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Vestis cash flow, quarter by quarter

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

Free cash flow$47.0M in Q3 FY26 · $136M over twelve months

Operating cash flow$64.9M
Capital spending−$18.0M
Free cash flow+$47.0M
Cash / net income5.9×
Cash conversion cycle25 days

Analysis

In Q3 FY26, Vestis generated $64.9M of operating cash flow and spent $18.0M on capital projects, leaving free cash flow of $47.0M.

Over the twelve months to Jul 3, 2026, operating cash flow was $192M; the largest uses were net borrowing (+) / repaid (−) ($110M), capital spending ($55.4M), other financing ($679K); besides operations, cash came from asset & business sales ($7.2M), other investing ($393K); the cash balance rose by $33.9M.

Operating cash flow was $64.9M against net income of $11.0M — 5.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$33.3M, payables −$22.4M, inventory +$15.9M.

Its cash conversion cycle was 25 days (receivables 20 + inventory 32 − payables 27).

Free cash flow

Vestis: free cash flow by quarterVestis: free cash flow by quarter$267MQ4 FY24−$11.0MQ1 FY25−$6.9MQ2 FY25$8.0MQ3 FY25$15.6MQ4 FY25$28.3MQ1 FY26$45.6MQ2 FY26$47.0MQ3 FY26
Operating cash flow less capital spending.
Vestis: operating cash flow against capital spendingVestis: operating cash flow against capital spendingOperating cash flowCapital spending$296M$28.1MQ4 FY24$3.8M$14.7MQ1 FY25$6.7M$13.5MQ2 FY25$22.9M$14.9MQ3 FY25$30.9M$15.4MQ4 FY25$37.7M$9.4MQ1 FY26$58.3M$12.7MQ2 FY26$64.9M$18.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $64.9M, Capital spending $18.0M.

Capital allocation, year by year

Vestis: where the cash came from (up) and went (down), by fiscal yearVestis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY22: Operating cash flow $233MFY22: Net borrowing −$28.0MFY22: Asset sales $7.3MFY22: Capital spending −$76.4MFY22: Acquisitions −$17.2M$240MFY22FY23: Operating cash flow $257MFY23: Net borrowing $1.5BFY23: Asset sales $11.2MFY23: Capital spending −$77.9M$1.7BFY23FY24: Operating cash flow $472MFY24: Net borrowing −$370MFY24: Shares issued $100KFY24: Asset sales $5.3MFY24: Capital spending −$78.9MFY24: Dividends −$13.8M$477MFY24FY25: Operating cash flow $64.2MFY25: Net borrowing −$28.5MFY25: Asset sales $5.5MFY25: Capital spending −$58.5MFY25: Dividends −$13.8M$69.8MFY25
Over these 4 years operating cash flow totalled $1.0B; the largest uses were net borrowing ($427M) and capital spending ($292M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$57.7M
Debt$1.2B
Net debt$1.1B

Vestis funds itself: free cash flow was $136M over the last twelve months, and $57.7M of cash and investments stands against $1.2B of debt.

Vestis: debt maturities by year (FY25)Vestis: debt maturities by year (FY25)$504MYear 3$665MAfter year 5
Principal due in each year as disclosed in the annual report, against $57.7M of cash and investments now.

Where the cash came from and went

Vestis: sources (+) and uses (−) of cash, Q3 FY26Vestis: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$64.9MNet borrowing (+) / repaid (−)−$39.5MCapital spending−$18.0MCash drawn (+) / kept (−)−$7.3MOther investing−$510KExchange rates$325KAsset & business sales$272KOther financing−$229K
Vestis: sources (+) and uses (−) of cash, TTM to Q3 FY26Vestis: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$192MNet borrowing (+) / repaid (−)−$110MCapital spending−$55.4MCash drawn (+) / kept (−)−$33.9MAsset & business sales$7.2MOther financing−$679KExchange rates$633KOther investing$393K

From profit to cash

Vestis: net income to operating cash flow, Q3 FY26Vestis: net income to operating cash flow, Q3 FY26Net income$11.0MDepreciation & amortization$33.3MStock-based pay$3.3MDeferred taxes$2.4MImpairments$735KGains on disposals−$644KReceivables$6.1MInventory$15.9MPayables−$22.4MAccrued liabilities−$3.6MPrepaid and other assets$3.5MOperating cash flow$64.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2620322725
Q2 FY2621322825
Q1 FY2622322825
Q4 FY2523342928
Q3 FY2523362830
Q2 FY2524342929
Q1 FY2524313025
Q4 FY2439302939

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$64.9M−$18.0M—−$39.5M−$7.3M$47.0M
Q2 FY26$58.3M−$12.7M—−$43.5M−$8.8M$45.6M
Q1 FY26$37.7M−$9.4M—−$16.2M−$11.8M$28.3M
Q4 FY25$30.9M−$15.4M—−$10.9M−$6.0M$15.6M
Q3 FY25$22.9M−$14.9M—−$10.8M$5.1M$8.0M
Q2 FY25$6.7M−$13.5M−$9.2M$21.5M−$10.2M−$6.9M
Q1 FY25$3.8M−$14.7M−$4.6M−$28.3M$12.4M−$11.0M
Q4 FY24$296M−$28.1M−$4.6M−$266M−$1.9M$267M

Vestis: income statement and cash flow

Vestis, Q3 FY26: revenue $662M (-2% year over year), operating margin 5.6%. The chart follows the revenue to costs, profit and cash.

Vestis: 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.