Jackson Financial Inc. (JXN) Cash Flow Statement
Where JXN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.76B −0.6% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $5.76B 86.2% margin
- Returned to shareholders
- $936.0M 16% of free cash flow
- Change in cash
- $1.94B cash at year-end $5.70B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JXN operating cash flow, capex and free cash flow
JXN cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.31B2017 | $5.76B2025 | +1.0%/yr | |
| Capital expenditures | $02017 | $02025 | — | |
| Free cash flow | $5.31B2017 | $5.76B2025 | +1.0%/yr | |
| Free cash flow margin | 85.7%2017 | 86.2%2025 | +0.5 pts | |
| Operating cash flow / net income | 10.722017 | 79.972025 | +69.25 | |
| Stock-based compensation | $105.4M2017 | $132.0M2025 | +2.9%/yr | |
| Dividends paid | $600.0M2017 | $267.0M2025 | −9.6%/yr | |
| Share buybacks (net) | $2.00B2019 | $669.0M2025 | −16.7%/yr | |
| Capex / revenue | 0.0%2017 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JXN cash flow by activity
JXN 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).
JXN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $72.0M | $976.0M | $954.0M | $5.74B | $3.44B | −$1.64B | −$442.0M | $2.05B | $495.3M |
| Depreciation & amortization | — | — | $591.0M | −$5.0M | $3.37B | $6.51B | $8.05B | $10.8M | — |
| Stock-based compensation | $132.0M | $191.0M | $107.0M | $131.0M | $129.0M | $56.0M | $79.0M | $38.6M | $105.4M |
| Change in working capital | −$244.0M | −$301.0M | −$4.0M | $1.43B | −$1.35B | −$1.12B | −$2.37B | $1.46B | $1.9M |
| Other non-cash items | $5.80B | $4.93B | $3.66B | −$2.09B | $143.0M | −$96.5M | −$948.0M | $2.26B | $4.71B |
| Cash from operating activities | $5.76B | $5.79B | $5.31B | $5.21B | $5.74B | $3.71B | $4.37B | $5.82B | $5.31B |
| Investing activities | |||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$7.21B | −$7.09B | −$4.53B | −$121.0M | −$680.0M | $1.64B | −$641.7M | −$3.53B | $3.46B |
| Acquisitions & other investing | −$547.0M | $0 | $3.94B | −$1.25B | −$616.0M | −$5.98B | −$7.69B | $1.64B | −$5.49B |
| Cash from investing activities | −$7.76B | −$7.09B | −$592.0M | −$1.37B | −$1.30B | −$4.33B | −$8.33B | −$1.89B | −$2.03B |
| Financing activities | |||||||||
| Dividends paid | −$267.0M | −$255.0M | −$236.0M | −$186.0M | −$50.0M | −$50.0M | −$2.88B | −$450.0M | −$600.0M |
| Share repurchases & issuance (net) | −$669.0M | −$442.0M | −$306.0M | −$321.0M | −$211.0M | $500.0M | −$2.00B | — | — |
| Net borrowing (repayment) | −$496.0M | $867.0M | −$407.0M | −$82.0M | $2.78B | $1.12B | $2.65B | −$605.1M | −$316.9M |
| Shares issued | $0 | $0 | $533.0M | $533.0M | $5.0M | $500.0M | $7.0M | $7.4M | $0 |
| Other financing | $5.37B | $2.20B | −$5.91B | −$2.11B | −$6.36B | −$1.37B | $4.15B | −$1.22B | −$1.52B |
| Cash from financing activities | $3.94B | $2.37B | −$6.33B | −$2.16B | −$3.83B | $705.0M | $1.93B | −$2.27B | −$2.44B |
| Summary | |||||||||
| Net change in cash | $1.94B | $1.08B | −$1.61B | $1.67B | $612.0M | $84.0M | −$2.03B | $1.66B | $845.3M |
| Cash at end of period | $5.70B | $3.77B | $2.69B | $4.30B | $2.63B | $2.02B | $1.94B | $3.97B | $2.31B |
| Free cash flow | $5.76B | $5.79B | $5.31B | $5.21B | $5.74B | $3.71B | $4.37B | $5.82B | $5.31B |
| Free cash flow margin | 86.2% | 187.4% | 167.8% | 53.6% | 104.4% | 79.9% | 125.2% | 42.5% | 85.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 79.97 | 5.94 | 5.57 | 0.91 | 1.67 | — | — | 2.83 | 10.72 |
| 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 | $660.0M | −$420.0M | −$186.0M | $91.0M | $185.0M | −$18.0M | $358.0M | −$466.0M | $282.0M | $802.0M | −$1.56B | $2.79B |
| Depreciation & amortization | — | — | −$8.0M | — | $8.0M | −$8.0M | — | −$136.0M | $136.0M | — | $141.0M | $148.0M |
