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Axis Capital Holdings cash flow, quarter by quarter

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

Free cash flow$878M in Q3 2026 · $2.7B over twelve months

Operating cash flow$878M
Free cash flow+$878M
Cash / net income4.2×

Analysis

In Q3 2026, Axis Capital Holdings generated $878M of operating cash flow. That is $204M more than in Q3 2025 ($674M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were other investing ($1.7B), buybacks ($546M), dividends ($135M); the cash balance rose by $190M.

Operating cash flow was $878M against net income of $209M — 4.2× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$39.7M, stock-based pay +$13.3M.

Free cash flow

Axis Capital Holdings: free cash flow by quarterAxis Capital Holdings: free cash flow by quarter$356MQ4 2024$309MQ1 2025−$1.7BQ2 2025$674MQ3 2025$630MQ4 2025$519MQ1 2026$632MQ2 2026$878MQ3 2026
Operating cash flow less capital spending.
Axis Capital Holdings: operating cash flow against capital spendingAxis Capital Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$356M$0Q4 2024$309M$0Q1 2025−$1.7B$0Q2 2025$674M$0Q3 2025$630M$0Q4 2025$519M$0Q1 2026$632M$0Q2 2026$878M$0Q3 2026
Latest (Q3 2026): Operating cash flow $878M, Capital spending $0.

Capital allocation, year by year

Axis Capital Holdings: where the cash came from (up) and went (down), by fiscal yearAxis Capital Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Dividends −$146M$1.2BFY2021FY2022: Operating cash flow $798MFY2022: Buybacks −$35.0MFY2022: Dividends −$149M$798MFY2022FY2023: Operating cash flow $1.3BFY2023: Dividends −$154M$1.3BFY2023FY2024: Operating cash flow $1.8BFY2024: Buybacks −$200MFY2024: Dividends −$152M$1.8BFY2024FY2025: Operating cash flow −$40.9MFY2025: Buybacks −$888MFY2025: Dividends −$143MFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were buybacks ($1.1B) and dividends ($743M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debtnone
Net cash$1.0B

Axis Capital Holdings funds itself: free cash flow was $2.7B over the last twelve months, with $1.0B of cash and investments and no debt on the balance sheet.

Axis Capital Holdings: debt maturities by year (FY2025)Axis Capital Holdings: debt maturities by year (FY2025)$350MYear 2$300MYear 4$675MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.0B of cash and investments now.

Where the cash came from and went

Axis Capital Holdings: sources (+) and uses (−) of cash, Q3 2026Axis Capital Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$878MOther investing−$388MCash drawn (+) / kept (−)−$325MBuybacks−$109MDividends−$32.3MOther financing−$18.6MExchange rates−$3.2MTaxes on employees’ shares−$697K
Axis Capital Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Axis Capital Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BOther investing−$1.7BBuybacks−$546MCash drawn (+) / kept (−)−$190MDividends−$135MOther financing−$46.5MTaxes on employees’ shares−$32.5MExchange rates−$639K

From profit to cash

Axis Capital Holdings: net income to operating cash flow, Q3 2026Axis Capital Holdings: net income to operating cash flow, Q3 2026Net income$209MStock-based pay$13.3MOther operating capital$39.7MOperating cash flow$878M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$878M−$109M−$32.3M−$325M$878M
Q2 2026$632M−$89.2M−$33.3M$165M$632M
Q1 2026$519M−$59.5M−$35.1M−$66.9M$519M
Q4 2025$630M−$288M−$34.0M$36.9M$630M
Q3 2025$674M−$110M−$34.4M$51.1M$674M
Q2 2025−$1.7B−$50.0M−$34.8M$1.9B−$1.7B
Q1 2025$309M−$440M−$39.6M−$269M$309M
Q4 2024$356M−$60.1M−$37.1M−$1.6B$356M

Axis Capital Holdings: income statement and cash flow

Axis Capital Holdings, Q3 2026: revenue $1.8B (+7% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Axis Capital Holdings: 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.