Equitable Holdings, Inc. (EQH) Cash Flow Statement
Where EQH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $713.0M −56.5% vs 2024
- Capital expenditures
- $34.0M 0.3% of revenue
- Free cash flow
- $679.0M 5.8% margin
- Returned to shareholders
- $3.20B 471% of free cash flow
- Change in cash
- $5.50B cash at year-end $12.96B
Cash from operations
$713.0M
Capital expenditures
−$34.0M
Investments (net)
−$8.00B
Acquisitions & other
−$2.72B
Dividends
−$375.0M
Share buybacks (net)
−$2.82B
Net borrowing (repayment)
+$587.0M
Other financing
+$18.11B
Currency & other
+$36.0M
Change in cash
$5.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EQH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EQH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$236.0M2016 | $713.0M2025 | — | |
| Capital expenditures | $97.0M2016 | $34.0M2025 | −11.0%/yr | |
| Free cash flow | −$333.0M2016 | $679.0M2025 | — | |
| Free cash flow margin | −2.8%2016 | 5.8%2025 | +8.7 pts | |
| Operating cash flow / net income | −0.142016 | 1.252024 | +1.40 | |
| Stock-based compensation | $213.0M2016 | $277.0M2025 | +3.0%/yr | |
| Dividends paid | $157.0M2016 | $375.0M2025 | +10.2%/yr | |
| Share buybacks (net) | $236.0M2016 | $2.82B2025 | +31.7%/yr | |
| Capex / revenue | 0.8%2016 | 0.3%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQH cash flow by activity
OperatingInvestingFinancingChange in cash
EQH 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).
EQH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.38B | $1.31B | $1.30B | $2.03B | −$24.0M | −$349.0M | −$1.44B | $2.15B | $1.26B | $1.65B |
| Depreciation & amortization | $872.0M | $868.0M | $812.0M | $814.0M | $497.0M | $1.76B | $657.0M | $296.0M | $399.0M | $758.0M |
| Stock-based compensation | $277.0M | $285.0M | −$144.0M | $286.0M | $226.0M | $210.0M | $278.0M | $228.0M | $247.0M | $213.0M |
| Change in working capital | −$3.46B | −$1.66B | −$2.61B | −$1.45B | −$2.11B | $110.0M | −$551.0M | −$448.0M | $637.0M | $254.0M |
| Other non-cash items | $4.41B | $834.0M | $434.0M | −$2.52B | $652.0M | −$1.79B | $836.0M | −$2.17B | −$2.78B | −$3.11B |
| Cash from operating activities | $713.0M | $1.64B | −$208.0M | −$851.0M | −$756.0M | −$61.0M | −$216.0M | $61.0M | −$243.0M | −$236.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$34.0M | −$153.0M | −$117.0M | −$167.0M | −$120.0M | −$107.0M | −$93.0M | −$123.0M | −$102.0M | −$97.0M |
| Investments (net) | −$8.00B | −$15.86B | −$8.18B | −$7.48B | −$11.55B | −$7.42B | −$8.18B | −$3.40B | −$6.26B | −$5.77B |
| Acquisitions & other investing | −$2.72B | $646.0M | $3.45B | $157.0M | −$1.02B | −$300.0M | −$220.0M | $1.47B | −$3.32B | $97.0M |
| Cash from investing activities | −$10.75B | −$15.36B | −$4.85B | −$7.49B | −$12.69B | −$7.82B | −$8.50B | −$2.05B | −$9.69B | −$5.77B |
| Financing activities | ||||||||||
| Dividends paid | −$375.0M | −$382.0M | −$381.0M | −$374.0M | −$375.0M | −$350.0M | −$285.0M | −$157.0M | −$157.0M | −$157.0M |
| Share repurchases & issuance (net) | −$2.82B | −$1.26B | −$1.06B | −$849.0M | −$1.64B | −$430.0M | −$1.35B | −$2.25B | −$275.0M | −$236.0M |
| Net borrowing (repayment) | $587.0M | −$38.0M | $899.0M | $104.0M | −$188.0M | $300.0M | −$906.0M | −$250.0M | −$368.0M | −$1.79B |
| Shares issued | $0 | $0 | $0 | $0 | $293.0M | $494.0M | $775.0M | $0 | $0 | $0 |
| Other financing | $18.11B | $13.78B | $9.54B | $8.77B | $14.42B | $9.66B | $10.47B | $4.32B | $9.87B | $7.29B |
| Cash from financing activities | $15.50B | $12.10B | $9.00B | $7.65B | $12.51B | $9.67B | $8.71B | $1.66B | $9.07B | $5.11B |
| Summary | ||||||||||
| Net change in cash | $5.50B | −$1.64B | $3.96B | −$907.0M | −$991.0M | $1.77B | −$64.0M | −$345.0M | −$840.0M | −$903.0M |
| Cash at end of period | $12.96B | $7.46B | $8.24B | $4.28B | $5.19B | $6.18B | $4.41B | $4.47B | $4.81B | $5.65B |
| Free cash flow | $679.0M | $1.49B | −$325.0M | −$1.02B | −$876.0M | −$168.0M | −$309.0M | −$62.0M | −$345.0M | −$333.0M |
| Free cash flow margin | 5.8% | 11.9% | −3.1% | −8.1% | −11.5% | −1.4% | −3.2% | −0.5% | −2.8% | −2.8% |
| Capex / revenue | 0.3% | 1.2% | 1.1% | 1.3% | 1.6% | 0.9% | 1.0% | 1.0% | 0.8% | 0.8% |
| Operating cash flow / net income | — | 1.25 | −0.16 | −0.42 | — | — | — | 0.03 | −0.19 | −0.14 |
| 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 | −$353.0M | $731.0M | $215.0M | −$1.22B | −$349.0M | $63.0M | $1.01B | −$134.0M | $428.0M | $217.0M | −$698.0M | $1.06B |
