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Winnebago Industries cash flow, quarter by quarter

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

Free cash flow$135M in Q4 FY26

Operating cash flow$142M
Capital spending−$7.3M
Free cash flow+$135M
Cash / net income14.7×
Cash conversion cycle68 days

Analysis

In Q4 FY26, Winnebago Industries generated $142M of operating cash flow and spent $7.3M on capital projects, leaving free cash flow of $135M.

Operating cash flow was $142M against net income of $9.7M — 14.7× profit, cash ran ahead of reported earnings. The largest differences: payables +$60.6M, receivables +$32.5M, inventory +$27.9M.

Its cash conversion cycle was 68 days (receivables 24 + inventory 68 − payables 23).

Free cash flow

Winnebago Industries: free cash flow by quarterWinnebago Industries: free cash flow by quarter−$26.7MQ1 FY25−$18.9MQ2 FY25−$36.1MQ3 FY25$171MQ4 FY25$19.8MQ1 FY26−$29.1MQ2 FY26$18.7MQ3 FY26$135MQ4 FY26
Operating cash flow less capital spending.
Winnebago Industries: operating cash flow against capital spendingWinnebago Industries: operating cash flow against capital spendingOperating cash flowCapital spending−$16.7M$10.0MQ1 FY25−$10.5M$8.4MQ2 FY25−$25.3M$10.8MQ3 FY25$181M$10.2MQ4 FY25$25.4M$5.6MQ1 FY26−$24.8M$4.3MQ2 FY26$25.6M$6.9MQ3 FY26$142M$7.3MQ4 FY26
Latest (Q4 FY26): Operating cash flow $142M, Capital spending $7.3M.

Capital allocation, year by year

Winnebago Industries: where the cash came from (up) and went (down), by fiscal yearWinnebago Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $401MFY22: Net borrowing −$900KFY22: Asset sales $200KFY22: Capital spending −$88.0MFY22: Acquisitions −$228MFY22: Buybacks −$214MFY22: Dividends −$23.8M$401MFY22FY23: Operating cash flow $294MFY23: Net borrowing −$1.1MFY23: Asset sales $400KFY23: Capital spending −$83.2MFY23: Acquisitions −$87.5MFY23: Buybacks −$55.1MFY23: Dividends −$33.2M$295MFY23FY24: Operating cash flow $144MFY24: Net borrowing $17.4MFY24: Asset sales $400KFY24: Capital spending −$45.0MFY24: Buybacks −$74.5MFY24: Dividends −$36.8M$162MFY24FY25: Operating cash flow $129MFY25: Net borrowing −$160MFY25: Asset sales $2.2MFY25: Capital spending −$39.4MFY25: Buybacks −$53.7MFY25: Dividends −$38.9M$131MFY25FY26: Operating cash flow $169MFY26: Net borrowing −$102MFY26: Asset sales $5.6MFY26: Capital spending −$24.1MFY26: Buybacks −$1.7MFY26: Dividends −$39.9M$174MFY26
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($399M) and acquisitions ($316M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$181M
Debt$443M
Net debt$262M

Winnebago Industries funds itself: free cash flow was — over the last twelve months, and $181M of cash and investments stands against $443M of debt.

Winnebago Industries: debt maturities by year (FY26)Winnebago Industries: debt maturities by year (FY26)$100MYear 2$350MYear 4
Principal due in each year as disclosed in the annual report, against $181M of cash and investments now.

Where the cash came from and went

Winnebago Industries: sources (+) and uses (−) of cash, Q4 FY26Winnebago Industries: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$142MCash drawn (+) / kept (−)−$124MDividends−$9.8MCapital spending−$7.3MOther financing−$1.2MAsset & business sales$200KOther investing−$100K

From profit to cash

Winnebago Industries: net income to operating cash flow, Q4 FY26Winnebago Industries: net income to operating cash flow, Q4 FY26Net income$9.7MDepreciation & amortization$15.0MStock-based pay$1.1MDeferred taxes$800KReceivables$32.5MInventory$27.9MPayables$60.6MAccrued liabilities−$3.8MPrepaid and other assets−$8.3MIncome taxes payable$3.7MOperating cash flow$142M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2624682368
Q3 FY2627641971
Q2 FY2626652072
Q1 FY2622601865
Q4 FY2525591767
Q3 FY2526641971
Q2 FY2527762281
Q1 FY2526722177

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$142M−$7.3M—−$9.8M—−$124M$135M
Q3 FY26$25.6M−$6.9M—−$10.0M—−$9.7M$18.7M
Q2 FY26−$24.8M−$4.3M—−$9.8M—$134M−$29.1M
Q1 FY26$25.4M−$5.6M−$1.7M−$10.3M—−$7.7M$19.8M
Q4 FY25$181M−$10.2M−$100K−$9.6M—−$164M$171M
Q3 FY25−$25.3M−$10.8M—−$9.5M−$59.4M$105M−$36.1M
Q2 FY25−$10.5M−$8.4M−$20.0M−$9.6M−$100M$147M−$18.9M
Q1 FY25−$16.7M−$10.0M−$33.6M−$10.2M—$68.4M−$26.7M

Winnebago Industries: income statement and cash flow

Winnebago Industries, Q4 FY26: revenue $645M (-17% year over year), operating margin 2.7%. The chart follows the revenue to costs, profit and cash.

Winnebago Industries: 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.