Manulife Financial (MFC) Financial Statements & Analysis

Manulife Financial (MFC) Income Statement

Manulife Financial reported revenue of CAD 53.01B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 3.0% from CAD 54.64B a year earlier. Net income was CAD 5.78B, up 14.0% year over year, a net margin of 10.9%. Gross margin was 25.5% and operating margin 56.9%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CAD 19.71B, up 27.8% from the same quarter a year earlier.

Manulife Financial Income Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Manulife Financial Corporation income statement - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	53.01	54.64	50.04	24.16	59.84	77.12	77.82	37.26	56.65
Cost of Revenue	39.49	30.47	28.63	22.62	34.57	53.82	54.47	14.13	38.22
Gross Profit	13.53	15.11	13.68	1.00	25.27	23.30	23.35	23.14	18.43
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	4.90	4.86	4.33	3.73	7.83	7.51	7.69	7.96	7.23
Operating Expenses	6.43	8.02	7.23	4.14	17.15	16.53	17.13	17.62	15.93
Operating Income	30.16	24.36	23.07	-3.14	8.13	6.77	6.22	5.52	2.50
Other Income/Expense
Interest Income	19.08	17.48	16.12	15.96	15.70	14.27	14.48	13.91	13.39
Interest Expense	1.53	-1.68	-1.55	1.05	1.01	1.18	1.32	1.28	1.14
Other Income/Expense	0.20	-17.27	-16.62	-0.26	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	7.09	7.09	6.45	-3.14	8.13	6.77	6.22	5.52	2.50
Income Tax Expense	1.03	1.21	0.85	-1.16	1.21	1.20	0.72	0.63	0.24
Net Income	5.78	5.07	4.80	-2.10	6.66	5.33	5.27	4.67	2.07
Net Income - Continuous Operations	6.06	5.88	5.61	-1.98	6.66	5.33	5.27	4.67	2.07
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	9.29	9.53	8.42	-3.56	9.67	8.61	8.17	7.54	4.20
EBIT	8.62	8.92	8.06	-2.09	9.29	-	-	-	-
Depreciation & Amortization	-1.83	0.61	0.36	-1.47	0.53	0.66	0.63	0.75	0.56
Earnings Per Share
Basic EPS	3.00	3.00	3.00	4.00	4.00	3.00	3.00	2.00	1.00
Diluted EPS	3.00	3.00	3.00	4.00	4.00	3.00	3.00	2.00	1.00
Basic Shares Outstanding	1.70	1.78	1.83	1.91	1.94	1.94	1.96	1.98	1.98
Diluted Shares Outstanding	1.71	1.79	1.84	1.91	1.95	1.94	1.96	1.99	1.99

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Manulife Financial Financial Statements

What was Manulife Financial's revenue in fiscal 2025?

Manulife Financial reported revenue of CAD 53.01B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 3.0% from CAD 54.64B a year earlier.

Is Manulife Financial profitable?

Yes. Manulife Financial earned net income of CAD 5.78B in fiscal 2025, a net margin of 10.9%. In fiscal 2024 it earned CAD 5.07B.

What is Manulife Financial's operating margin?

Manulife Financial's operating income was CAD 30.16B on revenue of CAD 53.01B in fiscal 2025, an operating margin of 56.9%, compared with 44.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition