Manulife Financial Corporation (MFC) Cash Flow Statement
Where MFC’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$32.08B +21.1% vs 2024
- Capital expenditures
- C$0 0.0% of revenue
- Free cash flow
- C$32.08B 60.5% margin
- Returned to shareholders
- C$5.73B 18% of free cash flow
- Change in cash
- −C$39.5M cash at year-end C$14.90B
Cash from operations
C$32.08B
Acquisitions & other
−C$28.34B
Dividends
−C$3.30B
Share buybacks (net)
−C$2.43B
Net borrowing (repayment)
+C$1.45B
Other financing
+C$2.16B
Currency & other
−C$1.66B
Change in cash
−C$39.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MFC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MFC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$17.04B2016 | C$32.08B2025 | +7.3%/yr | |
| Capital expenditures | C$02016 | C$02025 | — | |
| Free cash flow | C$17.04B2016 | C$32.08B2025 | +7.3%/yr | |
| Free cash flow margin | 33.0%2016 | 60.5%2025 | +27.6 pts | |
| Operating cash flow / net income | 5.442016 | 5.762025 | +0.32 | |
| Stock-based compensation | C$19.0M2016 | C$02024 | −100.0% | |
| Dividends paid | C$1.59B2016 | C$3.30B2025 | +8.4%/yr | |
| Share buybacks (net) | C$02016 | C$2.43B2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFC cash flow by activity
OperatingInvestingFinancingChange in cash
MFC 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).
MFC cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$5.57B | C$5.88B | C$5.10B | C$7.18B | C$6.91B | C$5.58B | C$5.50B | C$4.89B | C$2.26B | C$3.13B |
| Depreciation & amortization | C$870.1M | −C$1.51B | C$581.0M | C$538.0M | C$529.0M | C$656.0M | C$626.0M | C$747.0M | C$560.0M | C$693.0M |
| Stock-based compensation | — | C$0 | C$2.0M | C$5.0M | C$9.0M | C$14.0M | C$11.0M | C$10.0M | C$15.0M | C$19.0M |
| Change in working capital | C$34.33B | C$22.89B | C$18.75B | −C$35.42B | C$10.83B | C$35.89B | C$35.01B | C$3.52B | C$22.24B | C$16.15B |
| Other non-cash items | −C$8.68B | −C$768.0M | −C$4.01B | C$45.43B | C$4.88B | −C$22.09B | −C$20.60B | C$10.03B | −C$7.29B | −C$2.96B |
| Cash from operating activities | C$32.08B | C$26.49B | C$20.42B | C$17.73B | C$23.16B | C$20.05B | C$20.54B | C$19.19B | C$17.79B | C$17.04B |
| Investing activities | ||||||||||
| Capital expenditures | C$0 | C$0 | −C$13.75B | −C$18.20B | −C$24.25B | C$0 | −C$80.61B | C$0 | C$0 | C$0 |
| Investments (net) | — | −C$18.46B | −C$13.72B | −C$18.61B | −C$24.44B | −C$14.15B | −C$13.83B | −C$19.00B | −C$16.29B | −C$22.74B |
| Acquisitions & other investing | −C$28.34B | C$0 | C$13.75B | C$18.20B | C$24.25B | C$0 | C$80.61B | C$0 | C$0 | C$0 |
| Cash from investing activities | −C$28.34B | −C$18.46B | −C$13.72B | −C$18.61B | −C$24.44B | −C$14.15B | −C$13.83B | −C$19.00B | −C$16.29B | −C$22.74B |
| Financing activities | ||||||||||
| Dividends paid | −C$3.30B | −C$3.16B | −C$2.97B | −C$2.79B | −C$2.50B | −C$2.34B | −C$1.40B | −C$1.79B | −C$1.78B | −C$1.59B |
