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RLI cash flow, quarter by quarter

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

Free cash flow$192M in Q3 2026 · $532M over twelve months

Operating cash flow$195M
Capital spending−$2.3M
Free cash flow+$192M
Cash / net income2.4×

Analysis

In Q3 2026, RLI generated $195M of operating cash flow and spent $2.3M on capital projects, leaving free cash flow of $192M. That is $14.5M more than in Q3 2025 ($178M).

Over the twelve months to Sep 30, 2026, operating cash flow was $539M; the largest uses were dividends ($430M), other investing ($291M), capital spending ($7.9M); besides operations, cash came from other financing ($183M); the cash balance fell by $6.4M.

Operating cash flow was $195M against net income of $81.0M — 2.4× profit, cash ran ahead of reported earnings.

Free cash flow

RLI: free cash flow by quarterRLI: free cash flow by quarter$128MQ4 2024$102MQ1 2025$173MQ2 2025$178MQ3 2025$155MQ4 2025$41.8MQ1 2026$142MQ2 2026$192MQ3 2026
Operating cash flow less capital spending.
RLI: operating cash flow against capital spendingRLI: operating cash flow against capital spendingOperating cash flowCapital spending$128M$523KQ4 2024$104M$1.1MQ1 2025$175M$1.3MQ2 2025$179M$1.4MQ3 2025$157M$1.8MQ4 2025$42.8M$1.1MQ1 2026$145M$2.8MQ2 2026$195M$2.3MQ3 2026
Latest (Q3 2026): Operating cash flow $195M, Capital spending $2.3M.

Capital allocation, year by year

RLI: where the cash came from (up) and went (down), by fiscal yearRLI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $385MFY2021: Net borrowing $50.0MFY2021: Capital spending −$8.3MFY2021: Dividends −$135M$435MFY2021FY2022: Operating cash flow $250MFY2022: Asset sales $375KFY2022: Capital spending −$5.9MFY2022: Dividends −$365M$251MFY2022FY2023: Operating cash flow $464MFY2023: Net borrowing −$100MFY2023: Asset sales $27KFY2023: Capital spending −$5.9MFY2023: Dividends −$140M$464MFY2023FY2024: Operating cash flow $560MFY2024: Asset sales $13KFY2024: Capital spending −$4.7MFY2024: Dividends −$236M$560MFY2024FY2025: Operating cash flow $614MFY2025: Capital spending −$5.5MFY2025: Dividends −$242M$614MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were dividends ($1.1B) and net borrowing ($100M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$46.2M
Debt$347M
Net debt$301M

RLI funds itself: free cash flow was $532M over the last twelve months, and $46.2M of cash and investments stands against $347M of debt.

Where the cash came from and went

RLI: sources (+) and uses (−) of cash, Q3 2026RLI: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$195MOther investing−$157MDividends−$16.5MCash drawn (+) / kept (−)−$14.1MBuybacks−$6.3MCapital spending−$2.3MOther financing$1.7M
RLI: sources (+) and uses (−) of cash, TTM to Q3 2026RLI: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$539MDividends−$430MOther investing−$291MOther financing$183MCapital spending−$7.9MCash drawn (+) / kept (−)$6.4M

From profit to cash

RLI: net income to operating cash flow, Q2 2026RLI: net income to operating cash flow, Q2 2026Net income$168MOperating cash flow$145M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$195M−$2.3M−$6.3M−$16.5M—−$14.1M$192M
Q2 2026$145M−$2.8M—−$201M−$50.4M$17.0M$142M
Q1 2026$42.8M−$1.1M—−$14.7M$247M$2.4M$41.8M
Q4 2025$157M−$1.8M—−$198M—$1.1M$155M
Q3 2025$179M−$1.4M—−$14.7M—−$31.2M$178M
Q2 2025$175M−$1.3M—−$14.7M—$5.6M$173M
Q1 2025$104M−$1.1M—−$13.8M—$12.7M$102M
Q4 2024$128M−$523K—−$197M—$20.8M$128M

RLI: income statement and cash flow

RLI, Q3 2026: revenue $477M (-6% year over year), operating margin 21.6%. The chart follows the revenue to costs, profit and cash.

RLI: 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.