Ralph Lauren Corporation (RL) Cash Flow Statement
Where RL’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $1.15B −6.6% vs FY2025
- Capital expenditures
- $408.1M 5.0% of revenue
- Free cash flow
- $746.1M 9.2% margin
- Returned to shareholders
- $840.3M 113% of free cash flow
- Change in cash
- $65.3M cash at year-end $1.99B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RL operating cash flow, capex and free cash flow
RL cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $952.3MFY2017 | $1.15BFY2026 | +2.2%/yr | |
| Capital expenditures | $284.0MFY2017 | $408.1MFY2026 | +4.1%/yr | |
| Free cash flow | $668.3MFY2017 | $746.1MFY2026 | +1.2%/yr | |
| Free cash flow margin | 10.0%FY2017 | 9.2%FY2026 | −0.9 pts | |
| Operating cash flow / net income | 5.99FY2018 | 1.23FY2026 | −4.76 | |
| Stock-based compensation | $63.6MFY2017 | $111.0MFY2026 | +6.4%/yr | |
| Dividends paid | $164.8MFY2017 | $216.5MFY2026 | +3.1%/yr | |
| Share buybacks (net) | $215.2MFY2017 | $623.8MFY2026 | +12.6%/yr | |
| Capex / revenue | 4.3%FY2017 | 5.0%FY2026 | +0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RL cash flow by activity
RL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RL cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $941.1M | $742.9M | $646.3M | $522.7M | $600.1M | −$121.1M | $384.3M | $430.9M | $162.8M | −$99.3M |
| Depreciation & amortization | $233.0M | $219.6M | $229.0M | $220.5M | $229.7M | $247.6M | $269.5M | $281.3M | $295.2M | $307.5M |
| Stock-based compensation | $111.0M | $107.9M | $99.5M | $75.5M | $81.7M | $72.7M | $100.6M | $88.6M | $74.5M | $63.6M |
| Change in working capital | −$158.3M | $201.9M | $115.0M | −$424.6M | −$169.6M | $75.9M | $73.9M | −$77.0M | $289.0M | $233.6M |
| Other non-cash items | $27.4M | −$37.2M | −$20.1M | $16.9M | −$26.0M | $105.8M | −$73.7M | $60.0M | $153.6M | $446.9M |
| Cash from operating activities | $1.15B | $1.24B | $1.07B | $411.0M | $715.9M | $380.9M | $754.6M | $783.8M | $975.1M | $952.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$408.1M | −$216.2M | −$164.8M | −$217.5M | −$166.9M | −$107.8M | −$270.3M | −$197.7M | −$161.6M | −$284.0M |
| Investments (net) | $89.6M | −$264.1M | −$256.8M | $694.8M | −$546.0M | $302.6M | $950.7M | −$697.1M | −$22.9M | $82.0M |
| Acquisitions & other investing | −$38.1M | $216.2M | $164.8M | −$5.8M | −$5.0M | $200,000 | $21.7M | $15.5M | −$4.6M | −$5.8M |
| Cash from investing activities | −$356.6M | −$264.1M | −$256.8M | $471.5M | −$717.9M | $195.0M | $702.1M | −$879.3M | −$189.1M | −$207.8M |
| Financing activities | ||||||||||
| Dividends paid | −$216.5M | −$201.1M | −$194.6M | −$198.3M | −$150.0M | −$49.8M | −$203.9M | −$190.7M | −$162.4M | −$164.8M |
| Share repurchases & issuance (net) | −$623.8M | −$480.9M | −$449.7M | −$488.6M | −$492.6M | −$37.7M | −$694.8M | −$502.6M | −$17.1M | −$215.2M |
| Net borrowing (repayment) | $75.0M | −$22.0M | −$21.3M | −$500.0M | −$23.1M | $453.0M | $475.0M | $68.6M | −$18.1M | −$143.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.4M | $0 | $0 | −$21.9M | $0 | −$8.7M | −$14.5M | $19.0M | $100,000 | $5.3M |
| Cash from financing activities | −$769.7M | −$704.0M | −$665.6M | −$1.21B | −$665.7M | $356.8M | −$438.2M | −$605.7M | −$197.5M | −$518.1M |
| Summary | ||||||||||
| Net change in cash | $65.3M | $258.8M | $133.7M | −$335.1M | −$716.0M | $958.2M | $1.00B | −$729.0M | $643.7M | $212.0M |
| Cash at end of period | $1.99B | $1.93B | $1.67B | $1.54B | $1.87B | $2.59B | $1.63B | $626.5M | $1.36B | $668.3M |
| Free cash flow | $746.1M | $1.02B | $904.9M | $193.5M | $549.0M | $273.1M | $484.3M | $586.1M | $813.5M | $668.3M |
| Free cash flow margin | 9.2% | 14.4% | 13.6% | 3.0% | 8.8% | 6.2% | 7.9% | 9.3% | 13.2% | 10.0% |
| Capex / revenue | 5.0% | 3.1% | 2.5% | 3.4% | 2.7% | 2.4% | 4.4% | 3.1% | 2.6% | 4.3% |
| Operating cash flow / net income | 1.23 | 1.66 | 1.66 | 0.79 | 1.19 | — | 1.96 | 1.82 | 5.99 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $262.2M | $151.6M | $361.6M | $207.5M | $220.4M | $129.0M | $297.4M | $147.9M | $168.6M | $90.7M | $276.6M | $146.9M |
| Depreciation & amortization | $58.9M | $60.8M | $59.7M | $57.0M | $55.5M | $55.0M | $54.3M | $55.9M | $54.4M | $56.0M | $56.2M | $58.5M |
