Chubb Limited (CB) Cash Flow Statement
Where CB’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $14.54B −10.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $14.54B 24.3% margin
- Returned to shareholders
- $5.20B 36% of free cash flow
- Change in cash
- −$79.0M cash at year-end $2.47B
Cash from operations
$14.54B
Investments (net)
−$8.97B
Acquisitions & other
−$4.01B
Dividends
−$1.50B
Share buybacks (net)
−$3.69B
Net borrowing (repayment)
+$1.62B
Other financing
+$1.73B
Currency & other
+$215.0M
Change in cash
−$79.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CB operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.29B2016 | $14.54B2025 | +11.9%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $5.29B2016 | $14.54B2025 | +11.9%/yr | |
| Free cash flow margin | 16.8%2016 | 24.3%2025 | +7.5 pts | |
| Operating cash flow / net income | 1.282016 | 1.412025 | +0.13 | |
| Stock-based compensation | $301.0M2016 | $356.0M2024 | +2.1%/yr | |
| Dividends paid | $1.17B2016 | $1.50B2025 | +2.8%/yr | |
| Share buybacks (net) | $02016 | $3.69B2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CB cash flow by activity
OperatingInvestingFinancingChange in cash
CB 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).
CB cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $10.31B | $9.64B | $9.02B | $5.31B | $8.54B | $3.53B | $4.45B | $3.96B | $3.86B | $4.13B |
| Depreciation & amortization | $301.0M | $323.0M | $310.0M | $285.0M | $287.0M | $290.0M | $305.0M | $339.0M | $260.0M | $1.58B |
| Stock-based compensation | — | $356.0M | $324.0M | $264.0M | −$3.25B | $865.0M | $925.0M | $285.0M | $300.0M | $301.0M |
| Change in working capital | $4.11B | $5.78B | $2.26B | $3.90B | $5.87B | $5.69B | $717.0M | $270.0M | $199.0M | −$1.69B |
| Other non-cash items | −$186.0M | $81.0M | $720.0M | $1.48B | −$293.0M | −$593.0M | −$59.0M | $624.0M | −$117.0M | $963.0M |
| Cash from operating activities | $14.54B | $16.18B | $12.63B | $11.24B | $11.15B | $9.79B | $6.34B | $5.48B | $4.50B | $5.29B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$1.42B | −$907.0M | −$1.39B | −$980.0M | $0 | $0 |
| Investments (net) | −$8.97B | −$13.92B | −$5.89B | −$3.65B | −$4.99B | −$5.43B | −$4.64B | −$2.40B | −$2.33B | $8.92B |
| Acquisitions & other investing | −$4.01B | $0 | −$1.76B | −$2.01B | −$249.0M | −$1.19B | $130.0M | $441.0M | −$94.0M | −$14.24B |
| Cash from investing activities | −$12.98B | −$13.92B | −$7.65B | −$5.65B | −$6.66B | −$7.52B | −$5.91B | −$2.94B | −$2.42B | −$5.32B |
| Financing activities | ||||||||||
| Dividends paid | −$1.50B | −$1.44B | −$1.39B | −$1.38B | −$1.40B | −$1.39B | −$1.35B | −$1.34B | −$1.31B | −$1.17B |
| Share repurchases & issuance (net) | −$3.69B | −$1.80B | −$2.41B | −$2.89B | −$4.86B | −$523.0M | −$1.53B | −$1.04B | −$801.0M | $167.0M |
| Net borrowing (repayment) | $1.62B | $971.0M | −$475.0M | −$998.0M | $1.58B | −$313.0M | $2.32B | $180.0M | −$496.0M | −$1.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.73B | $85.0M | −$209.0M | $140.0M | $277.0M | $142.0M | $415.0M | $210.0M | $286.0M | $265.0M |
| Cash from financing activities | −$1.85B | −$2.18B | −$4.49B | −$5.13B | −$4.41B | −$2.08B | −$151.0M | −$1.99B | −$2.32B | −$742.0M |
| Summary | ||||||||||
| Net change in cash | −$79.0M | −$72.0M | $494.0M | $316.0M | −$25.0M | $190.0M | $306.0M | $489.0M | −$237.0M | −$797.0M |
| Cash at end of period | $2.47B | $2.55B | $2.62B | $2.13B | $1.81B | $1.84B | $1.65B | $1.34B | $851.0M | $1.09B |
| Free cash flow | $14.54B | $16.18B | $12.63B | $11.24B | $12.57B | $10.69B | $7.73B | $5.48B | $4.50B | $5.29B |
| Free cash flow margin | 24.3% | 28.8% | 25.3% | 26.2% | 30.8% | 29.7% | 22.6% | 16.8% | 13.9% | 16.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 3.5% | 2.5% | 4.1% | 3.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.41 | 1.68 | 1.40 | 2.12 | 1.31 | 2.77 | 1.42 | 1.38 | 1.17 | 1.28 |
