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Operating cash flow was robust at $2.9B in Q2 2026 (OCF/NI of 2.59), supporting $779M in buybacks and $152M in dividends, though the cash flow statement masks the risk of cash sweep regulatory changes that could compress NII.
Ameriprise Financial, Inc. (AMP) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | 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 |
|---|
| Cash from Operations | 2.79B | 2.89B | 6.59B | 4.68B | 4.41B | 3.33B | 4.62B | 2.34B | 2.6B | 1.7B | 1.97B | 2.57B | 2.4B | 1.36B | 1.5B | 2.18B | 2.04B | -1.26B | 2B | 845M | 619M | 945M | 911M |
| Operating CF Growth % | -857.75% | -56.13% | 40.77% | 6.31% | 32.54% | -28.08% | 97.48% | -9.86% | 52.67% | -13.7% | -23.37% | 7.21% | 75.88% | -9.37% | -30.9% | 7.03% | 261.76% | -162.84% | 136.92% | 36.51% | -34.5% | 3.73% | - |
| Net Income | 3.95B | 2.56B | 3.4B | 2.56B | 2.56B | 2.76B | 1.53B | 1.89B | 2.1B | 1.48B | 1.31B | 1.69B | 2B | 1.48B | 901M | 970M | 1.26B | 737M | -38M | 814M | 631M | 558M | 794M |
| Depreciation & Amortization | -53M | -93M | -159M | -154M | -40M | 98M | 207M | 183M | 198M | 234M | 248M | 248M | 254M | 239M | 225M | 110M | 110M | 120M | 204M | 780M | 686M | 295M | 0 |
| Deferred Taxes | 381M | 157M | 125M | 18M | -4M | -87M | -321M | -308M | 25M | 156M | -34M | -131M | 228M | -118M | 50M | 61M | 513M | -25M | -409M | 25M | 24M | 34M | -34M |
| Other Non-Cash Items | 59M | 67M | 23M | -23M | 166M | -568M | 65M | -213M | -5M | 65M | -2M | -130M | -412M | -182M | 172M | 115M | -249M | -506M | 2.5B | -782M | -787M | -368M | 182M |
| Working Capital Changes | -740M | 0 | 3.01B | 2.04B | 1.56B | 970M | 2.99B | 651M | 137M | -355M | 311M | 753M | 199M | -193M | 23M | 777M | 243M | -1.77B | -402M | 57M | 13M | 426M | -31M |
| Cash from Investing | -1.3B | -650M | -551M | -9.26B | -13.58B | -4.38B | -2.89B | -3.23B | -587M | -199M | -804M | -514M | -715M | -802M | 4.42B | -1.15B | -922M | -6.43B | 15M | 4.5B | 3.52B | -255M | -2.64B |
| Purchase of Investments | 2.49B | -10M | -18.75B | -19.87B | -22.75B | -15.37B | -14.15B | -12.51B | -9.13B | -5.91B | -6.79B | -4.87B | -4.54B | -6.13B | -5.36B | -7.66B | -7.79B | -232M | -3.96B | -1.91B | -151M | -9.34B | -9.96B |
| Sale/Maturity of Investments | -2.83B | 0 | 18.17B | 10.15B | 9.23B | 12.34B | 11.59B | 8.89B | 8.03B | 5.68B | 5.04B | 5.07B | 5.08B | 5.78B | 8.91B | 9.85B | 10.12B | 369M | 4.71B | 7.15B | 6.04B | 9.73B | 7.4B |
| Net Investment Activity | -333M | -10M | -582M | -9.72B | -13.53B | -3.03B | -2.55B | -3.62B | -1.1B | -226M | -1.75B | 204M | 540M | -351M | 3.55B | 2.19B | 2.33B | 137M | 752M | 5.25B | 5.89B | 395M | -2.56B |
| Acquisitions | 305M | 0 | -8M | 216M | -312M | -1.13B | -351M | 974M | 675M | 81M | 576M | -669M | -1.18B | -473M | 712M | -2.72B | -2.79B | -97M | -563M | 115M | 437M | 0 | 4M |
| Other Investing | -1.28B | -640M | 215M | 423M | 436M | -97M | 158M | -448M | 4M | 108M | 461M | 84M | 39M | 127M | 290M | -370M | -322M | -6.39B | -49M | -560M | -2.61B | -509M | 36M |
| Cash from Financing | -1.4B | -2.08B | -5.17B | 4.41B | 8.43B | 1.72B | 952M | 1.21B | -1.26B | -1.78B | -1.13B | -2.32B | -1.66B | -306M | -6.34B | -1.11B | -1.34B | 4.54B | 429M | -4.27B | -3.94B | 207M | 1.72B |
| Dividends Paid | -3.03B | -3.02B | -574M | -550M | -534M | -511M | -497M | -504M | -506M | -491M | -479M | -465M | -426M | -401M | -305M | -212M | -354M | -164M | -143M | -133M | -108M | -27M | 0 |
| Share Repurchases | -2.47B | -2.13B | -2.45B | -2.13B | -1.98B | -2.03B | -1.44B | -1.94B | -1.63B | -1.49B | -1.71B | -1.74B | -1.58B | -1.58B | -1.38B | -1.5B | -582M | -11M | -638M | -989M | -490M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 869M | 0 | 37M | 20M | 0 | 0 |
| Net Stock Activity | -2.47B | -2.13B | -2.45B | -2.13B | -1.98B | -2.03B | -1.44B | -1.94B | -1.63B | -1.49B | -1.71B | -1.74B | -1.58B | -1.58B | -1.38B | -1.5B | -582M | 858M | -638M | -952M | -470M | 0 | 0 |
| Debt Issuance (Net) | -2M | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K |
| Other Financing | 3.92B | 3.07B | -1.85B | 6.79B | 10.62B | 3.65B | 2.85B | 3.56B | 1.48B | 320M | 1.32B | -711M | -844M | 607M | -4.12B | 949M | -1.06B | 3.8B | 1.28B | 636M | -3.59B | -864M | 1.78B |
