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Horace Mann Educators cash flow, quarter by quarter

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

Free cash flow$112M in Q3 2026 · $527M over twelve months

Operating cash flow$112M
Free cash flow+$112M
Cash / net income1.9×

Analysis

In Q3 2026, Horace Mann Educators generated $112M of operating cash flow. That is $39.2M less than in Q3 2025 ($151M).

Over the twelve months to Sep 30, 2026, operating cash flow was $527M; the largest uses were other financing ($544M), dividends ($57.9M), other investing ($51.3M); besides operations, cash came from shares issued ($3.7M); the cash balance fell by $154M.

Operating cash flow was $112M against net income of $58.5M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: gains on investments +$26.2M, other operating capital +$18.1M, depreciation & amortization +$6.9M.

Free cash flow

Horace Mann Educators: free cash flow by quarterHorace Mann Educators: free cash flow by quarter$194MQ4 2024$141MQ1 2025$131MQ2 2025$151MQ3 2025$130MQ4 2025$61.3MQ1 2026$224MQ2 2026$112MQ3 2026
Operating cash flow less capital spending.
Horace Mann Educators: operating cash flow against capital spendingHorace Mann Educators: operating cash flow against capital spendingOperating cash flowCapital spending$194M$0Q4 2024$141M$0Q1 2025$131M$0Q2 2025$151M$0Q3 2025$130M$0Q4 2025$61.3M$0Q1 2026$224M$0Q2 2026$112M$0Q3 2026
Latest (Q3 2026): Operating cash flow $112M, Capital spending $0.

Capital allocation, year by year

Horace Mann Educators: where the cash came from (up) and went (down), by fiscal yearHorace Mann Educators: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $205MFY2021: Net borrowing $114MFY2021: Shares issued $300KFY2021: Buybacks −$5.3MFY2021: Dividends −$51.4M$319MFY2021FY2022: Operating cash flow $172MFY2022: Acquisitions −$164MFY2022: Buybacks −$24.0MFY2022: Dividends −$52.6M$172MFY2022FY2023: Operating cash flow $302MFY2023: Net borrowing $48.7MFY2023: Buybacks −$6.5MFY2023: Dividends −$53.9M$351MFY2023FY2024: Operating cash flow $452MFY2024: Shares issued $5.1MFY2024: Buybacks −$8.6MFY2024: Dividends −$55.5M$457MFY2024FY2025: Operating cash flow $553MFY2025: Net borrowing $45.2MFY2025: Shares issued $5.3MFY2025: Buybacks −$20.8MFY2025: Dividends −$57.1M$604MFY2025
Over these 5 years operating cash flow totalled $1.7B; the largest uses were dividends ($270M) and acquisitions ($164M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$149M
Debt$595M
Net debt$446M

Horace Mann Educators funds itself: free cash flow was $527M over the last twelve months, and $149M of cash and investments stands against $595M of debt.

Where the cash came from and went

Horace Mann Educators: sources (+) and uses (−) of cash, Q3 2026Horace Mann Educators: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$112MCash drawn (+) / kept (−)−$103MOther investing$52.9MOther financing−$46.4MDividends−$14.6MBuybacks−$1.0MTaxes on employees’ shares−$300K
Horace Mann Educators: sources (+) and uses (−) of cash, TTM to Q3 2026Horace Mann Educators: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$544MOperating cash flow$527MCash drawn (+) / kept (−)$154MDividends−$57.9MOther investing−$51.3MBuybacks−$26.1MTaxes on employees’ shares−$4.3MShares issued$3.7MNet borrowing (+) / repaid (−)−$800K

From profit to cash

Horace Mann Educators: net income to operating cash flow, Q3 2026Horace Mann Educators: net income to operating cash flow, Q3 2026Net income$58.5MDepreciation & amortization$6.9MStock-based pay$2.3MGains on investments$26.2MOther operating capital$18.1MOperating cash flow$112M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$112M−$1.0M−$14.6M——−$103M$112M
Q2 2026$224M$100K−$14.5M—$3.2M−$25.3M$224M
Q1 2026$61.3M−$18.3M−$14.6M—$500K$6.6M$61.3M
Q4 2025$130M−$6.9M−$14.2M−$800K—$275M$130M
Q3 2025$151M−$6.8M−$14.3M—$3.9M−$262M$151M
Q2 2025$131M−$6.9M−$14.3M—$1.4M−$10.6M$131M
Q1 2025$141M−$200K−$14.3M——$7.8M$141M
Q4 2024$194M—−$13.8M—$4.0M$1.7M$194M

Horace Mann Educators: income statement and cash flow

Horace Mann Educators, Q3 2026: revenue $439M (+0.2% year over year), operating margin 16.5%. The chart follows the revenue to costs, profit and cash.

Horace Mann Educators: 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.