American International Group, Inc. (AIG) Cash Flow Statement
Where AIG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.31B +1.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $3.31B 12.4% margin
- Returned to shareholders
- $6.81B 206% of free cash flow
- Change in cash
- −$27.0M cash at year-end $1.34B
Cash from operations
$3.31B
Investments (net)
+$2.97B
Acquisitions & other
+$222.0M
Dividends
−$976.0M
Share buybacks (net)
−$5.84B
Net borrowing (repayment)
+$140.0M
Other financing
+$129.0M
Change in cash
−$27.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AIG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AIG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.50B2016 | $3.31B2025 | −0.6%/yr | |
| Capital expenditures | $4.58B2016 | $02025 | −100.0% | |
| Free cash flow | $3.50B2016 | $3.31B2025 | −0.6%/yr | |
| Free cash flow margin | 6.6%2016 | 12.4%2025 | +5.7 pts | |
| Operating cash flow / net income | −3.832018 | 1.072025 | +4.90 | |
| Stock-based compensation | $237.0M2016 | $199.0M2023 | −2.5%/yr | |
| Dividends paid | $1.37B2016 | $976.0M2025 | −3.7%/yr | |
| Share buybacks (net) | $11.46B2016 | $5.84B2025 | −7.2%/yr | |
| Capex / revenue | 8.7%2016 | 0.0%2025 | −8.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AIG cash flow by activity
OperatingInvestingFinancingChange in cash
AIG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AIG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.10B | $2.70B | $3.88B | $11.28B | $9.92B | −$5.83B | $4.17B | $103.0M | −$6.08B | −$259.0M |
| Depreciation & amortization | $3.46B | $3.60B | $3.84B | $4.85B | $4.63B | $4.12B | $5.01B | $5.36B | $3.87B | $4.09B |
| Stock-based compensation | — | — | $199.0M | $288.0M | $278.0M | $274.0M | $314.0M | $337.0M | $353.0M | $237.0M |
| Change in working capital | −$3.76B | −$2.36B | −$3.55B | −$11.73B | −$1.68B | −$4.22B | −$10.07B | −$6.53B | −$6.26B | −$1.46B |
| Other non-cash items | $519.0M | −$667.0M | $1.87B | −$474.0M | −$6.87B | $6.69B | −$351.0M | $332.0M | $297.0M | $893.0M |
| Cash from operating activities | $3.31B | $3.27B | $6.24B | $4.21B | $6.28B | $1.04B | −$928.0M | −$394.0M | −$7.82B | $3.50B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$2.71B | $0 | −$746.0M | −$1.81B | −$3.69B | −$6.01B | −$3.63B | −$4.58B |
| Investments (net) | $2.97B | $1.67B | −$5.43B | −$3.18B | −$11.31B | −$5.27B | $342.0M | $9.77B | $17.67B | $10.24B |
| Acquisitions & other investing | $222.0M | $0 | $1.12B | −$443.0M | $8.78B | $884.0M | −$2.13B | −$3.98B | −$4.0M | −$2.41B |
| Cash from investing activities | $3.19B | $1.67B | −$7.02B | −$3.63B | −$3.28B | −$6.20B | −$5.47B | −$223.0M | $14.04B | $3.25B |
| Financing activities | ||||||||||
| Dividends paid | −$976.0M | −$1.02B | −$1.03B | −$1.01B | −$1.11B | −$1.13B | −$1.14B | −$1.14B | −$1.17B | −$1.37B |
| Share repurchases & issuance (net) | −$5.84B | −$7.14B | −$2.96B | −$5.20B | −$2.59B | −$500.0M | −$485.0M | −$1.74B | −$6.28B | −$11.46B |
| Net borrowing (repayment) | $140.0M | −$1.39B | −$1.61B | −$478.0M | −$4.20B | −$655.0M | $679.0M | $1.06B | −$342.0M | $1.87B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $485.0M | $0 | $0 | $0 |
| Other financing | $129.0M | $4.49B | $6.38B | $6.01B | $4.17B | $7.34B | $6.84B | $3.06B | $2.09B | $4.13B |
| Cash from financing activities | −$6.54B | −$5.06B | $782.0M | −$676.0M | −$3.73B | $5.06B | $6.38B | $1.25B | −$5.70B | −$6.83B |
| Summary | ||||||||||
| Net change in cash | −$27.0M | −$201.0M | −$643.0M | −$211.0M | −$803.0M | −$57.0M | −$71.0M | $621.0M | $630.0M | −$131.0M |
| Cash at end of period | $1.34B | $1.37B | $1.57B | $2.22B | $2.43B | $3.23B | $3.29B | $3.36B | $2.74B | $2.11B |
| Free cash flow | $3.31B | $3.27B | $6.24B | $4.21B | $5.53B | $2.85B | −$4.62B | −$394.0M | −$7.82B | $3.50B |
| Free cash flow margin | 12.4% | 12.0% | 22.3% | 14.0% | 10.6% | 6.5% | −9.3% | −0.8% | −15.7% | 6.6% |
| Capex / revenue | 0.0% | 0.0% | 9.7% | 0.0% | 1.4% | 4.1% | 7.4% | 12.7% | 7.3% | 8.7% |
| Operating cash flow / net income | 1.07 | 1.21 | 1.61 | 0.37 | 0.63 | — | −0.22 | −3.83 | — | — |
