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Skyward Specialty Insurance Group cash flow, quarter by quarter

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

Free cash flow$205M in Q3 2026 · $441M over twelve months

Operating cash flow$205M
Free cash flow+$205M
Cash / net income4.1×

Analysis

In Q3 2026, Skyward Specialty Insurance Group generated $205M of operating cash flow. That is $36.2M more than in Q3 2025 ($169M).

Over the twelve months to Sep 30, 2026, operating cash flow was $441M; the largest uses were other investing ($537M), other financing ($19.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($320M), shares issued ($400K); the cash balance rose by $205M.

Operating cash flow was $205M against net income of $49.8M — 4.1× profit, cash ran ahead of reported earnings. The largest differences: gains on investments −$466K.

Free cash flow

Skyward Specialty Insurance Group: free cash flow by quarterSkyward Specialty Insurance Group: free cash flow by quarter$20.8MQ4 2024$96.6MQ1 2025$87.1MQ2 2025$169MQ3 2025$50.1MQ4 2025$117MQ1 2026$67.6MQ2 2026$205MQ3 2026
Operating cash flow less capital spending.
Skyward Specialty Insurance Group: operating cash flow against capital spendingSkyward Specialty Insurance Group: operating cash flow against capital spendingOperating cash flowCapital spending$21.9M$1.1MQ4 2024$96.8M$202KQ1 2025$88.2M$1.1MQ2 2025$171M$2.5MQ3 2025$51.8M$1.7MQ4 2025$117M$0Q1 2026$67.6M$0Q2 2026$205M$0Q3 2026
Latest (Q3 2026): Operating cash flow $205M, Capital spending $0.

Capital allocation, year by year

Skyward Specialty Insurance Group: where the cash came from (up) and went (down), by fiscal yearSkyward Specialty Insurance Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $175MFY2021: Shares issued $1.4MFY2021: Capital spending −$2.2MFY2021: Acquisitions −$10.6M$177MFY2021FY2022: Operating cash flow $209MFY2022: Capital spending −$2.3M$209MFY2022FY2023: Operating cash flow $338MFY2023: Net borrowing $50.0MFY2023: Shares issued $130MFY2023: Capital spending −$3.1MFY2023: Acquisitions −$50K$518MFY2023FY2024: Operating cash flow $305MFY2024: Net borrowing −$9.8MFY2024: Capital spending −$4.2M$305MFY2024FY2025: Operating cash flow $408MFY2025: Net borrowing $411KFY2025: Capital spending −$5.5M$408MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($17.3M) and acquisitions ($10.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$188M
Debtnone
Net cash$188M

Skyward Specialty Insurance Group funds itself: free cash flow was $441M over the last twelve months, with $188M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Skyward Specialty Insurance Group: sources (+) and uses (−) of cash, Q3 2026Skyward Specialty Insurance Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$210MOperating cash flow$205MAcquisitions$106MCash drawn (+) / kept (−)−$101MNet borrowing (+) / repaid (−)−$1.0MShares issued$200KBuybacks−$125K
Skyward Specialty Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026Skyward Specialty Insurance Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$537MOperating cash flow$441MNet borrowing (+) / repaid (−)$320MCash drawn (+) / kept (−)−$205MOther financing−$19.6MShares issued$400K

From profit to cash

Skyward Specialty Insurance Group: net income to operating cash flow, Q3 2026Skyward Specialty Insurance Group: net income to operating cash flow, Q3 2026Net income$49.8MGains on investments−$466KOperating cash flow$205M
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$205M—$106M−$125K−$1.0M$200K−$101M$205M
Q2 2026$67.6M——−$10.8M——$13.9M$67.6M
Q1 2026$117M—−$303M−$8.7M$371M$200K−$117M$117M
Q4 2025$51.8M−$1.7M——$411K—−$849K$50.1M
Q3 2025$171M−$2.5M————−$25.1M$169M
Q2 2025$88.2M−$1.1M−$2.0M———−$19.7M$87.1M
Q1 2025$96.8M−$202K————$4.0M$96.6M
Q4 2024$21.9M−$1.1M————−$6.2M$20.8M

Skyward Specialty Insurance Group: income statement and cash flow

Skyward Specialty Insurance Group, Q3 2026: revenue $455M (+19% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

Skyward Specialty Insurance 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.