Operating cash flow has reached a zero-dollar level as of 2026Q1, highlighting a structural inability to generate sufficient premium float to cover $828.8M in quarterly claims.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 404.5M | 584.5M | 382.9M | -135.3M | -210.3M | 350.7M | 448M | 534.3M | 540M | 240.6M | 240.5M | 215M | 133.6M | 122.1M | 65.7M | -25M | 58.5M | 163.5M | 69.2M | 252.1M | 306.4M | 376.7M | 298.2M | 585.6M | 395.9M | 191.8M | 78.5M | 12M | 137.3M | 153.6M | 170.6M |
| Operating CF Growth % | 189.8% | 52.65% | 383% | 35.66% | -159.97% | -21.72% | -16.15% | -1.06% | 124.44% | 0.04% | 11.86% | 60.93% | 9.42% | 85.84% | 362.8% | -142.73% | -64.22% | 136.27% | -72.55% | -17.72% | -18.66% | 26.32% | -49.08% | 47.92% | 106.41% | 144.33% | 554.17% | -91.26% | -10.61% | -9.96% | 16.69% |
| Operating CF / Revenue % | 8.59% | 12.18% | 8.27% | -2.74% | -3.86% | 6.25% | 8.65% | 10.64% | 14.64% | 9.01% | 9.54% | 9.18% | 6.08% | 5.03% | 2.67% | -1% | 2.21% | 5.57% | 2.52% | 8.68% | 10.72% | 13.31% | 10.58% | 21.94% | 17.23% | 7.57% | 4.02% | 0.66% | 6.58% | 9.88% | 10.84% |
| Net Income | 41.9M | 143.3M | 312.5M | -272.1M | -301.2M | -120.5M | 409.9M | 531.1M | 190.1M | 120.9M | 16.8M | 85.7M | 114.5M | 217.7M | 103.4M | 83.7M | 184.6M | 164.7M | -29.6M | 217.8M | 283.1M | 255.5M | 240.2M | 123.6M | -8.2M | 380.9M | 91M | 201M | 510.8M | 117.9M | 132.5M |
| Depreciation & Amortization | 61.8M | 74.3M | 53.7M | 0 | 70.9M | 99.8M | 55M | 62.5M | 171.9M | 18.2M | 19.5M | 28.9M | 23.2M | 25.7M | 23.3M | 10.9M | 332.3M | 344.3M | 353.5M | 27.1M | 7.2M | 11.6M | 12.6M | 11.4M | 8.3M | 1.1M | 12.1M | 163.1M | 149.3M | 167.4M | 170.1M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 17.7M | 28M | 0 | 0 | 18.6M | 9.4M | 4.7M | 6.5M | 6.4M | 5.5M | 5.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -17.7M | -28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.3M | 21.3M | -153.4M | 34.8M | -34.4M | 91.4M | -66.9M | -113.1M | 0 | 10.2M | 17.6M |
| Other Non-Cash Items | -26M | 5.9M | 34.6M | 188.1M | 115.5M | -140.7M | -30.6M | -205.6M | 62.4M | -34.1M | 26.6M | 32.9M | 75.9M | -43.9M | -18.7M | -7.6M | -359.3M | -275.2M | -38.1M | 322.3M | 308M | 390.4M | 359.9M | 77.1M | 1.12B | 418.1M | 140M | 9.6M | -428.2M | 17.3M | -64.5M |
| Working Capital Changes | 331.1M | 361M | -17.9M | -51.3M | -95.5M | 512.1M | 13.7M | 146.3M | 115.6M | 135.6M | 177.6M | 67.5M | -80M | -77.4M | -42.3M | -112M | -99.1M | -70.3M | -216.6M | -315.1M | -285.6M | -245.2M | -82.6M | 372.6M | -699.1M | -131.5M | 42.8M | -134.9M | -94.6M | -155.6M | -106.3M |
| Cash from Investing | -78M | 336.2M | -244.4M | 107.9M | -108.4M | -118.2M | -757M | -633.4M | -497.6M | -105.4M | -238.1M | -28.6M | -104.3M | 4.8M | -106.2M | 564.6M | 319.3M | 287.6M | 356.2M | -222.9M | -86.1M | -419.4M | -208.4M | -608.7M | -359.1M | -368.4M | -26.8M | 212.2M | 170.8M | -66.1M | 9.2M |
| Capital Expenditures | -22.9M | -30.6M | -53.2M | -53.8M | -30.8M | -57.8M | -53.4M | -84M | -65.3M | -35.5M | -17.6M | -8.9M | -11.3M | -15.2M | 2.5M | 0 | 349.2M | 355.1M | 28.5M | -24.2M | -39.2M | -98.9M | -29.8M | -20.9M | -14M | -3.1M | -5.9M | -4.3M | -11.4M | -12.1M | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 14.8M | -316.6M | 0 | 0 | -589.6M | 20.2M | 6.4M | -57.1M | 42.7M | 14.6M | 25M | 0 | 4.1M | -189.8M | -106.6M | -43M | 0 | 0 | -17.1M | -8M | -73.9M | 0 | 33.1M | -103.4M | -99.2M | 0 | 0 |
| Purchase of Investments | -1.26B | -1.75B | -1.61B | -855.1M | -1.89B | -2.05B | -2.15B | -1.99B | -2.07B | -1.06B | -985.1M | -944.9M | -921M | -967M | -1.1B | -894.7M | -764.3M | -895.1M | -1.39B | -751.6M | -1.33B | -1.58B | -2.08B | -2.62B | -2.04B | -2.01B | -1.66B | -965.4M | -917.1M | -807.8M | -613.6M |
