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United Natural Foods cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$80.0M in Q4 FY26

Operating cash flow$197M
Capital spending−$117M
Free cash flow+$80.0M
Cash / net income5.6×
Cash conversion cycle14 days

Analysis

In Q4 FY26, United Natural Foods generated $197M of operating cash flow and spent $117M on capital projects, leaving free cash flow of $80.0M.

Operating cash flow was $197M against net income of $35.0M — 5.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$94.0M, accrued liabilities −$58.0M, inventory +$47.0M.

Its cash conversion cycle was 14 days (receivables 11 + inventory 27 − payables 24).

Free cash flow

United Natural Foods: free cash flow by quarterUnited Natural Foods: free cash flow by quarter−$159MQ1 FY25$193MQ2 FY25$119MQ3 FY25$86.0MQ4 FY25−$54.0MQ1 FY26$243MQ2 FY26$54.0MQ3 FY26$80.0MQ4 FY26
Operating cash flow less capital spending.
United Natural Foods: operating cash flow against capital spendingUnited Natural Foods: operating cash flow against capital spendingOperating cash flowCapital spending−$110M$49.0MQ1 FY25$247M$54.0MQ2 FY25$173M$54.0MQ3 FY25$160M$74.0MQ4 FY25−$38.0M$16.0MQ1 FY26$283M$40.0MQ2 FY26$98.0M$44.0MQ3 FY26$197M$117MQ4 FY26
Latest (Q4 FY26): Operating cash flow $197M, Capital spending $117M.

Capital allocation, year by year

United Natural Foods: where the cash came from (up) and went (down), by fiscal yearUnited Natural Foods: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY22: Operating cash flow $331MFY22: Net borrowing −$398MFY22: Shares issued $8.0MFY22: Asset sales $230MFY22: Capital spending −$251M$569MFY22FY23: Operating cash flow $624MFY23: Net borrowing −$192MFY23: Asset sales $16.0MFY23: Capital spending −$323MFY23: Buybacks −$62.0M$640MFY23FY24: Operating cash flow $253MFY24: Net borrowing $98.0MFY24: Asset sales $25.0MFY24: Capital spending −$345M$376MFY24FY25: Operating cash flow $470MFY25: Net borrowing −$245MFY25: Asset sales $30.0MFY25: Capital spending −$231M$500MFY25FY26: Operating cash flow $540MFY26: Net borrowing −$307MFY26: Asset sales $56.0MFY26: Capital spending −$217MFY26: Buybacks −$50.0M$596MFY26
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($1.4B) and net borrowing ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$37.0M
Debt$1.6B
Net debt$1.5B
Due within a year$4.0M

United Natural Foods funds itself: free cash flow was — over the last twelve months, and $37.0M of cash and investments stands against $1.6B of debt ($4.0M due within a year, 9.2× covered by cash).

United Natural Foods: debt maturities by year (FY26)United Natural Foods: debt maturities by year (FY26)$4.0MYear 1$4.0MYear 2$354MYear 3$4.0MYear 4$1.2BYear 5
Principal due in each year as disclosed in the annual report, against $37.0M of cash and investments now.

Where the cash came from and went

United Natural Foods: sources (+) and uses (−) of cash, Q4 FY26United Natural Foods: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$197MCapital spending−$117MNet borrowing (+) / repaid (−)−$103MAsset & business sales$43.0MBuybacks−$21.0MCash drawn (+) / kept (−)$6.0MOther investing−$2.0MOther financing−$2.0MNot reconciled−$1.0M

From profit to cash

United Natural Foods: net income to operating cash flow, Q4 FY26United Natural Foods: net income to operating cash flow, Q4 FY26Net income$35.0MDepreciation & amortization$94.0MStock-based pay$16.0MDeferred taxes$22.0MGains on disposals−$15.0MReceivables$46.0MInventory$47.0MPayables−$5.0MAccrued liabilities−$58.0MPrepaid and other assets$32.0MOperating cash flow$197M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2611272414
Q3 FY2611272414
Q2 FY2611282415
Q1 FY2612292516
Q4 FY2512292516
Q3 FY2511292317
Q2 FY2512302418
Q1 FY2512312418

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$197M−$117M−$21.0M−$103M$6.0M$80.0M
Q3 FY26$98.0M−$44.0M−$4.0M−$48.0M$9.0M$54.0M
Q2 FY26$283M−$40.0M—−$207M−$14.0M$243M
Q1 FY26−$38.0M−$16.0M—$55.0M$6.0M−$54.0M
Q4 FY25$160M−$74.0M—−$106M$8.0M$86.0M
Q3 FY25$173M−$54.0M—−$112M−$8.0M$119M
Q2 FY25$247M−$54.0M—−$179M−$7.0M$193M
Q1 FY25−$110M−$49.0M—$159M$3.0M−$159M

United Natural Foods: income statement and cash flow

United Natural Foods, Q4 FY26: revenue $7.6B (-0.7% year over year), operating margin 0.9%. The chart follows the revenue to costs, profit and cash.

United Natural Foods: 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.