Sun Life Financial Inc. (SLF) Cash Flow Statement
Where SLF’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$13.75B +442.9% vs 2024
- Capital expenditures
- C$144.9M 0.3% of revenue
- Free cash flow
- C$13.60B 32.3% margin
- Returned to shareholders
- C$3.77B 28% of free cash flow
- Change in cash
- C$19.2M cash at year-end C$9.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SLF operating cash flow, capex and free cash flow
SLF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$3.67B2016 | C$13.75B2025 | +15.8%/yr | |
| Capital expenditures | C$131.0M2016 | C$144.9M2025 | +1.1%/yr | |
| Free cash flow | C$3.54B2016 | C$13.60B2025 | +16.1%/yr | |
| Free cash flow margin | 12.4%2016 | 32.3%2025 | +19.9 pts | |
| Operating cash flow / net income | 1.062016 | 3.872025 | +2.81 | |
| Stock-based compensation | C$362.0M2016 | C$800.0M2023 | +12.0%/yr | |
| Dividends paid | C$1.07B2016 | C$2.06B2025 | +7.5%/yr | |
| Share buybacks (net) | C$950.0M2016 | C$1.71B2025 | +6.7%/yr | |
| Capex / revenue | 0.5%2016 | 0.3%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLF cash flow by activity
SLF 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).
SLF cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$3.55B | C$4.34B | C$2.39B | C$3.92B | C$5.10B | C$3.29B | C$3.23B | C$3.51B | C$2.79B | C$3.44B |
| Depreciation & amortization | — | — | C$598.0M | C$528.0M | C$438.0M | C$406.0M | C$378.0M | C$226.0M | C$209.0M | C$203.0M |
| Stock-based compensation | — | — | C$800.0M | C$395.0M | C$1.29B | C$927.0M | C$549.0M | C$346.0M | C$476.0M | C$362.0M |
| Change in working capital | C$3.56B | C$2.39B | C$5.36B | −C$12.16B | C$2.50B | C$15.12B | C$11.40B | C$378.0M | C$6.19B | C$5.50B |
| Other non-cash items | C$6.63B | −C$4.20B | −C$1.33B | C$11.63B | −C$11.18B | −C$12.49B | −C$13.02B | −C$627.0M | −C$7.68B | −C$5.84B |
| Cash from operating activities | C$13.75B | C$2.53B | C$7.82B | C$4.31B | −C$1.86B | C$7.25B | C$2.55B | C$3.83B | C$1.98B | C$3.67B |
| Investing activities | ||||||||||
| Capital expenditures | −C$144.9M | −C$143.0M | −C$129.8M | −C$3.69B | −C$81.0M | −C$158.0M | −C$114.0M | −C$85.0M | −C$182.0M | −C$131.0M |
| Investments (net) | — | −C$337.0M | −C$559.0M | −C$2.86B | −C$29.0M | −C$886.0M | −C$430.0M | −C$280.0M | −C$339.0M | −C$1.89B |
| Acquisitions & other investing | −C$11.56B | C$143.0M | −C$3.66B | C$3.69B | −C$693.0M | C$158.0M | C$114.0M | C$85.0M | C$182.0M | C$131.0M |
| Cash from investing activities | −C$11.70B | −C$337.0M | −C$4.35B | −C$2.86B | −C$803.0M | −C$886.0M | −C$430.0M | −C$280.0M | −C$339.0M | −C$1.89B |
| Financing activities | ||||||||||
| Dividends paid | −C$2.06B | −C$1.96B | −C$1.42B | −C$1.67B | −C$1.43B | −C$1.36B | −C$1.32B | −C$1.23B | −C$1.16B | −C$1.07B |
| Share repurchases & issuance (net) | −C$1.71B | −C$855.0M | −C$140.3M | C$6.0M | −C$1.02B | −C$200.0M | −C$592.0M | −C$641.0M | −C$175.0M | −C$950.0M |
