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Ubiquiti cash flow, quarter by quarter

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

Free cash flow$312M in Q1 FY27 · $1.0B over twelve months

Operating cash flow$319M
Capital spending−$6.3M
Free cash flow+$312M
Cash / net income1.0×
Cash conversion cycle93 days

Analysis

In Q1 FY27, Ubiquiti generated $319M of operating cash flow and spent $6.3M on capital projects, leaving free cash flow of $312M. That is $119M more than in Q1 FY26 ($193M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were other investing ($298M), dividends ($206M), other financing ($150M); the cash balance rose by $372M.

Operating cash flow was $319M against net income of $320M — 1.0× profit, roughly in line with earnings. The largest differences: payables −$65.1M, income taxes payable +$62.6M, accrued liabilities +$57.3M.

Its cash conversion cycle was 93 days (receivables 28 + inventory 133 − payables 68).

Free cash flow

Ubiquiti: free cash flow by quarterUbiquiti: free cash flow by quarter$150MQ2 FY25$121MQ3 FY25$125MQ4 FY25$193MQ1 FY26$260MQ2 FY26$162MQ3 FY26$293MQ4 FY26$312MQ1 FY27
Operating cash flow less capital spending.
Ubiquiti: operating cash flow against capital spendingUbiquiti: operating cash flow against capital spendingOperating cash flowCapital spending$152M$2.0MQ2 FY25$124M$2.8MQ3 FY25$130M$5.2MQ4 FY25$198M$5.2MQ1 FY26$264M$3.6MQ2 FY26$168M$5.6MQ3 FY26$299M$5.4MQ4 FY26$319M$6.3MQ1 FY27
Latest (Q1 FY27): Operating cash flow $319M, Capital spending $6.3M.

Capital allocation, year by year

Ubiquiti: where the cash came from (up) and went (down), by fiscal yearUbiquiti: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY22: Operating cash flow $370MFY22: Shares issued $98KFY22: Capital spending −$13.5MFY22: Buybacks −$618MFY22: Dividends −$148M$370MFY22FY23: Operating cash flow −$145MFY23: Shares issued $23KFY23: Capital spending −$20.9MFY23: Dividends −$145M$23KFY23FY24: Operating cash flow $542MFY24: Capital spending −$12.0MFY24: Dividends −$145M$542MFY24FY25: Operating cash flow $640MFY25: Net borrowing $30.0MFY25: Capital spending −$12.6MFY25: Dividends −$145M$670MFY25FY26: Operating cash flow $929MFY26: Capital spending −$19.7MFY26: Dividends −$194M$929MFY26
Over these 5 years operating cash flow totalled $2.3B; the largest uses were dividends ($777M) and buybacks ($618M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$845M
Debt$47.5M
Net cash$798M
Due within a year$250M

Ubiquiti funds itself: free cash flow was $1.0B over the last twelve months, and $845M of cash and investments stands against $47.5M of debt ($250M due within a year, 3.4× covered by cash).

Where the cash came from and went

Ubiquiti: sources (+) and uses (−) of cash, Q1 FY27Ubiquiti: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$319MOther investing−$208MDividends−$60.5MCash drawn (+) / kept (−)−$26.8MBuybacks−$15.0MCapital spending−$6.3MTaxes on employees’ shares−$1.6M
Ubiquiti: sources (+) and uses (−) of cash, TTM to Q1 FY27Ubiquiti: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$1.0BCash drawn (+) / kept (−)−$372MOther investing−$298MDividends−$206MOther financing−$150MCapital spending−$20.9MTaxes on employees’ shares−$2.6M

From profit to cash

Ubiquiti: net income to operating cash flow, Q1 FY27Ubiquiti: net income to operating cash flow, Q1 FY27Net income$320MDepreciation & amortization$5.1MStock-based pay$2.0MDeferred taxes−$327KOther non-cash−$405KReceivables−$19.2MInventory−$1.1MPayables−$65.1MAccrued liabilities$57.3MDeferred revenue$9.0MPrepaid and other assets−$18.5MIncome taxes payable$62.6MOperating cash flow$319M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY27281336893
Q4 FY262712854101
Q3 FY262614345124
Q2 FY262614151116
Q1 FY263115747141
Q4 FY252813832134
Q3 FY252613831133
Q2 FY252612823132

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q1 FY27$319M−$6.3M−$15.0M−$60.5M−$26.8M$312M
Q4 FY26$299M−$5.4M—−$48.4M−$154M$293M
Q3 FY26$168M−$5.6M—−$48.4M−$65.8M$162M
Q2 FY26$264M−$3.6M—−$48.4M−$126M$260M
Q1 FY26$198M−$5.2M—−$48.4M−$27.5M$193M
Q4 FY25$130M−$5.2M—−$36.3M$1.2M$125M
Q3 FY25$124M−$2.8M—−$36.3M−$17.9M$121M
Q2 FY25$152M−$2.0M—−$36.3M$32.1M$150M

Ubiquiti: income statement and cash flow

Ubiquiti, Q1 FY27: revenue $1.0B (+40% year over year), operating margin 38.1%. The chart follows the revenue to costs, profit and cash.

Ubiquiti: 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.