Mercury General Corporation (MCY) Cash Flow Statement
Where MCY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.09B +4.8% vs 2024
- Capital expenditures
- $58.4M 1.0% of revenue
- Free cash flow
- $1.03B 17.2% margin
- Returned to shareholders
- $70.3M 7% of free cash flow
- Change in cash
- $595.3M cash at year-end $1.32B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MCY operating cash flow, capex and free cash flow
MCY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $287.5M2016 | $1.09B2025 | +15.9%/yr | |
| Capital expenditures | $17.0M2016 | $58.4M2025 | +14.7%/yr | |
| Free cash flow | $270.5M2016 | $1.03B2025 | +16.0%/yr | |
| Free cash flow margin | 8.4%2016 | 17.2%2025 | +8.8 pts | |
| Operating cash flow / net income | 3.942016 | 2.012025 | −1.93 | |
| Stock-based compensation | $142,0002016 | $4.6M2024 | +54.7%/yr | |
| Dividends paid | $137.2M2016 | $70.3M2025 | −7.2%/yr | |
| Share buybacks (net) | $3.3M2016 | $02025 | −100.0% | |
| Capex / revenue | 0.5%2016 | 1.0%2025 | +0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MCY cash flow by activity
MCY 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).
MCY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $541.1M | $468.0M | $96.3M | −$512.7M | $247.9M | $374.6M | $320.1M | −$5.7M | $144.9M | $73.0M |
| Depreciation & amortization | $75.0M | $73.4M | $72.2M | $82.4M | $79.1M | $68.5M | $64.7M | $58.8M | $55.3M | $26.4M |
| Stock-based compensation | — | $4.6M | — | $50,000 | $141,000 | $142,000 | $123,000 | $145,000 | $60,000 | $142,000 |
| Change in working capital | $595.2M | $239.1M | $330.4M | $297.5M | $269.8M | $233.8M | $384.7M | $183.0M | $185.4M | $131.7M |
| Other non-cash items | −$124.1M | $252.0M | −$45.9M | $485.3M | −$95.3M | −$71.4M | −$250.0M | $147.2M | −$44.3M | $56.2M |
| Cash from operating activities | $1.09B | $1.04B | $453.0M | $352.6M | $501.6M | $605.6M | $519.7M | $383.4M | $341.4M | $287.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$58.4M | −$46.1M | −$36.8M | −$35.5M | −$41.4M | −$40.0M | −$40.1M | −$28.0M | −$19.4M | −$17.0M |
| Investments (net) | −$404.1M | −$796.7M | −$305.8M | −$316.4M | −$335.5M | −$340.4M | −$278.8M | −$136.5M | −$136.7M | −$243.3M |
| Acquisitions & other investing | $42.3M | $46.1M | $47.2M | $35.5M | $3.3M | −$30.9M | −$82.3M | −$57.9M | −$29.5M | $33.6M |
| Cash from investing activities | −$420.2M | −$796.7M | −$295.4M | −$316.4M | −$373.7M | −$411.3M | −$401.2M | −$222.4M | −$185.6M | −$226.7M |
| Financing activities | ||||||||||
| Dividends paid | −$70.3M | −$70.3M | −$70.3M | −$105.5M | −$140.2M | −$139.6M | −$139.1M | −$138.5M | −$137.9M | −$137.2M |
| Share repurchases & issuance (net) | $0 | $752,000 | $0 | $0 | $215,000 | $0 | $701,000 | $358,000 | $2.2M | −$3.3M |
| Net borrowing (repayment) | −$1.4M | −$1.5M | $173.9M | $25.0M | −$825,000 | −$609,000 | −$609,000 | −$609,000 | $51.0M | $30.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$1.5M | $0 | $0 | $609,000 | $609,000 | $0 | $5.8M |
| Cash from financing activities | −$71.7M | −$71.1M | $103.6M | −$82.0M | −$140.8M | −$140.2M | −$138.4M | −$138.1M | −$84.7M | −$104.7M |
| Summary | ||||||||||
| Net change in cash | $595.3M | $169.4M | $261.1M | −$45.8M | −$12.9M | $54.1M | −$19.9M | $22.9M | $71.1M | −$43.9M |
| Cash at end of period | $1.32B | $720.3M | $550.9M | $289.8M | $335.6M | $348.5M | $294.4M | $314.3M | $291.4M | $220.3M |
| Free cash flow | $1.03B | $991.0M | $416.2M | $317.1M | $460.1M | $565.7M | $479.6M | $355.5M | $322.0M | $270.5M |
| Free cash flow margin | 17.2% | 18.1% | 9.0% | 8.7% | 11.5% | 14.9% | 12.1% | 10.5% | 9.4% | 8.4% |
| Capex / revenue | 1.0% | 0.8% | 0.8% | 1.0% | 1.0% | 1.1% | 1.0% | 0.8% | 0.6% | 0.5% |
| Operating cash flow / net income | 2.01 | 2.22 | 4.70 | — | 2.02 | 1.62 | 1.62 | — | 2.36 | 3.94 |
| 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 | $263.5M | $190.4M | $202.5M | $280.4M | $166.5M | −$108.3M | $101.1M | $230.9M | $62.6M | $73.5M | $191.4M | −$8.2M |
