Cash flow generation is highly volatile due to inventory timing, as evidenced by the OCF/NI ratio swinging from 2.44 in 2026Q3 to -0.10 in 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Apr'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Cash from Operations | 304.9M | 147.54M | 236.08M | 88.89M | 88.86M | 155.92M | 25.32M | 63.26M | 44.2M | 41.15M | 32.93M | 11.51M | 12.78M | 11.92M |
| Operating CF Margin % | 13.53% | 7.72% | 14.16% | 5.36% | 5.97% | 17.45% | 2.99% | 8.14% | 6.52% | 6.53% | 5.79% | 2.86% | 3.7% | 5.11% |
| Operating CF Growth % | 106.66% | -37.5% | 165.6% | 0.03% | -43.01% | 515.88% | -59.98% | 43.12% | 7.41% | 24.97% | 186.14% | -9.95% | 7.18% | - |
| Net Income | 225.88M | 180.94M | 147M | 170.55M | 192.45M | 59.39M | 47.95M | 39.02M | 28.88M | 14.2M | 9.87M | 13.73M | 5.66M | 680K |
| Depreciation & Amortization | 78.65M | 62.48M | 49.59M | 35.95M | 27.35M | 24.15M | 21.38M | 18.9M | 17.13M | 16.71M | 14.02M | 9.21M | 8.13M | 5.59M |
| Stock-Based Compensation | 16.1M | 10.98M | 12.94M | 9.71M | 9.47M | 7.16M | 4.91M | 2.87M | 2.25M | 3.02M | 2.88M | 2.05M | 1.29M | 787K |
| Deferred Taxes | 12.39M | -2.72M | 8.77M | 6.37M | 4.9M | 2.19M | 2.6M | 4.17M | 1.86M | 6.17M | 981K | 1.4M | -1.87M | -633K |
| Other Non-Cash Items | 76.45M | 67.4M | 57.92M | 48.33M | 41.08M | 35.88M | 32.46M | 2M | 3.89M | 2.64M | -1.46M | 2.99M | 5.12M | 9.72M |
| Working Capital Changes | -104.58M | -171.55M | -40.13M | -182.02M | -186.4M | 27.16M | -83.98M | -3.71M | -9.8M | -1.59M | 6.64M | -17.87M | -5.55M | -4.22M |
| Change in Receivables | -4.87M | -240K | 3.28M | -2.72M | 5.22M | 8.05M | 5.72M | -3.71M | -35K | -223K | 1.52M | -1.67M | -710K | -209K |
| Change in Inventory | -97.45M | -148.07M | -9.63M | -115.19M | -198.54M | 12.96M | -45.62M | -27.7M | -24.6M | -12.76M | -16.09M | -26.61M | -14.1M | -4.82M |
| Change in Payables | 8.16M | 210K | 425K | -2.64M | 25.5M | 12.36M | -13.81M | 14.19M | 13.06M | 10.5M | 6.83M | 7.36M | 3.19M | 4.92M |
| Cash from Investing | -178.81M | -148.24M | -118.78M | -124.53M | -60.44M | -28.42M | -40.17M | -31.77M | -23.55M | -23.6M | -182.67M | -14.07M | -27.27M | -45.7M |
| Capital Expenditures | -178.56M | -148.29M | -118.78M | -124.53M | -60.44M | -28.42M | -37.2M | -27.52M | -24.42M | -22.29M | -36.13M | -14.07M | -11.6M | -3.85M |
| CapEx % of Revenue | 7.92% | 7.76% | 7.13% | 7.51% | 4.06% | 3.18% | 4.4% | 3.54% | 3.6% | 3.54% | 6.35% | 3.5% | 3.35% | 1.65% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -3.69M | -4.42M | 0 | -1.3M | -146.54M | 0 | -15.7M | -41.91M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -244K | 55K | 0 | 0 | 0 | 0 | 717K | 184K | 865K | -23.6M | 0 | 0 | 24K | 61K |
| Cash from Financing | -54.83M | -5.38M | -59.64M | 33.17M | -80.89M | -123.91M | 67.8M | -23.9M | -19.67M | -16.71M | 155.49M | 2.9M | 14.42M | 34.37M |
| Debt Issued (Net) | -948K | -873K | -66.91M | 36.66M | -83.75M | -130.57M | 64.35M | -31.56M | -22.72M | -17.92M | 155.65M | -39.17M | 39.59M | 38.95M |
| Equity Issued (Net) | -56.88M | 3.11M | 9.74M | 1.2M | 5.76M | 7.41M | 0 | 0 | 3.69M | 0 | 0 | 82.22M | 0 | 2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.9M | 0 | 0 |
| Share Repurchases | -57.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -125K | -69K | 0 | 0 | 0 | 0 |
| Other Financing | 3M | -7.62M | -2.48M | -4.69M | -2.9M | -754K | 3.45M | 7.66M | -645K | 1.21M | -168K | 1.15M | -25.17M | -6.57M |
| Net Change in Cash | 71.27M | -6.08M | 57.65M | -2.48M | -52.47M | 3.58M | 52.95M | 7.6M | 981K | 840K | 5.75M | 330K | -72K | 598K |
| Free Cash Flow | 126.34M | -753K | 117.3M | -35.65M | 28.42M | 127.5M | -11.88M | 35.73M | 19.78M | 18.86M | -3.2M | -2.57M | 1.18M | 8.08M |
