Enact Holdings, Inc. (ACT) Cash Flow Statement
Where ACT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $724.5M +5.6% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $724.5M 58.9% margin
- Returned to shareholders
- $503.2M 69% of free cash flow
- Change in cash
- −$16.9M cash at year-end $582.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ACT operating cash flow, capex and free cash flow
ACT cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $511.1M2018 | $724.5M2025 | +5.1%/yr | |
| Capital expenditures | $02018 | $02025 | — | |
| Free cash flow | $511.1M2018 | $724.5M2025 | +5.1%/yr | |
| Free cash flow margin | 60.8%2018 | 58.9%2025 | −1.9 pts | |
| Operating cash flow / net income | 1.062018 | 1.072025 | +0.02 | |
| Stock-based compensation | $4.1M2018 | $19.0M2025 | +24.5%/yr | |
| Dividends paid | $50.0M2018 | $120.8M2025 | +13.4%/yr | |
| Share buybacks (net) | $02020 | $382.4M2025 | — | |
| Capex / revenue | 0.0%2018 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACT cash flow by activity
ACT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ACT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $674.2M | $688.1M | $665.5M | $704.2M | $546.7M | $370.4M | $677.6M | $483.9M |
| Depreciation & amortization | — | −$1.9M | $4.1M | −$749,000 | $3.3M | — | −$2.9M | — |
| Stock-based compensation | $19.0M | $18.8M | $15.3M | $9.9M | $1.5M | $0 | $2.9M | $4.1M |
| Change in working capital | $15.8M | −$53.0M | −$61.5M | −$158.2M | $21.1M | $309.9M | −$156.2M | −$152.3M |
| Other non-cash items | $15.5M | $34.4M | $8.7M | $5.4M | −$517,000 | $24.0M | −$21.4M | $175.4M |
| Cash from operating activities | $724.5M | $686.3M | $632.0M | $560.5M | $572.1M | $704.4M | $500.0M | $511.1M |
| Investing activities | ||||||||
| Capital expenditures | $0 | $0 | $0 | −$6.6M | −$685.7M | $0 | −$176.0M | $0 |
| Investments (net) | −$217.0M | −$320.5M | −$107.7M | −$220.3M | −$398.8M | −$1.14B | $176.0M | −$498.2M |
| Acquisitions & other investing | −$9.4M | $0 | −$121.7M | $6.6M | $685.7M | $0 | $176.0M | $0 |
| Cash from investing activities | −$226.4M | −$320.5M | −$229.4M | −$220.3M | −$398.8M | −$1.14B | $176.0M | −$498.2M |
| Financing activities | ||||||||
| Dividends paid | −$120.8M | −$111.7M | −$213.0M | −$250.8M | −$200.3M | −$437.4M | −$250.0M | −$50.0M |
| Share repurchases & issuance (net) | −$382.4M | −$244.0M | −$87.8M | −$1.5M | $0 | $0 | — | — |
| Net borrowing (repayment) | $0 | −$7.9M | $0 | $0 | $0 | $737.7M | $737.7M | $737.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$11.8M | −$18.5M | $0 | $0 | $0 | $0 | −$737.7M | −$737.7M |
| Cash from financing activities | −$515.1M | −$382.0M | −$300.7M | −$252.3M | −$200.3M | $300.3M | −$250.0M | −$50.0M |
| Summary | ||||||||
| Net change in cash | −$16.9M | −$16.3M | $101.9M | $87.9M | −$27.0M | −$132.3M | $426.0M | −$37.1M |
| Cash at end of period | $582.5M | $599.4M | $615.7M | $513.8M | $425.8M | $452.8M | $585.1M | $159.1M |
| Free cash flow | $724.5M | $686.3M | $632.0M | $567.1M | −$113.5M | $704.4M | $500.0M | $511.1M |
| Free cash flow margin | 58.9% | 57.1% | 54.8% | 51.8% | −10.1% | 63.7% | 51.1% | 60.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.6% | 61.2% | 0.0% | 18.0% | 0.0% |
| Operating cash flow / net income | 1.07 | 1.00 | 0.95 | 0.80 | 1.05 | 1.90 | 0.74 | 1.06 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $174.8M | $167.8M | $177.2M | $163.5M | $167.8M | $165.8M | $162.7M | $180.7M | $183.7M | $161.0M | $157.3M | $164.2M |
| Depreciation & amortization | $4.2M | −$1.5M | — | −$3.8M | — | −$982,000 | — | −$3.9M | $2.9M | $2.9M | −$4.1M | $167.7M |
