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Alignment Healthcare cash flow, quarter by quarter

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

Free cash flow$38.6M in Q3 2026 · $77.0M over twelve months

Operating cash flow$47.0M
Capital spending−$8.4M
Free cash flow+$38.6M

Analysis

In Q3 2026, Alignment Healthcare generated $47.0M of operating cash flow and spent $8.4M on capital projects, leaving free cash flow of $38.6M. That is $100M less than in Q3 2025 ($139M).

Over the twelve months to Sep 30, 2026, operating cash flow was $108M; the largest uses were capital spending ($31.0M), other financing ($2.4M); besides operations, cash came from shares issued ($23.5M), other investing ($11.5M); the cash balance rose by $110M.

Operating cash flow was $47.0M against net income of −$8.1M. The largest differences: receivables +$53.9M, prepaid and other assets −$31.0M, stock-based pay +$17.5M.

Free cash flow

Alignment Healthcare: free cash flow by quarterAlignment Healthcare: free cash flow by quarter−$18.0MQ4 2024$8.4MQ1 2025$21.1MQ2 2025$139MQ3 2025−$55.4MQ4 2025$121MQ1 2026−$27.5MQ2 2026$38.6MQ3 2026
Operating cash flow less capital spending.
Alignment Healthcare: operating cash flow against capital spendingAlignment Healthcare: operating cash flow against capital spendingOperating cash flowCapital spending−$8.7M$9.3MQ4 2024$16.6M$8.3MQ1 2025$29.1M$8.0MQ2 2025$145M$5.5MQ3 2025−$50.4M$5.0MQ4 2025$129M$7.4MQ1 2026−$17.3M$10.1MQ2 2026$47.0M$8.4MQ3 2026
Latest (Q3 2026): Operating cash flow $47.0M, Capital spending $8.4M.

Capital allocation, year by year

Alignment Healthcare: where the cash came from (up) and went (down), by fiscal yearAlignment Healthcare: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$78.8MFY2021: Shares issued $391MFY2021: Acquisitions −$1.4MFY2021: Buybacks −$1.5M$391MFY2021FY2022: Operating cash flow −$45.4MFY2022: Net borrowing $21.8MFY2022: Capital spending −$23.8M$21.8MFY2022FY2023: Operating cash flow −$59.2MFY2023: Capital spending −$36.0MFY2023FY2024: Operating cash flow $34.8MFY2024: Net borrowing $165MFY2024: Shares issued $155KFY2024: Asset sales $14KFY2024: Capital spending −$41.4M$200MFY2024FY2025: Operating cash flow $140MFY2025: Shares issued $18.1MFY2025: Asset sales $1.1MFY2025: Capital spending −$26.8M$159MFY2025
Over these 5 years operating cash flow totalled −$8.7M; the largest uses were operating cash flow ($183M) and capital spending ($128M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$743M
Debt$324M
Net cash$418M

Alignment Healthcare funds itself: free cash flow was $77.0M over the last twelve months, and $743M of cash and investments stands against $324M of debt.

Where the cash came from and went

Alignment Healthcare: sources (+) and uses (−) of cash, Q3 2026Alignment Healthcare: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$47.0MCash drawn (+) / kept (−)−$34.2MCapital spending−$8.4MOther investing−$6.9MShares issued$2.5M
Alignment Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Alignment Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$110MOperating cash flow$108MCapital spending−$31.0MShares issued$23.5MOther investing$11.5MOther financing−$2.4M

From profit to cash

Alignment Healthcare: net income to operating cash flow, Q3 2026Alignment Healthcare: net income to operating cash flow, Q3 2026Net income−$8.1MDepreciation & amortization$8.1MStock-based pay$17.5MReceivables$53.9MEmployee-related liabilities−$5.6MPrepaid and other assets−$31.0MOperating cash flow$47.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$47.0M−$8.4M—$2.5M−$34.2M$38.6M
Q2 2026−$17.3M−$10.1M—$3.5M$12.1M−$27.5M
Q1 2026$129M−$7.4M—$2.2M−$130M$121M
Q4 2025−$50.4M−$5.0M—$15.3M$42.2M−$55.4M
Q3 2025$145M−$5.5M—$948K−$148M$139M
Q2 2025$29.1M−$8.0M—$1.6M−$24.1M$21.1M
Q1 2025$16.6M−$8.3M—$207K−$13.3M$8.4M
Q4 2024−$8.7M−$9.3M$330M$155K−$92.2M−$18.0M

Alignment Healthcare: income statement and cash flow

Alignment Healthcare, Q3 2026: revenue $1.4B (+37% year over year), operating margin -0.3%. The chart follows the revenue to costs, profit and cash.

Alignment Healthcare: 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.