| Sale/Maturity of Investments | 1.3B | 2.11B | 1.38B | 1.04B | 1.89B | 2.44B | 1.45B | 1.48B | 2.22B | 951.8M | 763.4M | 986.5M | 825.9M | 888.3M | 1B | 1.11B | 781.3M | 1.06B | 1.43B | 858.3M | 1.4B | 1.28B | 1.94B | 2.66B | 2.02B | 1.65B | 1.62B | 1.31B | 1.22B | 779M | 640.3M |
| Other Investing | -103.3M | 4.1M | 40.3M | -20.9M | -94.4M | -129.4M | -8.9M | -33.6M | 3.1M | 22.4M | -5.2M | -4.2M | -40.6M | 84.1M | -32.9M | 347.9M | -51M | -43.5M | 394.4M | -262.4M | -110.2M | -19.5M | -21.6M | -621.1M | -259.2M | -4.5M | -9.4M | -24.6M | -19M | -25.2M | -17.5M |
| Cash from Financing | -438.1M | -860.1M | -137.2M | -122M | 382.9M | -290.4M | 378.3M | 160.8M | -13M | -205.2M | -48.4M | -100.8M | -19.7M | -156.7M | -114.4M | -405.6M | -404.3M | -491.6M | -345.7M | -82.6M | -106.9M | 5.1M | -73.4M | 71.9M | -47.8M | 180.2M | -52.5M | -208.7M | -314M | -90M | -171.9M |
| Dividends Paid | -77.7M | -79.6M | -80.1M | -80.1M | -79.7M | -80.6M | -78.9M | -67.8M | -56.4M | -49.5M | -49.2M | -49.7M | -51.8M | -54.9M | -56.9M | -58.2M | -54.6M | -66.6M | -118.4M | -119.9M | -119.8M | -117.4M | -113.5M | -112.2M | -112.4M | -108M | -103.1M | -101.7M | -100.7M | -89.9M | -83M |
| Share Repurchases | -297.9M | -301.9M | -38.9M | 0 | -4.9M | -161.7M | -110.4M | 0 | 0 | 0 | -3.8M | -45M | -114M | -100.4M | -60.7M | -27.4M | -34.4M | -69M | -69M | -139.5M | -89.9M | -48.9M | 0 | -1.4M | -9.4M | -26.6M | -122.3M | -191.4M | -232.9M | -20.7M | -61.1M |
| Stock Issued | 1.9M | 3.7M | 0 | 4.3M | 4.9M | 0 | 0 | 127.5M | 900K | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 289M | 0 | 5.1M | 6.8M | 15.7M | 28.4M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | -1000K | 0 | 0 | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 0 | -1000K | 1000K | -1000K | 0 | -1000K | -1000K | -100K | -100K | 1000K | -1000K | -100K | -100K | 1000K | 1000K | 1000K | 1000K | -800K | 1000K | 1000K | -1000K |
| Other Financing | -513.5M | -32.3M | -18.2M | -46.2M | 200.7M | 1.9M | 170.8M | 236.2M | 9.8M | 4.1M | 4.6M | 1.5M | 2.1M | 4.1M | 3.2M | 1.8M | 3.9M | -424.9M | -158.2M | 122M | 136.1M | 155.8M | 11.8M | 67.5M | -48M | 240M | 109.7M | 85.2M | -4.6M | -600K | 12.2M |
| Net Change in Cash | -22.8M | 60.6M | 1.3M | -148.3M | 64.2M | -57.9M | 69.3M | 61.7M | 29.4M | -70M | -46M | 85.6M | 9.6M | -29.8M | -154.9M | 134M | -26.5M | -40.5M | 79.7M | -53.4M | 113.4M | -37.6M | 16.4M | 48.8M | -11M | 3.6M | -800K | 15.5M | -5.9M | -2.5M | 7.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 126M | 65.4M | 64.1M | 212.4M | 148.2M | 206.1M | 136.8M | 75.1M | 45.7M | 115.7M | 161.7M | 76.1M | 66.5M | 96.3M | 251.2M | 117.2M | 143.7M | 184.2M | 104.5M | 157.9M | 44.5M | 82.1M | 65.7M | 16.9M | 27.9M | 24.3M | 24.1M | 8.6M | 14.5M | 17M | 9.1M |
| Cash at End | 92.6M | 126M | 65.4M | 64.1M | 212.4M | 148.2M | 206.1M | 136.8M | 75.1M | 45.7M | 115.7M | 161.7M | 76.1M | 66.5M | 96.3M | 251.2M | 117.2M | 143.7M | 184.2M | 104.5M | 157.9M | 44.5M | 82.1M | 65.7M | 16.9M | 27.9M | 23.3M | 24.1M | 8.6M | 14.5M | 17M |
| Free Cash Flow | 381.6M | 553.9M | 329.7M | -189.1M | -241.1M | 292.9M | 394.6M | 450.3M | 474.7M | 205.1M | 222.9M | 206.1M | 122.3M | 106.9M | 68.2M | -25M | 407.7M | 518.6M | 97.7M | 227.9M | 267.2M | 277.8M | 268.4M | 564.7M | 381.9M | 188.7M | 72.6M | 7.7M | 125.9M | 141.5M | 170.6M |
| FCF Growth % | -27.66% | 68% | 274.35% | 21.57% | -182.31% | -25.77% | -12.37% | -5.14% | 131.45% | -7.99% | 8.15% | 68.52% | 14.41% | 56.74% | 372.8% | -106.13% | -21.38% | 430.81% | -57.13% | -14.71% | -3.82% | 3.5% | -52.47% | 47.87% | 102.38% | 159.92% | 842.86% | -93.88% | -11.02% | -17.06% | 218.28% |
