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Valaris cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$54.4M in Q3 2026 · −$207M over twelve months

Operating cash flow$67.2M
Capital spending−$122M
Free cash flow−$54.4M
Cash / net income1.4×
Cash conversion cycle-12 days

Analysis

In Q3 2026, Valaris generated $67.2M of operating cash flow and spent $122M on capital projects, leaving free cash flow of −$54.4M. That is $183M less than in Q3 2025 ($128M).

Over the twelve months to Sep 30, 2026, operating cash flow was $228M; the largest uses were capital spending ($434M), buybacks ($25.0M), taxes on employees’ shares ($8.0M); besides operations, cash came from asset & business sales ($104M), other financing ($1.7M); the cash balance fell by $134M.

Operating cash flow was $67.2M against net income of $46.7M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other operating capital −$56.6M, deferred taxes +$45.8M, gains on disposals −$27.5M.

Its cash conversion cycle was -12 days (receivables 77 + inventory 0 − payables 89): suppliers fund its working capital.

Free cash flow

Valaris: free cash flow by quarterValaris: free cash flow by quarter$12.9MQ4 2024$55.7MQ1 2025$52.8MQ2 2025$128MQ3 2025−$34.1MQ4 2025−$25.9MQ1 2026−$92.4MQ2 2026−$54.4MQ3 2026
Operating cash flow less capital spending.
Valaris: operating cash flow against capital spendingValaris: operating cash flow against capital spendingOperating cash flowCapital spending$125M$112MQ4 2024$156M$100MQ1 2025$120M$67.2MQ2 2025$198M$69.8MQ3 2025$72.2M$106MQ4 2025$75.0M$101MQ1 2026$13.1M$106MQ2 2026$67.2M$122MQ3 2026
Latest (Q3 2026): Operating cash flow $67.2M, Capital spending $122M.

Capital allocation, year by year

Valaris: where the cash came from (up) and went (down), by fiscal yearValaris: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2020: Operating cash flow −$252MFY2020: Net borrowing $571MFY2020: Asset sales $51.8MFY2020: Capital spending −$93.8M$623MFY2020FY2022: Operating cash flow $127MFY2022: Asset sales $150MFY2022: Capital spending −$207M$277MFY2022FY2023: Operating cash flow $268MFY2023: Net borrowing −$572MFY2023: Asset sales $30.3MFY2023: Capital spending −$696MFY2023: Buybacks −$199M$298MFY2023FY2024: Operating cash flow $355MFY2024: Asset sales $2.8MFY2024: Capital spending −$455MFY2024: Buybacks −$126M$358MFY2024FY2025: Operating cash flow $546MFY2025: Asset sales $138MFY2025: Capital spending −$344MFY2025: Buybacks −$100M$684MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were capital spending ($1.8B) and net borrowing ($572M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$525M
Debt$1.1B
Net debt$563M

Valaris's operations bring cash in ($228M over twelve months), and it spends more than that on capital projects: a gap of $207M funded from its $525M of cash and investments and from borrowing ($1.1B of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Valaris: sources (+) and uses (−) of cash, Q3 2026Valaris: sources (+) and uses (−) of cash, Q3 2026Capital spending−$122MOperating cash flow$67.2MAsset & business sales$42.3MCash drawn (+) / kept (−)$16.4MTaxes on employees’ shares−$6.0MOther financing$1.7M
Valaris: sources (+) and uses (−) of cash, TTM to Q3 2026Valaris: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$434MOperating cash flow$228MCash drawn (+) / kept (−)$134MAsset & business sales$104MBuybacks−$25.0MTaxes on employees’ shares−$8.0MOther financing$1.7M

From profit to cash

Valaris: net income to operating cash flow, Q3 2026Valaris: net income to operating cash flow, Q3 2026Net income$46.7MStock-based pay$10.6MDeferred taxes$45.8MGains on disposals−$27.5MOther non-cash$500KDeferred revenue$19.8MContract assets−$4.1MOther operating capital−$56.6MOperating cash flow$67.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202677—89-12
Q2 202676—89-13
Q1 202689—90-1
Q4 202585—759
Q3 202582—758
Q2 202582—766
Q1 202582—7111
Q4 202489—7019

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$67.2M−$122M—$16.4M−$54.4M
Q2 2026$13.1M−$106M—$37.4M−$92.4M
Q1 2026$75.0M−$101M—$22.1M−$25.9M
Q4 2025$72.2M−$106M−$25.0M$58.0M−$34.1M
Q3 2025$198M−$69.8M—−$159M$128M
Q2 2025$120M−$67.2M—−$62.5M$52.8M
Q1 2025$156M−$100M—−$73.2M$55.7M
Q4 2024$125M−$112M−$25.0M$11.7M$12.9M

Valaris: income statement and cash flow

Valaris, Q3 2026: revenue $594M (-0.4% year over year), operating margin 13.7%. The chart follows the revenue to costs, profit and cash.

Valaris: 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.