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Radian Group cash flow, quarter by quarter

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

Free cash flow$379M in Q3 2026 · $1.4B over twelve months

Operating cash flow$380M
Capital spending−$1.2M
Free cash flow+$379M
Cash / net income2.3×

Analysis

In Q3 2026, Radian Group generated $380M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of $379M. That is $21.6M more than in Q3 2025 ($357M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were other investing ($423M), other financing ($303M), buybacks ($256M); besides operations, cash came from shares issued ($382K); the cash balance rose by $90.8M.

Operating cash flow was $380M against net income of $164M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: gains on investments +$5.2M.

Free cash flow

Radian Group: free cash flow by quarterRadian Group: free cash flow by quarter−$270MQ4 2024$66.7MQ1 2025−$715MQ2 2025$357MQ3 2025$406MQ4 2025$284MQ1 2026$343MQ2 2026$379MQ3 2026
Operating cash flow less capital spending.
Radian Group: operating cash flow against capital spendingRadian Group: operating cash flow against capital spendingOperating cash flowCapital spending−$269M$172KQ4 2024$67.8M$1.1MQ1 2025−$713M$1.2MQ2 2025$358M$1.0MQ3 2025$407M$870KQ4 2025$285M$749KQ1 2026$343M$225KQ2 2026$380M$1.2MQ3 2026
Latest (Q3 2026): Operating cash flow $380M, Capital spending $1.2M.

Capital allocation, year by year

Radian Group: where the cash came from (up) and went (down), by fiscal yearRadian Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $557MFY2021: Net borrowing −$6.0MFY2021: Shares issued $1.4MFY2021: Capital spending −$12.6MFY2021: Buybacks −$399MFY2021: Dividends −$103M$558MFY2021FY2022: Operating cash flow $388MFY2022: Net borrowing −$42.2MFY2022: Shares issued $1.3MFY2022: Capital spending −$17.7MFY2022: Buybacks −$400MFY2022: Dividends −$135M$390MFY2022FY2023: Operating cash flow $529MFY2023: Net borrowing −$61.3MFY2023: Shares issued $1.8MFY2023: Capital spending −$8.5MFY2023: Buybacks −$133MFY2023: Dividends −$146M$531MFY2023FY2024: Operating cash flow −$664MFY2024: Net borrowing $58.5MFY2024: Shares issued $928KFY2024: Capital spending −$1.6MFY2024: Buybacks −$225MFY2024: Dividends −$152M$59.4MFY2024FY2025: Operating cash flow $120MFY2025: Net borrowing −$50.0MFY2025: Shares issued $1.0MFY2025: Capital spending −$4.2MFY2025: Buybacks −$432MFY2025: Dividends −$146M$121MFY2025
Over these 5 years operating cash flow totalled $931M; the largest uses were buybacks ($1.6B) and dividends ($682M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$40.9M
Debt$1.2B
Net debt$1.1B

Radian Group funds itself: free cash flow was $1.4B over the last twelve months, and $40.9M of cash and investments stands against $1.2B of debt.

Where the cash came from and went

Radian Group: sources (+) and uses (−) of cash, Q3 2026Radian Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$380MOther investing−$217MBuybacks−$125MNet borrowing (+) / repaid (−)−$75.0MCash drawn (+) / kept (−)$49.8MDividends−$34.1MOther financing$22.4MCapital spending−$1.2MExchange rates$438K
Radian Group: sources (+) and uses (−) of cash, TTM to Q3 2026Radian Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.4BOther investing−$423MOther financing−$303MBuybacks−$256MNet borrowing (+) / repaid (−)−$200MDividends−$142MCash drawn (+) / kept (−)−$90.8MCapital spending−$3.0MNot reconciled$2.2MShares issued$382K

From profit to cash

Radian Group: net income to operating cash flow, Q3 2026Radian Group: net income to operating cash flow, Q3 2026Net income$164MGains on investments$5.2MOperating cash flow$380M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$380M−$1.2M—−$125M−$34.1M−$75.0M—$49.8M$379M
Q2 2026$343M−$225K—−$80.3M−$37.3M−$75.0M$213K−$61.3M$343M
Q1 2026$285M−$749K−$1.6B−$50.0M−$35.3M−$50.0M$153K−$49.8M$284M
Q4 2025$407M−$870K——−$34.9M—$16K−$29.5M$406M
Q3 2025$358M−$1.0M——−$34.8M—$248K$6.1M$357M
Q2 2025−$713M−$1.2M—−$223M−$38.6M$440M$670K$6.2M−$715M
Q1 2025$67.8M−$1.1M—−$209M−$37.3M−$266M$109K$13.1M$66.7M
Q4 2024−$269M−$172K—−$76.0M−$36.7M−$13.6M—−$11.4M−$270M

Radian Group: income statement and cash flow

Radian Group, Q3 2026: revenue $624M (+106% year over year), operating margin 36.6%. The chart follows the revenue to costs, profit and cash.

Radian 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.