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Palomar Holdings cash flow, quarter by quarter

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

Free cash flow$120M in Q3 2026 · $452M over twelve months

Operating cash flow$121M
Capital spending−$70K
Free cash flow+$120M
Cash / net income1.8×

Analysis

In Q3 2026, Palomar Holdings generated $121M of operating cash flow and spent $70K on capital projects, leaving free cash flow of $120M. That is $36.9M more than in Q3 2025 ($83.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $452M; the largest uses were other investing ($503M), acquisitions ($243M), buybacks ($73.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($208M), other financing ($101M); the cash balance fell by $56.1M.

Operating cash flow was $121M against net income of $65.3M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$7.0M, gains on investments +$2.7M.

Free cash flow

Palomar Holdings: free cash flow by quarterPalomar Holdings: free cash flow by quarter$72.6MQ4 2024$87.1MQ1 2025$121MQ2 2025$83.6MQ3 2025$117MQ4 2025$47.0MQ1 2026$167MQ2 2026$120MQ3 2026
Operating cash flow less capital spending.
Palomar Holdings: operating cash flow against capital spendingPalomar Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$72.6M$49KQ4 2024$87.2M$35KQ1 2025$121M$29KQ2 2025$83.6M$51KQ3 2025$117M$22KQ4 2025$47.0M$0Q1 2026$167M$416KQ2 2026$121M$70KQ3 2026
Latest (Q3 2026): Operating cash flow $121M, Capital spending $70K.

Capital allocation, year by year

Palomar Holdings: where the cash came from (up) and went (down), by fiscal yearPalomar Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $87.8MFY2021: Shares issued $2.1MFY2021: Capital spending −$18KFY2021: Acquisitions −$11KFY2021: Buybacks −$15.9M$89.9MFY2021FY2022: Operating cash flow $170MFY2022: Net borrowing $36.4MFY2022: Shares issued $2.3MFY2022: Capital spending −$313KFY2022: Acquisitions −$15KFY2022: Buybacks −$34.4M$208MFY2022FY2023: Operating cash flow $116MFY2023: Net borrowing $16.2MFY2023: Shares issued $1.2MFY2023: Capital spending −$15KFY2023: Acquisitions −$5.5MFY2023: Buybacks −$22.3M$134MFY2023FY2024: Operating cash flow $261MFY2024: Net borrowing −$52.6MFY2024: Shares issued $123MFY2024: Capital spending −$243K$384MFY2024FY2025: Operating cash flow $409MFY2025: Net borrowing $15.0MFY2025: Shares issued $3.6MFY2025: Asset sales $346KFY2025: Capital spending −$137KFY2025: Acquisitions −$58.6MFY2025: Buybacks −$37.3M$428MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($110M) and acquisitions ($64.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$55.6M
Debt$294M
Net debt$238M

Palomar Holdings funds itself: free cash flow was $452M over the last twelve months, and $55.6M of cash and investments stands against $294M of debt.

Where the cash came from and went

Palomar Holdings: sources (+) and uses (−) of cash, Q3 2026Palomar Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing−$130MOperating cash flow$121MOther financing$11.4MBuybacks−$8.9MCash drawn (+) / kept (−)$7.1MNet borrowing (+) / repaid (−)−$1.9MShares issued$1.6MCapital spending−$70KAsset & business sales−$47K
Palomar Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Palomar Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$503MOperating cash flow$452MAcquisitions−$243MNet borrowing (+) / repaid (−)$208MOther financing$101MBuybacks−$73.0MCash drawn (+) / kept (−)$56.1MShares issued$2.5MCapital spending−$508KAsset & business sales$309K

From profit to cash

Palomar Holdings: net income to operating cash flow, Q3 2026Palomar Holdings: net income to operating cash flow, Q3 2026Net income$65.3MStock-based pay$7.0MGains on investments$2.7MOperating cash flow$121M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$121M−$70K—−$8.9M−$1.9M$1.6M$7.1M$120M
Q2 2026$167M−$416K—−$41.0M—$460K−$6.2M$167M
Q1 2026$47.0M—−$246M−$23.1M$297M$25K$50.3M$47.0M
Q4 2025$117M−$22K$2.9M−$7K—$409K$4.9M$117M
Q3 2025$83.6M−$51K—−$37.3M—$70K−$30.4M$83.6M
Q2 2025$121M−$29K−$37.5M——$889K$38.0M$121M
Q1 2025$87.2M−$35K−$24.0M——$2.2M−$38.8M$87.1M
Q4 2024$72.6M−$49K———$2.0M$6.0M$72.6M

Palomar Holdings: income statement and cash flow

Palomar Holdings, Q3 2026: revenue $387M (+58% year over year), operating margin 21.9%. The chart follows the revenue to costs, profit and cash.

Palomar 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.