Aegon's liquidity strategy relies heavily on asset sales, such as the $698.3 million generated in 2025Q4, to fund capital distributions that exceed internal operating cash flow.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 891.37M | 762M | 864M | 2.85B | -1.8B | -2.85B | 7.3B | 517M | 554M | 3.31B | 914M | 4.12B | -1.73B | -966M | 2.27B | 1.26B | -7B | 1.32B | -1.36B | 7.85B | 3.6B | 8.73B | 11.26B | 16.43B | 683M | 3.02B | 21.51B | 14.59B | 9.53B | 8.43B |
| Operating CF Growth % | 16.98% | -11.81% | -69.69% | 258.74% | 37.07% | -139.09% | 1312.38% | -6.68% | -83.27% | 262.25% | -77.83% | 338.27% | -79.09% | -142.63% | 79.41% | 118.03% | -629.48% | 197.57% | -117.27% | 118.23% | -58.76% | -22.47% | -31.47% | 2305.12% | -77.4% | -85.95% | 47.48% | 53.09% | 13.04% | -22.65% |
| Operating CF / Revenue % | 3.32% | 3.9% | 6.66% | -13.17% | -3.86% | -7.02% | 11.94% | 3.55% | 1.04% | 6.67% | 2.91% | 9.38% | -3.84% | -2.25% | 7.13% | 2.57% | -15.09% | 17.58% | -2.98% | 15.93% | 7.91% | 30.61% | 39.6% | 52.75% | 2.14% | 9.83% | 96.16% | 89.78% | 67.07% | 73.74% |
| Net Income | 938.44M | 660M | -162M | -922M | 2.4B | -364M | 1.46B | 751M | 2.53B | 610M | -514M | 889M | 1.15B | 1.85B | 916M | 1.91B | 204M | -1.08B | 3.07B | 3.39B | 3.63B | 1.66B | 1.79B | 1.55B | 2.4B | 2.07B | 1.57B | 1.18B | 1B | 732.01M |
| Depreciation & Amortization | -160.41M | -31M | 34M | 1.16B | 1.17B | 722M | 1.19B | 1.31B | 781M | 1.21B | 1.52B | 971M | 1.19B | 1.44B | 1.69B | 1.64B | 1.72B | 1.69B | 1.45B | 1.92B | 1.48B | 1.74B | 1.84B | 1.95B | 1.5B | 1.34B | 939M | 771.52M | 657.05M | 409.74M |
| Stock-Based Compensation | 0 | 0 | 54M | 48M | 0 | 0 | 0 | 0 | 0 | 0 | 17M | 33M | 41M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -98M | -442M | 0 | -187M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.64B | -11.97B | -9.69B | 63.45B | -12.73B | -22.96B | -24.57B | 18.86B | -13.19B | -10.31B | 5.9B | -16.92B | -17.19B | -10.69B | 6.67B | -10.44B | -22.2B | 18.72B | 6.02B | 1.76B | -19.99B | 7.13B | 12.08B | 14.2B | 2.24B | 7.53B | 22.54B | 12.16B | -9.93B | 6.02B |
| Working Capital Changes | 6.75B | 12.1B | 10.63B | -60.84B | 7.36B | 19.75B | 29.23B | -20.41B | 10.43B | 11.81B | -6B | 19.18B | 13.12B | 6.43B | -7.01B | 8.16B | 13.27B | -18B | -11.8B | 10.63B | 18.48B | -1.61B | -4.46B | -1.26B | -5.46B | -7.92B | -3.54B | 478.58M | 17.8B | 1.27B |
| Cash from Investing | 557.11M | 300M | -2B | 616M | -54M | -139M | -86M | -438M | -1.2B | -1.08B | 615M | -71M | 516M | 71M | 653M | -278M | -325M | -398M | -2.66B | -199M | -4.04B | -7.4B | -12.07B | -16.23B | -9.98B | -7.01B | -24.05B | -11.56B | -10.46B | -8.08B |
| Capital Expenditures | -51.87M | -51M | -116M | -98M | -112M | -120M | -148M | -123M | -101M | -88M | -142M | -92M | -73M | -86M | -90M | -101M | -212M | -97M | -85M | -72M | 0 | -245M | -97M | -162M | -194M | -159M | -101M | -79.2M | -72.63M | -54.37M |
| Acquisitions | -9.61M | 7M | -1.95B | 570M | -38M | -166M | -132M | -428M | -1.1B | -990M | 673M | 22M | 589M | 157M | 724M | -177M | -138M | -457M | 9M | 11M | -152M | -980M | 122M | -826M | -507M | 395M | -4.77B | 0 | 0 | 0 |
| Purchase of Investments | -107.58M | 0 | 0 | -130M | -98M | -305M | -269M | -146M | -121M | -112M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -375M | -67.66B | -96.59B | -100.65B | -90.06B | -61.92B | -56.46B | -26.8B | -36.5B | -25.4B |
| Sale/Maturity of Investments | 726.16M | 39M | 0 | 185M | 61M | 154M | 1M | 7M | 2M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.01B | 59.51B | 92.28B | 96.44B | 94.18B | 59.16B | 38.01B | 25.04B | 27.31B | 17.38B |
