Manulife Financial (MFC) Cash Flow: Operating & Free Cash Flow

Manulife Financial (MFC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Manulife Financial generated CAD 32.10B of operating cash flow. Free cash flow was CAD 32.10B, up 21.2% from CAD 26.49B a year earlier, or 60.6% of revenue. It returned CAD 5.74B to shareholders through CAD 3.31B in dividends and CAD 2.43B in share buybacks.

Manulife Financial Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Manulife Financial Corporation (MFC) - 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
Operating Activities
Net Income	6.06	5.88	5.61	-1.98	6.91	5.58	5.50	4.89	2.26
Depreciation & Amortization	0.62	0.61	-1.42	-1.47	0.38	0.66	0.63	0.75	0.56
Deferred Income Tax	-0.01	0.31	0.47	-1.99	-0.13	0.28	-0.45	0.93	-0.33
Stock Based Compensation	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.02
Change in Working Capital	16.94	13.57	18.75	11.08	-0.69	35.89	35.01	3.68	22.24
Change in Other Working Capital	17.49	14.07	7.08	-2.45	-0.65	35.89	35.01	3.68	22.24
Other Operating Activities	-8.31	-2.28	-3.93	-2.45	5.41	-22.37	-20.15	8.94	-6.96
Net Cash from Operating Activities	32.11	26.49	20.42	16.63	23.16	20.05	20.54	19.19	17.79
Investing Activities
Acquisitions	-1.28	-0.30	0.00	-0.18	-0.02	0.00	0.29	0.19	-0.01
Purchases of Investments	-135.47	-131.12	-84.02	0.00	-120.97	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	108.59	112.67	70.28	0.00	96.73	0.00	65.33	82.11	70.72
Other Investing Activities	-0.21	0.29	0.02	-18.22	-0.19	-14.15	-79.45	-101.30	-87.00
Net Cash from Investing Activities	-28.37	-18.46	-13.72	-18.40	-24.44	-14.15	-13.83	-19.00	-16.29
Financing Activities
Debt Repayment	-1.00	-1.89	-0.70	-1.12	-2.07	3.79	-1.51	0.00	1.44
Common Stock Issued	0.07	0.14	0.09	0.02	0.05	0.04	0.10	0.06	0.12
Common Stock Repurchased	-2.43	-3.27	-1.60	-2.60	-0.61	-0.25	-1.34	-0.48	0.00
Dividends Paid	-3.31	-3.16	-2.97	-2.79	-2.50	-2.34	-1.40	-1.79	-1.78
Other Financing Activities	2.55	3.33	-0.91	1.65	-0.12	-0.57	2.06	1.49	0.23
Net Cash from Financing Activities	-2.05	-4.17	-5.04	-2.11	-2.05	0.66	-2.08	-0.72	0.01
Summary
Effect of Forex Changes on Cash	-0.82	1.20	-0.41	0.59	-0.32	-0.53	-0.47	0.82	-0.66
Net Change in Cash	0.88	5.06	1.66	-3.88	-3.65	6.04	4.17	0.28	0.86
Cash at Beginning of Period	24.94	19.88	18.64	21.93	25.58	19.55	15.38	15.10	14.24
Cash at End of Period	25.82	24.94	19.88	18.64	21.93	25.58	19.55	15.38	15.10
Free Cash Flow	32.11	26.49	20.42	16.63	23.16	20.05	20.54	19.19	17.79
Supplemental Disclosures
Interest Paid	1.52	1.57	1.55	0.96	0.98	-	-	-	-
Income Taxes Paid	0.76	0.76	0.44	1.24	0.57	-	-	-	-

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 Cash Flow

What is Manulife Financial's free cash flow?

Manulife Financial generated free cash flow of CAD 32.10B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 21.2% from CAD 26.49B a year earlier. Free cash flow equaled 60.6% of revenue.

Does Manulife Financial pay dividends or buy back shares?

Yes. In fiscal 2025 Manulife Financial returned CAD 3.31B in dividends and CAD 2.43B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition