Abstract Studies have shown that the runner speed of hydraulic turbines at no-load conditions is affected by cavitation. However, those studies did not provide explanations relating the variation of the no-load runner speed to cavitation. Understanding why cavitation affects the runner speed is crucial because the maximum runner speed is reached in no-load condition, and this speed must remain below a limit to ensure the generator's safety. This paper uses numerical simulations to investigate the effect of cavitation on two no-load conditions, the runaway and the speed-no-load, for a low specific speed Francis turbine at model scale. The study is based on unsteady Reynolds-averaged Navier–Stokes simulations with and without cavitation and focuses on averaged quantities. At no-load, the regions over the blades producing a motor torque, i.e., oriented with the turbine rotating direction, must be balanced by regions producing a braking torque, opposed to the turbine rotation, to achieve a zero-torque condition. At runaway, cavitation mainly affects regions where a motor torque is produced. However, the zones affected by cavitation have a small contribution to the total motor torque. Therefore, for the runaway condition studied, the torque balance over the blade is hardly affected by cavitation, and the impact of cavitation on the runaway speed is negligible. At speed-no-load, comparisons between cavitating and noncavitating simulations indicated that cavitation affects mainly the braking torque regions. Those regions result from an interaction between the runner blades and a backflow extending from the draft tube cone to the runner outlet. In that case, cavitation strongly affects the torque balance over the blades, and consequently, the runner speed will adapt to find another zero torque condition.