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Westlake cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$220M in Q3 2026 · $12.0M over twelve months

Operating cash flow$395M
Capital spending−$175M
Free cash flow+$220M
Cash / net income21.9×
Cash conversion cycle81 days

Analysis

In Q3 2026, Westlake generated $395M of operating cash flow and spent $175M on capital projects, leaving free cash flow of $220M. That is $277M more than in Q3 2025 (−$57.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $844M; the largest uses were capital spending ($832M), net borrowing (+) / repaid (−) ($750M), dividends ($273M); besides operations, cash came from other financing ($1.2B); the cash balance fell by $162M.

Operating cash flow was $395M against net income of $18.0M — 21.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$290M, receivables +$273M, deferred taxes −$119M.

Its cash conversion cycle was 81 days (receivables 49 + inventory 63 − payables 31).

Free cash flow

Westlake: free cash flow by quarterWestlake: free cash flow by quarter$149MQ4 2024−$325MQ1 2025−$132MQ2 2025−$57.0MQ3 2025−$16.0MQ4 2025−$303MQ1 2026$111MQ2 2026$220MQ3 2026
Operating cash flow less capital spending.
Westlake: operating cash flow against capital spendingWestlake: operating cash flow against capital spendingOperating cash flowCapital spending$434M$285MQ4 2024−$77.0M$248MQ1 2025$135M$267MQ2 2025$182M$239MQ3 2025$225M$241MQ4 2025−$94.0M$209MQ1 2026$318M$207MQ2 2026$395M$175MQ3 2026
Latest (Q3 2026): Operating cash flow $395M, Capital spending $175M.

Capital allocation, year by year

Westlake: where the cash came from (up) and went (down), by fiscal yearWestlake: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.4BFY2021: Net borrowing $1.7BFY2021: Shares issued $13.0MFY2021: Capital spending −$658MFY2021: Acquisitions −$2.6BFY2021: Buybacks −$30.0MFY2021: Dividends −$145M$4.1BFY2021FY2022: Operating cash flow $3.4BFY2022: Net borrowing −$250MFY2022: Shares issued $18.0MFY2022: Capital spending −$1.1BFY2022: Acquisitions −$1.2BFY2022: Buybacks −$101MFY2022: Dividends −$169M$3.4BFY2022FY2023: Operating cash flow $2.3BFY2023: Shares issued $44.0MFY2023: Capital spending −$1.0BFY2023: Buybacks −$23.0MFY2023: Dividends −$221M$2.4BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$300MFY2024: Shares issued $13.0MFY2024: Capital spending −$1.0BFY2024: Buybacks −$60.0MFY2024: Dividends −$264M$1.3BFY2024FY2025: Operating cash flow $465MFY2025: Net borrowing $933MFY2025: Capital spending −$995MFY2025: Buybacks −$63.0MFY2025: Dividends −$272M$1.4BFY2025
Over these 5 years operating cash flow totalled $9.9B; the largest uses were capital spending ($4.8B) and acquisitions ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$5.1B
Net debt$3.1B
Due within a year$497M

Westlake funds itself: free cash flow was $12.0M over the last twelve months, and $2.0B of cash and investments stands against $5.1B of debt ($497M due within a year, 4.0× covered by cash).

Westlake: debt maturities by year (FY2025)Westlake: debt maturities by year (FY2025)$497MYear 1$11.0MYear 2$822MYear 3$300MYear 5
Principal due in each year as disclosed in the annual report, against $2.0B of cash and investments now.

Where the cash came from and went

Westlake: sources (+) and uses (−) of cash, Q3 2026Westlake: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$395MCapital spending−$175MCash drawn (+) / kept (−)−$121MDividends−$68.0MOther investing−$13.0MPartners−$9.0MOther financing−$8.0MExchange rates−$1.0M
Westlake: sources (+) and uses (−) of cash, TTM to Q3 2026Westlake: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$1.2BOperating cash flow$844MCapital spending−$832MNet borrowing (+) / repaid (−)−$750MDividends−$273MOther investing−$202MCash drawn (+) / kept (−)$162MBuybacks−$63.0MPartners−$50.0MExchange rates$2.0M

From profit to cash

Westlake: net income to operating cash flow, Q3 2026Westlake: net income to operating cash flow, Q3 2026Net income$18.0MDepreciation & amortization$290MStock-based pay$12.0MDeferred taxes−$119MGains on disposals$43.0MReceivables$273MInventory−$58.0MPayables−$37.0MAccrued liabilities$67.0MPrepaid and other assets−$61.0MOther operating capital−$31.0MOperating cash flow$395M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202649633181
Q2 202642603072
Q1 202644592875
Q4 202548643082
Q3 202549613079
Q2 202547593274
Q1 202544603173
Q4 202447633278

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$395M−$175M——−$68.0M—−$121M$220M
Q2 2026$318M−$207M−$109M−$30.0M−$69.0M—$628M$111M
Q1 2026−$94.0M−$209M−$62.0M—−$68.0M—$452M−$303M
Q4 2025$225M−$241M—−$33.0M−$68.0M−$254M−$797M−$16.0M
Q3 2025$182M−$239M——−$68.0M—$157M−$57.0M
Q2 2025$135M−$267M——−$68.0M—$213M−$132M
Q1 2025−$77.0M−$248M—−$30.0M−$68.0M—$622M−$325M
Q4 2024$434M−$285M—−$60.0M−$67.0M—−$4.0M$149M

Westlake: income statement and cash flow

Westlake, Q3 2026: revenue $3.0B (+5% year over year), operating margin 1.4%. The chart follows the revenue to costs, profit and cash.

Westlake: 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.