| Net borrowing (repayment) | C$1.53B | −C$496.0M | −C$610.0M | C$1.86B | C$1.34B | −C$560.0M | −C$223.0M | −C$440.0M | −C$447.0M | −C$217.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$987.0M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$35.7M | −C$569.0M | C$186.7M | −C$268.0M | −C$132.0M | −C$192.0M | −C$303.0M | −C$258.0M | −C$242.0M | C$698.0M |
| Cash from financing activities | −C$2.20B | −C$3.88B | −C$1.98B | −C$71.0M | −C$260.0M | −C$2.31B | −C$2.44B | −C$2.57B | −C$2.02B | −C$1.54B |
| Summary | ||||||||||
| Net change in cash | C$19.2M | −C$1.22B | C$1.51B | C$1.68B | −C$2.96B | C$3.96B | −C$509.0M | C$1.24B | −C$553.0M | −C$3.0M |
| Cash at end of period | C$9.68B | C$9.95B | C$8.43B | C$9.37B | C$7.69B | C$10.65B | C$6.68B | C$7.19B | C$5.96B | C$6.51B |
| Free cash flow | C$13.60B | C$2.39B | C$7.69B | C$4.31B | −C$1.94B | C$7.09B | C$2.43B | C$3.75B | C$1.80B | C$3.54B |
| Free cash flow margin | 32.3% | 6.9% | 23.5% | 125.7% | −5.4% | 16.4% | 6.1% | 13.9% | 6.1% | 12.4% |
| Capex / revenue | 0.3% | 0.4% | 0.4% | 107.5% | 0.2% | 0.4% | 0.3% | 0.3% | 0.6% | 0.5% |
| Operating cash flow / net income | 3.87 | 0.58 | 3.27 | 1.10 | −0.36 | 2.21 | 0.79 | 1.09 | 0.71 | 1.06 |
| 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$1.36B | C$486.3M | C$741.4M | C$1.13B | C$976.0M | C$1.25B | C$589.0M | C$1.37B | C$486.6M | C$618.6M | C$580.2M | C$1.18B |
| Depreciation & amortization | — | — | — | C$39.0M | — | — | — | — | C$38.0M | C$480.0M | C$480.0M | — |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | C$800.0M | C$800.0M | — |
| Change in working capital | C$3.88B | −C$814.1M | −C$697.4M | C$2.66B | −C$92.0M | C$1.70B | −C$1.72B | C$6.06B | C$70.1M | −C$1.51B | C$7.72B | −C$6.24B |
| Other non-cash items | −C$5.12B | C$4.46B | C$5.28B | −C$2.64B | −C$84.0M | −C$3.33B | C$1.74B | −C$4.18B | C$1.10B | C$121.8M | −C$5.23B | C$6.96B |
| Cash from operating activities | C$116.0M | C$4.13B | C$5.33B | C$1.18B | C$800.0M | −C$382.0M | C$612.0M | C$3.24B | C$1.70B | C$509.4M | C$4.35B | C$1.90B |
| Investing activities | ||||||||||||
| Capital expenditures | −C$26.0M | −C$23.1M | −C$46.0M | −C$36.0M | −C$32.0M | −C$31.0M | −C$40.0M | −C$33.0M | −C$19.0M | −C$32.5M | −C$12.1M | −C$46.0M |
| Investments (net) | — | — | — | −C$43.0M | −C$53.0M | −C$80.0M | −C$181.0M | −C$75.0M | −C$97.0M | C$16.0M | −C$241.0M | −C$138.0M |
| Acquisitions & other investing | −C$43.0M | −C$4.50B | −C$4.38B | C$36.0M | C$32.0M | C$31.0M | C$40.0M | C$33.0M | −C$891.6M | −C$2.45B | −C$1.83B | −C$134.0M |
| Cash from investing activities | −C$69.0M | −C$4.52B | −C$4.43B | −C$43.0M | −C$53.0M | −C$80.0M | −C$181.0M | −C$75.0M | −C$1.01B | −C$2.47B | −C$2.08B | −C$318.0M |
| Financing activities | ||||||||||||
| Dividends paid | −C$563.0M | −C$521.3M | −C$544.6M | −C$507.0M | −C$526.0M | −C$486.0M | −C$510.0M | −C$483.0M | −C$366.8M | −C$344.7M | −C$393.1M | −C$453.0M |
