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Associated Banc-Corp cash flow, quarter by quarter

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

Free cash flow$329M in Q3 2026 · $890M over twelve months

Operating cash flow$329M
Free cash flow+$329M
Cash / net income2.2×

Analysis

In Q3 2026, Associated Banc-Corp generated $329M of operating cash flow. That is $171M more than in Q3 2025 ($158M).

Over the twelve months to Sep 30, 2026, operating cash flow was $890M; the largest uses were other investing ($1.8B), dividends ($171M), net borrowing (+) / repaid (−) ($148M); besides operations, cash came from other financing ($1.5B), shares issued ($16.8M); the cash balance rose by $335M.

Operating cash flow was $329M against net income of $147M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: income taxes payable +$25.9M, other operating capital −$22.9M, depreciation & amortization +$18.9M.

Free cash flow

Associated Banc-Corp: free cash flow by quarterAssociated Banc-Corp: free cash flow by quarter$207MQ4 2024$98.2MQ1 2025$141MQ2 2025$158MQ3 2025$218MQ4 2025$136MQ1 2026$207MQ2 2026$329MQ3 2026
Operating cash flow less capital spending.
Associated Banc-Corp: operating cash flow against capital spendingAssociated Banc-Corp: operating cash flow against capital spendingOperating cash flowCapital spending$207M$0Q4 2024$98.2M$0Q1 2025$141M$0Q2 2025$158M$0Q3 2025$218M$0Q4 2025$136M$0Q1 2026$207M$0Q2 2026$329M$0Q3 2026
Latest (Q3 2026): Operating cash flow $329M, Capital spending $0.

Capital allocation, year by year

Associated Banc-Corp: where the cash came from (up) and went (down), by fiscal yearAssociated Banc-Corp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedDividendsFY2021: Operating cash flow $530MFY2021: Net borrowing −$199MFY2021: Shares issued $25.7MFY2021: Dividends −$116M$555MFY2021FY2022: Operating cash flow $847MFY2022: Net borrowing $252MFY2022: Shares issued $11.1MFY2022: Dividends −$123M$1.1BFY2022FY2023: Operating cash flow $443MFY2023: Net borrowing $13.5MFY2023: Shares issued $4.3MFY2023: Dividends −$130M$461MFY2023FY2024: Operating cash flow $580MFY2024: Net borrowing $442MFY2024: Shares issued $369MFY2024: Dividends −$139M$1.4BFY2024FY2025: Operating cash flow $616MFY2025: Net borrowing −$163MFY2025: Shares issued $6.9MFY2025: Dividends −$156M$623MFY2025
Over these 5 years operating cash flow totalled $3.0B; the largest uses were dividends ($664M) and net borrowing ($362M). Cash-flow statements as filed.

Where the cash came from and went

Associated Banc-Corp: sources (+) and uses (−) of cash, Q3 2026Associated Banc-Corp: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$329MOther financing−$267MNet borrowing (+) / repaid (−)−$263MCash drawn (+) / kept (−)$203MDividends−$45.2MOther investing$37.8MShares issued$4.6M
Associated Banc-Corp: sources (+) and uses (−) of cash, TTM to Q3 2026Associated Banc-Corp: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.8BOther financing$1.5BOperating cash flow$890MCash drawn (+) / kept (−)−$335MDividends−$171MNet borrowing (+) / repaid (−)−$148MShares issued$16.8M

From profit to cash

Associated Banc-Corp: net income to operating cash flow, Q3 2026Associated Banc-Corp: net income to operating cash flow, Q3 2026Net income$147MDepreciation & amortization$18.9MGains on disposals−$2.7MIncome taxes payable$25.9MOther operating capital−$22.9MOperating cash flow$329M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$329M−$45.2M−$263M$4.6M$203M$329M
Q2 2026$207M−$45.7M$119M$3.1M−$445M$207M
Q1 2026$136M−$40.1M$87.8M$7.1M$334M$136M
Q4 2025$218M−$40.2M−$92.0M$2.0M−$427M$218M
Q3 2025$158M−$38.5M$324M$2.6M−$32.7M$158M
Q2 2025$141M−$38.5M−$236M$94K−$27.6M$141M
Q1 2025$98.2M−$38.5M−$409M$2.2M−$213M$98.2M
Q4 2024$207M−$38.6M−$447M$24.3M−$52.6M$207M

Associated Banc-Corp: income statement and cash flow

Associated Banc-Corp, Q3 2026: revenue $464M (+20% year over year), operating margin 40.9%. The chart follows the revenue to costs, profit and cash.

Associated Banc-Corp: 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.