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Tetra Tech cash flow, quarter by quarter

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

Free cash flow$225M in Q3 FY26 · $547M over twelve months

Operating cash flow$229M
Capital spending−$3.8M
Free cash flow+$225M
Cash / net income2.1×
Cash conversion cycle-23 days

Analysis

In Q3 FY26, Tetra Tech generated $229M of operating cash flow and spent $3.8M on capital projects, leaving free cash flow of $225M.

Over the twelve months to Jun 28, 2026, operating cash flow was $567M; the largest uses were buybacks ($252M), acquisitions ($191M), net borrowing (+) / repaid (−) ($78.9M); besides operations, cash came from asset & business sales ($42.7M), other investing ($4.8M); the cash balance fell by $12.0M.

Operating cash flow was $229M against net income of $110M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: payables +$15.7M, deferred taxes +$15.4M, depreciation & amortization +$14.8M.

Its cash conversion cycle was -23 days (receivables 74 + inventory 0 − payables 97): suppliers fund its working capital.

Free cash flow

Tetra Tech: free cash flow by quarterTetra Tech: free cash flow by quarter$98.8MQ4 FY24$9.6MQ1 FY25−$11.4MQ2 FY25$346MQ3 FY25$94.7MQ4 FY25$68.1MQ1 FY26$159MQ2 FY26$225MQ3 FY26
Operating cash flow less capital spending.
Tetra Tech: operating cash flow against capital spendingTetra Tech: operating cash flow against capital spendingOperating cash flowCapital spending$106M$6.8MQ4 FY24$13.1M$3.4MQ1 FY25−$5.8M$5.6MQ2 FY25$350M$3.5MQ3 FY25$101M$6.1MQ4 FY25$72.3M$4.2MQ1 FY26$165M$6.0MQ2 FY26$229M$3.8MQ3 FY26
Latest (Q3 FY26): Operating cash flow $229M, Capital spending $3.8M.

Capital allocation, year by year

Tetra Tech: where the cash came from (up) and went (down), by fiscal yearTetra Tech: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $304MFY21: Net borrowing −$46.8MFY21: Shares issued $11.2MFY21: Asset sales $492KFY21: Capital spending −$8.6MFY21: Acquisitions −$84.9MFY21: Buybacks −$60.0MFY21: Dividends −$40.0M$316MFY21FY22: Operating cash flow $336MFY22: Net borrowing −$4.3MFY22: Shares issued $1.8MFY22: Asset sales $4.0MFY22: Capital spending −$10.6MFY22: Acquisitions −$49.1MFY22: Buybacks −$200MFY22: Dividends −$46.1M$342MFY22FY23: Operating cash flow $368MFY23: Net borrowing −$36.8MFY23: Shares issued $626KFY23: Asset sales $715KFY23: Capital spending −$26.9MFY23: Acquisitions −$854MFY23: Dividends −$52.1M$370MFY23FY24: Operating cash flow $359MFY24: Net borrowing −$76.5MFY24: Shares issued $3.1MFY24: Asset sales $742KFY24: Capital spending −$18.1MFY24: Acquisitions −$93.7MFY24: Dividends −$58.8M$363MFY24FY25: Operating cash flow $458MFY25: Net borrowing −$63.9MFY25: Shares issued $469KFY25: Asset sales $3.3MFY25: Capital spending −$18.6MFY25: Acquisitions −$97.3MFY25: Buybacks −$250MFY25: Dividends −$65.0M$461MFY25
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($1.2B) and buybacks ($510M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$231M
Debt$804M
Net debt$573M
Due within a year$3.1M

Tetra Tech funds itself: free cash flow was $547M over the last twelve months, and $231M of cash and investments stands against $804M of debt ($3.1M due within a year, 73.9× covered by cash).

Tetra Tech: debt maturities by year (FY25)Tetra Tech: debt maturities by year (FY25)$3.1MYear 1$591MYear 2$25.0MYear 3$156MYear 4
Principal due in each year as disclosed in the annual report, against $231M of cash and investments now.

Where the cash came from and went

Tetra Tech: sources (+) and uses (−) of cash, Q3 FY26Tetra Tech: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$229MBuybacks−$100MNet borrowing (+) / repaid (−)−$82.0MDividends−$18.6MAcquisitions−$16.9MCash drawn (+) / kept (−)−$7.2MCapital spending−$3.8MExchange rates−$522KShares issued$106KTaxes on employees’ shares−$51K
Tetra Tech: sources (+) and uses (−) of cash, TTM to Q3 FY26Tetra Tech: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$567MBuybacks−$252MAcquisitions−$191MNet borrowing (+) / repaid (−)−$78.9MDividends−$69.5MAsset & business sales$42.7MCapital spending−$20.1MTaxes on employees’ shares−$12.6MCash drawn (+) / kept (−)$12.0MOther investing$4.8MOther financing−$3.1MShares issued$817K

From profit to cash

Tetra Tech: net income to operating cash flow, Q3 FY26Tetra Tech: net income to operating cash flow, Q3 FY26Net income$110MDepreciation & amortization$14.8MStock-based pay$9.8MDeferred taxes$15.4MOther non-cash$1.5MPayables$15.7MDeferred revenue$8.0MPrepaid and other assets−$580KOther liabilities$13.3MIncome taxes payable$6.0MOperating cash flow$229M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2674—97-23
Q2 FY2679—107-28
Q1 FY2684—105-21
Q4 FY2578—120-42
Q3 FY2578—104-26
Q2 FY2581—104-24
Q1 FY2569—89-19

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$229M−$3.8M−$16.9M−$100M−$18.6M−$82.0M$106K−$7.2M$225M
Q2 FY26$165M−$6.0M—−$52.0M−$16.9M$43.2M$448K$45.8M$159M
Q1 FY26$72.3M−$4.2M—−$50.0M−$16.9M$67.9M$10K−$101M$68.1M
Q4 FY25$101M−$6.1M$430K−$50.0M−$17.0M−$108M$253K$74.5M$94.7M
Q3 FY25$350M−$3.5M−$92.0M−$25.0M−$17.1M−$152M$45K−$63.4M$346M
Q2 FY25−$5.8M−$5.6M—−$150M−$15.4M$123M$57K$68.7M−$11.4M
Q1 FY25$13.1M−$3.4M—−$25.0M−$15.5M$73.3M$114K−$15.4M$9.6M
Q4 FY24$106M−$6.8M——−$15.5M−$51.7M$377K−$20.4M$98.8M

Tetra Tech: income statement and cash flow

Tetra Tech, Q3 FY26: revenue $1.3B (-4% year over year), operating margin 12.1%. The chart follows the revenue to costs, profit and cash.

Tetra Tech: 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.