MetLife, Inc. (MET) Cash Flow Statement
Where MET’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $18.11B +19.8% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $18.11B 23.5% margin
- Returned to shareholders
- $5.59B 31% of free cash flow
- Change in cash
- $1.96B cash at year-end $22.03B
Cash from operations
$18.11B
Investments (net)
−$17.91B
Acquisitions & other
+$2.30B
Dividends
−$1.70B
Share buybacks (net)
−$3.88B
Net borrowing (repayment)
−$442.0M
Other financing
+$6.19B
Currency & other
−$697.0M
Change in cash
$1.96B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MET operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MET cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $14.66B2016 | $18.11B2025 | +2.4%/yr | |
| Capital expenditures | $8.53B2016 | $02025 | −100.0% | |
| Free cash flow | $14.66B2016 | $18.11B2025 | +2.4%/yr | |
| Free cash flow margin | 24.2%2016 | 23.5%2025 | −0.7 pts | |
| Operating cash flow / net income | 4.092016 | 5.362025 | +1.27 | |
| Stock-based compensation | $147.0M2016 | $171.0M2023 | +2.2%/yr | |
| Dividends paid | $1.84B2016 | $1.70B2025 | −0.9%/yr | |
| Share buybacks (net) | $372.0M2016 | $3.88B2025 | +29.8%/yr | |
| Capex / revenue | 14.1%2016 | 0.0%2025 | −14.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MET cash flow by activity
OperatingInvestingFinancingChange in cash
MET 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).
MET cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.38B | $4.43B | $1.58B | $2.56B | $6.58B | $5.42B | $5.91B | $5.12B | $5.00B | $3.58B |
| Depreciation & amortization | $753.0M | $714.0M | $718.0M | $673.0M | $694.0M | $619.0M | $630.0M | $628.0M | $795.0M | $652.0M |
| Stock-based compensation | — | — | $171.0M | $184.0M | $173.0M | $127.0M | $150.0M | $86.0M | $128.0M | $147.0M |
| Change in working capital | $6.84B | $1.85B | $2.18B | $4.84B | $4.58B | $4.85B | $7.42B | $5.99B | $6.04B | $7.72B |
| Other non-cash items | $7.14B | $8.13B | $9.61B | $4.95B | $572.0M | $622.0M | −$328.0M | −$2.30B | $755.0M | $2.56B |
| Cash from operating activities | $18.11B | $15.12B | $14.26B | $13.20B | $12.60B | $11.64B | $13.79B | $9.53B | $12.72B | $14.66B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$1.17B | $0 | −$4.36B | −$4.27B | −$5.65B | −$7.07B | −$4.56B | −$8.53B |
| Investments (net) | −$17.91B | −$11.49B | −$11.02B | $1.40B | −$9.90B | −$17.45B | −$16.02B | −$5.55B | −$12.10B | −$2.58B |
| Acquisitions & other investing | $2.30B | $0 | $1.94B | −$4.02B | $3.07B | $3.15B | $4.09B | $6.98B | −$210.0M | $5.26B |
| Cash from investing activities | −$15.61B | −$11.49B | −$10.25B | −$2.62B | −$11.19B | −$18.57B | −$17.59B | −$5.63B | −$16.88B | −$5.85B |
| Financing activities | ||||||||||
| Dividends paid | −$1.70B | −$1.73B | −$1.76B | −$1.78B | −$1.84B | −$1.86B | −$1.82B | −$1.82B | −$1.82B | −$1.84B |
| Share repurchases & issuance (net) | −$3.88B | −$3.21B | −$3.10B | −$3.33B | −$4.80B | −$2.15B | −$2.29B | −$3.99B | −$2.93B | −$372.0M |
| Net borrowing (repayment) | −$442.0M | −$821.0M | $791.0M | $878.0M | −$632.0M | $877.0M | $409.0M | −$1.91B | −$367.0M | −$1.31B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.96B | $972.0M | $1.27B | $0 | $0 |
| Other financing | $6.19B | $2.62B | $1.14B | −$5.88B | $5.90B | $11.90B | $7.29B | $3.64B | $4.21B | $23.0M |
| Cash from financing activities | $163.0M | −$3.13B | −$2.94B | −$10.11B | −$1.38B | $10.73B | $4.57B | −$2.80B | −$906.0M | −$3.50B |
| Summary | ||||||||||
| Net change in cash | $1.96B | −$571.0M | $444.0M | $79.0M | −$513.0M | $3.20B | $777.0M | $3.12B | $50.0M | −$101.0M |
| Cash at end of period | $22.03B | $20.07B | $20.64B | $20.20B | $20.05B | $19.80B | $16.60B | $15.82B | $12.70B | $17.88B |
| Free cash flow | $18.11B | $15.12B | $14.26B | $13.20B | $16.96B | $7.37B | $8.13B | $9.53B | $12.72B | $14.66B |
| Free cash flow margin | 23.5% | 21.3% | 21.1% | 19.4% | 26.8% | 10.9% | 11.7% | 14.0% | 20.4% | 24.2% |
| Capex / revenue | 0.0% | 0.0% | 1.7% | 0.0% | 6.9% | 6.3% | 8.1% | 10.4% | 7.3% | 14.1% |