| Other Investing | 0 | 305M | 72M | 89M | 133M | 298M | 462M | 113M | 1M | 3M | 84M | -1M | 5M | 1M | 19M | -2M | 25M | 156M | -2.59B | -138M | -58.52B | 1.98B | -7.79B | -11.04B | -13.4B | -4.49B | -723M | -9.72B | -1.2B | 0 |
| Cash from Financing | -1.93B | -1.75B | -3.24B | -1.83B | 300M | -778M | -3.73B | -2.4B | 519M | -457M | -2.79B | 715M | -2.55B | 2.6B | -374M | 119M | 1.76B | 1.46B | -699M | -874M | -1B | 530M | 872M | 523M | 9.44B | 3.75B | 2.37B | -2.92B | 676.63M | 162.32M |
| Dividends Paid | -572.48M | -521M | -494M | -167M | -121M | -63M | -309M | -328M | -294M | -306M | -292M | -266M | -323M | -207M | -59M | -90M | -122M | -660M | -668M | -471M | -272M | -351M | -177M | -734M | -544M | -298M | -487M | -356.81M | -266.33M | -263.18M |
| Share Repurchases | -527.33M | -925M | -1.07B | -597M | -231M | -59M | -318M | -248M | -266M | -623M | -213M | -199M | -92M | 0 | 0 | 0 | 0 | -217M | -1.44B | -262.39M | 0 | 0 | 0 | -5.72M | -21.34M | -438M | -315M | -500M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 2M | 0 | 1M | 0 | 2M | 2M | 913M | 0 | 1.01B | 0 | 1M | 264.39M | 2M | 1.37B | 19M | 5.72M | 1.69B | 7M | 686M | 15.33M | 20.23M | 13.08M |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Other Financing | -30.74M | -63M | -76M | -75M | -203M | -115M | 1.79B | -336M | 0 | -177M | 1M | -1.38B | -60M | -502M | -1.01B | 49M | -14M | -36M | 521M | 412.11M | 521.49M | -1.47B | 0 | -7M | -42M | 3.71B | 1.89B | -633.19M | 1.04B | 386.81M |
| Net Change in Cash | -324.51M | -605M | -4.41B | 1.6B | -1.48B | -3.89B | 3.52B | -2.28B | -321M | 1.75B | -1.06B | 5B | -3.85B | 1.73B | 2.65B | 1.16B | -5.49B | 2.12B | -5.01B | 6.32B | -736M | 1.85B | 57.87M | 719.46M | 142.63M | -239.66M | -161.63M | 109.85M | 676.63M | 162.32M |
| Exchange Rate Effect | 152.87M | 88M | -38M | 55M | 67M | -121M | 33M | 35M | -196M | -23M | 200M | 231M | -79M | 27M | 107M | 57M | 81M | -265M | -288M | -458M | 708M | -6.19M | -125.6K | 462.15K | -367.57K | -656.5K | -629.02K | 0 | 927.05M | -351.43M |
| Cash at Beginning | 3.51B | 4.07B | 8.49B | 6.89B | 8.37B | 12.26B | 8.74B | 11.03B | 11.35B | 9.59B | 10.65B | 5.65B | 9.5B | 7.83B | 5.17B | 4.01B | 9.51B | 7.38B | 12.39B | 6.07B | 6.8B | 1.64B | 1.58B | 869.07M | 726.64M | 967.15M | 1.13B | 1.01B | 1.26B | 740.68M |
| Cash at End | 3.19B | 3.47B | 4.07B | 8.49B | 6.89B | 8.37B | 12.26B | 8.74B | 11.03B | 11.35B | 9.59B | 10.65B | 5.65B | 9.56B | 7.83B | 5.17B | 4.01B | 9.51B | 7.38B | 12.39B | 6.07B | 3.49B | 1.64B | 1.59B | 869.27M | 727.49M | 970.77M | 1.12B | 1.94B | 903M |
| Free Cash Flow | 851.99M | 711M | 799M | 2.75B | -1.91B | -2.97B | 7.15B | 394M | 453M | 3.22B | 772M | 4.03B | -1.8B | -1.05B | 2.18B | 1.16B | -7.22B | 1.23B | -1.44B | 7.78B | 3.6B | 8.48B | 11.16B | 16.27B | 489M | 2.86B | 21.41B | 14.51B | 9.46B | 8.38B |
| FCF Growth % | 19.83% | -11.01% | -70.98% | 244.29% | 35.84% | -141.57% | 1715.74% | -13.02% | -85.94% | 317.49% | -80.84% | 323.52% | -71.39% | -148.35% | 87.26% | 116.1% | -688.66% | 185.08% | -118.52% | 116.23% | -57.57% | -23.99% | -31.38% | 3226.18% | -82.92% | -86.63% | 47.59% | 53.43% | 12.9% | -22.8% |
| FCF Margin % | 3.17% | 3.64% | 6.16% | -12.72% | -4.1% | -7.32% | 11.7% | 2.71% | 0.85% | 6.5% | 2.46% | 9.17% | -4% | -2.45% | 6.85% | 2.36% | -15.55% | 16.29% | -3.16% | 15.78% | 7.91% | 29.75% | 39.26% | 52.23% | 1.53% | 9.31% | 95.7% | 89.29% | 66.56% | 73.27% |
