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CNO Financial Group cash flow, quarter by quarter

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

Free cash flow$242M in Q3 2026 · $743M over twelve months

Operating cash flow$242M
Free cash flow+$242M
Cash / net income1.5×

Analysis

In Q3 2026, CNO Financial Group generated $242M of operating cash flow. That is $44.2M more than in Q3 2025 ($198M).

Over the twelve months to Sep 30, 2026, operating cash flow was $743M; the largest uses were other investing ($2.2B), buybacks ($254M), dividends ($66.6M); besides operations, cash came from other financing ($1.9B), shares issued ($12.6M); the cash balance rose by $180M.

Operating cash flow was $242M against net income of $161M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$84.8M, gains on investments +$64.7M, income taxes payable +$49.9M.

Free cash flow

CNO Financial Group: free cash flow by quarterCNO Financial Group: free cash flow by quarter$191MQ4 2024$137MQ1 2025$146MQ2 2025$198MQ3 2025$196MQ4 2025$149MQ1 2026$157MQ2 2026$242MQ3 2026
Operating cash flow less capital spending.
CNO Financial Group: operating cash flow against capital spendingCNO Financial Group: operating cash flow against capital spendingOperating cash flowCapital spending$191M$0Q4 2024$137M$0Q1 2025$146M$0Q2 2025$198M$0Q3 2025$196M$0Q4 2025$149M$0Q1 2026$157M$0Q2 2026$242M$0Q3 2026
Latest (Q3 2026): Operating cash flow $242M, Capital spending $0.

Capital allocation, year by year

CNO Financial Group: where the cash came from (up) and went (down), by fiscal yearCNO Financial Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $598MFY2021: Shares issued $39.9MFY2021: Buybacks −$408MFY2021: Dividends −$65.7M$638MFY2021FY2022: Operating cash flow $495MFY2022: Shares issued $23.9MFY2022: Buybacks −$190MFY2022: Dividends −$64.8M$519MFY2022FY2023: Operating cash flow $583MFY2023: Shares issued $22.4MFY2023: Buybacks −$166MFY2023: Dividends −$68.1M$605MFY2023FY2024: Operating cash flow $628MFY2024: Net borrowing $691MFY2024: Shares issued $18.4MFY2024: Buybacks −$300MFY2024: Dividends −$67.7M$1.3BFY2024FY2025: Operating cash flow $676MFY2025: Net borrowing −$500MFY2025: Shares issued $19.0MFY2025: Buybacks −$331MFY2025: Dividends −$66.2M$695MFY2025
Over these 5 years operating cash flow totalled $3.0B; the largest uses were buybacks ($1.4B) and net borrowing ($500M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debtnone
Net cash$1.4B

CNO Financial Group funds itself: free cash flow was $743M over the last twelve months, with $1.4B of cash and investments and no debt on the balance sheet.

CNO Financial Group: debt maturities by year (FY2025)CNO Financial Group: debt maturities by year (FY2025)$500MYear 4$850MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

CNO Financial Group: sources (+) and uses (−) of cash, Q3 2026CNO Financial Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$468MOther financing$414MOperating cash flow$242MCash drawn (+) / kept (−)−$115MBuybacks−$59.5MDividends−$16.6MShares issued$4.0M
CNO Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026CNO Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.2BOther financing$1.9BOperating cash flow$743MBuybacks−$254MCash drawn (+) / kept (−)−$180MDividends−$66.6MShares issued$12.6M

From profit to cash

CNO Financial Group: net income to operating cash flow, Q3 2026CNO Financial Group: net income to operating cash flow, Q3 2026Net income$161MDepreciation & amortization$84.8MDeferred taxes$34.5MGains on investments$64.7MIncome taxes payable$49.9MOperating cash flow$242M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$242M−$59.5M−$16.6M$4.0M−$115M$242M
Q2 2026$157M−$60.9M−$16.7M$1.0M−$152M$157M
Q1 2026$149M−$73.3M−$17.1M$5.6M−$171M$149M
Q4 2025$196M−$60.2M−$16.2M$2.0M$258M$196M
Q3 2025$198M−$60.6M−$16.4M$2.5M−$426M$198M
Q2 2025$146M−$100M−$16.7M$600K$209M$146M
Q1 2025$137M−$110M−$16.9M$6.5M$973M$137M
Q4 2024$191M−$91.7M−$16.4M$3.1M−$752M$191M

CNO Financial Group: income statement and cash flow

CNO Financial Group, Q3 2026: revenue $1.1B (-9% year over year), operating margin 20.3%. The chart follows the revenue to costs, profit and cash.

CNO Financial Group: 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.