Radian Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	582.64	604.44	603.12	742.93	600.67
Depreciation & Amortization	36	44.49	53.22	61.73	71.91
Gain (Loss) on Sale of Investments	0.02	4.35	-9.41	80.73	-15.6
Change in Accounts Receivable	0.79	-1.77	-11.18	4.21	-2.72
Reinsurance Recoverable	-14.25	-9.48	-0.36	42.26	5.31
Change in Unearned Revenue	-29	-37.06	-46.08	-57.61	-119.7
Change in Income Taxes	-135.25	-170.76	-153.95	-242.25	-143.23
Change in Insurance Reserves / Liabilities	45.52	-10.49	-56.03	-401.8	-19.77
Change in Other Net Operating Assets	47.79	-4.49	5.06	17.96	63.39
Other Operating Activities	174.67	226.07	245.49	206.93	161.79
Operating Cash Flow	119.86	-663.57	529.43	388.3	557.11
Operating Cash Flow Growth	-	-	36.35%	-30.30%	-15.39%
Capital Expenditures	-4.21	-1.56	-8.53	-17.67	-12.6
Investment in Securities	-82.05	279.54	-221.88	19.38	4.61
Other Investing Activities	213.54	49.77	-70.43	-6.89	6.13
Investing Cash Flow	127.29	327.75	-300.84	-5.18	-1.86
Short-Term Debt Issued	0.59	-	-	-	13.57
Long-Term Debt Issued	94.68	623.25	55.62	432.97	42
Total Debt Issued	95.27	623.25	55.62	432.97	55.57
Total Debt Repaid	-163.44	-1,057	-64.39	-377.05	-48
Net Debt Issued (Repaid)	-68.17	-433.39	-8.78	55.92	7.57
Issuance of Common Stock	1.04	0.93	1.76	1.34	1.38
Repurchases of Common Stock	-431.91	-225.06	-133.31	-400.2	-399.1
Common Dividends Paid	-145.62	-151.96	-145.91	-135.44	-103.3
Other Financing Activities	401.55	1,167	21.16	-0.81	-3.33
Financing Cash Flow	-243.1	357.23	-265.09	-479.18	-496.78
Net Cash Flow	4.05	21.41	-36.5	-96.06	58.47
Free Cash Flow	115.66	-665.14	520.9	370.63	544.51
Free Cash Flow Growth	-	-	40.55%	-31.93%	-15.11%
Free Cash Flow Margin	9.66%	-55.14%	44.25%	31.13%	40.94%
Free Cash Flow Per Share	0.82	-4.31	3.25	2.17	2.86
Cash Interest Paid	64.04	89.09	83.27	79.06	78.7
Cash Income Tax Paid	137.13	172.71	153.94	243.5	143.97
Levered Free Cash Flow	-581.22	471.43	223.76	716.15	416.06
Unlevered Free Cash Flow	-538.54	526.43	277.62	768.93	468.77
Change in Working Capital	-83.78	-241.66	-284.3	-715.37	-265.22

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.