Prudential Financial, Inc. (PRU) Cash Flow Statement
Where PRU’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.27B −26.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $6.27B 10.3% margin
- Returned to shareholders
- $2.93B 47% of free cash flow
- Change in cash
- $1.23B cash at year-end $19.75B
Cash from operations
$6.27B
Investments (net)
−$24.11B
Acquisitions & other
−$1.78B
Dividends
−$1.93B
Share buybacks (net)
−$1.00B
Net borrowing (repayment)
+$1.22B
Other financing
+$22.48B
Currency & other
+$77.0M
Change in cash
$1.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PRU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PRU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $14.78B2016 | $6.27B2025 | −9.1%/yr | |
| Capital expenditures | $1.81B2016 | $02025 | −100.0% | |
| Free cash flow | $12.97B2016 | $6.27B2025 | −7.8%/yr | |
| Free cash flow margin | 22.1%2016 | 10.3%2025 | −11.8 pts | |
| Operating cash flow / net income | 3.342016 | 1.752025 | −1.59 | |
| Stock-based compensation | $202.0M2016 | $257.0M2023 | +3.5%/yr | |
| Dividends paid | $1.30B2016 | $1.93B2025 | +4.5%/yr | |
| Share buybacks (net) | $2.12B2016 | $1.00B2025 | −8.0%/yr | |
| Capex / revenue | 3.1%2016 | 0.0%2025 | −3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PRU cash flow by activity
OperatingInvestingFinancingChange in cash
PRU 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).
PRU cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.58B | $2.85B | $2.51B | −$1.46B | $7.79B | −$146.0M | $4.24B | $4.09B | $7.97B | $4.42B |
| Depreciation & amortization | $128.0M | $383.0M | −$70.0M | $124.0M | $204.0M | $457.0M | $460.0M | $161.0M | $222.0M | $318.0M |
| Stock-based compensation | — | — | $257.0M | $220.0M | $284.0M | $242.0M | $231.0M | $155.0M | $263.0M | $202.0M |
| Change in working capital | −$4.59B | −$412.0M | −$958.0M | $1.31B | $3.30B | $3.03B | $13.18B | $17.58B | $4.67B | $10.36B |
| Other non-cash items | $7.16B | $5.68B | $4.77B | $4.96B | −$1.77B | $4.79B | $1.52B | −$321.0M | $315.0M | −$525.0M |
| Cash from operating activities | $6.27B | $8.50B | $6.51B | $5.16B | $9.81B | $8.37B | $19.62B | $21.66B | $13.45B | $14.78B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$736.0M | −$88.0M | −$3.80B | $0 | −$2.31B | −$1.81B |
| Investments (net) | −$24.11B | −$28.59B | −$12.12B | −$7.57B | −$2.35B | −$15.73B | −$17.26B | −$21.51B | −$11.22B | −$55.79B |
| Acquisitions & other investing | −$1.78B | $0 | $0 | −$65.0M | −$2.26B | −$396.0M | $4.04B | −$120.0M | $1.59B | $36.05B |
| Cash from investing activities | −$25.89B | −$28.59B | −$12.12B | −$7.64B | −$5.34B | −$16.21B | −$17.03B | −$21.63B | −$11.93B | −$21.55B |
| Financing activities | ||||||||||
| Dividends paid | −$1.93B | −$1.89B | −$1.85B | −$1.82B | −$1.81B | −$1.77B | −$1.64B | −$1.52B | −$1.30B | −$1.30B |
| Share repurchases & issuance (net) | −$1.00B | −$1.00B | −$1.01B | −$1.49B | −$2.50B | −$500.0M | −$2.50B | −$1.50B | −$1.25B | −$2.12B |
| Net borrowing (repayment) | $1.22B | $845.0M | −$232.0M | $1.31B | −$1.14B | $249.0M | $1.38B | $199.0M | $38.0M | $292.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $22.48B | $21.44B | $10.83B | $6.93B | $2.45B | $6.90B | $1.12B | $3.60B | $1.25B | $6.33B |
| Cash from financing activities | $20.77B | $19.39B | $7.74B | $4.93B | −$3.01B | $4.88B | −$1.63B | $781.0M | −$1.26B | $3.20B |
| Summary | ||||||||||
| Net change in cash | $1.23B | −$943.0M | $2.16B | $4.37B | −$921.0M | −$2.62B | $979.0M | $959.0M | $363.0M | −$3.48B |
| Cash at end of period | $19.75B | $18.52B | $19.46B | $17.30B | $12.93B | $13.86B | $16.47B | $15.49B | $14.49B | $14.13B |
| Free cash flow | $6.27B | $8.50B | $6.51B | $5.16B | $10.55B | $8.28B | $15.82B | $21.66B | $11.14B | $12.97B |
| Free cash flow margin | 10.3% | 12.0% | 12.0% | 9.1% | 14.8% | 14.5% | 24.4% | 34.4% | 18.7% | 22.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.2% | 5.9% | 0.0% | 3.9% | 3.1% |
| Operating cash flow / net income | 1.75 | 2.99 | 2.60 | — | 1.26 | — | 4.63 | 5.30 | 1.69 | 3.34 |
