Corebridge Financial, Inc. (CRBG) Cash Flow Statement
Where CRBG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.02B −6.0% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $2.02B 70.0% margin
- Returned to shareholders
- $2.63B 130% of free cash flow
- Change in cash
- −$371.0M cash at year-end $453.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRBG operating cash flow, capex and free cash flow
CRBG cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.21B2018 | $2.02B2025 | −6.4%/yr | |
| Capital expenditures | $02018 | $02025 | — | |
| Free cash flow | $3.21B2018 | $2.02B2025 | −6.4%/yr | |
| Free cash flow margin | 21.3%2018 | 70.0%2025 | +48.6 pts | |
| Operating cash flow / net income | 7.962019 | 0.982024 | −6.99 | |
| Stock-based compensation | $74.0M2019 | $64.0M2023 | −3.6%/yr | |
| Dividends paid | $2.66B2018 | $511.0M2025 | −21.0%/yr | |
| Share buybacks (net) | $02021 | $2.12B2025 | — | |
| 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.
CRBG cash flow by activity
CRBG 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).
CRBG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$390.0M | $2.20B | $1.04B | $8.47B | $8.28B | $866.0M | $307.0M | −$80.0M |
| Depreciation & amortization | $556.0M | $193.0M | $366.0M | $1.02B | $562.0M | $325.0M | $294.0M | $92.0M |
| Stock-based compensation | — | — | $64.0M | $75.0M | $88.0M | $74.0M | $74.0M | — |
| Change in working capital | −$1.06B | −$1.22B | $801.0M | −$5.48B | −$374.0M | $2.96B | $2.02B | −$1.70B |
| Other non-cash items | $2.92B | $977.0M | $1.09B | −$1.39B | −$6.10B | −$902.0M | −$251.0M | $4.89B |
| Cash from operating activities | $2.02B | $2.15B | $3.36B | $2.69B | $2.46B | $3.33B | $2.44B | $3.21B |
| Investing activities | ||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$1.28B | −$317.0M | −$4.23B | $0 |
| Investments (net) | −$12.38B | −$11.54B | −$7.19B | −$6.86B | −$1.18B | −$9.32B | −$7.25B | −$552.0M |
| Acquisitions & other investing | −$947.0M | $0 | $1.71B | −$394.0M | $493.0M | $1.73B | $1.10B | −$4.19B |
| Cash from investing activities | −$13.33B | −$11.54B | −$5.48B | −$7.25B | −$1.97B | −$7.91B | −$10.38B | −$4.74B |
| Financing activities | ||||||||
| Dividends paid | −$511.0M | −$544.0M | −$1.72B | −$876.0M | −$1.58B | −$472.0M | −$1.62B | −$2.66B |
| Share repurchases & issuance (net) | −$2.12B | −$1.79B | −$498.0M | −$331.0M | $0 | — | — | — |
| Net borrowing (repayment) | −$1.51B | $328.0M | −$324.0M | $4.0M | −$904.0M | $498.0M | $3.83B | −$2.46B |
| Shares issued | $493.0M | $1.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $14.59B | $11.59B | $4.66B | $5.80B | $1.67B | $4.64B | $5.71B | $6.63B |
| Cash from financing activities | $10.94B | $9.58B | $2.11B | $4.60B | −$809.0M | $4.67B | $7.92B | $1.51B |
| Summary | ||||||||
| Net change in cash | −$371.0M | $196.0M | $60.0M | $32.0M | −$317.0M | $91.0M | −$11.0M | −$17.0M |
| Cash at end of period | $453.0M | $824.0M | $612.0M | $633.0M | $601.0M | $918.0M | $827.0M | $838.0M |
| Free cash flow | $2.02B | $2.15B | $3.36B | $2.69B | $1.18B | $3.33B | −$1.78B | $3.21B |
| Free cash flow margin | 70.0% | 80.3% | 142.3% | 143.4% | 5.3% | 22.1% | −13.5% | 21.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 5.8% | 2.1% | 32.0% | 0.0% |
| Operating cash flow / net income | — | 0.98 | 3.24 | 0.32 | 0.30 | 3.84 | 7.96 | — |
| 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 | $2.0M | −$61.0M | $798.0M | $137.0M | −$668.0M | −$657.0M | $2.22B | −$1.19B | $341.0M | $827.0M | −$1.33B | $2.07B |
| Depreciation & amortization | $173.0M | $165.0M | $174.0M | $199.0M | $94.0M | $89.0M | $61.0M | $36.0M | $32.0M | $64.0M | $20.0M | $107.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $64.0M | — |