| Stock-based compensation | $4.6M | $5.2M | $6.4M | $4.5M | $4.2M | $3.9M | $5.4M | $6.5M | $3.0M | $3.9M | $5.8M | $4.1M |
| Change in working capital | −$58.3M | $44.7M | $1.9M | $19.4M | −$56.7M | $51.2M | −$8.4M | $43.4M | −$59.0M | $15.6M | $27.6M | −$14.6M |
| Other non-cash items | −$6.8M | $7.9M | $840,000 | $8.4M | $4.2M | $6.8M | $6.4M | −$38.5M | $14.2M | $3.9M | $3.5M | −$153.1M |
| Cash from operating activities | $118.5M | $224.0M | $186.3M | $192.0M | $119.5M | $226.7M | $166.1M | $188.1M | $144.7M | $187.3M | $190.1M | $168.3M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$90.3M | −$122.0M | $13.7M | −$121.3M | −$25.6M | −$89.6M | −$136.9M | −$102.3M | $32.2M | −$113.5M | −$95.4M | −$136.3M |
| Acquisitions & other investing | −$1.9M | −$3.5M | −$3.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$92.3M | −$125.5M | $10.1M | −$121.3M | −$25.6M | −$89.6M | −$136.9M | −$102.3M | $32.2M | −$113.5M | −$95.4M | −$136.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$33.5M | −$29.8M | −$30.3M | −$31.0M | −$31.5M | −$28.1M | −$28.4M | −$28.8M | −$29.1M | −$25.5M | −$138.9M | −$25.6M |
| Share repurchases & issuance (net) | −$93.3M | −$93.2M | −$127.0M | −$105.5M | −$84.6M | −$65.3M | −$74.6M | −$71.0M | −$48.6M | −$49.7M | −$18.0M | −$6.3M |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$31,000 | −$9.1M | −$103,000 | −$3.7M | −$130,000 | −$7.9M | −$112,000 | −$11.7M | −$14.5M | $0 | $0 | $0 |
| Cash from financing activities | −$126.8M | −$132.0M | −$157.4M | −$140.1M | −$116.2M | −$101.3M | −$103.2M | −$111.5M | −$92.2M | −$75.2M | −$156.9M | −$31.9M |
| Summary | ||||||||||||
| Net change in cash | −$100.6M | −$33.5M | $38.9M | −$69.4M | −$22.3M | $35.8M | −$73.9M | −$25.7M | $84.7M | −$1.4M | −$62.3M | $136.4M |
| Cash at end of period | $448.4M | $549.0M | $582.5M | $543.6M | $613.0M | $635.3M | $599.4M | $673.4M | $699.0M | $614.3M | $615.7M | $136.4M |
| Free cash flow | $118.5M | $224.0M | $186.3M | $192.0M | $119.5M | $226.7M | $166.1M | $188.1M | $144.7M | $187.3M | $190.1M | $168.3M |
| Free cash flow margin | 37.3% | 71.8% | 59.8% | 61.6% | 39.2% | 73.9% | 55.0% | 60.8% | 48.4% | 64.2% | 64.2% | 56.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.68 | 1.34 | 1.05 | 1.17 | 0.71 | 1.37 | 1.02 | 1.04 | 0.79 | 1.16 | 1.21 | 1.03 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ACT cash generation
In fiscal 2025 (ended December 31, 2025), Enact generated $724.5 million of cash from operations (up 5.6%) and spent $0 on capital expenditures, leaving free cash flow of $724.5 million, 58.9% of revenue. It returned $503.2 million to shareholders through dividends ($120.8 million) and net share buybacks ($382.4 million). Cash and equivalents fell by $16.9 million over the year.
Related: ACT income statement, ACT balance sheet, ACT dividend history. See the ACT stock overview for the latest quote and news.
ACT cash flow FAQ
What is Enact's free cash flow?
Enact's free cash flow was $724.5 million in fiscal 2025: $724.5 million of operating cash flow minus $0 of capital expenditures It was $686.3 million a year earlier..
How much cash does Enact generate from operations?
Enact generated $724.5 million of cash from operating activities in fiscal 2025, 1.07 times its net income of $674.2 million.
How much stock does Enact buy back?
Enact spent $382.4 million on net share repurchases in fiscal 2025.
How much does Enact pay in dividends?
Enact paid $120.8 million in dividends in fiscal 2025, 16.7% of free cash flow.