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Hagerty cash flow, quarter by quarter

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

Free cash flow$86.4M in Q3 2026 · $280M over twelve months

Operating cash flow$94.0M
Capital spending−$7.6M
Free cash flow+$86.4M
Cash / net income2.6×

Analysis

In Q3 2026, Hagerty generated $94.0M of operating cash flow and spent $7.6M on capital projects, leaving free cash flow of $86.4M. That is $1.2M more than in Q3 2025 ($85.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $309M; the largest uses were other investing ($98.6M), capital spending ($29.6M), taxes on employees’ shares ($5.2M); besides operations, cash came from net borrowing (+) / repaid (−) ($68.9M), other financing ($16.2M); the cash balance rose by $261M.

Operating cash flow was $94.0M against net income of $36.3M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$20.8M, depreciation & amortization +$9.8M, deferred taxes −$7.5M.

Free cash flow

Hagerty: free cash flow by quarterHagerty: free cash flow by quarter−$16.7MQ4 2024$38.4MQ1 2025$47.7MQ2 2025$85.2MQ3 2025$23.1MQ4 2025$8.5MQ1 2026$162MQ2 2026$86.4MQ3 2026
Operating cash flow less capital spending.
Hagerty: operating cash flow against capital spendingHagerty: operating cash flow against capital spendingOperating cash flowCapital spending−$12.6M$4.1MQ4 2024$43.8M$5.4MQ1 2025$53.9M$6.2MQ2 2025$92.2M$7.0MQ3 2025$29.1M$6.0MQ4 2025$16.3M$7.7MQ1 2026$170M$8.2MQ2 2026$94.0M$7.6MQ3 2026
Latest (Q3 2026): Operating cash flow $94.0M, Capital spending $7.6M.

Capital allocation, year by year

Hagerty: where the cash came from (up) and went (down), by fiscal yearHagerty: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $42.3MFY2021: Net borrowing $65.5MFY2021: Capital spending −$43.4MFY2021: Acquisitions −$14.6M$108MFY2021FY2022: Operating cash flow $55.3MFY2022: Net borrowing −$28.1MFY2022: Capital spending −$44.4MFY2022: Acquisitions −$15.4M$55.3MFY2022FY2023: Operating cash flow $134MFY2023: Net borrowing $21.7MFY2023: Shares issued $80.7MFY2023: Capital spending −$26.4MFY2023: Acquisitions −$8.7M$236MFY2023FY2024: Operating cash flow $177MFY2024: Net borrowing −$28.8MFY2024: Capital spending −$21.3MFY2024: Acquisitions −$25.1M$177MFY2024FY2025: Operating cash flow $219MFY2025: Net borrowing $69.3MFY2025: Capital spending −$24.5MFY2025: Acquisitions −$1.6M$288MFY2025
Over these 5 years operating cash flow totalled $627M; the largest uses were capital spending ($160M) and acquisitions ($65.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$591M
Debt$246M
Net cash$345M
Due within a year$73.1M

Hagerty funds itself: free cash flow was $280M over the last twelve months, and $591M of cash and investments stands against $246M of debt ($73.1M due within a year, 8.1× covered by cash).

Where the cash came from and went

Hagerty: sources (+) and uses (−) of cash, Q3 2026Hagerty: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$126MOperating cash flow$94.0MNet borrowing (+) / repaid (−)$30.6MOther investing$24.3MOther financing−$13.9MCapital spending−$7.6MTaxes on employees’ shares−$1.6MExchange rates$148K
Hagerty: sources (+) and uses (−) of cash, TTM to Q3 2026Hagerty: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$309MCash drawn (+) / kept (−)−$261MOther investing−$98.6MNet borrowing (+) / repaid (−)$68.9MCapital spending−$29.6MOther financing$16.2MTaxes on employees’ shares−$5.2MAcquisitions−$195KExchange rates$118K

From profit to cash

Hagerty: net income to operating cash flow, Q3 2026Hagerty: net income to operating cash flow, Q3 2026Net income$36.3MDepreciation & amortization$9.8MStock-based pay$5.2MDeferred taxes−$7.5MGains on investments−$751KOther non-cash−$323KOther operating capital$20.8MOperating cash flow$94.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$94.0M−$7.6M—$30.6M−$126M$86.4M
Q2 2026$170M−$8.2M—−$12.7M−$101M$162M
Q1 2026$16.3M−$7.7M—$51.8M−$67.7M$8.5M
Q4 2025$29.1M−$6.0M$506K−$718K$33.6M$23.1M
Q3 2025$92.2M−$7.0M−$2.1M$2.2M−$2.1M$85.2M
Q2 2025$53.9M−$6.2M—$28.7M−$44.3M$47.7M
Q1 2025$43.8M−$5.4M—$39.2M−$53.5M$38.4M
Q4 2024−$12.6M−$4.1M−$1.3M−$18.3M$90.6M−$16.7M

Hagerty: income statement and cash flow

Hagerty, Q3 2026: revenue $354M (-10% year over year), operating margin 11.7%. The chart follows the revenue to costs, profit and cash.

Hagerty: 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.