| Change in working capital | $777.0M | −$777.0M | $523.0M | −$457.0M | −$968.0M | −$161.0M | −$68.0M | $155.0M | −$930.0M | −$379.0M | $1.29B | −$778.0M |
| Other non-cash items | −$996.0M | $664.0M | $386.0M | $145.0M | $1.28B | $1.10B | −$736.0M | $1.08B | $548.0M | $86.0M | $726.0M | −$380.0M |
| Cash from operating activities | −$44.0M | −$9.0M | $1.88B | $24.0M | −$259.0M | $375.0M | $1.48B | $83.0M | −$9.0M | $598.0M | $767.0M | $1.02B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$770.0M | −$20.0M |
| Investments (net) | $1.17B | −$2.50B | −$2.93B | −$3.32B | −$2.67B | −$3.87B | −$1.35B | −$6.22B | −$1.32B | −$2.65B | −$2.21B | −$2.38B |
| Acquisitions & other investing | $393.0M | −$31.0M | −$537.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $770.0M | $20.0M |
| Cash from investing activities | $1.56B | −$2.53B | −$3.47B | −$3.32B | −$2.67B | −$3.87B | −$1.35B | −$6.22B | −$1.32B | −$2.65B | −$2.21B | −$2.38B |
| Financing activities | ||||||||||||
| Dividends paid | −$130.0M | −$114.0M | −$119.0M | −$128.0M | −$131.0M | −$133.0M | −$129.0M | −$133.0M | −$139.0M | −$143.0M | −$876.0M | −$146.0M |
| Share repurchases & issuance (net) | −$300.0M | −$1.25B | −$1.11B | −$380.0M | −$311.0M | −$321.0M | −$398.0M | −$715.0M | −$436.0M | −$243.0M | −$252.0M | −$46.0M |
| Net borrowing (repayment) | −$52.0M | $18.0M | −$112.0M | −$349.0M | −$986.0M | −$67.0M | $355.0M | $270.0M | — | — | — | $202.0M |
| Shares issued | $0 | $0 | $493.0M | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 |
| Other financing | −$1.06B | $3.81B | $2.56B | $4.17B | $4.26B | $3.60B | $318.0M | $6.61B | $2.13B | $2.23B | $2.58B | $1.18B |
| Cash from financing activities | −$1.54B | $2.47B | $1.72B | $3.32B | $2.83B | $3.07B | $146.0M | $6.03B | $1.56B | $1.84B | $1.45B | $1.19B |
| Summary | ||||||||||||
| Net change in cash | −$20.0M | −$74.0M | $131.0M | $26.0M | −$103.0M | −$425.0M | $277.0M | −$107.0M | $227.0M | −$202.0M | $47.0M | −$207.0M |
| Cash at end of period | $353.0M | $378.0M | $453.0M | $322.0M | $296.0M | $399.0M | $824.0M | $546.0M | $653.0M | $426.0M | $628.0M | $581.0M |
| Free cash flow | −$44.0M | −$9.0M | $1.88B | $24.0M | −$259.0M | $375.0M | $1.48B | $83.0M | −$9.0M | $598.0M | $767.0M | $1.02B |
| Free cash flow margin | −1.1% | −0.2% | 261.2% | 3.3% | −35.1% | 53.0% | 209.5% | 11.8% | −1.4% | 95.2% | 127.0% | 175.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 127.5% | 3.4% |
| Operating cash flow / net income | −22.00 | — | 2.36 | 0.18 | — | — | 0.67 | — | −0.03 | 0.72 | — | 0.49 |
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.
CRBG cash generation
In fiscal 2025 (ended December 31, 2025), Corebridge Financial generated $2.0 billion of cash from operations (down 6.0%) and spent $0 on capital expenditures, leaving free cash flow of $2.0 billion, 70.0% of revenue. It returned $2.6 billion to shareholders through dividends ($511.0 million) and net share buybacks ($2.1 billion). Cash and equivalents fell by $371.0 million over the year.
Related: CRBG income statement, CRBG balance sheet, CRBG dividend history. See the CRBG stock overview for the latest quote and news.
CRBG cash flow FAQ
What is Corebridge Financial's free cash flow?
Corebridge Financial's free cash flow was $2.0 billion in fiscal 2025: $2.0 billion of operating cash flow minus $0 of capital expenditures It was $2.2 billion a year earlier..
How much cash does Corebridge Financial generate from operations?
Corebridge Financial generated $2.0 billion of cash from operating activities in fiscal 2025.
How much stock does Corebridge Financial buy back?
Corebridge Financial spent $2.1 billion on net share repurchases in fiscal 2025.
How much does Corebridge Financial pay in dividends?
Corebridge Financial paid $511.0 million in dividends in fiscal 2025, 25.3% of free cash flow.