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Berkley W R cash flow, quarter by quarter

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

Free cash flow$731M in Q3 2026 · $3.2B over twelve months

Operating cash flow$731M
Free cash flow+$731M
Cash / net income1.6×

Analysis

In Q3 2026, Berkley W R generated $731M of operating cash flow. That is $409M less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.2B; the largest uses were other investing ($2.1B), dividends ($705M), buybacks ($631M); the cash balance fell by $291M.

Operating cash flow was $731M against net income of $448M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$19.5M, gains on investments +$18.3M, depreciation & amortization −$10.7M.

Free cash flow

Berkley W R: free cash flow by quarterBerkley W R: free cash flow by quarter$810MQ4 2024$744MQ1 2025$704MQ2 2025$1.1BQ3 2025$995MQ4 2025$668MQ1 2026$800MQ2 2026$731MQ3 2026
Operating cash flow less capital spending.
Berkley W R: operating cash flow against capital spendingBerkley W R: operating cash flow against capital spendingOperating cash flowCapital spending$810M$0Q4 2024$744M$0Q1 2025$704M$0Q2 2025$1.1B$0Q3 2025$995M$0Q4 2025$668M$0Q1 2026$800M$0Q2 2026$731M$0Q3 2026
Latest (Q3 2026): Operating cash flow $731M, Capital spending $0.

Capital allocation, year by year

Berkley W R: where the cash came from (up) and went (down), by fiscal yearBerkley W R: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $529MFY2021: Buybacks −$122MFY2021: Dividends −$356M$2.7BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing −$430MFY2022: Asset sales $907MFY2022: Acquisitions −$49.6MFY2022: Buybacks −$94.1MFY2022: Dividends −$235M$3.5BFY2022FY2023: Operating cash flow $2.9BFY2023: Net borrowing $6KFY2023: Asset sales $96.6MFY2023: Acquisitions −$11.6MFY2023: Buybacks −$537MFY2023: Dividends −$501M$3.0BFY2023FY2024: Operating cash flow $3.7BFY2024: Net borrowing $3.1MFY2024: Buybacks −$304MFY2024: Dividends −$532M$3.7BFY2024FY2025: Operating cash flow $3.6BFY2025: Net borrowing −$2.1MFY2025: Buybacks −$270MFY2025: Dividends −$700M$3.6BFY2025
Over these 5 years operating cash flow totalled $14.9B; the largest uses were dividends ($2.3B) and buybacks ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debtnone
Net cash$2.1B

Berkley W R funds itself: free cash flow was $3.2B over the last twelve months, with $2.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Berkley W R: sources (+) and uses (−) of cash, Q3 2026Berkley W R: sources (+) and uses (−) of cash, Q3 2026Other investing−$912MOperating cash flow$731MCash drawn (+) / kept (−)$493MDividends−$260MOther financing−$25.2MBuybacks−$21.1MExchange rates−$6.4M
Berkley W R: sources (+) and uses (−) of cash, TTM to Q3 2026Berkley W R: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.2BOther investing−$2.1BDividends−$705MBuybacks−$631MCash drawn (+) / kept (−)$291MOther financing−$54.1MExchange rates$10.6M

From profit to cash

Berkley W R: net income to operating cash flow, Q3 2026Berkley W R: net income to operating cash flow, Q3 2026Net income$448MDepreciation & amortization−$10.7MStock-based pay$19.5MGains on investments$18.3MOther liabilities$9.3MOperating cash flow$731M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$731M−$21.1M−$260M—$493M$731M
Q2 2026$800M−$111M—−$906K−$326M$800M
Q1 2026$668M−$302M−$33.7M$1.1M$259M$668M
Q4 2025$995M−$196M−$412M—−$136M$995M
Q3 2025$1.1B−$24.6M−$34.2M—−$419M$1.1B
Q2 2025$704M—−$224M−$1.2M−$264M$704M
Q1 2025$744M−$49.2M−$30.3M$1.6M$255M$744M
Q4 2024$810M−$67.4M−$220M—−$402M$810M

Berkley W R: income statement and cash flow

Berkley W R, Q3 2026: revenue $3.7B (-0.8% year over year), operating margin 15.4%. The chart follows the revenue to costs, profit and cash.

Berkley W R: 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.