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Bowhead Specialty Holdings cash flow, quarter by quarter

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

Free cash flow$191M in Q3 2026 · $407M over twelve months

Operating cash flow$193M
Capital spending−$1.3M
Free cash flow+$191M
Cash / net income14.9×

Analysis

In Q3 2026, Bowhead Specialty Holdings generated $193M of operating cash flow and spent $1.3M on capital projects, leaving free cash flow of $191M. That is $77.8M more than in Q3 2025 ($113M).

Over the twelve months to Sep 30, 2026, operating cash flow was $412M; the largest uses were other investing ($527M), capital spending ($5.4M); besides operations, cash came from other financing ($142M); the cash balance rose by $21.8M.

Operating cash flow was $193M against net income of $12.9M — 14.9× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$13.3M, deferred taxes −$3.3M, stock-based pay +$2.9M.

Free cash flow

Bowhead Specialty Holdings: free cash flow by quarterBowhead Specialty Holdings: free cash flow by quarter$60.9MQ4 2024$46.5MQ1 2025$107MQ2 2025$113MQ3 2025$58.6MQ4 2025$64.2MQ1 2026$92.5MQ2 2026$191MQ3 2026
Operating cash flow less capital spending.
Bowhead Specialty Holdings: operating cash flow against capital spendingBowhead Specialty Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$61.4M$507KQ4 2024$47.7M$1.2MQ1 2025$109M$1.6MQ2 2025$115M$1.3MQ3 2025$60.1M$1.5MQ4 2025$65.5M$1.3MQ1 2026$93.9M$1.4MQ2 2026$193M$1.3MQ3 2026
Latest (Q3 2026): Operating cash flow $193M, Capital spending $1.3M.

Capital allocation, year by year

Bowhead Specialty Holdings: where the cash came from (up) and went (down), by fiscal yearBowhead Specialty Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2022: Operating cash flow $182MFY2022: Capital spending −$4.0M$182MFY2022FY2023: Operating cash flow $236MFY2023: Capital spending −$3.8M$236MFY2023FY2024: Operating cash flow $294MFY2024: Shares issued $131MFY2024: Capital spending −$3.1M$425MFY2024FY2025: Operating cash flow $332MFY2025: Net borrowing $150MFY2025: Capital spending −$5.6M$482MFY2025
Over these 4 years operating cash flow totalled $1.0B; the largest uses were capital spending ($16.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$232M
Debt$147M
Net cash$85.5M

Bowhead Specialty Holdings funds itself: free cash flow was $407M over the last twelve months, and $232M of cash and investments stands against $147M of debt.

Where the cash came from and went

Bowhead Specialty Holdings: sources (+) and uses (−) of cash, Q3 2026Bowhead Specialty Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$193MCash drawn (+) / kept (−)−$108MOther investing−$83.5MCapital spending−$1.3MOther financing−$30K
Bowhead Specialty Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Bowhead Specialty Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$527MOperating cash flow$412MOther financing$142MCash drawn (+) / kept (−)−$21.8MCapital spending−$5.4M

From profit to cash

Bowhead Specialty Holdings: net income to operating cash flow, Q3 2026Bowhead Specialty Holdings: net income to operating cash flow, Q3 2026Net income$12.9MDepreciation & amortization$785KStock-based pay$2.9MDeferred taxes−$3.3MAccrued liabilities$13.3MPrepaid and other assets$1.5MOther liabilities$683KIncome taxes payable−$3KOperating cash flow$193M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingCash drawn (+) / kept (−)Free cash flow
Q3 2026$193M−$1.3M−$108M$191M
Q2 2026$93.9M−$1.4M−$23.3M$92.5M
Q1 2026$65.5M−$1.3M$92.2M$64.2M
Q4 2025$60.1M−$1.5M$17.0M$58.6M
Q3 2025$115M−$1.3M−$84.5M$113M
Q2 2025$109M−$1.6M−$42.8M$107M
Q1 2025$47.7M−$1.2M$98.6M$46.5M
Q4 2024$61.4M−$507K−$60.3M$60.9M

Bowhead Specialty Holdings: income statement and cash flow

Bowhead Specialty Holdings, Q3 2026: revenue $172M (+19% year over year), operating margin 9.3%. The chart follows the revenue to costs, profit and cash.

Bowhead Specialty 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.