| Stock-based compensation | $14.0M | $60.0M | $26.0M | $34.0M | $18.0M | $54.0M | $29.0M | $69.0M | $48.0M | $45.0M | $33.0M | $35.0M |
| Change in working capital | $246.0M | −$352.0M | $47.0M | −$225.0M | −$172.0M | $106.0M | $101.0M | −$505.0M | $23.0M | $80.0M | $53.0M | $85.0M |
| Other non-cash items | $929.0M | $1.76B | $1.74B | $1.47B | $1.13B | $1.46B | $1.04B | $2.40B | $989.0M | $499.0M | $2.97B | −$1.93B |
| Cash from operating activities | $1.85B | $1.04B | $1.62B | $1.37B | $1.17B | $1.59B | $1.52B | $1.36B | $1.48B | $1.43B | $1.63B | $1.13B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$2.31B | −$2.11B | −$1.57B | −$2.09B | −$2.77B | −$953.0M | −$2.77B | −$401.0M | −$1.91B | −$2.01B | $93.0M | $2.12B |
| Acquisitions & other investing | −$704.0M | −$319.0M | −$376.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.80B |
| Cash from investing activities | −$3.02B | −$2.43B | −$1.94B | −$2.09B | −$2.77B | −$953.0M | −$2.77B | −$401.0M | −$1.91B | −$2.01B | $93.0M | −$685.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$73.0M | −$75.0M | −$65.0M | −$65.0M | −$68.0M | −$69.0M | −$62.0M | −$64.0M | −$64.0M | −$65.0M | −$60.0M | −$62.0M |
| Share repurchases & issuance (net) | −$227.0M | −$227.0M | −$152.0M | −$157.0M | −$158.0M | −$202.0M | −$99.0M | −$114.0M | −$109.0M | −$120.0M | −$70.0M | −$72.0M |
| Net borrowing (repayment) | $484.0M | $57.0M | −$133.0M | $44.0M | $109.0M | −$516.0M | $718.0M | −$179.0M | — | — | — | −$1.47B |
| Shares issued | $0 | $500.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.43B | $965.0M | $1.81B | $1.68B | $1.61B | $266.0M | $1.39B | $716.0M | −$196.0M | $618.0M | −$1.67B | −$982.0M |
| Cash from financing activities | $1.61B | $1.22B | $1.47B | $1.50B | $1.49B | −$521.0M | $1.95B | $359.0M | −$369.0M | $433.0M | −$1.80B | −$2.59B |
| Summary | ||||||||||||
| Net change in cash | $447.0M | −$165.0M | $1.14B | $778.0M | −$103.0M | $120.0M | $706.0M | $1.32B | −$805.0M | −$147.0M | −$74.0M | $662.0M |
| Cash at end of period | $5.99B | $5.54B | $5.70B | $4.56B | $3.78B | $3.89B | $3.77B | $3.06B | $1.74B | $2.54B | $2.69B | $2.77B |
| Free cash flow | $1.85B | $1.04B | $1.62B | $1.37B | $1.17B | $1.59B | $1.52B | $1.36B | $1.48B | $1.43B | $1.63B | $1.13B |
| Free cash flow margin | 1,100.6% | 36.0% | 77.4% | 101.6% | — | 42.8% | 965.2% | 65.2% | 123.2% | — | 180.6% | 43.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | 2.80 | — | — | 15.05 | 6.34 | — | 4.26 | — | 5.24 | 1.78 | — | 0.40 |
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.
JXN cash generation
In fiscal 2025 (ended December 31, 2025), Jackson Financial generated $5.8 billion of cash from operations (down 0.6%) and spent $0 on capital expenditures, leaving free cash flow of $5.8 billion, 86.2% of revenue. It returned $936.0 million to shareholders through dividends ($267.0 million) and net share buybacks ($669.0 million). Cash and equivalents rose by $1.9 billion over the year.
Related: JXN income statement, JXN balance sheet, JXN dividend history. See the JXN stock overview for the latest quote and news.
JXN cash flow FAQ
What is Jackson Financial's free cash flow?
Jackson Financial's free cash flow was $5.8 billion in fiscal 2025: $5.8 billion of operating cash flow minus $0 of capital expenditures It was $5.8 billion a year earlier..
How much cash does Jackson Financial generate from operations?
Jackson Financial generated $5.8 billion of cash from operating activities in fiscal 2025, 79.97 times its net income of $72.0 million.
How much stock does Jackson Financial buy back?
Jackson Financial spent $669.0 million on net share repurchases in fiscal 2025.
How much does Jackson Financial pay in dividends?
Jackson Financial paid $267.0 million in dividends in fiscal 2025, 4.6% of free cash flow.