| 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 | $1.04B | $597.0M | $905.0M | $1.52B | $566.0M | $742.0M | $73.0M | $451.0M | $1.17B | $1.15B | $1.33B | −$791.0M |
| Depreciation & amortization | −$110.0M | $143.0M | −$49.0M | $177.0M | $482.0M | −$161.0M | $53.0M | −$41.0M | −$26.0M | $397.0M | −$71.0M | −$45.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $257.0M | — |
| Change in working capital | −$976.0M | −$1.01B | $1.04B | $1.54B | −$2.43B | −$4.74B | $387.0M | −$1.77B | −$2.16B | $3.13B | −$949.0M | $708.0M |
| Other non-cash items | $2.39B | $1.28B | $1.42B | $1.06B | $2.54B | $1.66B | $1.81B | $2.46B | $870.0M | $541.0M | $540.0M | $2.97B |
| Cash from operating activities | $2.35B | $1.01B | $3.32B | $4.30B | $1.16B | −$2.51B | $2.32B | $1.10B | −$146.0M | $5.22B | $1.10B | $2.84B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$5.86B | −$9.97B | −$5.24B | −$9.24B | −$5.83B | −$5.46B | −$7.30B | −$5.70B | −$5.34B | −$10.24B | −$3.10B | −$2.88B |
| Acquisitions & other investing | −$1.41B | −$204.0M | −$117.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$6.14B |
| Cash from investing activities | −$7.27B | −$10.18B | −$5.36B | −$9.24B | −$5.83B | −$5.46B | −$7.30B | −$5.70B | −$5.34B | −$10.24B | −$3.10B | −$9.02B |
| Financing activities | ||||||||||||
| Dividends paid | −$490.0M | −$502.0M | −$475.0M | −$479.0M | −$481.0M | −$491.0M | −$467.0M | −$469.0M | −$472.0M | −$483.0M | −$455.0M | −$458.0M |
| Share repurchases & issuance (net) | −$250.0M | −$246.0M | −$254.0M | −$250.0M | −$250.0M | −$246.0M | −$254.0M | −$253.0M | −$251.0M | −$242.0M | −$258.0M | −$250.0M |
| Net borrowing (repayment) | $1.52B | $173.0M | $838.0M | $321.0M | −$859.0M | $923.0M | $460.0M | $292.0M | — | — | — | $448.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.42B | $6.01B | $4.29B | $6.13B | $6.74B | $5.31B | $3.68B | $7.86B | $4.72B | $5.27B | $4.99B | $2.61B |
| Cash from financing activities | $4.20B | $5.44B | $4.40B | $5.73B | $5.15B | $5.50B | $3.42B | $7.43B | $4.00B | $4.54B | $4.27B | $2.35B |
| Summary | ||||||||||||
| Net change in cash | −$776.0M | −$3.76B | $2.23B | $823.0M | $597.0M | −$2.42B | −$1.71B | $3.10B | −$1.62B | −$707.0M | $2.53B | $2.23B |
| Cash at end of period | $15.22B | $15.99B | $19.75B | $17.52B | $16.70B | $16.10B | $18.52B | $20.23B | $17.13B | $18.76B | $19.46B | $16.93B |
| Free cash flow | $2.35B | $1.01B | $3.32B | $4.30B | $1.16B | −$2.51B | $2.32B | $1.10B | −$146.0M | $5.22B | $1.10B | $2.84B |
| Free cash flow margin | 15.0% | 6.5% | 21.2% | 23.9% | 8.4% | −18.5% | 18.4% | 5.7% | −1.0% | 22.2% | 7.2% | 33.6% |
| Capex / revenue | 0.0% | 0.0% | 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 | 2.24 | 1.69 | 3.67 | 2.83 | 2.05 | −3.38 | 31.81 | 2.45 | −0.12 | 4.54 | 0.83 | — |
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.
PRU cash generation
In fiscal 2025 (ended December 31, 2025), Prudential generated $6.3 billion of cash from operations (down 26.2%) and spent $0 on capital expenditures, leaving free cash flow of $6.3 billion, 10.3% of revenue. It returned $2.9 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($1.0 billion). Cash and equivalents rose by $1.2 billion over the year.
Related: PRU income statement, PRU balance sheet, PRU dividend history. See the PRU stock overview for the latest quote and news.
PRU cash flow FAQ
What is Prudential's free cash flow?
Prudential's free cash flow was $6.3 billion in fiscal 2025: $6.3 billion of operating cash flow minus $0 of capital expenditures It was $8.5 billion a year earlier..
How much cash does Prudential generate from operations?
Prudential generated $6.3 billion of cash from operating activities in fiscal 2025, 1.75 times its net income of $3.6 billion.
How much stock does Prudential buy back?
Prudential spent $1.0 billion on net share repurchases in fiscal 2025.
How much does Prudential pay in dividends?
Prudential paid $1.9 billion in dividends in fiscal 2025, 30.7% of free cash flow.