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UWM Holdings cash flow, quarter by quarter

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

Free cash flow$14.2M in Q3 2026 · −$1.8B over twelve months

Operating cash flow$26.9M
Capital spending−$12.7M
Free cash flow+$14.2M
Cash / net income0.1×

Analysis

In Q3 2026, UWM Holdings generated $26.9M of operating cash flow and spent $12.7M on capital projects, leaving free cash flow of $14.2M. That is $3.1B more than in Q3 2025 (−$3.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.8B; the largest uses were operating cash flow ($1.8B), other financing ($1.4B), dividends ($118M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.9B), other investing ($1.0B); the cash balance fell by $450M.

Operating cash flow was $26.9M against net income of $213M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$226M, other liabilities +$218M, depreciation & amortization +$15.8M.

Free cash flow

UWM Holdings: free cash flow by quarterUWM Holdings: free cash flow by quarter−$552MQ4 2024$576MQ1 2025−$290MQ2 2025−$3.1BQ3 2025$82.0MQ4 2025−$2.2BQ1 2026$335MQ2 2026$14.2MQ3 2026
Operating cash flow less capital spending.
UWM Holdings: operating cash flow against capital spendingUWM Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$543M$8.3MQ4 2024$594M$17.8MQ1 2025−$266M$24.2MQ2 2025−$3.1B$10.4MQ3 2025$104M$21.7MQ4 2025−$2.2B$19.1MQ1 2026$344M$9.5MQ2 2026$26.9M$12.7MQ3 2026
Latest (Q3 2026): Operating cash flow $26.9M, Capital spending $12.7M.

Capital allocation, year by year

UWM Holdings: where the cash came from (up) and went (down), by fiscal yearUWM Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow −$10.0BFY2021: Net borrowing $866MFY2021: Capital spending −$65.4MFY2021: Buybacks −$81.6MFY2021: Dividends −$30.6M$866MFY2021FY2022: Operating cash flow $8.3BFY2022: Net borrowing $614MFY2022: Capital spending −$26.6MFY2022: Dividends −$36.9M$8.9BFY2022FY2023: Operating cash flow $165MFY2023: Net borrowing −$12.8MFY2023: Capital spending −$26.4MFY2023: Dividends −$37.2M$165MFY2023FY2024: Operating cash flow −$6.2BFY2024: Net borrowing $544MFY2024: Capital spending −$39.5MFY2024: Dividends −$39.7M$544MFY2024FY2025: Operating cash flow −$2.6BFY2025: Net borrowing $898MFY2025: Capital spending −$74.0MFY2025: Dividends −$78.6M$898MFY2025
Over these 5 years operating cash flow totalled −$10.4B; the largest uses were operating cash flow ($18.8B) and capital spending ($232M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$420M
Debt$3.0B
Net debt$2.6B
Cash runway3 months

UWM Holdings is burning cash: its operations consume cash, a free cash flow of −$1.8B a year at the current rate against $420M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

UWM Holdings: sources (+) and uses (−) of cash, Q3 2026UWM Holdings: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$664MOther financing$559MCash drawn (+) / kept (−)$78.0MOther investing$47.0MDividends−$34.2MOperating cash flow$26.9MCapital spending−$12.7M
UWM Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026UWM Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$1.9BOperating cash flow−$1.8BOther financing−$1.4BOther investing$1.0BCash drawn (+) / kept (−)$450MDividends−$118MCapital spending−$63.0M

From profit to cash

UWM Holdings: net income to operating cash flow, Q3 2026UWM Holdings: net income to operating cash flow, Q3 2026Net income$213MDepreciation & amortization$15.8MStock-based pay$10.2MPrepaid and other assets−$226MOther liabilities$218MOperating cash flow$26.9M
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$26.9M−$12.7M−$34.2M−$664M$78.0M$14.2M
Q2 2026$344M−$9.5M−$33.0M$946M−$74.4M$335M
Q1 2026−$2.2B−$19.1M−$26.8M$799M$79.4M−$2.2B
Q4 2025$104M−$21.7M−$23.4M$1.1B$367M$82.0M
Q3 2025−$3.1B−$10.4M−$20.6M−$425M−$381M−$3.1B
Q2 2025−$266M−$24.2M−$18.8M$173M−$5.0M−$290M
Q1 2025$594M−$17.8M−$15.8M−$253M$22.3M$576M
Q4 2024−$543M−$8.3M−$11.3M$906M$129M−$552M

UWM Holdings: income statement and cash flow

UWM Holdings, Q3 2026: revenue $811M (-4% year over year), operating margin 27.6%. The chart follows the revenue to costs, profit and cash.

UWM Holdings: 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.