The Travelers Companies, Inc. (TRV) Cash Flow Statement
Where TRV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.61B +16.9% vs 2024
- Capital expenditures
- $10.61B 21.7% of revenue
- Free cash flow
- $10.61B 21.7% margin
- Returned to shareholders
- $4.11B 39% of free cash flow
- Change in cash
- $143.0M cash at year-end $842.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TRV operating cash flow, capex and free cash flow
TRV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.47B2016 | $10.61B2025 | +10.1%/yr | |
| Capital expenditures | $48.0M2016 | $10.61B2025 | +82.2%/yr | |
| Free cash flow | $4.47B2016 | $10.61B2025 | +10.1%/yr | |
| Free cash flow margin | 16.2%2016 | 21.7%2025 | +5.5 pts | |
| Operating cash flow / net income | 1.482016 | 1.692025 | +0.20 | |
| Stock-based compensation | $155.0M2016 | −$114.0M2024 | — | |
| Dividends paid | $757.0M2016 | $979.0M2025 | +2.9%/yr | |
| Share buybacks (net) | $2.47B2016 | $3.13B2025 | +2.7%/yr | |
| Capex / revenue | 0.2%2016 | 21.7%2025 | +21.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRV cash flow by activity
TRV 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).
TRV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $6.29B | $5.00B | $2.99B | $3.66B | $3.66B | $2.70B | $2.62B | $2.52B | $2.06B | $3.01B |
| Depreciation & amortization | $680.0M | $715.0M | $722.0M | $870.0M | $870.0M | $789.0M | $763.0M | $803.0M | $813.0M | $826.0M |
| Stock-based compensation | — | −$114.0M | $214.0M | −$61.0M | $162.0M | $4.51B | $3.70B | $140.0M | $136.0M | $155.0M |
| Change in working capital | −$4.33B | −$3.75B | −$2.66B | −$1.20B | −$1.20B | −$1.58B | −$2.38B | −$2.83B | −$2.61B | −$3.17B |
| Other non-cash items | $7.96B | $7.23B | $6.44B | $4.00B | $3.78B | $100.0M | $502.0M | $3.75B | $3.75B | $3.64B |
| Cash from operating activities | $10.61B | $9.07B | $7.71B | $7.27B | $7.27B | $6.52B | $5.21B | $4.38B | $4.15B | $4.47B |
| Investing activities | ||||||||||
| Capital expenditures | −$10.61B | $0 | $0 | $0 | −$3.0M | $0 | −$107.0M | −$74.0M | −$36.0M | −$48.0M |
| Investments (net) | −$7.07B | −$7.26B | −$6.82B | −$3.73B | −$4.86B | −$3.95B | −$1.82B | −$2.99B | −$1.82B | −$965.0M |
| Acquisitions & other investing | $10.03B | $0 | $0 | −$1.0M | −$330.0M | −$944.0M | −$971.0M | $735.0M | −$350.0M | −$714.0M |
| Cash from investing activities | −$7.65B | −$7.26B | −$6.82B | −$3.73B | −$5.20B | −$4.89B | −$2.90B | −$2.33B | −$2.20B | −$1.73B |
| Financing activities | ||||||||||
| Dividends paid | −$979.0M | −$951.0M | −$908.0M | −$869.0M | −$869.0M | −$861.0M | −$844.0M | −$814.0M | −$785.0M | −$757.0M |
| Share repurchases & issuance (net) | −$3.13B | −$1.12B | −$1.02B | −$2.20B | −$2.20B | −$672.0M | −$1.55B | −$1.32B | −$1.44B | −$2.47B |
| Net borrowing (repayment) | $1.23B | $0 | $738.0M | $0 | $739.0M | −$10.0M | $500.0M | $600.0M | $132.0M | $400.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $214.0M | $321.0M | $141.0M | $1.03B | $293.0M | $127.0M | −$295.0M | −$477.0M | $173.0M | $23.0M |
| Cash from financing activities | −$2.66B | −$1.75B | −$1.05B | −$2.04B | −$2.04B | −$1.42B | −$2.19B | −$2.01B | −$1.92B | −$2.81B |
| Summary | ||||||||||
| Net change in cash | $143.0M | $49.0M | −$149.0M | $40.0M | $40.0M | $227.0M | $121.0M | $29.0M | $37.0M | −$73.0M |
| Cash at end of period | $842.0M | $699.0M | $650.0M | $761.0M | $761.0M | $721.0M | $494.0M | $373.0M | $344.0M | $307.0M |
| Free cash flow | $10.61B | $9.07B | $7.71B | $7.27B | $7.28B | $6.52B | $5.21B | $4.38B | $4.15B | $4.47B |
| Free cash flow margin | 21.7% | 19.5% | 18.6% | 19.7% | 20.9% | 20.4% | 16.5% | 14.5% | 14.4% | 16.2% |
| Capex / revenue | 21.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 0.1% | 0.2% |
| Operating cash flow / net income | 1.69 | 1.82 | 2.58 | 1.99 | 1.99 | 2.42 | 1.99 | 1.74 | 2.02 | 1.48 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.92B | $2.21B | $1.71B | $2.50B | $1.89B | $1.51B | $395.0M | $2.08B | $1.26B | $534.0M | $1.12B | $1.63B |
