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American Financial Group cash flow, quarter by quarter

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

Free cash flow$405M in Q3 2026 · $1.8B over twelve months

Operating cash flow$405M
Free cash flow+$405M
Cash / net income1.4×

Analysis

In Q3 2026, American Financial Group generated $405M of operating cash flow. That is $189M more than in Q3 2025 ($216M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were other investing ($2.1B), dividends ($582M), buybacks ($113M); besides operations, cash came from other financing ($489M), shares issued ($10.0M); the cash balance fell by $494M.

Operating cash flow was $405M against net income of $282M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$197M, depreciation & amortization +$22.0M, prepaid and other assets −$14.0M.

Free cash flow

American Financial Group: free cash flow by quarterAmerican Financial Group: free cash flow by quarter$674MQ4 2024$342MQ1 2025$191MQ2 2025$216MQ3 2025$784MQ4 2025$474MQ1 2026$92.0MQ2 2026$405MQ3 2026
Operating cash flow less capital spending.
American Financial Group: operating cash flow against capital spendingAmerican Financial Group: operating cash flow against capital spendingOperating cash flowCapital spending$674M$0Q4 2024$342M$0Q1 2025$191M$0Q2 2025$216M$0Q3 2025$784M$0Q4 2025$474M$0Q1 2026$92.0M$0Q2 2026$405M$0Q3 2026
Latest (Q3 2026): Operating cash flow $405M, Capital spending $0.

Capital allocation, year by year

American Financial Group: where the cash came from (up) and went (down), by fiscal yearAmerican Financial Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Shares issued $124MFY2021: Acquisitions −$123MFY2021: Buybacks −$319MFY2021: Dividends −$2.4B$1.8BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing −$477MFY2022: Shares issued $23.0MFY2022: Acquisitions −$10.0MFY2022: Buybacks −$11.0MFY2022: Dividends −$1.2B$1.2BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing −$21.0MFY2023: Shares issued $19.0MFY2023: Acquisitions −$234MFY2023: Buybacks −$213MFY2023: Dividends −$684M$2.0BFY2023FY2024: Operating cash flow $1.2BFY2024: Shares issued $23.0MFY2024: Acquisitions −$9.0MFY2024: Dividends −$788M$1.2BFY2024FY2025: Operating cash flow $1.5BFY2025: Net borrowing $344MFY2025: Shares issued $13.0MFY2025: Acquisitions −$7.0MFY2025: Buybacks −$99.0MFY2025: Dividends −$606M$1.9BFY2025
Over these 5 years operating cash flow totalled $7.5B; the largest uses were dividends ($5.7B) and buybacks ($642M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$1.8B
Net debt$473M

American Financial Group funds itself: free cash flow was $1.8B over the last twelve months, and $1.3B of cash and investments stands against $1.8B of debt.

American Financial Group: debt maturities by year (FY2025)American Financial Group: debt maturities by year (FY2025)$253MYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

American Financial Group: sources (+) and uses (−) of cash, Q3 2026American Financial Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$707MOperating cash flow$405MOther financing$308MCash drawn (+) / kept (−)$90.0MDividends−$72.0MBuybacks−$26.0MShares issued$2.0M
American Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026American Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.1BOperating cash flow$1.8BDividends−$582MCash drawn (+) / kept (−)$494MOther financing$489MBuybacks−$113MShares issued$10.0M

From profit to cash

American Financial Group: net income to operating cash flow, Q3 2026American Financial Group: net income to operating cash flow, Q3 2026Net income$282MDepreciation & amortization$22.0MPrepaid and other assets−$14.0MOther liabilities$197MOperating cash flow$405M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$405M—−$26.0M−$72.0M$2.0M$90.0M$405M
Q2 2026$92.0M—−$26.0M−$73.0M$3.0M−$85.0M$92.0M
Q1 2026$474M—−$60.0M−$198M$2.0M$374M$474M
Q4 2025$784M—−$1.0M−$239M$3.0M$115M$784M
Q3 2025$216M—−$1.0M−$66.0M$2.0M−$574M$216M
Q2 2025$191M—−$39.0M−$68.0M$4.0M$8.0M$191M
Q1 2025$342M—−$58.0M−$233M$3.0M$130M$342M
Q4 2024$674M−$9.0M—−$403M$4.0M−$84.0M$674M

American Financial Group: income statement and cash flow

American Financial Group, Q3 2026: revenue $2.6B (+11% year over year), operating margin 13.9%. The chart follows the revenue to costs, profit and cash.

American Financial Group: 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.