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Woodward cash flow, quarter by quarter

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

Free cash flow$87.1M in Q3 FY26 · $377M over twelve months

Operating cash flow$147M
Capital spending−$59.6M
Free cash flow+$87.1M
Cash / net income1.0×
Cash conversion cycle95 days

Analysis

In Q3 FY26, Woodward generated $147M of operating cash flow and spent $59.6M on capital projects, leaving free cash flow of $87.1M. That is $12.0M less than in Q3 FY25 ($99.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $585M; the largest uses were buybacks ($602M), capital spending ($209M), acquisitions ($176M); besides operations, cash came from other financing ($248M), net borrowing (+) / repaid (−) ($163M); the cash balance rose by $1.7M.

Operating cash flow was $147M against net income of $147M — 1.0× profit, roughly in line with earnings. The largest differences: receivables −$74.1M, payables +$39.6M, income taxes payable +$36.8M.

Its cash conversion cycle was 95 days (receivables 47 + inventory 86 − payables 38).

Free cash flow

Woodward: free cash flow by quarterWoodward: free cash flow by quarter$118MQ4 FY24$942KQ1 FY25$59.4MQ2 FY25$99.1MQ3 FY25$181MQ4 FY25$70.3MQ1 FY26$38.2MQ2 FY26$87.1MQ3 FY26
Operating cash flow less capital spending.
Woodward: operating cash flow against capital spendingWoodward: operating cash flow against capital spendingOperating cash flowCapital spending$142M$24.1MQ4 FY24$34.5M$33.6MQ1 FY25$77.8M$18.4MQ2 FY25$126M$26.5MQ3 FY25$233M$52.4MQ4 FY25$114M$44.1MQ1 FY26$90.8M$52.6MQ2 FY26$147M$59.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $147M, Capital spending $59.6M.

Capital allocation, year by year

Woodward: where the cash came from (up) and went (down), by fiscal yearWoodward: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $465MFY21: Net borrowing −$102MFY21: Shares issued $34.7MFY21: Asset sales $154KFY21: Capital spending −$37.7MFY21: Buybacks −$33.3MFY21: Dividends −$36.0M$500MFY21FY22: Operating cash flow $194MFY22: Net borrowing $65.2MFY22: Shares issued $21.9MFY22: Asset sales $6.0MFY22: Capital spending −$52.9MFY22: Acquisitions −$21.5MFY22: Buybacks −$485MFY22: Dividends −$45.0M$287MFY22FY23: Operating cash flow $309MFY23: Net borrowing −$68.4MFY23: Shares issued $50.7MFY23: Asset sales $488KFY23: Capital spending −$76.5MFY23: Acquisitions $878KFY23: Buybacks −$126MFY23: Dividends −$51.0M$361MFY23FY24: Operating cash flow $439MFY24: Net borrowing $140MFY24: Shares issued $89.9MFY24: Asset sales $4.1MFY24: Capital spending −$96.3MFY24: Buybacks −$391MFY24: Dividends −$58.3M$673MFY24FY25: Operating cash flow $471MFY25: Net borrowing −$182MFY25: Shares issued $105MFY25: Asset sales $50.1MFY25: Capital spending −$131MFY25: Acquisitions −$41.7MFY25: Buybacks −$173MFY25: Dividends −$65.0M$626MFY25
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($1.2B) and capital spending ($394M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$475M
Debt$1.2B
Net debt$697M
Due within a year$724M

Woodward funds itself: free cash flow was $377M over the last twelve months, and $475M of cash and investments stands against $1.2B of debt ($724M due within a year, 0.7× covered by cash).

Where the cash came from and went

Woodward: sources (+) and uses (−) of cash, Q3 FY26Woodward: sources (+) and uses (−) of cash, Q3 FY26Other financing$248MBuybacks−$198MOperating cash flow$147MAcquisitions−$129MCapital spending−$59.6MNet borrowing (+) / repaid (−)−$30.8MCash drawn (+) / kept (−)$26.3MDividends−$19.0MShares issued$14.7MOther investing$1.3MExchange rates$3K
Woodward: sources (+) and uses (−) of cash, TTM to Q3 FY26Woodward: sources (+) and uses (−) of cash, TTM to Q3 FY26Buybacks−$602MOperating cash flow$585MOther financing$248MCapital spending−$209MAcquisitions−$176MNet borrowing (+) / repaid (−)$163MDividends−$71.7MShares issued$63.6MExchange rates−$5.7MAsset & business sales$3.3MOther investing$3.0MCash drawn (+) / kept (−)−$1.7M

From profit to cash

Woodward: net income to operating cash flow, Q3 FY26Woodward: net income to operating cash flow, Q3 FY26Net income$147MDepreciation & amortization$32.1MStock-based pay$7.5MDeferred taxes$1KGains on disposals$7.3MReceivables−$74.1MInventory−$16.9MPayables$39.6MDeferred revenue−$8.9MContract assets−$21.0MIncome taxes payable$36.8MOther operating capital−$67KOperating cash flow$147M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2647863895
Q2 FY2639813387
Q1 FY2641883792
Q4 FY2544843791
Q3 FY2548883899
Q2 FY2544893498
Q1 FY25499840107
Q4 FY2448873997

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$147M−$59.6M−$129M−$198M−$19.0M−$30.8M$14.7M$26.3M$87.1M
Q2 FY26$90.8M−$52.6M$1.4M−$226M−$19.1M$239M$19.5M−$46.9M$38.2M
Q1 FY26$114M−$44.1M−$4.2M−$129M−$16.8M$185M$20.9M−$127M$70.3M
Q4 FY25$233M−$52.4M−$44.6M−$48.6M−$16.8M−$231M$8.5M$146M$181M
Q3 FY25$126M−$26.5M—−$44.8M−$16.7M$6.4M$46.3M−$109M$99.1M
Q2 FY25$77.8M−$18.4M—−$44.0M−$16.7M$2.6M$20.8M−$80.4M$59.4M
Q1 FY25$34.5M−$33.6M—−$35.5M−$14.8M$40.5M$28.9M−$1.5M$942K
Q4 FY24$142M−$24.1M—−$86.0M−$14.8M−$58.1M−$267K$26.1M$118M

Woodward: income statement and cash flow

Woodward, Q3 FY26: revenue $1.1B (+21% year over year), operating margin 17.4%. The chart follows the revenue to costs, profit and cash.

Woodward: 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.