| Share repurchases & issuance (net) | −C$83.0M | C$0 | −C$391.7M | −C$397.0M | −C$398.0M | −C$520.0M | −C$249.0M | −C$146.0M | −C$209.0M | −C$128.4M | −C$16.0M | −C$186.0M |
| Net borrowing (repayment) | C$769.0M | −C$35.0M | C$963.0M | C$961.0M | C$177.0M | −C$570.0M | −C$77.0M | −C$931.0M | — | — | — | −C$711.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$105.0M | C$14.9M | C$9.2M | −C$67.0M | −C$117.0M | −C$66.0M | −C$183.0M | −C$84.0M | C$453.8M | −C$72.3M | C$44.7M | −C$77.0M |
| Cash from financing activities | C$18.0M | −C$541.4M | C$36.0M | −C$10.0M | −C$864.0M | −C$1.64B | −C$1.02B | −C$1.64B | −C$122.0M | −C$545.5M | −C$364.4M | −C$1.43B |
| Summary | ||||||||||||
| Net change in cash | C$161.0M | −C$1.02B | C$1.05B | C$1.25B | −C$367.0M | −C$2.08B | −C$253.0M | C$1.48B | C$437.2M | −C$2.49B | C$1.85B | C$562.0M |
| Cash at end of period | C$8.87B | C$8.82B | C$9.68B | C$8.75B | C$7.50B | C$7.87B | C$9.95B | C$10.21B | C$6.38B | C$5.94B | C$8.43B | C$8.94B |
| Free cash flow | C$90.0M | C$4.11B | C$5.28B | C$1.14B | C$768.0M | −C$413.0M | C$572.0M | C$3.21B | C$1.68B | C$476.9M | C$4.34B | C$1.85B |
| Free cash flow margin | 0.6% | 46.7% | 59.2% | 9.2% | 8.4% | −3.6% | 17.5% | 20.9% | 18.9% | 6.9% | 24.7% | 78.1% |
| Capex / revenue | 0.2% | 0.3% | 0.5% | 0.3% | 0.3% | 0.3% | 1.2% | 0.2% | 0.2% | 0.5% | 0.1% | 1.9% |
| Operating cash flow / net income | 0.09 | 8.50 | 7.19 | 1.05 | 0.82 | −0.31 | 1.04 | 2.37 | 3.49 | 0.82 | 7.50 | 1.61 |
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.
SLF cash generation
In fiscal 2025 (ended December 31, 2025), Sun Life Financial generated C$13.7 billion of cash from operations (up 442.9%) and spent C$144.9 million on capital expenditures, leaving free cash flow of C$13.6 billion, 32.3% of revenue. It returned C$3.8 billion to shareholders through dividends (C$2.1 billion) and net share buybacks (C$1.7 billion). Cash and equivalents rose by C$19.2 million over the year.
Related: SLF income statement, SLF balance sheet, SLF dividend history. See the SLF stock overview for the latest quote and news.
SLF cash flow FAQ
What is Sun Life Financial's free cash flow?
Sun Life Financial's free cash flow was C$13.6 billion in fiscal 2025: C$13.7 billion of operating cash flow minus C$144.9 million of capital expenditures It was C$2.4 billion a year earlier..
How much cash does Sun Life Financial generate from operations?
Sun Life Financial generated C$13.7 billion of cash from operating activities in fiscal 2025, 3.87 times its net income of C$3.5 billion.
How much does Sun Life Financial spend on capital expenditures?
Sun Life Financial spent C$144.9 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with C$143.0 million the year before.
How much stock does Sun Life Financial buy back?
Sun Life Financial spent C$1.7 billion on net share repurchases in fiscal 2025.
How much does Sun Life Financial pay in dividends?
Sun Life Financial paid C$2.1 billion in dividends in fiscal 2025, 15.2% of free cash flow.