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Western Alliance Bancorporation cash flow, quarter by quarter

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

Free cash flow$770M in Q3 2026 · −$163M over twelve months

Operating cash flow$770M
Free cash flow+$770M
Cash / net income2.8×

Analysis

In Q3 2026, Western Alliance Bancorporation generated $770M of operating cash flow. That is $1.4B more than in Q3 2025 (−$597M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$163M; the largest uses were other investing ($7.1B), net borrowing (+) / repaid (−) ($1.1B), buybacks ($203M); besides operations, cash came from other financing ($8.2B); the cash balance fell by $428M.

Operating cash flow was $770M against net income of $277M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$732M, other liabilities +$150M, deferred taxes −$44.5M.

Free cash flow

Western Alliance Bancorporation: free cash flow by quarterWestern Alliance Bancorporation: free cash flow by quarter−$622MQ4 2024−$1.7BQ1 2025−$358MQ2 2025−$597MQ3 2025−$69.8MQ4 2025−$507MQ1 2026−$356MQ2 2026$770MQ3 2026
Operating cash flow less capital spending.
Western Alliance Bancorporation: operating cash flow against capital spendingWestern Alliance Bancorporation: operating cash flow against capital spendingOperating cash flowCapital spending−$622M$0Q4 2024−$1.7B$0Q1 2025−$358M$0Q2 2025−$597M$0Q3 2025−$69.8M$0Q4 2025−$507M$0Q1 2026−$356M$0Q2 2026$770M$0Q3 2026
Latest (Q3 2026): Operating cash flow $770M, Capital spending $0.

Capital allocation, year by year

Western Alliance Bancorporation: where the cash came from (up) and went (down), by fiscal yearWestern Alliance Bancorporation: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$2.7BFY2021: Net borrowing −$1.7BFY2021: Shares issued $540MFY2021: Acquisitions −$1.0BFY2021: Dividends −$128M$540MFY2021FY2022: Operating cash flow $2.2BFY2022: Net borrowing $4.9BFY2022: Shares issued $158MFY2022: Acquisitions −$50.0MFY2022: Dividends −$166M$7.3BFY2022FY2023: Operating cash flow −$329MFY2023: Net borrowing $1.5BFY2023: Shares issued $100KFY2023: Dividends −$172M$1.5BFY2023FY2024: Operating cash flow −$2.7BFY2024: Net borrowing $412MFY2024: Shares issued $100KFY2024: Dividends −$177M$412MFY2024FY2025: Operating cash flow −$2.7BFY2025: Net borrowing $1.3BFY2025: Buybacks −$68.1M$1.3BFY2025
Over these 5 years operating cash flow totalled −$6.2B; the largest uses were operating cash flow ($8.4B) and net borrowing ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.3B
Debt$5.6B
Net debt$285M
Cash runwaymore than 10 years

Western Alliance Bancorporation is burning cash: its operations consume cash, a free cash flow of −$163M a year at the current rate against $5.3B of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Western Alliance Bancorporation: sources (+) and uses (−) of cash, Q3 2026Western Alliance Bancorporation: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$770MOther investing−$749MCash drawn (+) / kept (−)$608MNet borrowing (+) / repaid (−)−$358MOther financing−$170MBuybacks−$93.1MPartners−$7.1M
Western Alliance Bancorporation: sources (+) and uses (−) of cash, TTM to Q3 2026Western Alliance Bancorporation: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$8.2BOther investing−$7.1BNet borrowing (+) / repaid (−)−$1.1BCash drawn (+) / kept (−)$428MBuybacks−$203MOperating cash flow−$163MPartners−$28.4MTaxes on employees’ shares−$18.7M

From profit to cash

Western Alliance Bancorporation: net income to operating cash flow, Q3 2026Western Alliance Bancorporation: net income to operating cash flow, Q3 2026Net income$277MDepreciation & amortization$29.6MStock-based pay$18.4MDeferred taxes−$44.5MGains on investments−$16.8MPrepaid and other assets$732MOther liabilities$150MOperating cash flow$770M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$770M−$93.1M—−$358M—$608M$770M
Q2 2026−$356M−$2.3M—$725M—$2.6B−$356M
Q1 2026−$507M−$50.3M—$498M—−$5.0B−$507M
Q4 2025−$69.8M−$57.5M—−$1.1B—$2.2B−$69.8M
Q3 2025−$597M−$10.6M—−$1.9B—−$3.0B−$597M
Q2 2025−$358M——$2.1B—$512M−$358M
Q1 2025−$1.7B—−$45.0M−$767M$293M$817M−$1.7B
Q4 2024−$622M—−$45.0M$3.3B—−$1.5B−$622M

Western Alliance Bancorporation: income statement and cash flow

Western Alliance Bancorporation, Q3 2026: revenue $1.0B (+8% year over year), operating margin 33.4%. The chart follows the revenue to costs, profit and cash.

Western Alliance Bancorporation: 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.