Brookfield Wealth Solutions Ltd. (BNT) Cash Flow Statement
Where BNT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.61B −42.8% vs 2024
- Capital expenditures
- $69.0M 0.6% of revenue
- Free cash flow
- $2.54B 21.5% margin
- Returned to shareholders
- $112.0M 4% of free cash flow
- Change in cash
- $771.0M cash at year-end $13.01B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BNT operating cash flow, capex and free cash flow
BNT cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $149.6M2018 | $2.61B2025 | +50.5%/yr | |
| Capital expenditures | $2,0002018 | $69.0M2025 | +344.9%/yr | |
| Free cash flow | $149.6M2018 | $2.54B2025 | +49.9%/yr | |
| Free cash flow margin | 93.0%2018 | 21.5%2025 | −71.5 pts | |
| Operating cash flow / net income | 51.502019 | 3.032025 | −48.47 | |
| Dividends paid | $7.9M2021 | $5.1M2023 | −19.9%/yr | |
| Share buybacks (net) | $8.0M2021 | $112.0M2025 | +93.4%/yr | |
| Capex / revenue | 0.0%2018 | 0.6%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BNT cash flow by activity
BNT 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).
BNT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $863.0M | $1.25B | $797.0M | $501.0M | −$112.0M | $1.0M | $6.0M | −$507,000 |
| Depreciation & amortization | $218.0M | $206.0M | $50.0M | $13.0M | $0 | $0 | $217,000 | $229,000 |
| Change in working capital | $1.66B | $3.27B | $1.56B | $496.0M | $1.93B | $478.0M | $339.0M | $140.5M |
| Other non-cash items | −$123.0M | −$159.0M | −$903.0M | −$366.0M | −$133.0M | −$80.0M | −$36.2M | $9.3M |
| Cash from operating activities | $2.61B | $4.57B | $1.51B | $644.0M | $1.69B | $399.0M | $309.0M | $149.6M |
| Investing activities | ||||||||
| Capital expenditures | −$69.0M | −$40.0M | −$135.0M | −$24.0M | −$1.0M | −$1.0M | −$35,000 | −$2,000 |
| Investments (net) | −$7.95B | $1.43B | −$1.81B | −$4.88B | −$3.97B | −$385.0M | — | — |
| Acquisitions & other investing | −$1.65B | $40.0M | $135.0M | $24.0M | $1.0M | $1.0M | −$268.0M | −$198.9M |
| Cash from investing activities | −$9.67B | $1.43B | −$1.81B | −$4.88B | −$3.97B | −$385.0M | −$268.0M | −$198.9M |
| Financing activities | ||||||||
| Dividends paid | — | — | −$5.1M | −$5.8M | −$7.9M | — | — | — |
| Share repurchases & issuance (net) | −$112.0M | −$14.0M | −$5.0M | −$6.0M | −$8.0M | — | — | — |
| Net borrowing (repayment) | $1.20B | −$131.0M | −$170.0M | $2.54B | $1.24B | — | — | — |
| Shares issued | $0 | $4.0M | $0 | $2.96B | $1.41B | $13.0M | $0 | $0 |
| Other financing | $6.72B | $2.06B | $2.65B | $501.8M | $7.9M | $0 | −$35.0M | $46.5M |
| Cash from financing activities | $7.81B | $1.92B | $2.46B | $5.99B | $2.64B | $13.0M | −$35.0M | $46.5M |
| Summary | ||||||||
| Net change in cash | $771.0M | $7.93B | $2.16B | $1.75B | $358.0M | $22.0M | $5.0M | −$1.5M |
| Cash at end of period | $13.01B | $12.24B | $4.31B | $2.15B | $393.0M | $35.0M | $13.0M | $7.7M |
| Free cash flow | $2.54B | $4.53B | $1.37B | $620.0M | $1.69B | $398.0M | $309.0M | $149.6M |
| Free cash flow margin | 21.5% | 31.6% | 19.7% | 14.2% | 163.3% | 77.4% | 80.9% | 93.0% |
| Capex / revenue | 0.6% | 0.3% | 1.9% | 0.5% | 0.1% | 0.2% | 0.0% | 0.0% |
| Operating cash flow / net income | 3.03 | 3.66 | 1.89 | 1.29 | — | 399.00 | 51.50 | — |
| 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 | $143.0M | −$602.0M | $21.0M | $608.0M | $516.0M | −$282.0M | $576.0M | $65.0M | $269.0M | $337.0M | $453.0M | $77.0M |
| Depreciation & amortization | $49.0M | $56.0M | $63.0M | $48.0M | $43.0M | $64.0M | $50.0M | $63.0M | $57.0M | $36.0M | $22.0M | $11.0M |
| Change in working capital | $1.10B | $41.0M | $803.0M | $267.0M | $204.0M | $382.0M | $1.47B | $1.08B | $511.0M | $223.0M | $420.0M | $319.0M |
