RenaissanceRe Holdings Ltd. (RNR) Cash Flow Statement
Where RNR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.69B −11.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $3.69B 29.0% margin
- Returned to shareholders
- $1.71B 46% of free cash flow
- Change in cash
- $54.6M cash at year-end $1.73B
Cash from operations
$3.69B
Investments (net)
−$2.22B
Dividends
−$110.2M
Share buybacks (net)
−$1.60B
Net borrowing (repayment)
+$439.1M
Other financing
−$139.7M
Change in cash
$54.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RNR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RNR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $469.8M2016 | $3.69B2025 | +25.7%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $469.8M2016 | $3.69B2025 | +25.7%/yr | |
| Free cash flow margin | 27.2%2016 | 29.0%2025 | +1.8 pts | |
| Operating cash flow / net income | 0.752016 | 1.022025 | +0.28 | |
| Stock-based compensation | $47.4M2016 | $60.3M2023 | +3.5%/yr | |
| Dividends paid | $74.0M2016 | $110.2M2025 | +4.5%/yr | |
| Share buybacks (net) | $309.4M2016 | $1.60B2025 | +20.0%/yr | |
| 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.
RNR cash flow by activity
OperatingInvestingFinancingChange in cash
RNR 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).
RNR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.62B | $2.96B | $2.56B | −$1.16B | −$103.4M | $993.1M | $950.3M | $268.9M | −$354.7M | $630.0M |
| Depreciation & amortization | −$14.1M | $258.5M | −$134.8M | −$26.9M | −$21.0M | $16.7M | −$59.0M | $123,000 | $31.2M | $29.3M |
| Stock-based compensation | — | — | $60.3M | $45.2M | $40.0M | $43.7M | $41.4M | $35.7M | $37.2M | $47.4M |
| Change in working capital | $1.29B | $966.2M | −$856.3M | $1.14B | $1.14B | $1.77B | $1.67B | $773.1M | $1.52B | −$42.2M |
| Other non-cash items | −$1.20B | −$20.4M | $281.3M | $1.60B | $179.1M | −$832.5M | −$468.9M | $143.9M | −$191.5M | −$194.8M |
| Cash from operating activities | $3.69B | $4.16B | $1.91B | $1.60B | $1.23B | $1.99B | $2.14B | $1.22B | $1.05B | $469.8M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$1.39B | −$481.3M | −$816.3M | −$2.30B | −$4.1M | $0 | $0 | $0 |
| Investments (net) | −$2.22B | −$3.06B | −$4.74B | −$3.04B | $54.3M | $15.19B | −$604.7M | −$903.2M | $9.49B | $8.10B |
| Acquisitions & other investing | −$768,000 | $0 | $2.31B | $502.9M | −$54.3M | −$15.19B | −$2.38B | −$1.63B | −$9.63B | −$8.27B |
| Cash from investing activities | −$2.22B | −$3.06B | −$3.82B | −$3.02B | −$816.3M | −$2.30B | −$2.99B | −$2.54B | −$142.4M | −$164.5M |
| Financing activities | ||||||||||
| Dividends paid | −$110.2M | −$116.2M | −$110.5M | −$100.1M | −$100.7M | −$99.4M | −$96.1M | −$82.9M | −$73.8M | −$74.0M |
| Share repurchases & issuance (net) | −$1.60B | −$666.9M | −$20.5M | −$166.7M | −$1.30B | −$187.6M | −$187.6M | −$7.9M | −$188.6M | −$309.4M |
| Net borrowing (repayment) | $439.1M | −$75.0M | $785.6M | $0 | $30.0M | −$250.0M | $396.4M | $396.4M | $295.9M | $45.9M |
| Shares issued | $0 | $0 | $1.35B | $0 | $488.7M | $1.10B | $1.10B | $491.4M | $0 | $0 |
| Other financing | −$139.7M | −$429.4M | $582.5M | $992.1M | $582.1M | $106.7M | −$88.1M | $269.3M | −$4.7M | −$48.9M |
| Cash from financing activities | −$1.41B | −$1.29B | $2.59B | $725.3M | −$302.5M | $665.2M | $1.12B | $1.07B | $28.9M | −$386.4M |
| Summary | ||||||||||
| Net change in cash | $54.6M | −$200.9M | $683.2M | −$664.7M | $122.2M | $357.7M | $271.1M | −$253.7M | $940.4M | −$85.7M |
| Cash at end of period | $1.73B | $1.68B | $1.88B | $1.19B | $1.86B | $1.74B | $1.38B | $1.11B | $1.36B | $421.2M |
| Free cash flow | $3.69B | $4.16B | $1.91B | $1.12B | $1.23B | $1.99B | $2.14B | $1.22B | $1.05B | $469.8M |
| Free cash flow margin | 29.0% | 35.8% | 21.0% | 22.2% | 23.5% | 38.7% | 51.1% | 59.4% | 49.9% | 27.2% |
| Capex / revenue | 0.0% | 0.0% | 15.3% | 9.5% | 15.5% | 44.7% | 0.1% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.02 | 1.41 | 0.75 | — | — | 2.01 | 2.25 | 4.54 | — | 0.75 |
