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Varex Imaging cash flow, quarter by quarter

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

Free cash flow$12.0M in Q3 FY26 · −$20.2M over twelve months

Operating cash flow$21.0M
Capital spending−$9.0M
Free cash flow+$12.0M
Cash / net income1.3×
Cash conversion cycle238 days

Analysis

In Q3 FY26, Varex Imaging generated $21.0M of operating cash flow and spent $9.0M on capital projects, leaving free cash flow of $12.0M.

Over the twelve months to Jul 3, 2026, operating cash flow was $11.3M; the largest uses were net borrowing (+) / repaid (−) ($379M), capital spending ($31.5M), taxes on employees’ shares ($1.5M); besides operations, cash came from other financing ($346M), other investing ($13.7M); the cash balance fell by $37.4M.

Operating cash flow was $21.0M against net income of $15.9M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: payables −$15.4M, accrued liabilities +$9.5M, depreciation & amortization +$7.0M.

Its cash conversion cycle was 238 days (receivables 63 + inventory 236 − payables 61).

Free cash flow

Varex Imaging: free cash flow by quarterVarex Imaging: free cash flow by quarter$19.9MQ4 FY24$5.3MQ1 FY25$9.8MQ2 FY25$1.4MQ3 FY25$2.3MQ4 FY25−$26.8MQ1 FY26−$7.7MQ2 FY26$12.0MQ3 FY26
Operating cash flow less capital spending.
Varex Imaging: operating cash flow against capital spendingVarex Imaging: operating cash flow against capital spendingOperating cash flowCapital spending$25.9M$6.0MQ4 FY24$9.5M$4.2MQ1 FY25$16.6M$6.8MQ2 FY25$7.7M$6.3MQ3 FY25$7.9M$5.6MQ4 FY25−$16.1M$10.7MQ1 FY26−$1.5M$6.2MQ2 FY26$21.0M$9.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $21.0M, Capital spending $9.0M.

Capital allocation, year by year

Varex Imaging: where the cash came from (up) and went (down), by fiscal yearVarex Imaging: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY21: Operating cash flow $92.6MFY21: Net borrowing −$31.8MFY21: Capital spending −$15.1M$92.6MFY21FY22: Operating cash flow $16.9MFY22: Net borrowing −$29.6MFY22: Shares issued $3.8MFY22: Capital spending −$21.3M$20.7MFY22FY23: Operating cash flow $108MFY23: Shares issued $200KFY23: Capital spending −$20.7MFY23: Acquisitions −$1.0M$109MFY23FY24: Operating cash flow $47.3MFY24: Capital spending −$26.9MFY24: Acquisitions $900K$48.2MFY24FY25: Operating cash flow $41.7MFY25: Net borrowing −$75.0MFY25: Capital spending −$22.9M$41.7MFY25
Over these 5 years operating cash flow totalled $307M; the largest uses were net borrowing ($136M) and capital spending ($107M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$99.2M
Debt$347M
Net debt$248M
Due within a year$1.5M

Varex Imaging's operations bring cash in ($11.3M over twelve months), and it spends more than that on capital projects: a gap of $20.2M funded from its $99.2M of cash and investments and from borrowing ($347M of debt, $1.5M due within a year). That is a choice to invest, not a cash runway running down.

Varex Imaging: debt maturities by year (FY25)Varex Imaging: debt maturities by year (FY25)$1.5MYear 1$368MYear 2
Principal due in each year as disclosed in the annual report, against $99.2M of cash and investments now.

Where the cash came from and went

Varex Imaging: sources (+) and uses (−) of cash, Q3 FY26Varex Imaging: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$21.0MCash drawn (+) / kept (−)−$13.4MCapital spending−$9.0MOther investing$2.7MOther financing−$1.1MNet borrowing (+) / repaid (−)−$100KExchange rates−$100K
Varex Imaging: sources (+) and uses (−) of cash, TTM to Q3 FY26Varex Imaging: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)−$379MOther financing$346MCash drawn (+) / kept (−)$37.4MCapital spending−$31.5MOther investing$13.7MOperating cash flow$11.3MShares issued$3.3MTaxes on employees’ shares−$1.5MExchange rates$100K

From profit to cash

Varex Imaging: net income to operating cash flow, Q3 FY26Varex Imaging: net income to operating cash flow, Q3 FY26Net income$15.9MDepreciation & amortization$7.0MStock-based pay$3.8MOther non-cash$500KReceivables$3.2MInventory−$1.5MPayables−$15.4MAccrued liabilities$9.5MDeferred revenue−$5.5MPrepaid and other assets$2.2MOperating cash flow$21.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY266323661238
Q2 FY266221456221
Q1 FY266620448222
Q4 FY255818042196
Q3 FY256319648212
Q2 FY256118946204
Q1 FY257320347229
Q4 FY246917942206

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$21.0M−$9.0M−$100K—−$13.4M$12.0M
Q2 FY26−$1.5M−$6.2M−$373M—$34.0M−$7.7M
Q1 FY26−$16.1M−$10.7M−$100K—$25.4M−$26.8M
Q4 FY25$7.9M−$5.6M−$500K$1.6M−$8.6M$2.3M
Q3 FY25$7.7M−$6.3M−$200M—$194M$1.4M
Q2 FY25$16.6M−$6.8M——−$30.4M$9.8M
Q1 FY25$9.5M−$4.2M$126M—−$131M$5.3M
Q4 FY24$25.9M−$6.0M−$500K$1.8M−$12.6M$19.9M

Varex Imaging: income statement and cash flow

Varex Imaging, Q3 FY26: revenue $210M (+4% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

Varex Imaging: 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.