| FCF Margin % | 5.61% | -0.04% | 7.04% | -2.15% | 1.91% | 14.27% | -1.4% | 4.6% | 2.92% | 2.99% | -0.56% | -0.64% | 0.34% | 3.46% |
| FCF Growth % | 16878.49% | -100.64% | 429.05% | -225.42% | -77.71% | 1173.4% | -133.24% | 80.64% | 4.9% | 689.68% | -24.63% | -317.46% | -85.39% | - |
| FCF per Share | 4.11 | -0.02 | 3.83 | -1.17 | 0.94 | 4.33 | -0.41 | 1.24 | 0.72 | 0.70 | -0.12 | -0.11 | 0.05 | 0.32 |
| FCF Conversion (FCF/Net Income) | 1.35x | 0.82x | 1.61x | 0.52x | 0.46x | 2.63x | 0.53x | 1.62x | 1.53x | 2.90x | 3.34x | 0.84x | 2.38x | 18.46x |
| Interest Paid | 0 | 1.38M | 2.38M | 5.83M | 3.81M | 8.79M | 11.96M | 14.95M | 13.74M | 13.65M | 10.33M | 11.17M | 9.11M | 6.28M |
| Taxes Paid | 0 | 59.93M | 57.16M | 60.17M | 41.68M | 11.46M | 13.39M | 649K | 614K | 4.19M | 3.3M | 8.3M | 4.85M | 3.34M |
Working capital volatility
According to the provided cash flow statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -0.10 in 2026Q4 to 2.44 in 2026Q3, suggesting that reported earnings are frequently decoupled from actual cash generation due to inventory timing.
The significant divergence between net income and operating cash flow appears to be driven by the company's aggressive inventory management cycles. Investors should monitor whether this volatility is a permanent feature of the business model or a temporary byproduct of rapid store expansion and seasonal stocking requirements.
As reported in financial statements, free cash flow has demonstrated extreme quarterly variance, ranging from a deficit of $83.1 million in 2025Q4 to a peak of $148.0 million in 2026Q3, indicating that the company's cash trajectory is heavily tethered to seasonal retail demand and capital expenditure timing.
The negative FCF margins observed in several quarters suggest that the company is prioritizing aggressive unit growth over immediate cash preservation. This pattern warrants further investigation into whether the returns on new store openings are sufficient to offset the cash burn required to build out the footprint.
Based on the company's reported figures, capital expenditures have consistently trended between 5.1% and 9.0% of revenue over the last ten quarters, reflecting a sustained commitment to funding new store openings and infrastructure upgrades necessary to support the company's long-term 900-store expansion target.
The elevated capital intensity appears to be a deliberate strategic choice to capture market share in the western retail niche. Analysts should evaluate if this level of investment remains sustainable if same-store sales growth begins to moderate in the coming fiscal periods.
Data from the cash flow statements reveals that working capital changes are the primary driver of cash flow volatility, with a $106.4 million outflow in 2026Q4 contrasting sharply with a $77.8 million inflow in 2026Q3, highlighting the impact of seasonal inventory build-ups on liquidity.
The recurring negative working capital adjustments suggest that the company is heavily reliant on seasonal inventory accumulation to meet peak demand periods. This dynamic may indicate that the company's cash position is vulnerable to shifts in consumer demand or supply chain disruptions during critical selling windows.
Quick answers to the most common questions about buying BOOT stock.
Boot Barn Holdings, Inc. (BOOT) generated $304.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Boot Barn Holdings, Inc. (BOOT) generated $126.3M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Boot Barn Holdings, Inc. (BOOT) spent $178.6M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Boot Barn Holdings, Inc. (BOOT) spent $57.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.