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United Bankshares cash flow, quarter by quarter

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

Free cash flow$163M in Q3 2026 · $550M over twelve months

Operating cash flow$168M
Capital spending−$5.1M
Free cash flow+$163M
Cash / net income1.3×

Analysis

In Q3 2026, United Bankshares generated $168M of operating cash flow and spent $5.1M on capital projects, leaving free cash flow of $163M. That is $16.3M more than in Q3 2025 ($146M).

Over the twelve months to Sep 30, 2026, operating cash flow was $573M; the largest uses were other investing ($1.5B), buybacks ($283M), dividends ($212M); besides operations, cash came from other financing ($843M), shares issued ($5.3M); the cash balance fell by $636M.

Operating cash flow was $168M against net income of $129M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$3.9M, gains on investments +$348K.

Free cash flow

United Bankshares: free cash flow by quarterUnited Bankshares: free cash flow by quarter$133MQ4 2024$116MQ1 2025$85.2MQ2 2025$146MQ3 2025$133MQ4 2025$156MQ1 2026$98.0MQ2 2026$163MQ3 2026
Operating cash flow less capital spending.
United Bankshares: operating cash flow against capital spendingUnited Bankshares: operating cash flow against capital spendingOperating cash flowCapital spending$136M$2.8MQ4 2024$120M$3.9MQ1 2025$89.4M$4.2MQ2 2025$151M$4.2MQ3 2025$139M$5.4MQ4 2025$161M$4.8MQ1 2026$105M$7.2MQ2 2026$168M$5.1MQ3 2026
Latest (Q3 2026): Operating cash flow $168M, Capital spending $5.1M.

Capital allocation, year by year

United Bankshares: where the cash came from (up) and went (down), by fiscal yearUnited Bankshares: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $610MFY2021: Shares issued $5.2MFY2021: Asset sales $1.6MFY2021: Capital spending −$15.4MFY2021: Acquisitions $39.4MFY2021: Buybacks −$11.2MFY2021: Dividends −$181M$656MFY2021FY2022: Operating cash flow $761MFY2022: Shares issued $10.3MFY2022: Asset sales $902KFY2022: Capital spending −$16.9MFY2022: Buybacks −$79.5MFY2022: Dividends −$193M$772MFY2022FY2023: Operating cash flow $435MFY2023: Shares issued $1.8MFY2023: Asset sales $2.5MFY2023: Capital spending −$11.7MFY2023: Buybacks −$1.4MFY2023: Dividends −$195M$440MFY2023FY2024: Operating cash flow $445MFY2024: Shares issued $5.3MFY2024: Asset sales $101KFY2024: Capital spending −$12.1MFY2024: Buybacks −$1.0MFY2024: Dividends −$201M$451MFY2024FY2025: Operating cash flow $499MFY2025: Shares issued $751KFY2025: Asset sales $1.4MFY2025: Capital spending −$17.7MFY2025: Buybacks −$127MFY2025: Dividends −$209M$501MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were dividends ($979M) and buybacks ($220M). Cash-flow statements as filed.

Where the cash came from and went

United Bankshares: sources (+) and uses (−) of cash, Q3 2026United Bankshares: sources (+) and uses (−) of cash, Q3 2026Other investing−$770MOther financing$558MCash drawn (+) / kept (−)$199MOperating cash flow$168MBuybacks−$98.8MDividends−$52.6MCapital spending−$5.1MShares issued$2.2MAsset & business sales$162K
United Bankshares: sources (+) and uses (−) of cash, TTM to Q3 2026United Bankshares: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.5BOther financing$843MCash drawn (+) / kept (−)$636MOperating cash flow$573MBuybacks−$283MDividends−$212MCapital spending−$22.5MShares issued$5.3MAsset & business sales$224K

From profit to cash

United Bankshares: net income to operating cash flow, Q3 2026United Bankshares: net income to operating cash flow, Q3 2026Net income$129MStock-based pay$3.9MGains on investments$348KOperating cash flow$168M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$168M−$5.1M−$98.8M−$52.6M$2.2M$199M$163M
Q2 2026$105M−$7.2M−$66.0M−$53.3M$599K$224M$98.0M
Q1 2026$161M−$4.8M−$70.3M−$53.4M$2.1M$237M$156M
Q4 2025$139M−$5.4M−$47.6M−$52.5M$386K−$23.5M$133M
Q3 2025$151M−$4.2M−$26.5M−$52.7M$38K−$204M$146M
Q2 2025$89.4M−$4.2M−$32.6M−$53.3M$8K$295M$85.2M
Q1 2025$120M−$3.9M−$20.3M−$50.5M$319K−$318M$116M
Q4 2024$136M−$2.8M—−$50.2M$3.7M−$383M$133M

United Bankshares: income statement and cash flow

United Bankshares, Q3 2026: revenue $325M (+0.5% year over year), operating margin 49.9%. The chart follows the revenue to costs, profit and cash.

United Bankshares: 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.