| FCF per Share | 0.55 | 0.35 | 0.42 | 1.36 | -0.93 | -1.45 | 3.48 | 0.15 | 0.17 | 1.23 | 0.29 | 1.51 | -0.75 | -0.55 | 1.17 | 0.68 | -4.55 | 0.81 | -0.92 | 4.57 | 2.1 | 5.15 | 6.91 | 10.93 | 0.34 | 2.07 | 16.92 | 12.06 | 8.57 | 7.52 |
Capital return sustainability concerns
According to recent financial disclosures, Aegon generated $698.3 million in cash from investment sales during 2025Q4, a significant liquidity event that appears to be facilitating the company's ongoing capital return program despite underlying operational cash flow deficits that reached $230.6 million in the same period.
The reliance on asset sales to fund shareholder distributions suggests that the company is currently in a phase of balance sheet optimization rather than organic cash generation. Investors should monitor whether this liquidation of investment holdings is a sustainable strategy or if it signals a depletion of the general account assets required to back long-term policyholder liabilities.
Based on reported figures, Aegon returned a combined $997.1 million to shareholders via dividends and buybacks in 2025Q4, a figure that significantly exceeds the company's operating cash flow and highlights a potential disconnect between capital allocation policy and the firm's current ability to generate internal cash.
The persistent gap between cash outflows for capital returns and operating cash generation warrants further investigation into the source of these funds. It appears that the company is prioritizing shareholder yield at the expense of retaining capital, which may leave the firm vulnerable if market conditions deteriorate and reduce the availability of liquid assets for sale.
As indicated by historical data, Aegon's cash flow profile frequently diverges from reported net income, with the company recording a $389.1 million net profit in 2025Q4 while simultaneously reporting a negative operating cash flow of $230.6 million, suggesting significant non-cash accruals or accounting adjustments.
This persistent variance between accounting profit and cash movement implies that headline earnings may not be a reliable proxy for the company's actual liquidity position. The reliance on non-cash items to bolster the bottom line suggests that the underlying business may be struggling to convert its insurance and fee-based activities into tangible cash inflows.
Analysis of the cash flow statement reveals that Aegon's operating cash flow has exhibited extreme volatility, swinging from a $902 million inflow in 2022Q4 to a $230.6 million outflow in 2025Q4, which may obscure underlying pressures within the US retirement and life insurance segments.
The erratic nature of these cash flows suggests that the company's transition to a fee-based model has not yet stabilized its liquidity profile. Investors should be cautious, as the current cash flow volatility may mask potential reserve deficiencies or the impact of the recent redomiciliation on the company's ability to repatriate capital from its US subsidiaries.
Quick answers to the most common questions about buying AEG stock.
Aegon Ltd. (AEG) generated $891.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aegon Ltd. (AEG) generated $852.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Aegon Ltd. (AEG) spent $51.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Aegon Ltd. (AEG) returned $572.5M to shareholders via cash dividends and spent $527.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.