| 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 | $978.3M | $581.8M | $1.15B | $1.33B | $1.16B | −$25.3M | −$19.2M | $1.63B | $496.6M | $618.5M | $1.59B | $200.2M |
| Depreciation & amortization | −$23.2M | −$24.4M | −$16.6M | −$6.7M | $5.4M | $3.7M | $6.8M | $225.6M | $10.0M | $16.0M | −$13.7M | −$47.8M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $60.3M | $447.3M |
| Change in working capital | $22.4M | −$223.9M | $43.3M | $391.3M | $485.2M | $368.9M | $272.4M | $475.0M | $335.1M | −$116.3M | $65.0M | $150.5M |
| Other non-cash items | −$125.2M | $354.0M | −$691.4M | −$133.5M | −$184.8M | −$189.6M | $518.9M | −$843.1M | $370.7M | $165.2M | −$1.18B | $22.3M |
| Cash from operating activities | $852.4M | $687.6M | $483.0M | $1.58B | $1.47B | $157.8M | $778.9M | $1.49B | $1.21B | $683.5M | $512.5M | $772.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.12B | −$327.9M |
| Investments (net) | −$677.2M | $488.4M | $84.6M | −$1.05B | −$751.1M | −$499.4M | −$280.3M | −$1.50B | −$979.2M | −$304.4M | −$313.5M | −$327.9M |
| Acquisitions & other investing | −$5.2M | −$17.2M | $21,000 | $0 | $0 | $0 | $0 | $0 | −$146.3M | $0 | $2.12B | $161.4M |
| Cash from investing activities | −$682.3M | $471.1M | $84.6M | −$1.05B | −$751.1M | −$499.4M | −$280.3M | −$1.50B | −$1.13B | −$304.4M | −$313.5M | −$494.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$25.7M | −$26.5M | −$26.4M | −$27.4M | −$28.0M | −$28.4M | −$28.8M | −$28.8M | −$29.2M | −$29.3M | −$28.7M | −$28.1M |
| Share repurchases & issuance (net) | −$350.5M | −$352.0M | −$660.0M | −$208.3M | −$373.6M | −$357.7M | −$451.6M | −$106.8M | −$108.5M | −$21.3M | −$514,000 | −$2.1M |
| Net borrowing (repayment) | $0 | $0 | $99.2M | −$35.1M | −$491.3M | $866.3M | −$50.0M | −$25.0M | — | — | — | −$1.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$48.3M | −$939.8M | $64.9M | $9.7M | −$24.5M | −$189.8M | $154.4M | $102.9M | $74.9M | −$593.9M | $513.7M | $0 |
| Cash from financing activities | −$424.5M | −$1.32B | −$522.3M | −$261.0M | −$917.5M | $290.4M | −$376.0M | −$57.8M | −$62.9M | −$644.6M | $484.5M | −$31.2M |
| Summary | ||||||||||||
| Net change in cash | −$260.7M | −$168.3M | $29.6M | $272.9M | −$204.1M | −$43.8M | $103.7M | −$54.2M | $20.4M | −$270.8M | $681.6M | $251.9M |
| Cash at end of period | $1.30B | $1.56B | $1.73B | $1.70B | $1.43B | $1.63B | $1.68B | $1.57B | $1.63B | $1.61B | $1.88B | $1.20B |
| Free cash flow | $852.4M | $687.6M | $483.0M | $1.58B | $1.47B | $157.8M | $778.9M | $1.49B | $1.21B | $683.5M | $512.5M | $772.5M |
| Free cash flow margin | 35.9% | 31.6% | 16.5% | 49.7% | 46.1% | 4.6% | 34.2% | 37.6% | 43.1% | 26.4% | 15.9% | 42.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 65.7% | 18.0% |
| Operating cash flow / net income | 0.87 | 1.18 | 0.42 | 1.19 | 1.26 | — | — | 0.91 | 2.44 | 1.11 | 0.32 | 3.86 |
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.
RNR cash generation
In fiscal 2025 (ended December 31, 2025), RenaissanceRe generated $3.7 billion of cash from operations (down 11.3%) and spent $0 on capital expenditures, leaving free cash flow of $3.7 billion, 29.0% of revenue. It returned $1.7 billion to shareholders through dividends ($110.2 million) and net share buybacks ($1.6 billion). Cash and equivalents rose by $54.6 million over the year.
Related: RNR income statement, RNR balance sheet, RNR dividend history. See the RNR stock overview for the latest quote and news.
RNR cash flow FAQ
What is RenaissanceRe's free cash flow?
RenaissanceRe's free cash flow was $3.7 billion in fiscal 2025: $3.7 billion of operating cash flow minus $0 of capital expenditures It was $4.2 billion a year earlier..
How much cash does RenaissanceRe generate from operations?
RenaissanceRe generated $3.7 billion of cash from operating activities in fiscal 2025, 1.02 times its net income of $3.6 billion.
How much stock does RenaissanceRe buy back?
RenaissanceRe spent $1.6 billion on net share repurchases in fiscal 2025.
How much does RenaissanceRe pay in dividends?
RenaissanceRe paid $110.2 million in dividends in fiscal 2025, 3.0% of free cash flow.