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Old Republic International cash flow, quarter by quarter

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

Free cash flow$429M in Q3 2026 · $1.1B over twelve months

Operating cash flow$429M
Free cash flow+$429M
Cash / net income1.8×

Analysis

In Q3 2026, Old Republic International generated $429M of operating cash flow. That is $134M less than in Q3 2025 ($564M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were dividends ($917M), other financing ($584M), buybacks ($388M); besides operations, cash came from net borrowing (+) / repaid (−) ($693M), other investing ($115M); the cash balance rose by $93.5M.

Operating cash flow was $429M against net income of $244M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$86.3M, gains on investments +$79.9M, deferred taxes −$56.6M.

Free cash flow

Old Republic International: free cash flow by quarterOld Republic International: free cash flow by quarter$362MQ4 2024$232MQ1 2025$134MQ2 2025$564MQ3 2025$235MQ4 2025$281MQ1 2026$200MQ2 2026$429MQ3 2026
Operating cash flow less capital spending.
Old Republic International: operating cash flow against capital spendingOld Republic International: operating cash flow against capital spendingOperating cash flowCapital spending$362M$0Q4 2024$232M$0Q1 2025$134M$0Q2 2025$564M$0Q3 2025$235M$0Q4 2025$281M$0Q1 2026$200M$0Q2 2026$429M$0Q3 2026
Latest (Q3 2026): Operating cash flow $429M, Capital spending $0.

Capital allocation, year by year

Old Republic International: where the cash came from (up) and went (down), by fiscal yearOld Republic International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $1.3BFY2021: Net borrowing $642MFY2021: Shares issued $116MFY2021: Dividends −$1.0B$2.1BFY2021FY2022: Operating cash flow $1.2BFY2022: Shares issued $50.9MFY2022: Buybacks −$281MFY2022: Dividends −$580M$1.2BFY2022FY2023: Operating cash flow $880MFY2023: Shares issued $64.1MFY2023: Buybacks −$535MFY2023: Dividends −$276M$944MFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $396MFY2024: Shares issued $42.8MFY2024: Buybacks −$942MFY2024: Dividends −$272M$1.7BFY2024FY2025: Operating cash flow $1.2BFY2025: Shares issued $50.1MFY2025: Buybacks −$124MFY2025: Dividends −$783M$1.2BFY2025
Over these 5 years operating cash flow totalled $5.8B; the largest uses were dividends ($2.9B) and buybacks ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$336M
Debtnone
Net cash$336M

Old Republic International funds itself: free cash flow was $1.1B over the last twelve months, with $336M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Old Republic International: sources (+) and uses (−) of cash, Q3 2026Old Republic International: sources (+) and uses (−) of cash, Q3 2026Other financing−$565MOperating cash flow$429MOther investing$218MBuybacks−$113MCash drawn (+) / kept (−)$81.7MDividends−$75.4MShares issued$24.3MNot reconciled$100K
Old Republic International: sources (+) and uses (−) of cash, TTM to Q3 2026Old Republic International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BDividends−$917MNet borrowing (+) / repaid (−)$693MOther financing−$584MBuybacks−$388MOther investing$115MCash drawn (+) / kept (−)−$93.5MShares issued$27.9M

From profit to cash

Old Republic International: net income to operating cash flow, Q3 2026Old Republic International: net income to operating cash flow, Q3 2026Net income$244MDeferred taxes−$56.6MGains on investments$79.9MPayables$86.3MOperating cash flow$429M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$429M−$113M−$75.4M$24.3M$81.7M$429M
Q2 2026$200M−$60.2M−$76.6M$400K−$216M$200M
Q1 2026$281M−$160M−$694M$2.6M$61.1M$281M
Q4 2025$235M−$55.2M−$70.8M$600K−$20.7M$235M
Q3 2025$564M−$43.3M−$70.9M$400K−$64.3M$564M
Q2 2025$134M—−$73.0M$400K$85.5M$134M
Q1 2025$232M−$25.3M−$568M$2.4M−$61.8M$232M
Q4 2024$362M−$174M−$64.9M$300K$323M$362M

Old Republic International: income statement and cash flow

Old Republic International, Q3 2026: revenue $2.6B (+5% year over year), operating margin 10.7%. The chart follows the revenue to costs, profit and cash.

Old Republic International: 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.