| FCF Margin % | 8.1% | 11.54% | 7.12% | -3.82% | -4.42% | 5.22% | 7.62% | 8.97% | 12.87% | 7.68% | 8.84% | 8.8% | 5.57% | 4.41% | 2.77% | -1% | 15.43% | 17.68% | 3.56% | 7.85% | 9.35% | 9.82% | 9.52% | 21.16% | 16.62% | 7.45% | 3.72% | 0.42% | 6.04% | 9.1% | 10.84% |
| FCF per Share | 6.49 | 8.85 | 5.09 | -2.95 | -3.78 | 4.56 | 5.91 | 6.77 | 8.08 | 3.98 | 4.35 | 3.99 | 2.27 | 1.88 | 1.15 | -0.41 | 6.6 | 8.34 | 1.56 | 3.46 | 3.92 | 3.99 | 3.89 | 8.32 | 5.59 | 2.77 | 1.05 | 0.1 | 1.6 | 1.87 | 2.24 |
Underwriting cash flow volatility
According to recent financial disclosures, Kemper's underwriting cash flow has faced significant volatility, culminating in a zero-dollar operating cash flow reported for 2026Q1, which highlights the difficulty of maintaining positive float generation amidst the ongoing strategic exit from the preferred property and casualty insurance market segment.
The inability to generate consistent operating cash flow suggests that the company's core specialty auto business is struggling to offset the high frequency of claims payments. This trend warrants further investigation into whether the current premium pricing is sufficient to cover the rising loss costs inherent in the non-standard auto niche.
As reported in quarterly filings, Kemper has actively managed its investment portfolio, with 2025Q1 showing a notable $721.9M in sales, suggesting that the firm may be liquidating assets to meet liquidity requirements rather than relying solely on organic premium cash inflows to cover mounting claim obligations.
The frequent rotation between asset purchases and sales indicates a reactive approach to liquidity management. Investors should monitor whether this portfolio churn is a deliberate yield-enhancement strategy or a sign of constrained cash availability necessitated by the recent underwriting losses.
Based on the provided data, claims payments have remained consistently high, peaking at $1.4B in 2024Q4, which appears to outpace the company's ability to collect premiums, thereby creating a structural drag on the firm's overall cash position and limiting the growth of investable float.
The persistent scale of these outflows relative to net income suggests that inflationary pressures on repair and medical costs are significantly impacting the company's cash reserves. This dynamic may indicate that the company is currently in a period of cash-intensive claims settlement that could persist until the specialty segment stabilizes.
Data from recent financial statements reveals that Kemper continued to pay dividends and execute buybacks, such as the $218.8M in buybacks during 2025Q3, even as net income turned negative, which may indicate a reliance on existing capital reserves rather than current operational cash generation to fund shareholder returns.
The decision to prioritize capital returns during a period of underwriting stress appears aggressive and may signal a potential strain on the balance sheet over the long term. Analysts should evaluate whether these distributions are sustainable if the current underwriting cash flow deficit continues to widen.
Quick answers to the most common questions about buying KMPR stock.
Kemper Corporation (KMPR) generated $584.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kemper Corporation (KMPR) generated $553.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kemper Corporation (KMPR) spent $30.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kemper Corporation (KMPR) returned $79.6M to shareholders via cash dividends and spent $301.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.