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Employers Holdings cash flow, quarter by quarter

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

Free cash flow−$12.2M in Q3 2026 · −$21.3M over twelve months

Operating cash flow−$11.4M
Capital spending−$800K
Free cash flow−$12.2M
Cash / net income-1.0×

Analysis

In Q3 2026, Employers Holdings generated −$11.4M of operating cash flow and spent $800K on capital projects, leaving free cash flow of −$12.2M. That is $41.0M less than in Q3 2025 ($28.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$18.8M; the largest uses were buybacks ($220M), dividends ($25.9M), operating cash flow ($18.8M); besides operations, cash came from other financing ($124M), other investing ($52.8M); the cash balance fell by $91.1M.

Operating cash flow was −$11.4M against net income of $11.6M — -1.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable +$5.8M, other operating capital +$3.6M, depreciation & amortization +$3.5M.

Free cash flow

Employers Holdings: free cash flow by quarterEmployers Holdings: free cash flow by quarter$11.4MQ4 2024$14.1MQ1 2025$28.8MQ3 2025$500KQ4 2025$1.3MQ1 2026−$10.9MQ2 2026−$12.2MQ3 2026
Operating cash flow less capital spending.
Employers Holdings: operating cash flow against capital spendingEmployers Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$13.1M$1.7MQ4 2024$14.6M$500KQ1 2025$29.4M$600KQ3 2025$700K$200KQ4 2025$2.2M$900KQ1 2026−$10.3M$600KQ2 2026−$11.4M$800KQ3 2026
Latest (Q3 2026): Operating cash flow −$11.4M, Capital spending $800K.

Capital allocation, year by year

Employers Holdings: where the cash came from (up) and went (down), by fiscal yearEmployers Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $10.8MFY2021: Net borrowing $33.9MFY2021: Capital spending −$3.6MFY2021: Buybacks −$42.6MFY2021: Dividends −$29.0M$44.7MFY2021FY2022: Operating cash flow $99.8MFY2022: Net borrowing $19.8MFY2022: Capital spending −$2.6MFY2022: Buybacks −$30.4MFY2022: Dividends −$90.3M$120MFY2022FY2023: Operating cash flow $49.4MFY2023: Net borrowing −$183MFY2023: Capital spending −$2.2MFY2023: Buybacks −$76.1MFY2023: Dividends −$29.7M$49.4MFY2023FY2024: Operating cash flow $76.4MFY2024: Net borrowing −$100KFY2024: Capital spending −$4.9MFY2024: Buybacks −$42.6MFY2024: Dividends −$30.3M$76.4MFY2024FY2025: Operating cash flow $44.7MFY2025: Capital spending −$2.2MFY2025: Buybacks −$183MFY2025: Dividends −$29.9M$44.7MFY2025
Over these 5 years operating cash flow totalled $281M; the largest uses were buybacks ($374M) and dividends ($209M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$88.9M
Debt$125M
Net debt$36.1M
Cash runway4.2 years

Employers Holdings is burning cash: its operations consume cash, a free cash flow of −$21.3M a year at the current rate against $88.9M of cash and investments: a runway of about 4.2 years before any new financing.

Where the cash came from and went

Employers Holdings: sources (+) and uses (−) of cash, Q3 2026Employers Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$37.6MBuybacks−$16.9MOperating cash flow−$11.4MDividends−$6.2MOther investing−$2.2MCapital spending−$800KOther financing−$100K
Employers Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Employers Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$220MOther financing$124MCash drawn (+) / kept (−)$91.1MOther investing$52.8MDividends−$25.9MOperating cash flow−$18.8MCapital spending−$2.5M

From profit to cash

Employers Holdings: net income to operating cash flow, Q3 2026Employers Holdings: net income to operating cash flow, Q3 2026Net income$11.6MDepreciation & amortization$3.5MStock-based pay$1.7MDeferred taxes−$1.1MGains on investments$3.2MPayables−$2.2MIncome taxes payable$5.8MOther operating capital$3.6MOperating cash flow−$11.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$11.4M−$800K−$16.9M−$6.2M—$37.6M−$12.2M
Q2 2026−$10.3M−$600K−$30.2M−$6.3M—$39.8M−$10.9M
Q1 2026$2.2M−$900K−$79.3M−$6.3M$20.0M$6.7M$1.3M
Q4 2025$700K−$200K−$94.1M−$7.1M—$7.0M$500K
Q3 2025$29.4M−$600K−$45.4M−$7.4M—−$97.7M$28.8M
Q1 2025$14.6M−$500K−$19.8M−$7.5M—−$32.1M$14.1M
Q4 2024$13.1M−$1.7M−$10.6M−$7.5M—$75.0M$11.4M

Employers Holdings: income statement and cash flow

Employers Holdings, Q3 2026: revenue $189M (-21% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

Employers 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.