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Universal cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$116M in Q2 FY27 · $24.4M over twelve months

Operating cash flow−$96.7M
Capital spending−$19.6M
Free cash flow−$116M
Cash / net income-5.6×

Analysis

In Q2 FY27, Universal generated −$96.7M of operating cash flow and spent $19.6M on capital projects, leaving free cash flow of −$116M. That is $140M less than in Q2 FY26 ($23.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $87.7M; the largest uses were dividends ($82.0M), capital spending ($63.3M), partners ($17.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($36.5M), asset & business sales ($11.3M); the cash balance fell by $41.6M.

Operating cash flow was −$96.7M against net income of $17.4M — -5.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$60.3M, depreciation & amortization +$13.0M, deferred taxes −$12.2M.

Free cash flow

Universal: free cash flow by quarterUniversal: free cash flow by quarter$200MQ3 FY25$151MQ4 FY25−$217MQ1 FY26$23.7MQ2 FY26$95.1MQ3 FY26$179MQ4 FY26−$133MQ1 FY27−$116MQ2 FY27
Operating cash flow less capital spending.
Universal: operating cash flow against capital spendingUniversal: operating cash flow against capital spendingOperating cash flowCapital spending$216M$16.1MQ3 FY25$159M$7.7MQ4 FY25−$205M$12.1MQ1 FY26$32.7M$9.0MQ2 FY26$114M$19.2MQ3 FY26$187M$8.5MQ4 FY26−$117M$15.9MQ1 FY27−$96.7M$19.6MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$96.7M, Capital spending $19.6M.

Capital allocation, year by year

Universal: where the cash came from (up) and went (down), by fiscal yearUniversal: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $44.9MFY22: Net borrowing $79.3MFY22: Capital spending −$53.2MFY22: Acquisitions −$102MFY22: Buybacks −$3.1MFY22: Dividends −$76.4M$124MFY22FY23: Operating cash flow −$10.6MFY23: Net borrowing $125MFY23: Asset sales $3.2MFY23: Capital spending −$54.7MFY23: Buybacks −$3.4MFY23: Dividends −$77.4M$128MFY23FY24: Operating cash flow −$74.6MFY24: Net borrowing $223MFY24: Asset sales $3.8MFY24: Capital spending −$66.0MFY24: Buybacks −$4.7MFY24: Dividends −$78.4M$227MFY24FY25: Operating cash flow $327MFY25: Net borrowing $37.7MFY25: Capital spending −$62.6MFY25: Dividends −$79.7M$365MFY25FY26: Operating cash flow $129MFY26: Net borrowing −$170MFY26: Capital spending −$48.8MFY26: Dividends −$81.3M$129MFY26
Over these 5 years operating cash flow totalled $416M; the largest uses were dividends ($393M) and capital spending ($285M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$47.0M
Debt$1.2B
Net debt$1.1B
Due within a year$579M
Cash runway1 month

Universal is burning cash: its operations consume cash, a free cash flow of −$465M a year at the current rate against $47.0M of cash and investments: a runway of about 1 month; $579M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Universal: sources (+) and uses (−) of cash, Q2 FY27Universal: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$127MOperating cash flow−$96.7MDividends−$20.7MCapital spending−$19.6MNet borrowing (+) / repaid (−)$11.2MAsset & business sales$6.1MPartners−$4.2MBuybacks−$2.3MOther financing−$324KExchange rates−$45K
Universal: sources (+) and uses (−) of cash, TTM to Q2 FY27Universal: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$87.7MDividends−$82.0MCapital spending−$63.3MCash drawn (+) / kept (−)$41.6MNet borrowing (+) / repaid (−)$36.5MPartners−$17.4MAsset & business sales$11.3MOther financing−$9.0MBuybacks−$5.0MExchange rates−$450K

From profit to cash

Universal: net income to operating cash flow, Q2 FY27Universal: net income to operating cash flow, Q2 FY27Net income$17.4MDepreciation & amortization$13.0MStock-based pay$1.3MDeferred taxes−$12.2MImpairments−$2.7MOther non-cash−$1.5MInventory−$60.3MPayables$6.4MAccrued liabilities−$7.2MDeferred revenue$1.4MPrepaid and other assets$9.9MIncome taxes payable−$3.5MOperating cash flow−$96.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$96.7M−$19.6M−$2.3M−$20.7M$11.2M$127M−$116M
Q1 FY27−$117M−$15.9M−$2.7M−$20.4M$278M−$111M−$133M
Q4 FY26$187M−$8.5M—−$20.4M−$175M$23.0M$179M
Q3 FY26$114M−$19.2M—−$20.4M−$77.7M$3.4M$95.1M
Q2 FY26$32.7M−$9.0M—−$20.4M−$83.1M$89.8M$23.7M
Q1 FY26−$205M−$12.1M—−$20.0M$166M$81.7M−$217M
Q4 FY25$159M−$7.7M—−$20.0M−$83.4M−$45.0M$151M
Q3 FY25$216M−$16.1M—−$20.0M−$40.5M−$135M$200M

Universal: income statement and cash flow

Universal, Q2 FY27: revenue $617M (-18% year over year), operating margin 6.9%. The chart follows the revenue to costs, profit and cash.

Universal: 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.