Manulife Financial Corporation (MFC) Income Statement
MFC 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsMFC revenue and net income
Where MFC's revenue goes
2025Each bar shows an amount and its share of revenue. MFC kept 10.9% of revenue as net income.
MFC profit margins
MFC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | +29.9% | −7.2% | +4.9% |
| Gross profit | −0.8% | +101.9% | −4.8% | +1.7% |
| Operating income | +0.1% | — | +0.9% | +10.5% |
| Net income | +2.7% | — | +1.7% | +10.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MFC income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$53.01B | C$0 | C$0 | C$24.16B | C$59.84B | C$77.12B | C$77.82B | C$37.26B | C$56.65B | C$51.69B |
| Cost of revenue | C$39.49B | −C$20.92B | −C$17.72B | C$22.52B | C$41.20B | C$59.87B | C$60.76B | C$20.30B | C$44.33B | C$38.84B |
| Gross profit | C$13.53B | C$13.63B | C$10.68B | C$1.64B | C$18.64B | C$17.25B | C$17.06B | C$16.97B | C$12.32B | C$12.85B |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$4.90B | C$4.86B | C$4.33B | C$3.73B | C$7.83B | C$7.51B | C$7.69B | C$7.96B | C$7.23B | C$7.00B |
| Total operating expenses | C$6.43B | C$6.54B | C$4.23B | C$4.78B | C$10.51B | C$10.48B | C$10.84B | C$11.45B | C$9.82B | C$9.52B |
| Operating income | C$7.09B | C$7.09B | C$6.45B | −C$3.14B | C$8.12B | C$6.77B | C$6.22B | C$5.52B | C$2.50B | C$3.33B |
| Interest income | C$19.08B | C$17.48B | C$16.12B | C$1.35B | C$15.70B | C$14.27B | C$1.32B | C$1.27B | C$1.14B | C$1.01B |
| Interest expense | C$1.53B | C$1.68B | C$1.55B | C$1.04B | C$1.02B | C$1.18B | C$1.35B | C$1.27B | C$1.16B | C$1.02B |
| Income before taxes | C$7.09B | C$7.09B | C$6.45B | −C$3.14B | C$8.12B | C$6.77B | C$6.22B | C$5.52B | C$2.50B | C$3.33B |
| Income taxes | C$1.03B | C$1.21B | C$845.0M | −C$1.16B | C$1.21B | C$1.20B | C$718.0M | C$632.0M | C$239.0M | C$196.0M |
| Net income | C$5.78B | C$5.63B | C$5.46B | −C$2.10B | C$6.66B | C$5.33B | C$5.27B | C$4.67B | C$2.07B | C$2.99B |
| EBITDA | C$9.49B | C$7.26B | C$8.59B | −C$3.56B | C$9.66B | C$8.61B | C$8.16B | C$7.54B | C$4.20B | C$5.04B |
| Gross margin | 25.5% | — | — | 6.8% | 31.1% | 22.4% | 21.9% | 45.5% | 21.7% | 24.9% |
| Operating margin | 13.4% | — | — | −13.0% | 13.6% | 8.8% | 8.0% | 14.8% | 4.4% | 6.4% |
| Net margin | 10.9% | — | — | −8.7% | 11.1% | 6.9% | 6.8% | 12.5% | 3.7% | 5.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$19.71B | C$12.31B | C$8.60B | C$17.31B | C$41.12B | C$9.04B | C$4.22B | C$14.57B | C$18.48B | C$35.18B | C$0 | C$19.95B |
| Cost of revenue | C$15.30B | C$0 | C$2.06B | C$13.46B | C$37.37B | C$6.76B | C$357.0M | −C$12.28B | C$15.44B | C$32.40B | −C$27.43B | C$17.32B |
| Gross profit | C$4.41B | C$12.31B | C$6.54B | C$3.85B | C$3.76B | C$2.28B | C$3.86B | C$26.85B | C$3.04B | C$2.78B | C$5.35B | C$2.63B |
| Sales, general & admin | C$1.25B | C$1.50B | C$1.33B | C$1.23B | C$1.14B | C$1.20B | C$1.33B | C$1.20B | C$1.23B | C$1.10B | C$1.18B | C$1.04B |