| Depreciation & amortization | $239.0M | $224.0M | $220.0M | $219.0M | $220.0M | $213.0M | $220.0M | $212.0M | $193.0M | $241.0M | $236.0M | $196.0M |
| Stock-based compensation | $38.0M | $22.0M | $213.0M | $16.0M | $22.0M | $26.0M | $207.0M | −$131.0M | $28.0M | $25.0M | $235.0M | $18.0M |
| Change in working capital | −$736.0M | −$617.0M | −$1.36B | −$863.0M | −$804.0M | −$379.0M | −$202.0M | $718.0M | $117.0M | −$633.0M | −$1.18B | −$310.0M |
| Other non-cash items | $1.46B | $139.0M | $631.0M | $2.21B | $963.0M | $507.0M | −$840.0M | $18.0M | $126.0M | $181.0M | $1.02B | −$558.0M |
| Cash from operating activities | $643.0M | $499.0M | −$80.0M | $369.0M | $52.0M | $430.0M | $400.0M | $683.0M | $892.0M | $31.0M | −$392.0M | $410.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$10.0M | −$9.0M | −$16.0M | −$33.0M | −$7.0M | −$10.0M | −$26.0M | −$28.0M | −$36.0M | −$63.0M | −$35.0M | −$25.0M |
| Investments (net) | −$234.0M | −$2.54B | −$1.86B | −$4.77B | −$2.52B | −$1.20B | −$5.54B | −$2.39B | −$5.25B | −$2.68B | $115.0M | −$750.0M |
| Acquisitions & other investing | −$1.92B | −$402.0M | −$540.0M | $33.0M | $88.0M | $102.0M | $26.0M | $28.0M | $36.0M | $63.0M | $35.0M | −$4.19B |
| Cash from investing activities | −$2.16B | −$2.96B | −$2.42B | −$4.77B | −$2.44B | −$1.11B | −$5.54B | −$2.39B | −$5.25B | −$2.68B | $115.0M | −$4.97B |
| Financing activities | ||||||||||||
| Dividends paid | −$96.0M | −$90.0M | −$90.0M | −$97.0M | −$100.0M | −$88.0M | −$101.0M | −$90.0M | −$104.0M | −$87.0M | −$100.0M | −$91.0M |
| Share repurchases & issuance (net) | −$366.0M | −$147.0M | −$404.0M | −$676.0M | −$1.29B | −$292.0M | −$417.0M | −$254.0M | −$275.0M | −$259.0M | −$314.0M | −$238.0M |
| Net borrowing (repayment) | $10.0M | $426.0M | $180.0M | −$460.0M | $366.0M | $501.0M | $612.0M | −$7.0M | — | — | — | −$25.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $9.25B | −$285.0M | $1.74B | $4.29B | $9.88B | $2.02B | $2.46B | $1.93B | $3.74B | $5.29B | $2.80B | $824.0M |
| Cash from financing activities | $8.80B | −$96.0M | $1.43B | $3.05B | $8.86B | $2.14B | $2.55B | $1.58B | $3.36B | $4.95B | $2.39B | $470.0M |
| Summary | ||||||||||||
| Net change in cash | $7.28B | −$2.56B | −$1.07B | −$1.35B | $6.50B | $1.47B | −$2.62B | −$105.0M | −$673.0M | $2.12B | $2.14B | −$1.60B |
| Cash at end of period | $17.18B | $9.90B | $12.96B | $13.60B | $15.44B | $8.94B | $6.96B | $9.58B | $9.68B | $10.36B | $8.24B | $6.10B |
| Free cash flow | $633.0M | $490.0M | −$64.0M | $336.0M | $45.0M | $420.0M | $374.0M | $655.0M | $856.0M | −$32.0M | −$427.0M | $385.0M |
| Free cash flow margin | 38.2% | 11.6% | −2.0% | 23.2% | 1.9% | 10.8% | 10.3% | 22.0% | 24.4% | −1.4% | −19.7% | 10.6% |
| Capex / revenue | 0.6% | 0.2% | 0.5% | 2.3% | 0.3% | 0.3% | 0.7% | 0.9% | 1.0% | 2.8% | 1.6% | 0.7% |
| Operating cash flow / net income | — | 0.68 | −0.37 | — | — | 6.83 | 0.39 | — | 2.08 | 0.14 | — | 0.39 |
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.
EQH cash generation
In fiscal 2025 (ended December 31, 2025), Equitable generated $713.0 million of cash from operations (down 56.5%) and spent $34.0 million on capital expenditures, leaving free cash flow of $679.0 million, 5.8% of revenue. It returned $3.2 billion to shareholders through dividends ($375.0 million) and net share buybacks ($2.8 billion). Cash and equivalents rose by $5.5 billion over the year.
Related: EQH income statement, EQH balance sheet, EQH dividend history. See the EQH stock overview for the latest quote and news.
EQH cash flow FAQ
What is Equitable's free cash flow?
Equitable's free cash flow was $679.0 million in fiscal 2025: $713.0 million of operating cash flow minus $34.0 million of capital expenditures It was $1.5 billion a year earlier..
How much cash does Equitable generate from operations?
Equitable generated $713.0 million of cash from operating activities in fiscal 2025.
How much does Equitable spend on capital expenditures?
Equitable spent $34.0 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $153.0 million the year before.
How much stock does Equitable buy back?
Equitable spent $2.8 billion on net share repurchases in fiscal 2025.
How much does Equitable pay in dividends?
Equitable paid $375.0 million in dividends in fiscal 2025, 55.2% of free cash flow.