| Share repurchases & issuance (net) | −C$2.43B | −C$3.27B | −C$1.59B | −C$2.60B | −C$612.0M | −C$253.0M | −C$1.34B | −C$478.0M | C$2.92B | C$6.09B |
| Net borrowing (repayment) | C$1.45B | C$1.25B | C$1.03B | −C$288.0M | −C$1.98B | C$3.81B | −C$1.24B | −C$192.0M | C$1.42B | C$4.09B |
| Shares issued | C$73.0M | C$144.0M | C$94.0M | C$1.01B | C$3.22B | C$36.0M | C$104.0M | C$304.0M | C$0 | C$0 |
| Other financing | C$2.16B | C$859.0M | −C$1.60B | C$1.65B | −C$177.0M | −C$589.0M | C$1.80B | C$1.43B | −C$2.54B | −C$5.30B |
| Cash from financing activities | −C$2.05B | −C$4.17B | −C$5.04B | −C$3.00B | −C$2.05B | C$663.0M | −C$2.08B | −C$724.0M | C$14.0M | C$3.29B |
| Summary | ||||||||||
| Net change in cash | −C$39.5M | C$5.06B | C$1.25B | −C$3.29B | −C$3.65B | C$6.04B | C$4.17B | C$284.0M | C$860.0M | −C$2.76B |
| Cash at end of period | C$14.90B | C$24.94B | C$19.88B | C$18.64B | C$21.93B | C$25.58B | C$19.55B | C$15.38B | C$15.10B | C$14.24B |
| Free cash flow | C$32.08B | C$26.49B | C$20.42B | C$17.73B | C$23.16B | C$20.05B | C$20.54B | C$19.19B | C$17.79B | C$17.04B |
| Free cash flow margin | 60.5% | — | — | 73.4% | 38.7% | 26.0% | 26.4% | 51.5% | 31.4% | 33.0% |
| Capex / revenue | 0.0% | — | — | 75.3% | 40.5% | 0.0% | 103.6% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 5.76 | 4.51 | 4.00 | 2.47 | 3.35 | 3.60 | 3.73 | 3.93 | 7.87 | 5.44 |
| 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 | C$2.32B | C$1.24B | C$1.50B | C$1.92B | C$1.92B | C$623.0M | C$1.71B | C$2.07B | C$1.13B | C$972.0M | C$1.80B | C$1.23B |
| Depreciation & amortization | −C$604.0M | C$250.6M | C$231.8M | −C$484.0M | −C$411.0M | −C$428.0M | −C$195.0M | −C$447.0M | −C$419.0M | −C$446.0M | −C$442.0M | −C$335.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | C$0 | C$2.0M | C$2.0M |
| Change in working capital | C$12.96B | C$1.05B | C$8.19B | C$12.09B | C$8.29B | C$5.77B | C$4.52B | C$9.06B | C$5.61B | C$3.69B | C$7.95B | C$2.23B |
| Other non-cash items | −C$5.59B | C$1.01B | −C$1.32B | −C$3.99B | −C$2.53B | C$724.0M | C$1.09B | −C$3.17B | C$947.0M | C$358.0M | −C$3.14B | C$2.39B |
| Cash from operating activities | C$9.08B | C$3.55B | C$8.60B | C$9.54B | C$7.28B | C$6.69B | C$7.13B | C$7.52B | C$7.27B | C$4.58B | C$6.17B | C$5.51B |
| Investing activities | ||||||||||||
| Capital expenditures | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | −C$5.78B | −C$5.78B |
| Investments (net) | — | — | — | −C$7.81B | −C$5.93B | −C$6.52B | −C$3.72B | −C$4.70B | −C$6.53B | −C$3.50B | −C$6.18B | −C$3.56B |
| Acquisitions & other investing | −C$8.18B | −C$3.00B | −C$8.10B | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$5.78B | C$1.80B |
| Cash from investing activities | −C$8.18B | −C$3.00B | −C$8.10B | −C$7.81B | −C$5.93B | −C$6.52B | −C$3.72B | −C$4.70B | −C$6.53B | −C$3.50B | −C$6.18B | −C$7.54B |
| Financing activities | ||||||||||||
| Dividends paid | −C$911.0M | −C$864.2M | −C$842.3M | −C$804.0M | −C$856.0M | −C$802.0M | −C$799.0M | −C$766.0M | −C$817.0M | −C$777.0M | −C$759.0M | −C$720.0M |
