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Principal Financial Group cash flow, quarter by quarter

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

Free cash flow$1.5B in Q3 2026 · $5.5B over twelve months

Operating cash flow$1.5B
Free cash flow+$1.5B
Cash / net income2.6×

Analysis

In Q3 2026, Principal Financial Group generated $1.5B of operating cash flow. That is $523M more than in Q3 2025 ($1.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.5B; the largest uses were other investing ($7.9B), buybacks ($1.0B), dividends ($701M); besides operations, cash came from other financing ($3.1B), net borrowing (+) / repaid (−) ($176M); the cash balance fell by $686M.

Operating cash flow was $1.5B against net income of $597M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: gains on investments +$388M.

Free cash flow

Principal Financial Group: free cash flow by quarterPrincipal Financial Group: free cash flow by quarter$1.5BQ4 2024$977MQ1 2025$812MQ2 2025$1.0BQ3 2025$1.7BQ4 2025$187MQ1 2026$2.1BQ2 2026$1.5BQ3 2026
Operating cash flow less capital spending.
Principal Financial Group: operating cash flow against capital spendingPrincipal Financial Group: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$0Q4 2024$977M$0Q1 2025$812M$0Q2 2025$1.0B$0Q3 2025$1.7B$0Q4 2025$187M$0Q1 2026$2.1B$0Q2 2026$1.5B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.5B, Capital spending $0.

Capital allocation, year by year

Principal Financial Group: where the cash came from (up) and went (down), by fiscal yearPrincipal Financial Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.3BFY2021: Net borrowing −$23.0MFY2021: Shares issued $86.7MFY2021: Asset sales $134MFY2021: Buybacks −$937MFY2021: Dividends −$654M$3.5BFY2021FY2022: Operating cash flow $3.2BFY2022: Net borrowing −$321MFY2022: Shares issued $182MFY2022: Asset sales $374MFY2022: Buybacks −$1.7BFY2022: Dividends −$642M$3.7BFY2022FY2023: Operating cash flow $3.8BFY2023: Net borrowing −$125MFY2023: Shares issued $57.8MFY2023: Asset sales $132MFY2023: Buybacks −$740MFY2023: Dividends −$626M$4.0BFY2023FY2024: Operating cash flow $4.6BFY2024: Net borrowing $87.6MFY2024: Shares issued $67.7MFY2024: Asset sales $126MFY2024: Acquisitions −$27.1MFY2024: Buybacks −$1.0BFY2024: Dividends −$658M$4.9BFY2024FY2025: Operating cash flow $4.5BFY2025: Net borrowing −$438MFY2025: Shares issued $43.7MFY2025: Asset sales $201MFY2025: Buybacks −$903MFY2025: Dividends −$684M$4.8BFY2025
Over these 5 years operating cash flow totalled $19.4B; the largest uses were buybacks ($5.3B) and dividends ($3.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.5B
Debt$4.5B
Net debt$53.1M
Due within a year$350M

Principal Financial Group funds itself: free cash flow was $5.5B over the last twelve months, and $4.5B of cash and investments stands against $4.5B of debt ($350M due within a year, 12.7× covered by cash).

Principal Financial Group: debt maturities by year (FY2025)Principal Financial Group: debt maturities by year (FY2025)$350MYear 1$100KYear 2$393MYear 3$498MYear 4$598MYear 5$2.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.5B of cash and investments now.

Where the cash came from and went

Principal Financial Group: sources (+) and uses (−) of cash, Q3 2026Principal Financial Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$2.7BOperating cash flow$1.5BCash drawn (+) / kept (−)$809MAsset & business sales$352MOther financing$320MBuybacks−$251MDividends−$179MNet borrowing (+) / repaid (−)$174MReal estate bought−$29.4MShares issued$22.8M
Principal Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Principal Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$7.9BOperating cash flow$5.5BOther financing$3.1BBuybacks−$1.0BDividends−$701MCash drawn (+) / kept (−)$686MNet borrowing (+) / repaid (−)$176MAsset & business sales$157MReal estate bought−$152MShares issued$102MPartners−$3.6M

From profit to cash

Principal Financial Group: net income to operating cash flow, Q3 2026Principal Financial Group: net income to operating cash flow, Q3 2026Net income$597MGains on investments$388MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.5B—−$251M−$179M$174M$22.8M$809M$1.5B
Q2 2026$2.1B—−$258M−$176M−$2.2M$40.8M−$1.2B$2.1B
Q1 2026$187M—−$235M−$174M−$9.0M$28.2M$377M$187M
Q4 2025$1.7B—−$275M−$172M$13.1M$10.1M$706M$1.7B
Q3 2025$1.0B—−$228M−$173M−$10.6M$6.3M−$1.5B$1.0B
Q2 2025$812M—−$159M−$170M−$5.3M$13.3M$217M$812M
Q1 2025$977M—−$240M−$169M−$6.3M$14.0M$336M$977M
Q4 2024$1.5B$500K−$306M−$166M$119M$24.6M$2.0B$1.5B

Principal Financial Group: income statement and cash flow

Principal Financial Group, Q3 2026: revenue $4.6B (+25% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Principal Financial Group: 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.