| Total operating expenses | C$1.64B | C$10.84B | C$4.63B | C$1.62B | C$1.50B | C$1.58B | C$1.75B | C$24.51B | C$1.65B | C$1.53B | C$3.22B | C$1.46B |
| Operating income | C$2.77B | C$1.47B | C$1.91B | C$2.23B | C$2.26B | C$699.0M | C$2.11B | C$2.34B | C$1.38B | C$1.25B | C$2.12B | C$1.17B |
| Interest income | C$4.71B | C$4.55B | C$5.30B | C$4.66B | C$4.71B | C$4.41B | C$4.86B | C$4.36B | C$4.14B | C$4.12B | C$4.43B | C$4.16B |
| Interest expense | C$388.0M | C$390.0M | C$405.0M | C$388.0M | C$359.8M | C$376.8M | C$419.7M | C$410.3M | C$425.7M | C$424.7M | C$390.0M | C$414.7M |
| Income before taxes | C$2.77B | C$1.47B | C$1.91B | C$2.23B | C$2.26B | C$699.0M | C$2.11B | C$2.34B | C$1.38B | C$1.25B | C$2.12B | C$1.17B |
| Income taxes | C$454.0M | C$230.6M | C$310.0M | C$310.0M | C$338.0M | C$76.0M | C$406.0M | C$274.0M | C$252.0M | C$280.0M | C$322.0M | −C$51.0M |
| Net income | C$2.18B | C$1.20B | C$1.56B | C$1.79B | C$1.87B | C$557.0M | C$1.69B | C$1.94B | C$1.09B | C$917.0M | C$1.76B | C$1.20B |
| EBITDA | C$2.56B | C$2.11B | C$2.54B | C$2.13B | C$2.21B | C$650.0M | C$2.34B | C$2.31B | C$1.39B | C$1.23B | C$2.07B | C$1.25B |
| Gross margin | 22.4% | 100.0% | 76.0% | 22.2% | 9.1% | 25.2% | 91.5% | 184.3% | 16.4% | 7.9% | — | 13.2% |
| Operating margin | 14.1% | 11.9% | 22.1% | 12.9% | 5.5% | 7.7% | 50.1% | 16.1% | 7.5% | 3.6% | — | 5.9% |
| Net margin | 11.1% | 9.7% | 18.2% | 10.3% | 4.6% | 6.2% | 39.9% | 13.3% | 5.9% | 2.6% | — | 6.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in MFC's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MFC financial results
In fiscal year 2025 (ended December 31, 2025), Manulife Financial reported revenue of C$53.0 billion. It had net income of C$5.8 billion (up 2.7%), a net profit margin of 10.9%. Over five years revenue grew at an average rate of −7.2% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the MFC stock overview for the latest quote and news, or the MFC chart for price history and technical indicators.
MFC income statement FAQ
What is Manulife Financial's annual revenue?
Manulife Financial reported total revenue of C$53.0 billion for fiscal year 2025, which ended on December 31, 2025.
Is Manulife Financial profitable?
Yes. Manulife Financial reported net income of C$5.8 billion in fiscal 2025, a net profit margin of 10.9%; its operating margin was 13.4%.
What is Manulife Financial's gross margin?
Manulife Financial's gross margin was 25.5% in fiscal 2025: for every $100 of revenue, Manulife Financial kept $26 after the direct cost of its products and services.
How fast is Manulife Financial growing?
Revenue grew −7.2% a year on average over the last five fiscal years, from C$77.1 billion to C$53.0 billion.
When will Manulife Financial report its next earnings?
Manulife Financial is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Manulife Financial's fiscal year end?
Manulife Financial's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.