| Share repurchases & issuance (net) | −C$599.0M | −C$372.0M | C$341.7M | −C$613.0M | −C$653.0M | −C$507.0M | −C$1.43B | −C$986.0M | −C$652.0M | −C$203.0M | −C$333.0M | −C$421.0M |
| Net borrowing (repayment) | C$1.14B | −C$683.0M | C$531.0M | C$431.0M | C$367.0M | C$121.0M | C$454.0M | −C$642.0M | — | — | — | C$52.0M |
| Shares issued | C$19.0M | C$69.0M | C$29.0M | C$9.0M | C$7.0M | C$28.0M | C$49.0M | C$13.0M | C$47.0M | C$35.0M | C$40.0M | C$24.0M |
| Other financing | C$1.65B | −C$778.6M | C$393.2M | C$955.0M | −C$487.0M | C$302.0M | C$282.0M | C$232.0M | C$1.04B | C$750.0M | −C$532.0M | −C$22.0M |
| Cash from financing activities | C$1.30B | −C$2.63B | C$452.6M | −C$22.0M | −C$1.62B | −C$858.0M | −C$1.45B | −C$2.15B | −C$385.0M | −C$195.0M | −C$1.58B | −C$1.09B |
| Summary | ||||||||||||
| Net change in cash | C$2.55B | −C$580.0M | −C$386.4M | C$2.06B | −C$1.18B | −C$609.0M | C$2.75B | C$728.0M | C$436.0M | C$1.14B | −C$1.85B | C$1.08B |
| Cash at end of period | C$27.54B | C$14.56B | C$14.90B | C$25.21B | C$23.16B | C$24.33B | C$24.94B | C$22.19B | C$21.46B | C$21.02B | C$19.88B | C$21.74B |
| Free cash flow | C$9.08B | C$3.55B | C$8.60B | C$9.54B | C$7.28B | C$6.69B | C$7.13B | C$7.52B | C$7.27B | C$4.58B | C$6.17B | C$5.51B |
| Free cash flow margin | 46.1% | 28.8% | 99.9% | 55.1% | 17.7% | 73.9% | 169.0% | 51.6% | 39.4% | 13.0% | — | 27.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 29.0% |
| Operating cash flow / net income | 3.92 | 2.87 | 5.74 | 4.97 | 3.78 | 10.74 | 4.18 | 3.64 | 6.42 | 4.71 | 3.42 | 4.49 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
MFC cash generation
In fiscal 2025 (ended December 31, 2025), Manulife Financial generated C$32.1 billion of cash from operations (up 21.1%) and spent C$0 on capital expenditures, leaving free cash flow of C$32.1 billion, 60.5% of revenue. It returned C$5.7 billion to shareholders through dividends (C$3.3 billion) and net share buybacks (C$2.4 billion). Cash and equivalents fell by C$39.5 million over the year.
Related: MFC income statement, MFC balance sheet, MFC dividend history. See the MFC stock overview for the latest quote and news.
MFC cash flow FAQ
What is Manulife Financial's free cash flow?
Manulife Financial's free cash flow was C$32.1 billion in fiscal 2025: C$32.1 billion of operating cash flow minus C$0 of capital expenditures It was C$26.5 billion a year earlier..
How much cash does Manulife Financial generate from operations?
Manulife Financial generated C$32.1 billion of cash from operating activities in fiscal 2025, 5.76 times its net income of C$5.6 billion.
How much stock does Manulife Financial buy back?
Manulife Financial spent C$2.4 billion on net share repurchases in fiscal 2025.
How much does Manulife Financial pay in dividends?
Manulife Financial paid C$3.3 billion in dividends in fiscal 2025, 10.3% of free cash flow.