| Stock-based compensation | $26.0M | $24.3M | $24.9M | $39.4M | $22.4M | $23.2M | $24.7M | $35.7M | $24.3M | $24.2M | $24.6M | $29.3M |
| Change in working capital | −$24.6M | −$116.2M | $379.8M | −$262.5M | −$117.3M | −$3.1M | $335.1M | −$146.4M | $16.3M | −$33.4M | $274.0M | −$182.2M |
| Other non-cash items | $16.8M | $24.8M | −$46.4M | $11.8M | −$4.9M | −$81.9M | $26.9M | $4.1M | $13.7M | −$16.5M | −$26.3M | $20.4M |
| Cash from operating activities | $339.3M | $145.3M | $779.6M | $53.2M | $176.1M | $122.2M | $738.4M | $97.2M | $277.3M | $121.0M | $605.1M | $72.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$53.4M | −$51.4M | −$75.6M | −$93.8M | −$187.3M | −$79.9M | −$61.2M | −$41.7M | −$33.4M | −$39.9M | −$42.5M | −$42.8M |
| Investments (net) | −$147.5M | $139.7M | −$15.4M | −$111.5M | −$198.3M | −$39.7M | $55.4M | −$192.2M | −$87.6M | −$52.6M | −$71.3M | −$55.4M |
| Acquisitions & other investing | −$3.2M | −$42.6M | −$1.5M | $93.8M | $187.3M | $79.9M | $61.2M | $41.7M | $33.4M | $39.9M | $42.5M | $42.8M |
| Cash from investing activities | −$204.1M | $45.7M | −$92.5M | −$111.5M | −$198.3M | −$39.7M | $55.4M | −$192.2M | −$87.6M | −$52.6M | −$71.3M | −$55.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$54.8M | −$55.2M | −$55.3M | −$55.3M | −$50.7M | −$51.0M | −$51.2M | −$51.4M | −$47.5M | −$47.9M | −$48.5M | −$49.0M |
| Share repurchases & issuance (net) | −$325.1M | −$150.4M | −$37.5M | −$112.6M | −$323.3M | −$76.3M | −$74.4M | −$129.0M | −$201.2M | −$120.9M | −$103.1M | −$168.9M |
| Net borrowing (repayment) | −$7.1M | −$5.5M | −$6.2M | −$405.5M | $492.2M | −$5.5M | −$5.7M | −$5.9M | — | — | — | −$5.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$100,000 | −$300,000 | $100,000 | −$4.1M | $0 | $0 | $0 | −$4.9M | −$5.0M | −$5.1M | $0 |
| Cash from financing activities | −$387.0M | −$211.2M | −$99.3M | −$573.3M | $114.1M | −$132.8M | −$131.3M | −$186.3M | −$253.6M | −$173.8M | −$156.7M | −$223.1M |
| Summary | ||||||||||||
| Net change in cash | −$268.3M | −$44.7M | $589.4M | −$647.4M | $166.3M | −$17.6M | $584.8M | −$231.4M | −$77.0M | −$141.5M | $423.5M | −$225.6M |
| Cash at end of period | $1.73B | $1.99B | $2.04B | $1.45B | $2.09B | $1.93B | $1.95B | $1.36B | $1.59B | $1.67B | $1.81B | $1.39B |
| Free cash flow | $285.9M | $93.9M | $704.0M | −$40.6M | −$11.2M | $42.3M | $677.2M | $55.5M | $243.9M | $81.1M | $562.6M | $30.1M |
| Free cash flow margin | 14.6% | 4.7% | 29.3% | −2.0% | −0.7% | 2.5% | 31.6% | 3.2% | 16.1% | 5.2% | 29.1% | 1.8% |
| Capex / revenue | 2.7% | 2.6% | 3.1% | 4.7% | 10.9% | 4.7% | 2.9% | 2.4% | 2.2% | 2.5% | 2.2% | 2.6% |
| Operating cash flow / net income | 1.29 | 0.96 | 2.16 | 0.26 | 0.80 | 0.95 | 2.48 | 0.66 | 1.64 | 1.33 | 2.19 | 0.50 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RL cash generation
In fiscal 2026 (ended March 31, 2026), Ralph Lauren generated $1.2 billion of cash from operations (down 6.6%) and spent $408.1 million on capital expenditures, leaving free cash flow of $746.1 million, 9.2% of revenue. It returned $840.3 million to shareholders through dividends ($216.5 million) and net share buybacks ($623.8 million). Cash and equivalents rose by $65.3 million over the year.
Related: RL income statement, RL balance sheet, RL dividend history. See the RL stock overview for the latest quote and news.
RL cash flow FAQ
What is Ralph Lauren's free cash flow?
Ralph Lauren's free cash flow was $746.1 million in fiscal 2026: $1.2 billion of operating cash flow minus $408.1 million of capital expenditures It was $1.0 billion a year earlier..
How much cash does Ralph Lauren generate from operations?
Ralph Lauren generated $1.2 billion of cash from operating activities in fiscal 2026, 1.23 times its net income of $941.1 million.
How much does Ralph Lauren spend on capital expenditures?
Ralph Lauren spent $408.1 million on capital expenditures in fiscal 2026, 5.0% of revenue, compared with $216.2 million the year before.
How much stock does Ralph Lauren buy back?
Ralph Lauren spent $623.8 million on net share repurchases in fiscal 2026.
How much does Ralph Lauren pay in dividends?
Ralph Lauren paid $216.5 million in dividends in fiscal 2026, 29.0% of free cash flow.