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Valvoline cash flow, quarter by quarter

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

Free cash flow$67.3M in Q3 FY26 · $135M over twelve months

Operating cash flow$124M
Capital spending−$57.1M
Free cash flow+$67.3M
Cash / net income1.9×
Cash conversion cycle-2 days

Analysis

In Q3 FY26, Valvoline generated $124M of operating cash flow and spent $57.1M on capital projects, leaving free cash flow of $67.3M. That is $35.3M more than in Q3 FY25 ($32.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $406M; the largest uses were acquisitions ($685M), capital spending ($271M), other financing ($34.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($534M), other investing ($66.1M); the cash balance rose by $15.9M.

Operating cash flow was $124M against net income of $64.5M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: payables +$17.7M, other operating capital +$12.9M, receivables −$12.0M.

Its cash conversion cycle was -2 days (receivables 16 + inventory 14 − payables 32): suppliers fund its working capital.

Free cash flow

Valvoline: free cash flow by quarterValvoline: free cash flow by quarter$29.9MQ4 FY24−$12.4MQ1 FY25−$4.6MQ2 FY25$32.0MQ3 FY25$23.0MQ4 FY25$7.4MQ1 FY26$37.6MQ2 FY26$67.3MQ3 FY26
Operating cash flow less capital spending.
Valvoline: operating cash flow against capital spendingValvoline: operating cash flow against capital spendingOperating cash flowCapital spending$101M$71.4MQ4 FY24$41.2M$53.6MQ1 FY25$47.2M$51.8MQ2 FY25$86.9M$54.9MQ3 FY25$122M$98.9MQ4 FY25$64.8M$57.4MQ1 FY26$95.4M$57.8MQ2 FY26$124M$57.1MQ3 FY26
Latest (Q3 FY26): Operating cash flow $124M, Capital spending $57.1M.

Capital allocation, year by year

Valvoline: where the cash came from (up) and went (down), by fiscal yearValvoline: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $404MFY21: Net borrowing −$278MFY21: Capital spending −$103MFY21: Acquisitions −$282MFY21: Buybacks −$127MFY21: Dividends −$90.9M$404MFY21FY22: Operating cash flow $284MFY22: Net borrowing −$23.9MFY22: Capital spending −$132MFY22: Acquisitions −$50.7MFY22: Buybacks −$143MFY22: Dividends −$89.2M$284MFY22FY23: Operating cash flow −$40.8MFY23: Net borrowing −$7.5MFY23: Capital spending −$180MFY23: Acquisitions −$36.3MFY23: Buybacks −$1.5BFY23: Dividends −$21.8MFY23FY24: Operating cash flow $265MFY24: Net borrowing −$511MFY24: Asset sales $71.5MFY24: Capital spending −$224MFY24: Acquisitions −$52.7MFY24: Buybacks −$227M$337MFY24FY25: Operating cash flow $297MFY25: Net borrowing −$31.0MFY25: Asset sales $121MFY25: Capital spending −$259MFY25: Acquisitions −$65.0MFY25: Buybacks −$76.8M$418MFY25
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($2.1B) and capital spending ($899M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$84.2M
Debt$1.6B
Net debt$1.5B
Due within a year$23.8M

Valvoline funds itself: free cash flow was $135M over the last twelve months, and $84.2M of cash and investments stands against $1.6B of debt ($23.8M due within a year, 3.5× covered by cash).

Valvoline: debt maturities by year (FY25)Valvoline: debt maturities by year (FY25)$23.8MYear 1$23.8MYear 2$498MYear 3$535MAfter year 5
Principal due in each year as disclosed in the annual report, against $84.2M of cash and investments now.

Where the cash came from and went

Valvoline: sources (+) and uses (−) of cash, Q3 FY26Valvoline: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$124MCapital spending−$57.1MNet borrowing (+) / repaid (−)−$56.0MAcquisitions−$8.4MOther financing−$6.8MOther investing$3.6MCash drawn (+) / kept (−)$500KExchange rates−$200K
Valvoline: sources (+) and uses (−) of cash, TTM to Q3 FY26Valvoline: sources (+) and uses (−) of cash, TTM to Q3 FY26Acquisitions−$685MNet borrowing (+) / repaid (−)$534MOperating cash flow$406MCapital spending−$271MOther investing$66.1MOther financing−$34.1MCash drawn (+) / kept (−)−$15.9MExchange rates−$300K

From profit to cash

Valvoline: net income to operating cash flow, Q3 FY26Valvoline: net income to operating cash flow, Q3 FY26Net income$64.5MStock-based pay$3.4MOther non-cash$2.1MReceivables−$12.0MInventory−$2.8MPayables$17.7MOther operating capital$12.9MOperating cash flow$124M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26161432-2
Q2 FY26171432-1
Q1 FY26191437-4
Q4 FY25181437-4
Q3 FY25181435-3
Q2 FY25191434-1
Q1 FY25191436-4
Q4 FY24191439-6

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$124M−$57.1M−$8.4M—−$56.0M$500K$67.3M
Q2 FY26$95.4M−$57.8M−$8.5M—−$7.8M−$14.8M$37.6M
Q1 FY26$64.8M−$57.4M−$636M—$604M−$18.3M$7.4M
Q4 FY25$122M−$98.9M−$32.9M—−$6.0M$16.7M$23.0M
Q3 FY25$86.9M−$54.9M−$22.5M—$4.1M−$6.0M$32.0M
Q2 FY25$47.2M−$51.8M−$5.2M−$31.1M$44.0M−$1.9M−$4.6M
Q1 FY25$41.2M−$53.6M−$4.4M−$45.7M−$60.9M$8.3M−$12.4M
Q4 FY24$101M−$71.4M−$24.8M−$14.6M−$56.0M−$2.7M$29.9M

Valvoline: income statement and cash flow

Valvoline, Q3 FY26: revenue $545M (+24% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Valvoline: 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.