AXIS Capital Holdings Limited (AXS) Cash Flow Statement
Where AXS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$40.9M −102.2% vs 2024
- Capital expenditures
- $51.3M 0.8% of revenue
- Free cash flow
- −$40.9M −0.6% margin
- Returned to shareholders
- $1.06B
- Change in cash
- −$1.74B cash at year-end $1.32B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AXS operating cash flow, capex and free cash flow
AXS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $406.7M2016 | −$40.9M2025 | — | |
| Capital expenditures | $143.4M2016 | $51.3M2025 | −10.8%/yr | |
| Free cash flow | $263.3M2016 | −$40.9M2025 | — | |
| Free cash flow margin | 6.4%2016 | −0.6%2025 | −7.0 pts | |
| Operating cash flow / net income | 0.792016 | −0.042025 | −0.83 | |
| Stock-based compensation | $52.2M2016 | $45.2M2025 | −1.6%/yr | |
| Dividends paid | $172.2M2016 | $173.0M2025 | +0.0%/yr | |
| Share buybacks (net) | $561.5M2016 | $887.7M2025 | +5.2%/yr | |
| Capex / revenue | 3.5%2016 | 0.8%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXS cash flow by activity
AXS 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).
AXS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.01B | $1.08B | $376.3M | $223.1M | $618.6M | −$120.4M | $323.5M | $43.0M | −$369.0M | $513.4M |
| Depreciation & amortization | $56.4M | $55.3M | $75.6M | $68.3M | $67.0M | $65.8M | $75.2M | $9.8M | $31.4M | $24.6M |
| Stock-based compensation | $45.2M | $42.7M | $54.1M | $48.5M | $37.7M | $29.0M | $32.5M | $34.3M | $12.7M | $52.2M |
| Change in working capital | −$978.4M | $624.4M | $719.0M | −$72.8M | $698.5M | $472.7M | −$110.4M | −$373.0M | $574.2M | −$273.3M |
| Other non-cash items | −$173.1M | $40.6M | $30.6M | $425.2M | −$307.0M | −$103.5M | −$121.8M | $296.6M | $9.9M | $89.9M |
| Cash from operating activities | −$40.9M | $1.84B | $1.26B | $692.2M | $1.11B | $343.5M | $199.0M | $10.8M | $259.2M | $406.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$51.3M | −$17.4M | −$31.1M | −$36.8M | −$38.7M | −$44.7M | −$63.1M | −$25.1M | −$25.4M | −$143.4M |
| Investments (net) | −$565.9M | $280.5M | −$1.11B | −$655.8M | −$1.08B | $534.6M | −$711.2M | $663.7M | $901.1M | −$101.9M |
| Acquisitions & other investing | −$11.5M | $17.4M | $287.6M | $36.8M | $0 | $0 | $0 | $0 | −$697.4M | $100.9M |
| Cash from investing activities | −$628.7M | $280.5M | −$855.6M | −$655.8M | −$1.11B | $489.9M | −$774.3M | $638.6M | $178.4M | −$144.4M |
| Financing activities | ||||||||||
| Dividends paid | −$173.0M | −$182.0M | −$184.0M | −$179.6M | −$175.9M | −$173.4M | −$179.8M | −$176.1M | −$187.9M | −$172.2M |
| Share repurchases & issuance (net) | −$887.7M | −$199.9M | −$23.6M | −$35.0M | −$35.0M | −$225.0M | −$225.0M | −$10.1M | −$285.9M | −$561.5M |
| Net borrowing (repayment) | $0 | −$19.4M | $5.2M | $79.0M | $79.0M | −$500.0M | $467.5M | $467.5M | $279.1M | $279.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$26.6M | −$15.9M | $0 | −$14.0M | −$54.2M | −$10.4M | $214.8M | −$467.5M | −$351.1M | $253.0M |
| Cash from financing activities | −$1.09B | −$417.3M | −$202.4M | −$149.6M | −$186.1M | −$908.8M | $277.5M | −$186.2M | −$545.7M | −$201.6M |
| Summary | ||||||||||
| Net change in cash | −$1.74B | $1.68B | $209.3M | −$143.0M | −$185.5M | −$73.2M | −$253.6M | $466.2M | −$90.9M | $51.4M |
| Cash at end of period | $1.32B | $3.06B | $1.38B | $1.17B | $1.32B | $1.50B | $1.58B | $1.83B | $948.6M | $1.04B |
| Free cash flow | −$40.9M | $1.84B | $1.26B | $692.2M | $1.11B | $343.5M | $199.0M | −$14.3M | $284.6M | $263.3M |
| Free cash flow margin | −0.6% | 30.7% | 22.5% | 13.0% | 20.9% | 7.2% | 3.8% | −0.3% | 6.4% | 6.4% |
| Capex / revenue | 0.8% | 0.3% | 0.6% | 0.7% | 0.7% | 0.9% | 1.2% | 0.5% | 0.6% | 3.5% |
| Operating cash flow / net income | −0.04 | 1.71 | 3.34 | 3.10 | 1.80 | — | 0.62 | 0.25 | — | 0.79 |
| 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 | $211.0M | $254.8M | $251.5M | $301.9M | $223.4M | $194.1M | $293.6M | $180.7M | $212.0M | $395.5M | −$142.6M | $188.1M |
| Depreciation & amortization | $15.1M | $14.4M | $63.7M | $13.9M | $13.5M | $13.8M | $13.1M | $14.3M | $13.6M | $14.3M | $13.2M | $31.2M |