| 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 | $948.0M | $763.0M | $731.0M | $524.0M | $1.14B | $698.0M | $947.0M | $481.0M | −$328.0M | $1.60B | −$473.0M | $2.75B |
| Depreciation & amortization | $939.0M | $849.0M | $875.0M | $831.0M | $883.0M | $866.0M | $990.0M | $856.0M | $900.0M | $851.0M | $969.0M | $971.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $199.0M | — |
| Change in working capital | $1.48B | −$1.96B | −$1.27B | $1.86B | −$302.0M | −$1.56B | −$1.25B | $149.0M | $732.0M | −$1.99B | −$36.0M | $196.0M |
| Other non-cash items | −$1.65B | $501.0M | $305.0M | −$1.87B | −$334.0M | −$63.0M | −$565.0M | $213.0M | −$374.0M | $59.0M | $963.0M | −$404.0M |
| Cash from operating activities | $1.72B | $155.0M | $636.0M | $1.34B | $1.39B | −$56.0M | $125.0M | $1.70B | $930.0M | $519.0M | $1.62B | $3.51B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.53B | $0 | $0 | −$303.0M | −$487.0M |
| Investments (net) | −$756.0M | $851.0M | −$235.0M | −$56.0M | $564.0M | $2.75B | $2.65B | $315.0M | −$1.60B | $308.0M | −$2.95B | −$3.43B |
| Acquisitions & other investing | $4.0M | −$18.0M | $166.0M | $0 | $0 | $0 | $0 | $3.53B | $0 | $0 | $303.0M | −$154.0M |
| Cash from investing activities | −$752.0M | $833.0M | −$69.0M | −$56.0M | $564.0M | $2.75B | $2.65B | $315.0M | −$1.60B | $308.0M | −$2.95B | −$4.07B |
| Financing activities | ||||||||||||
| Dividends paid | −$263.0M | −$241.0M | −$242.0M | −$246.0M | −$254.0M | −$234.0M | −$244.0M | −$254.0M | −$261.0M | −$265.0M | −$256.0M | −$261.0M |
| Share repurchases & issuance (net) | −$645.0M | −$508.0M | −$584.0M | −$1.25B | −$1.78B | −$2.23B | −$1.82B | −$1.50B | −$1.69B | −$2.12B | −$1.03B | −$810.0M |
| Net borrowing (repayment) | −$7.0M | −$8.0M | −$12.0M | −$2.0M | $402.0M | −$248.0M | −$877.0M | −$47.0M | — | — | — | −$291.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.0M | −$42.0M | $39.0M | −$39.0M | $95.0M | $34.0M | −$61.0M | −$105.0M | $2.94B | $1.25B | $2.31B | $1.24B |
| Cash from financing activities | −$920.0M | −$799.0M | −$799.0M | −$1.53B | −$1.53B | −$2.68B | −$3.00B | −$1.91B | $993.0M | −$1.14B | $1.02B | −$124.0M |
| Summary | ||||||||||||
| Net change in cash | $37.0M | $183.0M | −$249.0M | −$247.0M | $433.0M | $36.0M | −$187.0M | $157.0M | −$461.0M | $290.0M | −$461.0M | −$318.0M |
| Cash at end of period | $1.56B | $1.53B | $1.34B | $1.59B | $1.84B | $1.41B | $1.37B | $1.56B | $1.40B | $1.86B | $1.57B | $2.03B |
| Free cash flow | $1.72B | $155.0M | $636.0M | $1.34B | $1.39B | −$56.0M | $125.0M | $1.70B | $930.0M | $519.0M | $1.62B | $3.02B |
| Free cash flow margin | 24.2% | 2.3% | 9.7% | 21.0% | 19.8% | −0.8% | 1.7% | 25.2% | 14.2% | 7.7% | 16.3% | 41.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 52.3% | 0.0% | 0.0% | 3.0% | 6.7% |
| Operating cash flow / net income | 1.81 | 0.20 | 0.87 | 2.56 | 1.22 | −0.08 | 0.13 | 3.53 | — | 0.32 | — | 1.28 |
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.
AIG cash generation
In fiscal 2025 (ended December 31, 2025), AIG generated $3.3 billion of cash from operations (up 1.3%) and spent $0 on capital expenditures, leaving free cash flow of $3.3 billion, 12.4% of revenue. It returned $6.8 billion to shareholders through dividends ($976.0 million) and net share buybacks ($5.8 billion). Cash and equivalents fell by $27.0 million over the year.
Related: AIG income statement, AIG balance sheet, AIG dividend history. See the AIG stock overview for the latest quote and news.
AIG cash flow FAQ
What is AIG's free cash flow?
AIG's free cash flow was $3.3 billion in fiscal 2025: $3.3 billion of operating cash flow minus $0 of capital expenditures It was $3.3 billion a year earlier..
How much cash does AIG generate from operations?
AIG generated $3.3 billion of cash from operating activities in fiscal 2025, 1.07 times its net income of $3.1 billion.
How much stock does AIG buy back?
AIG spent $5.8 billion on net share repurchases in fiscal 2025.
How much does AIG pay in dividends?
AIG paid $976.0 million in dividends in fiscal 2025, 29.5% of free cash flow.