| Operating cash flow / net income | 5.36 | 3.42 | 9.04 | 5.16 | 1.92 | 2.15 | 2.33 | 1.86 | 2.55 | 4.09 |
| 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 | $736.0M | $1.19B | $809.0M | $896.0M | $729.0M | $945.0M | $1.27B | $1.34B | $946.0M | $867.0M | $607.0M | $489.0M |
| Depreciation & amortization | — | — | — | — | — | — | $623.0M | −$59.0M | $30.0M | $29.0M | $634.0M | $26.0M |
| Stock-based compensation | — | — | — | — | — | — | $168.0M | — | — | — | $171.0M | — |
| Change in working capital | — | — | $6.00B | $10.02B | $6.45B | $4.26B | $1.85B | $9.99B | — | — | $2.62B | $8.54B |
| Other non-cash items | $1.49B | $1.50B | $1.28B | −$7.34B | −$4.99B | −$945.0M | $1.22B | −$7.10B | $2.51B | $1.43B | $1.68B | −$5.58B |
| Cash from operating activities | $2.23B | $2.69B | $8.09B | $3.57B | $2.19B | $4.26B | $5.13B | $4.17B | $3.49B | $2.33B | $5.72B | $3.48B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$383.0M | −$423.0M |
| Investments (net) | −$9.41B | −$6.07B | −$4.44B | −$5.02B | −$2.98B | −$3.32B | −$5.36B | −$2.16B | −$1.34B | −$2.63B | $576.0M | −$2.42B |
| Acquisitions & other investing | $544.0M | $618.0M | $153.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $383.0M | −$7.98B |
| Cash from investing activities | −$8.87B | −$5.46B | −$4.29B | −$5.02B | −$2.98B | −$3.32B | −$5.36B | −$2.16B | −$1.34B | −$2.63B | $576.0M | −$10.82B |
| Financing activities | ||||||||||||
| Dividends paid | −$414.0M | −$417.0M | −$406.0M | −$444.0M | −$413.0M | −$440.0M | −$410.0M | −$450.0M | −$423.0M | −$444.0M | −$419.0M | −$459.0M |
| Share repurchases & issuance (net) | −$722.0M | −$755.0M | −$460.0M | −$502.0M | −$510.0M | −$1.41B | −$406.0M | −$774.0M | −$855.0M | −$1.17B | −$859.0M | −$792.0M |
| Net borrowing (repayment) | −$130.0M | $628.0M | −$1.05B | −$209.0M | $472.0M | $345.0M | −$195.0M | $172.0M | — | — | — | $17.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $4.48B | $4.10B | $918.0M | $647.0M | $1.90B | $1.73B | $492.0M | −$94.0M | $73.0M | $1.35B | $1.10B | $386.0M |
| Cash from financing activities | $3.22B | $3.56B | −$998.0M | −$508.0M | $1.45B | $220.0M | −$519.0M | −$1.15B | −$1.21B | −$261.0M | −$176.0M | −$848.0M |
| Summary | ||||||||||||
| Net change in cash | −$3.39B | $655.0M | $1.80B | −$1.95B | $852.0M | $1.26B | −$1.70B | $979.0M | $946.0M | −$799.0M | $5.73B | −$505.0M |
| Cash at end of period | $19.30B | $22.69B | $22.03B | $20.23B | $22.18B | $21.33B | $20.07B | $21.77B | $20.79B | $19.84B | $20.64B | $14.91B |
| Free cash flow | $2.23B | $2.69B | $8.09B | $3.57B | $2.19B | $4.26B | $5.13B | $4.17B | $3.49B | $2.33B | $5.72B | $3.48B |
| Free cash flow margin | 11.8% | 14.1% | 34.0% | 21.1% | 12.7% | 23.3% | 27.8% | 22.8% | 20.0% | 14.6% | 30.1% | 21.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | 2.7% |
| Operating cash flow / net income | 3.03 | 2.27 | 10.00 | 3.98 | 3.00 | 4.51 | 4.04 | 3.11 | 3.69 | 2.69 | 9.43 | 7.11 |
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.
MET cash generation
In fiscal 2025 (ended December 31, 2025), MetLife generated $18.1 billion of cash from operations (up 19.8%) and spent $0 on capital expenditures, leaving free cash flow of $18.1 billion, 23.5% of revenue. It returned $5.6 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($3.9 billion). Cash and equivalents rose by $2.0 billion over the year.
Related: MET income statement, MET balance sheet, MET dividend history. See the MET stock overview for the latest quote and news.
MET cash flow FAQ
What is MetLife's free cash flow?
MetLife's free cash flow was $18.1 billion in fiscal 2025: $18.1 billion of operating cash flow minus $0 of capital expenditures It was $15.1 billion a year earlier..
How much cash does MetLife generate from operations?
MetLife generated $18.1 billion of cash from operating activities in fiscal 2025, 5.36 times its net income of $3.4 billion.
How much stock does MetLife buy back?
MetLife spent $3.9 billion on net share repurchases in fiscal 2025.
How much does MetLife pay in dividends?
MetLife paid $1.7 billion in dividends in fiscal 2025, 9.4% of free cash flow.