| Other non-cash items | −$31.0M | $996.0M | $239.0M | −$475.0M | −$252.0M | $365.0M | $160.0M | −$325.0M | $370.0M | −$364.0M | −$342.0M | −$215.0M |
| Cash from operating activities | $1.26B | $491.0M | $1.13B | $448.0M | $511.0M | $529.0M | $2.25B | $879.0M | $1.21B | $232.0M | $553.0M | $192.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$20.0M | −$12.0M | −$23.0M | −$16.0M | −$23.0M | −$7.0M | −$21.0M | −$30.0M | −$15.0M | −$16.0M | −$135.0M | −$1 |
| Investments (net) | −$542.0M | −$4.13B | −$3.09B | −$3.13B | $2.75B | −$5.57B | −$4.24B | −$1.25B | $9.22B | — | −$33.0M | −$216.0M |
| Acquisitions & other investing | −$1.58B | −$25.0M | −$611.0M | $16.0M | $23.0M | $7.0M | $21.0M | $30.0M | $15.0M | −$2.28B | $135.0M | $1 |
| Cash from investing activities | −$2.14B | −$4.17B | −$3.72B | −$3.13B | $2.75B | −$5.57B | −$4.24B | −$1.25B | $9.22B | −$2.29B | −$33.0M | −$216.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$109.3M | −$107.8M | — | — | — | — | −$3.0M | −$3.0M | −$2.1M | — |
| Share repurchases & issuance (net) | −$4.0M | −$5.0M | −$3.0M | −$101.0M | −$4.0M | −$4.0M | −$4.1M | −$4.0M | −$3.0M | −$3.0M | −$2.0M | −$3.0M |
| Net borrowing (repayment) | $2.96B | −$5.0M | $903.0M | $198.0M | $129.0M | −$29.0M | −$859.0M | $56.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $310.0M | $906.0M | $2.62B | $1.80B | $1.43B | $1.09B | $432.1M | $639.0M | $1.33B | $339.0M | $344.1M | $583.0M |
| Cash from financing activities | $3.26B | $896.0M | $3.41B | $1.79B | $1.55B | $1.05B | −$431.0M | $691.0M | $1.33B | $333.0M | $340.0M | $580.0M |
| Summary | ||||||||||||
| Net change in cash | $2.38B | −$2.79B | $805.0M | −$882.0M | $4.83B | −$3.98B | −$2.38B | $292.0M | $11.76B | −$1.73B | $860.0M | $555.0M |
| Cash at end of period | $12.61B | $10.23B | $13.01B | $12.21B | $13.09B | $8.26B | $12.24B | $14.63B | $14.34B | $2.57B | $4.31B | $3.45B |
| Free cash flow | $1.24B | $479.0M | $1.10B | $432.0M | $488.0M | $522.0M | $2.27B | $849.0M | $1.19B | $216.0M | $418.0M | $192.0M |
| Free cash flow margin | 30.1% | 29.3% | 35.6% | 13.9% | 16.8% | 21.6% | 38.0% | 30.9% | 40.9% | 8.5% | 18.0% | 12.5% |
| Capex / revenue | 0.5% | 0.7% | 0.7% | 0.5% | 0.8% | 0.3% | 0.4% | 1.1% | 0.5% | 0.6% | 5.8% | 0.0% |
| Operating cash flow / net income | 8.80 | — | 53.62 | 0.74 | 0.99 | — | 3.91 | 13.52 | 4.49 | 0.69 | 1.22 | 2.49 |
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.
BNT cash generation
In fiscal 2025 (ended December 31, 2025), Brookfield Wealth Solutions generated $2.6 billion of cash from operations (down 42.8%) and spent $69.0 million on capital expenditures, leaving free cash flow of $2.5 billion, 21.5% of revenue. It returned $112.0 million to shareholders through dividends ($0) and net share buybacks ($112.0 million). Cash and equivalents rose by $771.0 million over the year.
Related: BNT income statement, BNT balance sheet, BNT dividend history. See the BNT stock overview for the latest quote and news.
BNT cash flow FAQ
What is Brookfield Wealth Solutions's free cash flow?
Brookfield Wealth Solutions's free cash flow was $2.5 billion in fiscal 2025: $2.6 billion of operating cash flow minus $69.0 million of capital expenditures It was $4.5 billion a year earlier..
How much cash does Brookfield Wealth Solutions generate from operations?
Brookfield Wealth Solutions generated $2.6 billion of cash from operating activities in fiscal 2025, 3.03 times its net income of $863.0 million.
How much does Brookfield Wealth Solutions spend on capital expenditures?
Brookfield Wealth Solutions spent $69.0 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $40.0 million the year before.
How much stock does Brookfield Wealth Solutions buy back?
Brookfield Wealth Solutions spent $112.0 million on net share repurchases in fiscal 2025.