M−$67.7M
Q4 FY24$240M−$39.9M—−$136M−$36.9M—$500K$21.6M$200M

Toro: income statement and cash flow

Toro, Q3 FY26: revenue $1.2B (+8% year over year), operating margin 9.4%. The chart follows the revenue to costs, profit and cash.

Toro: 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.