| Depreciation & amortization | $174.0M | $170.0M | $193.0M | $162.0M | $166.0M | $164.0M | $188.0M | $163.0M | $174.0M | $182.0M | $196.0M | $170.0M |
| Stock-based compensation | — | −$303.0M | $149.0M | — | −$125.0M | −$124.0M | −$102.0M | — | $63.0M | $60.0M | $79.0M | $52.0M |
| Change in working capital | $28.0M | −$174.0M | $174.0M | −$1.34B | $1.20B | −$158.0M | −$1.04B | −$2.37B | −$134.0M | $250.0M | −$1.50B | −$1.92B |
| Other non-cash items | $1.76B | $15.0M | −$29.0M | $1.37B | $1.10B | $943.0M | $1.92B | $2.19B | $2.51B | $651.0M | $1.56B | $2.18B |
| Cash from operating activities | $3.88B | $1.92B | $2.20B | $2.69B | $4.23B | $2.33B | $1.36B | $2.06B | $3.88B | $1.68B | $1.46B | $2.10B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$2.69B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | −$35.0M | −$2.59B | −$415.0M | −$4.55B | −$1.72B | −$808.0M | −$1.69B | −$3.39B | −$1.14B | −$1.04B | −$1.78B |
| Acquisitions & other investing | −$2.81B | −$130.0M | $2.25B | $2.52B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$2.81B | −$165.0M | −$335.0M | −$575.0M | −$4.55B | −$1.72B | −$808.0M | −$1.69B | −$3.39B | −$1.14B | −$1.04B | −$1.78B |
| Financing activities | ||||||||||||
| Dividends paid | −$259.0M | −$263.0M | −$237.0M | −$242.0M | −$247.0M | −$250.0M | −$240.0M | −$240.0M | −$238.0M | −$244.0M | −$229.0M | −$232.0M |
| Share repurchases & issuance (net) | −$1.49B | −$1.32B | −$1.78B | −$1.64B | −$620.0M | −$522.0M | −$352.0M | −$258.0M | −$249.0M | −$250.0M | −$360.0M | −$65.0M |
| Net borrowing (repayment) | — | — | — | $0 | $1.23B | — | — | $0 | $0 | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $832.0M | −$162.0M | −$63.0M | $51.0M | $36.0M | $70.0M | $57.0M | $76.0M | $33.0M | $22.0M | $190.0M | $24.0M |
| Cash from financing activities | −$919.0M | −$1.74B | −$2.08B | −$1.83B | $402.0M | −$702.0M | −$535.0M | −$422.0M | −$454.0M | −$472.0M | −$399.0M | −$273.0M |
| Summary | ||||||||||||
| Net change in cash | $145.0M | $6.0M | −$227.0M | $113.0M | $70.0M | −$65.0M | $25.0M | −$73.0M | $43.0M | $62.0M | $17.0M | $57.0M |
| Cash at end of period | $766.0M | $621.0M | $615.0M | $842.0M | $729.0M | $659.0M | $724.0M | $699.0M | $772.0M | $729.0M | $667.0M | $650.0M |
| Free cash flow | $3.88B | $1.92B | $2.20B | $2.69B | $4.23B | $2.33B | $1.36B | $2.06B | $3.88B | $1.68B | $1.46B | $2.10B |
| Free cash flow margin | 31.2% | 15.8% | 18.4% | 21.6% | 33.9% | 19.3% | 11.5% | 17.2% | 32.6% | 14.9% | 13.0% | 19.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 21.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.02 | 0.87 | 1.28 | 1.08 | 2.24 | 1.55 | 3.44 | 0.99 | 3.08 | 3.14 | 1.30 | 1.29 |
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.
TRV cash generation
In fiscal 2025 (ended December 31, 2025), Travelers generated $10.6 billion of cash from operations (up 16.9%) and spent $10.6 billion on capital expenditures, leaving free cash flow of $10.6 billion, 21.7% of revenue. It returned $4.1 billion to shareholders through dividends ($979.0 million) and net share buybacks ($3.1 billion). Cash and equivalents rose by $143.0 million over the year.
Related: TRV income statement, TRV balance sheet, TRV dividend history. See the TRV stock overview for the latest quote and news.
TRV cash flow FAQ
What is Travelers's free cash flow?
Travelers's free cash flow was $10.6 billion in fiscal 2025: $10.6 billion of operating cash flow minus $10.6 billion of capital expenditures It was $9.1 billion a year earlier..
How much cash does Travelers generate from operations?
Travelers generated $10.6 billion of cash from operating activities in fiscal 2025, 1.69 times its net income of $6.3 billion.
How much does Travelers spend on capital expenditures?
Travelers spent $10.6 billion on capital expenditures in fiscal 2025, 21.7% of revenue.
How much stock does Travelers buy back?
Travelers spent $3.1 billion on net share repurchases in fiscal 2025.
How much does Travelers pay in dividends?
Travelers paid $979.0 million in dividends in fiscal 2025, 9.2% of free cash flow.