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Western Union cash flow, quarter by quarter

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

Free cash flow$99.9M in Q3 2026 · $413M over twelve months

Operating cash flow$107M
Capital spending−$7.4M
Free cash flow+$99.9M
Cash / net income1.4×

Analysis

In Q3 2026, Western Union generated $107M of operating cash flow and spent $7.4M on capital projects, leaving free cash flow of $99.9M. That is $153M less than in Q3 2025 ($253M).

Over the twelve months to Sep 30, 2026, operating cash flow was $457M; the largest uses were net borrowing (+) / repaid (−) ($600M), dividends ($301M), buybacks ($91.8M); besides operations, cash came from other financing ($1.1B); the cash balance rose by $434M.

Operating cash flow was $107M against net income of $78.0M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$96.4M, depreciation & amortization +$49.6M, payables +$40.6M.

Free cash flow

Western Union: free cash flow by quarterWestern Union: free cash flow by quarter$120MQ4 2024$145MQ1 2025−$7.8MQ2 2025$253MQ3 2025$116MQ4 2025$103MQ1 2026$94.6MQ2 2026$99.9MQ3 2026
Operating cash flow less capital spending.
Western Union: operating cash flow against capital spendingWestern Union: operating cash flow against capital spendingOperating cash flowCapital spending$134M$14.3MQ4 2024$148M$3.4MQ1 2025−$300K$7.5MQ2 2025$260M$7.7MQ3 2025$135M$19.9MQ4 2025$109M$6.4MQ1 2026$105M$10.3MQ2 2026$107M$7.4MQ3 2026
Latest (Q3 2026): Operating cash flow $107M, Capital spending $7.4M.

Capital allocation, year by year

Western Union: where the cash came from (up) and went (down), by fiscal yearWestern Union: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.0BFY2021: Net borrowing −$63.3MFY2021: Shares issued $11.6MFY2021: Capital spending −$37.7MFY2021: Buybacks −$410MFY2021: Dividends −$382M$1.1BFY2021FY2022: Operating cash flow $582MFY2022: Net borrowing −$395MFY2022: Shares issued $9.5MFY2022: Asset sales $887MFY2022: Capital spending −$31.9MFY2022: Buybacks −$370MFY2022: Dividends −$364M$1.5BFY2022FY2023: Operating cash flow $783MFY2023: Net borrowing −$115MFY2023: Shares issued $200KFY2023: Capital spending −$22.9MFY2023: Buybacks −$308MFY2023: Dividends −$349M$783MFY2023FY2024: Operating cash flow $406MFY2024: Net borrowing $433MFY2024: Capital spending −$37.4MFY2024: Buybacks −$186MFY2024: Dividends −$322M$840MFY2024FY2025: Operating cash flow $544MFY2025: Net borrowing −$78.9MFY2025: Capital spending −$38.5MFY2025: Buybacks −$235MFY2025: Dividends −$309M$544MFY2025
Over these 5 years operating cash flow totalled $3.4B; the largest uses were dividends ($1.7B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$2.5B
Net debt$1.4B

Western Union funds itself: free cash flow was $413M over the last twelve months, and $1.1B of cash and investments stands against $2.5B of debt.

Where the cash came from and went

Western Union: sources (+) and uses (−) of cash, Q3 2026Western Union: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$447MOther financing$373MOperating cash flow$107MDividends−$73.7MOther investing$49.7MCapital spending−$7.4MBuybacks−$1.7MNet borrowing (+) / repaid (−)−$100K
Western Union: sources (+) and uses (−) of cash, TTM to Q3 2026Western Union: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$1.1BNet borrowing (+) / repaid (−)−$600MOperating cash flow$457MCash drawn (+) / kept (−)−$434MDividends−$301MBuybacks−$91.8MOther investing−$66.1MCapital spending−$44.0M

From profit to cash

Western Union: net income to operating cash flow, Q3 2026Western Union: net income to operating cash flow, Q3 2026Net income$78.0MDepreciation & amortization$49.6MStock-based pay$12.3MOther non-cash$33.5MPayables$40.6MPrepaid and other assets−$96.4MOther liabilities$4.6MIncome taxes payable−$2.6MOperating cash flow$107M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$107M−$7.4M−$1.7M−$73.7M−$100K−$447M$99.9M
Q2 2026$105M−$10.3M−$11.1M−$73.4M−$99.6M$121M$94.6M
Q1 2026$109M−$6.4M−$52.9M−$79.4M−$254M$155M$103M
Q4 2025$135M−$19.9M−$26.1M−$74.4M$285M−$262M$116M
Q3 2025$260M−$7.7M−$52.3M−$75.5M−$158M$29.1M$253M
Q2 2025−$300K−$7.5M−$79.5M−$76.8M−$95.0M$42.9M−$7.8M
Q1 2025$148M−$3.4M−$76.7M−$82.3M−$150M$660M$145M
Q4 2024$134M−$14.3M−$3.7M−$79.6M−$445M−$679M$120M

Western Union: income statement and cash flow

Western Union, Q3 2026: revenue $1.0B (-2% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

Western Union: 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.