| Depreciation & amortization | $20.5M | $19.8M | $21.3M | $18.8M | $17.7M | $17.2M | $19.6M | $19.1M | $17.4M | $17.3M | $18.1M | $18.2M |
| Stock-based compensation | — | — | — | — | — | — | $1.4M | — | — | — | — | — |
| Change in working capital | $49.5M | $81.5M | $88.1M | $278.4M | $259.2M | −$10.4M | $118.3M | $165.7M | $69.6M | −$13.5M | $175.7M | $63.1M |
| Other non-cash items | −$115.8M | $33.8M | −$24.1M | −$81.1M | −$71.8M | $32.8M | $7.9M | −$97.6M | $128.4M | $115.4M | −$159.8M | $49.2M |
| Cash from operating activities | $217.7M | $325.6M | $287.9M | $496.4M | $371.6M | −$68.7M | $248.3M | $318.1M | $278.0M | $192.6M | $225.3M | $122.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$16.1M | −$16.8M | −$14.0M | −$16.9M | −$14.4M | −$13.1M | −$12.3M | −$12.0M | −$11.6M | −$10.3M | −$9.8M | −$7.9M |
| Investments (net) | −$228.8M | −$258.2M | −$216.5M | −$348.5M | −$516.0M | $651.6M | −$127.4M | −$293.6M | −$180.8M | −$194.9M | −$110.5M | −$133.3M |
| Acquisitions & other investing | $25.7M | $2.7M | $23.3M | $16.9M | $14.4M | $13.1M | $12.3M | $12.0M | $11.6M | $10.3M | $9.8M | −$43.7M |
| Cash from investing activities | −$219.2M | −$272.3M | −$207.2M | −$348.5M | −$516.0M | $651.6M | −$127.4M | −$293.6M | −$180.8M | −$194.9M | −$110.5M | −$184.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M | −$17.6M |
| Share repurchases & issuance (net) | — | — | $0 | — | — | — | $752,000 | — | — | — | — | — |
| Net borrowing (repayment) | $369.0M | −$398,000 | −$58,000 | $9,000 | −$569,000 | −$754,000 | −$121,000 | $15,000 | — | — | — | $124.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$442,000 | −$985,000 | −$247,000 | $0 |
| Cash from financing activities | $351.5M | −$18.0M | −$17.6M | −$17.6M | −$18.2M | −$18.3M | −$17.0M | −$17.6M | −$18.0M | −$18.6M | −$17.8M | $107.2M |
| Summary | ||||||||||||
| Net change in cash | $349.9M | $35.3M | $63.0M | $130.3M | −$162.5M | $564.5M | $104.0M | $6.9M | $79.2M | −$20.8M | $97.0M | $96.2M |
| Cash at end of period | $1.70B | $1.35B | $1.32B | $1.25B | $1.12B | $1.28B | $720.3M | $616.3M | $609.3M | $530.1M | $550.9M | $453.9M |
| Free cash flow | $201.6M | $308.8M | $273.9M | $479.5M | $357.2M | −$81.9M | $236.0M | $306.2M | $266.5M | $182.4M | $215.5M | $114.4M |
| Free cash flow margin | 12.0% | 20.1% | 17.8% | 30.3% | 24.2% | −5.9% | 17.3% | 20.0% | 20.4% | 14.3% | 15.7% | 10.7% |
| Capex / revenue | 1.0% | 1.1% | 0.9% | 1.1% | 1.0% | 0.9% | 0.9% | 0.8% | 0.9% | 0.8% | 0.7% | 0.7% |
| Operating cash flow / net income | 0.83 | 1.71 | 1.42 | 1.77 | 2.23 | — | 2.46 | 1.38 | 4.44 | 2.62 | 1.18 | — |
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.
MCY cash generation
In fiscal 2025 (ended December 31, 2025), Mercury General generated $1.1 billion of cash from operations (up 4.8%) and spent $58.4 million on capital expenditures, leaving free cash flow of $1.0 billion, 17.2% of revenue. It returned $70.3 million to shareholders through dividends ($70.3 million) and net share buybacks ($0). Cash and equivalents rose by $595.3 million over the year.
Related: MCY income statement, MCY balance sheet, MCY dividend history. See the MCY stock overview for the latest quote and news.
MCY cash flow FAQ
What is Mercury General's free cash flow?
Mercury General's free cash flow was $1.0 billion in fiscal 2025: $1.1 billion of operating cash flow minus $58.4 million of capital expenditures It was $991.0 million a year earlier..
How much cash does Mercury General generate from operations?
Mercury General generated $1.1 billion of cash from operating activities in fiscal 2025, 2.01 times its net income of $541.1 million.
How much does Mercury General spend on capital expenditures?
Mercury General spent $58.4 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with $46.1 million the year before.
How much does Mercury General pay in dividends?
Mercury General paid $70.3 million in dividends in fiscal 2025, 6.8% of free cash flow.