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WD 40 cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$46.7M in Q4 FY26

Operating cash flow$50.2M
Capital spending−$3.5M
Free cash flow+$46.7M
Cash / net income3.5×
Cash conversion cycle119 days

Analysis

In Q4 FY26, WD 40 generated $50.2M of operating cash flow and spent $3.5M on capital projects, leaving free cash flow of $46.7M. That is $18.1M more than in Q4 FY25 ($28.6M).

Operating cash flow was $50.2M against net income of $14.4M — 3.5× profit, cash ran ahead of reported earnings. The largest differences: receivables +$26.7M, payables +$10.0M, prepaid and other assets −$8.1M.

Its cash conversion cycle was 119 days (receivables 71 + inventory 90 − payables 43).

Free cash flow

WD 40: free cash flow by quarterWD 40: free cash flow by quarter$14.2MQ1 FY25$6.6MQ2 FY25$34.0MQ3 FY25$28.6MQ4 FY25$9.1MQ1 FY26$12.5MQ2 FY26$29.3MQ3 FY26$46.7MQ4 FY26
Operating cash flow less capital spending.
WD 40: operating cash flow against capital spendingWD 40: operating cash flow against capital spendingOperating cash flowCapital spending$14.9M$691KQ1 FY25$8.0M$1.4MQ2 FY25$35.1M$1.1MQ3 FY25$29.9M$1.4MQ4 FY25$10.0M$935KQ1 FY26$14.3M$1.8MQ2 FY26$30.5M$1.2MQ3 FY26$50.2M$3.5MQ4 FY26
Latest (Q4 FY26): Operating cash flow $50.2M, Capital spending $3.5M.

Capital allocation, year by year

WD 40: where the cash came from (up) and went (down), by fiscal yearWD 40: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $2.6MFY22: Net borrowing $37.6MFY22: Asset sales $612KFY22: Capital spending −$8.3MFY22: Buybacks −$29.2MFY22: Dividends −$42.0M$40.8MFY22FY23: Operating cash flow $98.4MFY23: Net borrowing −$29.2MFY23: Asset sales $655KFY23: Capital spending −$6.9MFY23: Buybacks −$10.4MFY23: Dividends −$44.6M$99.0MFY23FY24: Operating cash flow $92.0MFY24: Net borrowing −$26.2MFY24: Asset sales $672KFY24: Capital spending −$4.2MFY24: Acquisitions −$6.2MFY24: Buybacks −$8.1MFY24: Dividends −$47.2M$92.7MFY24FY25: Operating cash flow $87.9MFY25: Net borrowing −$8.7MFY25: Asset sales $2.1MFY25: Capital spending −$4.5MFY25: Buybacks −$12.3MFY25: Dividends −$50.3M$90.1MFY25FY26: Operating cash flow $105MFY26: Net borrowing −$800KFY26: Asset sales $753KFY26: Capital spending −$7.4MFY26: Buybacks −$29.6MFY26: Dividends −$54.0M$106MFY26
Over these 5 years operating cash flow totalled $386M; the largest uses were dividends ($238M) and buybacks ($89.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$70.6M
Debt$86.0M
Net debt$15.4M

WD 40 funds itself: free cash flow was — over the last twelve months, and $70.6M of cash and investments stands against $86.0M of debt.

Where the cash came from and went

WD 40: sources (+) and uses (−) of cash, Q4 FY26WD 40: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$50.2MNet borrowing (+) / repaid (−)−$14.5MDividends−$13.7MCash drawn (+) / kept (−)−$11.5MBuybacks−$7.1MCapital spending−$3.5MAsset & business sales$208KExchange rates−$53KTaxes on employees’ shares−$14K

From profit to cash

WD 40: net income to operating cash flow, Q4 FY26WD 40: net income to operating cash flow, Q4 FY26Net income$14.4MDepreciation & amortization$2.5MStock-based pay$1.6MDeferred taxes−$460KOther non-cash−$76KReceivables$26.7MInventory−$2.9MPayables$10.0MEmployee-related liabilities$6.3MPrepaid and other assets−$8.1MOperating cash flow$50.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY26719043119
Q3 FY26649037117
Q2 FY266510638133
Q1 FY266911044135
Q4 FY25669841122
Q3 FY256510541130
Q2 FY256810545129
Q1 FY256810145124

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$50.2M−$3.5M−$7.1M−$13.7M−$14.5M−$11.5M$46.7M
Q3 FY26$30.5M−$1.2M−$6.7M−$13.8M−$222K−$8.8M$29.3M
Q2 FY26$14.3M−$1.8M−$8.0M−$13.8M$9.8M−$1.8M$12.5M
Q1 FY26$10.0M−$935K−$7.8M−$12.8M$4.1M$9.5M$9.1M
Q4 FY25$29.9M−$1.4M−$2.6M−$12.8M−$9.5M−$6.4M$28.6M
Q3 FY25$35.1M−$1.1M−$3.0M−$12.8M−$20.9M$1.3M$34.0M
Q2 FY25$8.0M−$1.4M−$3.1M−$12.8M$7.3M$1.9M$6.6M
Q1 FY25$14.9M−$691K−$3.6M−$12.0M$14.4M−$8.2M$14.2M

WD 40: income statement and cash flow

WD 40, Q4 FY26: revenue $177M (+8% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

WD 40: 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.