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Exzeo Group cash flow, quarter by quarter

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

Free cash flow$31.4M in Q3 2026

Operating cash flow$31.7M
Capital spending−$334K
Free cash flow+$31.4M
Cash / net income1.4×
Cash conversion cycle-41 days

Analysis

In Q3 2026, Exzeo Group generated $31.7M of operating cash flow and spent $334K on capital projects, leaving free cash flow of $31.4M. That is $1.1M more than in Q3 2025 ($30.3M).

Operating cash flow was $31.7M against net income of $22.3M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$3.4M, deferred taxes +$832K, depreciation & amortization +$768K.

Its cash conversion cycle was -41 days (receivables 3 + inventory 0 − payables 44): suppliers fund its working capital.

Free cash flow

Exzeo Group: free cash flow by quarterExzeo Group: free cash flow by quarter$19.9MQ4 2024$19.0MQ1 2025$37.3MQ2 2025$30.3MQ3 2025$10.9MQ4 2025$25.1MQ1 2026$15.2MQ2 2026$31.4MQ3 2026
Operating cash flow less capital spending.
Exzeo Group: operating cash flow against capital spendingExzeo Group: operating cash flow against capital spendingOperating cash flowCapital spending$19.9M$0Q4 2024$19.8M$769KQ1 2025$37.8M$483KQ2 2025$31.5M$1.2MQ3 2025$11.3M$403KQ4 2025$25.5M$327KQ1 2026$15.4M$209KQ2 2026$31.7M$334KQ3 2026
Latest (Q3 2026): Operating cash flow $31.7M, Capital spending $334K.

Capital allocation, year by year

Exzeo Group: where the cash came from (up) and went (down), by fiscal yearExzeo Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2023: Operating cash flow $10.2MFY2023: Net borrowing −$9KFY2023: Capital spending −$3.2MFY2023: Buybacks −$352K$10.2MFY2023FY2024: Operating cash flow $49.3MFY2024: Net borrowing $97.0MFY2024: Capital spending −$3.3MFY2024: Buybacks −$481K$146MFY2024FY2025: Operating cash flow $100MFY2025: Shares issued $156MFY2025: Capital spending −$2.8MFY2025: Buybacks −$1.5M$257MFY2025
Over these 3 years operating cash flow totalled $160M; the largest uses were capital spending ($9.4M) and buybacks ($2.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$116M
Debtnone
Net cash$116M

Exzeo Group funds itself: free cash flow was — over the last twelve months, with $116M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Exzeo Group: sources (+) and uses (−) of cash, Q3 2026Exzeo Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$44.7MOperating cash flow$31.7MCash drawn (+) / kept (−)$20.3MBuybacks−$7.0MCapital spending−$334KExchange rates−$34K

From profit to cash

Exzeo Group: net income to operating cash flow, Q3 2026Exzeo Group: net income to operating cash flow, Q3 2026Net income$22.3MDepreciation & amortization$768KStock-based pay$721KDeferred taxes$832KGains on investments−$340KReceivables$289KPayables$3.4MContract assets−$55KPrepaid and other assets$746KOther liabilities−$117KIncome taxes payable−$209KOperating cash flow$31.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263—44-41
Q2 20263—32-28
Q1 20264—18-14

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$31.7M−$334K−$7.0M$20.3M$31.4M
Q2 2026$15.4M−$209K—$94.7M$15.2M
Q1 2026$25.5M−$327K—$74.0M$25.1M
Q4 2025$11.3M−$403K−$1.5M−$164M$10.9M
Q3 2025$31.5M−$1.2M—−$30.2M$30.3M
Q2 2025$37.8M−$483K—−$37.2M$37.3M
Q1 2025$19.8M−$769K—−$19.0M$19.0M
Q4 2024$19.9M——−$16.2M$19.9M

Exzeo Group: income statement and cash flow

Exzeo Group, Q3 2026: revenue $55.2M (0% year over year), operating margin 47.4%. The chart follows the revenue to costs, profit and cash.

Exzeo Group: 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.