| 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 | $2.88B | $2.35B | $3.21B | $3.11B | $3.00B | $1.34B | $2.64B | $2.49B | $2.22B | $2.29B | $3.29B | $2.04B |
| Depreciation & amortization | $74.0M | $73.0M | $77.0M | $75.0M | $74.0M | $75.0M | $82.0M | $81.0M | $80.0M | $80.0M | $84.0M | $84.0M |
| Stock-based compensation | $195.0M | $118.0M | — | — | — | $98.0M | — | $116.0M | $23.0M | $163.0M | $324.0M | −$89.0M |
| Change in working capital | $976.0M | $867.0M | −$90.0M | −$3.34B | $2.34B | $1.00B | $747.0M | $2.20B | $1.56B | $1.27B | −$449.0M | $426.0M |
| Other non-cash items | −$397.0M | $542.0M | $1.56B | $3.79B | −$1.86B | −$952.0M | $1.10B | −$565.0M | $195.0M | −$591.0M | −$63.0M | $2.22B |
| Cash from operating activities | $3.73B | $3.95B | $4.76B | $3.64B | $3.55B | $1.57B | $4.57B | $4.32B | $4.08B | $3.22B | $3.19B | $4.68B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$370.0M |
| Investments (net) | −$2.10B | −$2.53B | −$2.09B | −$5.30B | −$2.83B | −$798.0M | −$2.47B | −$5.38B | −$2.32B | −$3.75B | −$2.21B | −$3.58B |
| Acquisitions & other investing | −$241.0M | −$306.0M | −$940.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.49B |
| Cash from investing activities | −$2.34B | −$2.83B | −$3.03B | −$5.30B | −$2.83B | −$798.0M | −$2.47B | −$5.38B | −$2.32B | −$3.75B | −$2.21B | −$5.43B |
| Financing activities | ||||||||||||
| Dividends paid | −$379.0M | −$380.0M | −$384.0M | −$390.0M | −$365.0M | −$366.0M | −$367.0M | −$371.0M | −$349.0M | −$349.0M | −$350.0M | −$356.0M |
| Share repurchases & issuance (net) | −$1.06B | −$1.17B | −$1.17B | −$1.09B | −$746.0M | −$691.0M | −$450.0M | −$295.0M | −$652.0M | −$404.0M | −$563.0M | −$584.0M |
| Net borrowing (repayment) | $662.0M | $254.0M | $0 | $2.17B | $249.0M | −$800.0M | −$626.0M | $1.30B | — | — | — | −$154.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$490.0M | $350.0M | −$106.0M | $999.0M | $100.0M | $732.0M | −$676.0M | $487.0M | −$745.0M | $1.31B | −$251.0M | $81.0M |
| Cash from financing activities | −$1.27B | −$950.0M | −$1.66B | $1.70B | −$762.0M | −$1.12B | −$2.12B | $1.12B | −$1.75B | $562.0M | −$1.16B | −$1.01B |
| Summary | ||||||||||||
| Net change in cash | $119.0M | $164.0M | $16.0M | $83.0M | $121.0M | −$299.0M | −$129.0M | $110.0M | −$83.0M | $30.0M | −$157.0M | $403.0M |
| Cash at end of period | $2.75B | $2.63B | $2.47B | $2.45B | $2.37B | $2.25B | $2.55B | $2.68B | $2.57B | $2.65B | $2.62B | $2.78B |
| Free cash flow | $3.73B | $3.95B | $4.76B | $3.64B | $3.55B | $1.57B | $4.57B | $4.32B | $4.08B | $3.22B | $3.19B | $4.68B |
| Free cash flow margin | 23.6% | 26.7% | 31.1% | 22.5% | 23.9% | 11.7% | 32.2% | 28.6% | 29.3% | 25.0% | 24.1% | 33.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.7% |
| Operating cash flow / net income | 1.29 | 1.68 | 1.48 | 1.17 | 1.18 | 1.17 | 1.73 | 1.73 | 1.84 | 1.40 | 0.97 | 2.29 |
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.
CB cash generation
In fiscal 2025 (ended December 31, 2025), Chubb generated $14.5 billion of cash from operations (down 10.2%) and spent $0 on capital expenditures, leaving free cash flow of $14.5 billion, 24.3% of revenue. It returned $5.2 billion to shareholders through dividends ($1.5 billion) and net share buybacks ($3.7 billion). Cash and equivalents fell by $79.0 million over the year.
Related: CB income statement, CB balance sheet, CB dividend history. See the CB stock overview for the latest quote and news.
CB cash flow FAQ
What is Chubb's free cash flow?
Chubb's free cash flow was $14.5 billion in fiscal 2025: $14.5 billion of operating cash flow minus $0 of capital expenditures It was $16.2 billion a year earlier..
How much cash does Chubb generate from operations?
Chubb generated $14.5 billion of cash from operating activities in fiscal 2025, 1.41 times its net income of $10.3 billion.
How much stock does Chubb buy back?
Chubb spent $3.7 billion on net share repurchases in fiscal 2025.
How much does Chubb pay in dividends?
Chubb paid $1.5 billion in dividends in fiscal 2025, 10.4% of free cash flow.