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Donegal Group cash flow, quarter by quarter

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

Free cash flow$14.9M in Q3 2026 · $51.0M over twelve months

Operating cash flow$14.9M
Free cash flow+$14.9M
Cash / net income0.8×

Analysis

In Q3 2026, Donegal Group generated $14.9M of operating cash flow. That is $7.4M less than in Q3 2025 ($22.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $51.0M; the largest uses were other investing ($40.6M), dividends ($27.3M), other financing ($9.2M); besides operations, cash came from shares issued ($20.1M); the cash balance fell by $6.1M.

Operating cash flow was $14.9M against net income of $18.2M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable +$2.0M, depreciation & amortization +$333K, other operating capital +$267K.

Free cash flow

Donegal Group: free cash flow by quarterDonegal Group: free cash flow by quarter$28.2MQ4 2024$25.7MQ1 2025$12.1MQ2 2025$22.4MQ3 2025$10.0MQ4 2025$20.2MQ1 2026$5.9MQ2 2026$14.9MQ3 2026
Operating cash flow less capital spending.
Donegal Group: operating cash flow against capital spendingDonegal Group: operating cash flow against capital spendingOperating cash flowCapital spending$28.2M$0Q4 2024$25.7M$0Q1 2025$12.1M$0Q2 2025$22.4M$0Q3 2025$10.0M$0Q4 2025$20.2M$0Q1 2026$5.9M$0Q2 2026$14.9M$0Q3 2026
Latest (Q3 2026): Operating cash flow $14.9M, Capital spending $0.

Capital allocation, year by year

Donegal Group: where the cash came from (up) and went (down), by fiscal yearDonegal Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedDividendsFY2021: Operating cash flow $76.7MFY2021: Net borrowing −$50.0MFY2021: Shares issued $26.5MFY2021: Dividends −$19.1M$103MFY2021FY2022: Operating cash flow $67.1MFY2022: Shares issued $36.7MFY2022: Dividends −$20.5M$104MFY2022FY2023: Operating cash flow $28.6MFY2023: Shares issued $15.4MFY2023: Dividends −$21.9M$44.1MFY2023FY2024: Operating cash flow $67.4MFY2024: Shares issued $63.1MFY2024: Dividends −$22.7M$131MFY2024FY2025: Operating cash flow $70.2MFY2025: Shares issued $39.4MFY2025: Dividends −$25.7M$110MFY2025
Over these 5 years operating cash flow totalled $310M; the largest uses were dividends ($110M) and net borrowing ($50.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$32.5M
Debtnone
Net cash$32.5M

Donegal Group funds itself: free cash flow was $51.0M over the last twelve months, with $32.5M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Donegal Group: sources (+) and uses (−) of cash, Q3 2026Donegal Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$14.9MShares issued$8.8MCash drawn (+) / kept (−)−$8.8MDividends−$7.0MOther financing−$4.2MOther investing−$3.7M
Donegal Group: sources (+) and uses (−) of cash, TTM to Q3 2026Donegal Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$51.0MOther investing−$40.6MDividends−$27.3MShares issued$20.1MOther financing−$9.2MCash drawn (+) / kept (−)$6.1M

From profit to cash

Donegal Group: net income to operating cash flow, Q3 2026Donegal Group: net income to operating cash flow, Q3 2026Net income$18.2MDepreciation & amortization$333KStock-based pay$232KAccrued liabilities−$238KIncome taxes payable$2.0MOther operating capital$267KOperating cash flow$14.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$14.9M−$7.0M$8.8M−$8.8M$14.9M
Q2 2026$5.9M−$7.0M$655K$11.8M$5.9M
Q1 2026$20.2M−$6.7M$843K−$8.7M$20.2M
Q4 2025$10.0M−$6.6M$9.8M$11.8M$10.0M
Q3 2025$22.4M−$6.6M$4.6M$18.9M$22.4M
Q2 2025$12.1M−$6.5M$12.1M$6.9M$12.1M
Q1 2025$25.7M−$6.0M$12.9M−$11.4M$25.7M
Q4 2024$28.2M−$5.8M$53.9M−$24.3M$28.2M

Donegal Group: income statement and cash flow

Donegal Group, Q3 2026: revenue $238M (-3% year over year), operating margin 9.3%. The chart follows the revenue to costs, profit and cash.

Donegal 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.