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Tiptree cash flow, quarter by quarter

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

Free cash flow−$182M in Q3 2026 · −$102M over twelve months

Operating cash flow−$182M
Free cash flow−$182M
Cash / net income-35.0×

Analysis

In Q3 2026, Tiptree generated −$182M of operating cash flow. That is $315M less than in Q3 2025 ($133M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$102M; the largest uses were operating cash flow ($102M), other investing ($76.7M), net borrowing (+) / repaid (−) ($74.4M); the cash balance fell by $281M.

Operating cash flow was −$182M against net income of $5.2M — -35.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities −$7.2M, prepaid and other assets +$5.1M, stock-based pay +$1.4M.

Free cash flow

Tiptree: free cash flow by quarterTiptree: free cash flow by quarter$68.2MQ4 2024−$34.4MQ1 2025$20.1MQ2 2025$133MQ3 2025$49.2MQ4 2025−$18.2MQ1 2026$53.0MQ2 2026−$182MQ3 2026
Operating cash flow less capital spending.
Tiptree: operating cash flow against capital spendingTiptree: operating cash flow against capital spendingOperating cash flowCapital spending$70.0M$1.8MQ4 2024−$33.3M$1.1MQ1 2025$21.3M$1.2MQ2 2025$135M$2.1MQ3 2025$44.9M−$4.4MQ4 2025−$18.2M$0Q1 2026$53.0M$0Q2 2026−$182M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$182M, Capital spending $0.

Capital allocation, year by year

Tiptree: where the cash came from (up) and went (down), by fiscal yearTiptree: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $204MFY2021: Net borrowing $90.9MFY2021: Shares issued $1.5MFY2021: Asset sales $125KFY2021: Capital spending −$2.8MFY2021: Acquisitions $133KFY2021: Buybacks −$8.1MFY2021: Dividends −$5.4M$297MFY2021FY2022: Operating cash flow $463MFY2022: Net borrowing −$301MFY2022: Shares issued $181KFY2022: Capital spending −$10.7MFY2022: Acquisitions −$15.0MFY2022: Buybacks −$1.7MFY2022: Dividends −$7.8M$463MFY2022FY2023: Operating cash flow $71.5MFY2023: Capital spending −$4.1MFY2023: Acquisitions −$19.7MFY2023: Dividends −$7.4M$71.5MFY2023FY2024: Operating cash flow $241MFY2024: Capital spending −$4.0MFY2024: Dividends −$18.3M$241MFY2024FY2025: Operating cash flow $168MFY2025: Net borrowing $73.5MFY2025: Dividends −$9.1M$242MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were net borrowing ($301M) and dividends ($48.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$788M
Debt$508M
Net cash$280M
Due within a year$68.4M
Cash runway7.7 years

Tiptree is burning cash: its operations consume cash, a free cash flow of −$102M a year at the current rate against $788M of cash and investments: a runway of about 7.7 years; $68.4M of debt also comes due within a year, which the cash covers before any new financing.

Tiptree: debt maturities by year (FY2024)Tiptree: debt maturities by year (FY2024)$68.4MYear 1$63.7MYear 2$310MAfter year 5
Principal due in each year as disclosed in the annual report, against $788M of cash and investments now.

Where the cash came from and went

Tiptree: sources (+) and uses (−) of cash, Q3 2026Tiptree: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$749MOther investing−$558MOperating cash flow−$182MOther financing−$6.8MDividends−$2.2M
Tiptree: sources (+) and uses (−) of cash, TTM to Q3 2026Tiptree: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$281MOperating cash flow−$102MOther investing−$76.7MNet borrowing (+) / repaid (−)−$74.4MOther financing−$19.6MDividends−$9.1MExchange rates$857KPartners−$5K

From profit to cash

Tiptree: net income to operating cash flow, Q3 2026Tiptree: net income to operating cash flow, Q3 2026Net income$5.2MDepreciation & amortization$365KStock-based pay$1.4MGains on investments$3KPrepaid and other assets$5.1MOther liabilities−$7.2MOperating cash flow−$182M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$182M—−$2.2M—$749M−$182M
Q2 2026$53.0M—−$2.3M−$74.1M−$569M$53.0M
Q1 2026−$18.2M—−$2.3M−$187K$19.8M−$18.2M
Q4 2025$44.9M$4.4M−$2.3M−$188K$82.2M$49.2M
Q3 2025$135M−$2.1M−$2.3M−$188K−$4.5M$133M
Q2 2025$21.3M−$1.2M−$2.3M−$187K−$47.1M$20.1M
Q1 2025−$33.3M−$1.1M−$2.3M$74.1M−$11.7M−$34.4M
Q4 2024$70.0M−$1.8M−$6.7M$14.7M$88.1M$68.2M

Tiptree: income statement and cash flow

Tiptree, Q3 2025: revenue $540M (+9% year over year), operating margin -2.4%. The chart follows the revenue to costs, profit and cash.

Tiptree: 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.