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Equitable Holdings cash flow, quarter by quarter

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

Free cash flow$1.6B in Q3 2026 · $2.6B over twelve months

Operating cash flow$1.6B
Free cash flow+$1.6B
Cash / net income1.4×

Analysis

In Q3 2026, Equitable Holdings generated $1.6B of operating cash flow. That is $1.3B more than in Q3 2025 ($369M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were other investing ($11.6B), buybacks ($1.0B), partners ($358M); besides operations, cash came from other financing ($14.9B); the cash balance rose by $4.1B.

Operating cash flow was $1.6B against net income of $1.2B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other non-cash +$851M, income taxes payable +$176M, employee-related liabilities +$25.0M.

Free cash flow

Equitable Holdings: free cash flow by quarterEquitable Holdings: free cash flow by quarter$400MQ4 2024$158MQ1 2025$341MQ2 2025$369MQ3 2025−$154MQ4 2025$499MQ1 2026$643MQ2 2026$1.6BQ3 2026
Operating cash flow less capital spending.
Equitable Holdings: operating cash flow against capital spendingEquitable Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$400M$0Q4 2024$158M$0Q1 2025$341M$0Q2 2025$369M$0Q3 2025−$154M$0Q4 2025$499M$0Q1 2026$643M$0Q2 2026$1.6B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $0.

Capital allocation, year by year

Equitable Holdings: where the cash came from (up) and went (down), by fiscal yearEquitable Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$193MFY2021: Net borrowing −$188MFY2021: Shares issued $293MFY2021: Asset sales $215MFY2021: Buybacks −$1.6BFY2021: Dividends −$296M$508MFY2021FY2022: Operating cash flow −$250MFY2022: Net borrowing $147MFY2022: Acquisitions $40.0MFY2022: Buybacks −$849MFY2022: Dividends −$294M$187MFY2022FY2023: Operating cash flow −$208MFY2023: Net borrowing −$7.0MFY2023: Buybacks −$919MFY2023: Dividends −$301MFY2023FY2024: Operating cash flow $2.0BFY2024: Net borrowing −$819MFY2024: Buybacks −$1.0BFY2024: Dividends −$302M$2.0BFY2024FY2025: Operating cash flow $714MFY2025: Net borrowing $20.0MFY2025: Buybacks −$1.4BFY2025: Dividends −$314M$734MFY2025
Over these 5 years operating cash flow totalled $2.1B; the largest uses were buybacks ($5.9B) and dividends ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.5B
Debt$3.8B
Net cash$13.7B

Equitable Holdings funds itself: free cash flow was $2.6B over the last twelve months, and $17.5B of cash and investments stands against $3.8B of debt.

Where the cash came from and went

Equitable Holdings: sources (+) and uses (−) of cash, Q3 2026Equitable Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing−$4.0BOther financing$3.4BOperating cash flow$1.6BCash drawn (+) / kept (−)−$544MBuybacks−$238MPartners−$86.0MDividends−$82.0MExchange rates$1.0M
Equitable Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Equitable Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$14.9BOther investing−$11.6BCash drawn (+) / kept (−)−$4.1BOperating cash flow$2.6BBuybacks−$1.0BPartners−$358MDividends−$318MExchange rates−$3.0M

From profit to cash

Equitable Holdings: net income to operating cash flow, Q3 2026Equitable Holdings: net income to operating cash flow, Q3 2026Net income$1.2BGains on investments$20.0MOther non-cash$851MEmployee-related liabilities$25.0MIncome taxes payable$176MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$238M−$82.0M—−$544M$1.6B
Q2 2026$643M−$366M−$83.0M—−$7.3B$643M
Q1 2026$499M−$147M−$76.0M−$25.0M$2.6B$499M
Q4 2025−$154M−$277M−$77.0M$25.0M$1.1B−$154M
Q3 2025$369M−$676M−$81.0M−$500M$1.4B$369M
Q2 2025$341M−$235M−$82.0M—−$6.8B$341M
Q1 2025$158M−$262M−$74.0M$495M−$1.2B$158M
Q4 2024$400M−$260M−$75.0M—$2.6B$400M

Equitable Holdings: income statement and cash flow

Equitable Holdings, Q3 2026: revenue $3.9B (+168% year over year), operating margin 35.8%. The chart follows the revenue to costs, profit and cash.

Equitable 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.