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NI Holdings cash flow, quarter by quarter

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

Free cash flow−$15.3M in Q3 2026 · −$3.0M over twelve months

Operating cash flow−$15.1M
Capital spending−$222K
Free cash flow−$15.3M
Cash / net income-2.7×

Analysis

In Q3 2026, NI Holdings generated −$15.1M of operating cash flow and spent $222K on capital projects, leaving free cash flow of −$15.3M. That is $29.6M more than in Q3 2025 (−$44.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.8M; the largest uses were other financing ($5.5M), operating cash flow ($2.8M), capital spending ($283K); besides operations, cash came from other investing ($28.4M), asset & business sales ($521K); the cash balance rose by $20.4M.

Operating cash flow was −$15.1M against net income of $5.5M — -2.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities −$3.9M, prepaid and other assets +$841K, stock-based pay +$365K.

Free cash flow

NI Holdings: free cash flow by quarterNI Holdings: free cash flow by quarter$21.5MQ4 2024$9.9MQ1 2025$6.2MQ2 2025−$44.8MQ3 2025$13.2MQ4 2025−$1.9MQ1 2026$893KQ2 2026−$15.3MQ3 2026
Operating cash flow less capital spending.
NI Holdings: operating cash flow against capital spendingNI Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$21.7M$214KQ4 2024$9.9M$20KQ1 2025$6.4M$162KQ2 2025−$44.8M$35KQ3 2025$13.2M$0Q4 2025−$1.9M$42KQ1 2026$912K$19KQ2 2026−$15.1M$222KQ3 2026
Latest (Q3 2026): Operating cash flow −$15.1M, Capital spending $222K.

Capital allocation, year by year

NI Holdings: where the cash came from (up) and went (down), by fiscal yearNI Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $29.2MFY2021: Net borrowing −$6.7MFY2021: Asset sales $43KFY2021: Capital spending −$739KFY2021: Buybacks −$4.3M$29.2MFY2021FY2022: Operating cash flow −$15.3MFY2022: Net borrowing −$13.3MFY2022: Asset sales $667KFY2022: Capital spending −$878KFY2022: Buybacks −$4.2M$667KFY2022FY2023: Operating cash flow $51.0MFY2023: Net borrowing −$16KFY2023: Asset sales $147KFY2023: Capital spending −$661K$51.2MFY2023FY2024: Operating cash flow $38.5MFY2024: Net borrowing −$99KFY2024: Asset sales $280KFY2024: Capital spending −$991KFY2024: Dividends −$8.3M$38.8MFY2024FY2025: Operating cash flow −$15.3MFY2025: Net borrowing −$108KFY2025: Asset sales $374KFY2025: Capital spending −$217KFY2025: Dividends −$6.7M$374KFY2025
Over these 5 years operating cash flow totalled $88.1M; the largest uses were operating cash flow ($30.6M) and net borrowing ($20.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.5M
Debt$2.4M
Net cash$43.1M
Cash runwaymore than 10 years

NI Holdings is burning cash: its operations consume cash, a free cash flow of −$3.0M a year at the current rate against $45.5M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

NI Holdings: sources (+) and uses (−) of cash, Q3 2026NI Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$15.1MOther investing$10.2MCash drawn (+) / kept (−)$6.6MOther financing−$1.6MCapital spending−$222KAsset & business sales$132KNet borrowing (+) / repaid (−)−$61K
NI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026NI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$28.4MCash drawn (+) / kept (−)−$20.4MOther financing−$5.5MOperating cash flow−$2.8MAsset & business sales$521KCapital spending−$283K

From profit to cash

NI Holdings: net income to operating cash flow, Q3 2026NI Holdings: net income to operating cash flow, Q3 2026Net income$5.5MDepreciation & amortization$114KStock-based pay$365KDeferred taxes$155KGains on investments$93KGains on disposals−$43KAccrued liabilities−$3.9MPrepaid and other assets$841KOperating cash flow−$15.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$15.1M−$222K−$61K$6.6M−$15.3M
Q2 2026$912K−$19K−$29K$6.1M$893K
Q1 2026−$1.9M−$42K−$28K−$6.0M−$1.9M
Q4 2025$13.2M—−$28K−$27.1M$13.2M
Q3 2025−$44.8M−$35K−$54K$32.1M−$44.8M
Q2 2025$6.4M−$162K−$27K$418K$6.2M
Q1 2025$9.9M−$20K−$26K−$6.3M$9.9M
Q4 2024$21.7M−$214K−$26K−$11.8M$21.5M

NI Holdings: income statement and cash flow

NI Holdings, Q3 2026: revenue $68.6M (-10% year over year), operating margin 10.2%. The chart follows the revenue to costs, profit and cash.

NI 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.