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Accelerant cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$68.6M in Q2 2026 · $45.8M over twelve months

Operating cash flow−$68.6M
Free cash flow−$68.6M
Cash / net income-0.9×

Analysis

In Q2 2026, Accelerant generated −$68.6M of operating cash flow. That is $286M less than in Q2 2025 ($218M).

Over the twelve months to Jun 30, 2026, operating cash flow was $45.8M; the largest uses were partners ($19.3M), acquisitions ($17.9M); besides operations, cash came from other financing ($127M), other investing ($85.2M); the cash balance rose by $198M.

Operating cash flow was −$68.6M against net income of $80.0M — -0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments −$53.0M, deferred revenue −$23.8M, stock-based pay +$22.9M.

Free cash flow

Accelerant: free cash flow by quarterAccelerant: free cash flow by quarter$276MQ3 2024$242MQ4 2024$91.8MQ1 2025$218MQ2 2025$73.9MQ3 2025$61.9MQ4 2025−$21.4MQ1 2026−$68.6MQ2 2026
Operating cash flow less capital spending.
Accelerant: operating cash flow against capital spendingAccelerant: operating cash flow against capital spendingOperating cash flowCapital spending$276M$0Q3 2024$242M$0Q4 2024$91.8M$0Q1 2025$218M$0Q2 2025$73.9M$0Q3 2025$61.9M$0Q4 2025−$21.4M$0Q1 2026−$68.6M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$68.6M, Capital spending $0.

Capital allocation, year by year

Accelerant: where the cash came from (up) and went (down), by fiscal yearAccelerant: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAcquisitionsFY2023: Operating cash flow $290MFY2023: Shares issued $700KFY2023: Acquisitions $2.8M$294MFY2023FY2024: Operating cash flow $786MFY2024: Shares issued $114MFY2024: Acquisitions −$500K$900MFY2024FY2025: Operating cash flow $445MFY2025: Shares issued $392MFY2025: Acquisitions −$9.9M$837MFY2025
Over these 3 years operating cash flow totalled $1.5B; the largest uses were acquisitions ($10.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$120M
Net cash$1.5B
Cash runway5.7 years

Accelerant is burning cash: its operations consume cash, a free cash flow of −$274M a year at the current rate against $1.6B of cash and investments: a runway of about 5.7 years before any new financing.

Where the cash came from and went

Accelerant: sources (+) and uses (−) of cash, Q2 2026Accelerant: sources (+) and uses (−) of cash, Q2 2026Other investing$270MCash drawn (+) / kept (−)−$120MBuybacks−$70.4MOperating cash flow−$68.6MPartners−$7.1MExchange rates−$3.0MOther financing−$800K
Accelerant: sources (+) and uses (−) of cash, TTM to Q2 2026Accelerant: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)−$198MOther financing$127MOther investing$85.2MOperating cash flow$45.8MExchange rates−$22.7MPartners−$19.3MAcquisitions−$17.9M

From profit to cash

Accelerant: net income to operating cash flow, Q2 2026Accelerant: net income to operating cash flow, Q2 2026Net income$80.0MDepreciation & amortization$10.4MStock-based pay$22.9MDeferred taxes$2.1MGains on investments−$53.0MOther non-cash$200KDeferred revenue−$23.8MOther operating capital−$10.8MOperating cash flow−$68.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$68.6M—−$70.4M—−$120M−$68.6M
Q1 2026−$21.4M−$9.4M−$12.2M—$263M−$21.4M
Q4 2025$61.9M———−$123M$61.9M
Q3 2025$73.9M−$8.5M—−$5.0M−$217M$73.9M
Q2 2025$218M−$1.4M——−$168M$218M
Q1 2025$91.8M———−$17.7M$91.8M
Q4 2024$242M−$500K——−$188M$242M
Q3 2024$276M——$1.0M−$214M$276M

Accelerant: income statement and cash flow

Accelerant, Q2 2026: revenue $357M (+63% year over year), operating margin 24.5%. The chart follows the revenue to costs, profit and cash.

Accelerant: 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.