| Stock-based compensation | $20.0M | $17.9M | $6.2M | $11.0M | $11.3M | $11.8M | $9.3M | $10.2M | $9.6M | $13.7M | $14.2M | $15.3M |
| Change in working capital | −$403.3M | $233.8M | $357.3M | $403.3M | −$1.83B | $94.7M | −$46.6M | $443.7M | $261.0M | −$33.7M | $478.9M | $69.5M |
| Other non-cash items | $634.3M | −$1.4M | −$48.3M | −$56.3M | −$68.6M | −$5.3M | $86.1M | −$61.9M | $21.9M | −$5.6M | −$57.5M | $44.1M |
| Cash from operating activities | $477.1M | $519.4M | $630.4M | $673.8M | −$1.65B | $309.1M | $355.5M | $587.0M | $518.1M | $384.1M | $306.3M | $348.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$16.5M | −$7.9M | −$8.6M | −$7.3M | −$297,000 | −$8.6M | −$724,000 | −$8.2M | −$14.9M | −$8.6M |
| Investments (net) | −$648.9M | −$205.1M | −$356.8M | −$566.0M | −$184.5M | $462.3M | $1.39B | −$700.3M | −$621.2M | $211.0M | −$165.6M | −$384.2M |
| Acquisitions & other investing | $235.2M | −$118.3M | $32.8M | $7.9M | $8.6M | $7.3M | $297,000 | $8.6M | $724,000 | $8.2M | $14.9M | −$151.3M |
| Cash from investing activities | −$413.7M | −$323.4M | −$340.5M | −$566.0M | −$184.5M | $462.3M | $1.39B | −$700.3M | −$621.2M | $211.0M | −$165.6M | −$544.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$41.6M | −$42.7M | −$41.5M | −$42.0M | −$42.3M | −$47.2M | −$44.7M | −$44.7M | −$44.9M | −$47.8M | −$45.8M | −$45.1M |
| Share repurchases & issuance (net) | −$38.8M | −$59.5M | −$287.8M | −$110.0M | −$50.0M | −$440.0M | −$60.1M | −$39.9M | −$38.4M | −$61.6M | −$6.2M | −$373,000 |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | −$9.2M | −$10.2M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$66.4M | −$22.7M | −$885,000 | −$60,000 | −$1.1M | −$24.5M | −$982,000 | −$387,000 | −$435,000 | −$14.1M | $0 | $0 |
| Cash from financing activities | −$146.8M | −$124.9M | −$330.2M | −$152.0M | −$93.4M | −$511.7M | −$114.9M | −$95.2M | −$83.7M | −$123.5M | −$51.9M | −$45.5M |
| Summary | ||||||||||||
| Net change in cash | −$77.3M | $66.9M | −$36.9M | −$51.1M | −$1.92B | $269.1M | $1.59B | −$183.7M | −$186.5M | $457.6M | $116.7M | −$251.0M |
| Cash at end of period | $1.28B | $1.39B | $1.32B | $1.36B | $1.41B | $3.33B | $3.06B | $1.47B | $1.66B | $1.84B | $1.38B | $1.27B |
| Free cash flow | $477.1M | $519.4M | $630.4M | $673.8M | −$1.65B | $309.1M | $355.5M | $587.0M | $517.4M | $375.9M | $291.3M | $339.6M |
| Free cash flow margin | 27.2% | 31.6% | 36.3% | 39.8% | −107.4% | 21.1% | 22.4% | 38.6% | 35.2% | 26.0% | 20.6% | 22.9% |
| Capex / revenue | 0.0% | 0.0% | 1.0% | 0.5% | 0.6% | 0.5% | 0.0% | 0.6% | 0.0% | 0.6% | 1.1% | 0.6% |
| Operating cash flow / net income | 2.26 | 2.04 | 2.51 | 2.23 | −7.41 | 1.59 | 1.21 | 3.25 | 2.44 | 0.97 | — | 1.85 |
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.
AXS cash generation
In fiscal 2025 (ended December 31, 2025), AXIS Capital generated -$40.9 million of cash from operations (down 102.2%) and spent $51.3 million on capital expenditures, leaving free cash flow of -$40.9 million, −0.6% of revenue. It returned $1.1 billion to shareholders through dividends ($173.0 million) and net share buybacks ($887.7 million). Cash and equivalents fell by $1.7 billion over the year.
Related: AXS income statement, AXS balance sheet, AXS dividend history. See the AXS stock overview for the latest quote and news.
AXS cash flow FAQ
What is AXIS Capital's free cash flow?
AXIS Capital's free cash flow was -$40.9 million in fiscal 2025: -$40.9 million of operating cash flow minus $51.3 million of capital expenditures It was $1.8 billion a year earlier..
How much cash does AXIS Capital generate from operations?
AXIS Capital generated -$40.9 million of cash from operating activities in fiscal 2025, −0.04 times its net income of $1.0 billion.
How much does AXIS Capital spend on capital expenditures?
AXIS Capital spent $51.3 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $17.4 million the year before.
How much stock does AXIS Capital buy back?
AXIS Capital spent $887.7 million on net share repurchases in fiscal 2025.
How much does AXIS Capital pay in dividends?
AXIS Capital paid $173.0 million in dividends in fiscal 2025.