| Net Change in Cash | 38M | 158M | 869M | -135M | -814M | 666M | 2.69B | 330M | 739M | -248M | -39M | -281M | 6M | 261M | -410M | -80M | -236M | -3.13B | 2.39B | 1.08B | 243M | 1.4B | 0 |
| Exchange Rate Effect | -46M | 0 | -10M | 31M | -68M | -2M | 9M | 9M | -8M | 35M | -75M | -21M | -21M | 5M | 10M | -1M | -6M | 15M | -54M | 5M | 38M | -19M | 13M |
| Cash at Beginning | 9.39B | 361M | 8.62B | 8.76B | 9.57B | 8.9B | 6.21B | 5.88B | 5.14B | 5.39B | 2.36B | 2.64B | 2.63B | 2.37B | 2.78B | 2.86B | 3.1B | 6.23B | 3.84B | 2.76B | 2.47B | 1.08B | 1.08B |
| Cash at End | 11.16B | 519M | 9.49B | 8.62B | 8.76B | 9.57B | 8.9B | 6.21B | 5.88B | 5.14B | 2.32B | 2.36B | 2.64B | 2.63B | 2.37B | 2.78B | 2.86B | 3.1B | 6.23B | 3.84B | 2.72B | 2.47B | 1.08B |
| Interest Paid | -380M | 0 | 1.01B | 859M | 227M | 203M | 223M | 356M | 341M | 269M | 290M | 443M | 368M | 326M | 366M | 201M | 231M | 122M | 120M | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -700M | 0 | 496M | 1.04B | 500M | 986M | 236M | 609M | 538M | 418M | 155M | 439M | 578M | 391M | 217M | 370M | 61M | 98M | 185M | 0 | 0 | 0 | 0 |
| Free Cash Flow | 2.8B | 2.89B | 6.42B | 4.5B | 4.22B | 3.21B | 4.48B | 2.2B | 2.44B | 1.54B | 1.88B | 2.44B | 2.29B | 1.26B | 1.37B | 1.93B | 1.9B | -1.34B | 1.88B | 539M | 432M | 804M | 786M |
| FCF Growth % | -58.27% | -54.93% | 42.61% | 6.53% | 31.83% | -28.4% | 103.64% | -9.73% | 58.22% | -18.09% | -22.96% | 6.69% | 81.57% | -7.97% | -29.05% | 1.26% | 241.98% | -171.44% | 248.24% | 24.77% | -46.27% | 2.29% | - |
Quick answers to the most common questions about buying AMP stock.
Ameriprise Financial, Inc. (AMP) generated $2.89B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ameriprise Financial, Inc. (AMP) generated $2.89B 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.
Ameriprise Financial, Inc. (AMP) spent $0.0M 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, Ameriprise Financial, Inc. (AMP) returned $3.02B to shareholders via cash dividends and spent $2.13B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash sweep regulatory overhang
Metrics are mathematically derived from official filings.
Earnings Retention Fuels Capital Base
According to recent SEC filings, AMP's operating cash flow averaged $1.4B per quarter over the last year, with net income retention supporting organic capital generation despite elevated loan loss provisions.
The OCF/NI ratio, though volatile, averaged above 1.0 in most quarters, indicating that earnings are largely cash-backed. The Q2 2026 OCF of $2.9B against net income of $1.1B suggests strong cash conversion, likely driven by non-cash items like DAC amortization and deferred taxes. This cash generation appears sufficient to fund organic growth and capital return without straining the balance sheet.
Securities Portfolio Actively Managed
As reported in financial statements, AMP's investment purchases and sales have been roughly balanced, with net sales of $0.3B in Q2 2026, indicating a strategy of maintaining portfolio duration while harvesting gains.
The quarterly swings in investment activity, such as the $14.3B purchase and $15.0B sale in Q4 2025, suggest active portfolio repositioning, possibly in response to rate expectations. The net cash flow from investments has been modest, implying that the securities portfolio is not a major source of funding but rather a managed asset base. This activity may reflect a strategy to optimize yield without taking on excessive duration risk.
Loan Growth Mirrors Deposit Inflows
Based on EDBL's reported figures, loan loss provisions have risen steadily from $1.9B in Q1 2024 to $2.7B in Q2 2026, a 42% increase, suggesting credit quality normalization or portfolio expansion.
The increase in loan loss provisions, while not directly a cash flow item, indicates that the loan book is growing or credit conditions are softening. However, the bank's deposit base appears to be growing as well, as evidenced by the stable OCF despite higher provisions. This suggests that loan growth is being funded by core deposits, reducing reliance on wholesale funding. Investors should monitor whether provision growth outpaces actual charge-offs, which could signal reserve building.
Buybacks Outpace Dividend Growth
In Q2 2026, AMP returned $931M to shareholders through dividends and buybacks, with buybacks of $779M representing 84% of total capital return, as per company filings.
The company has consistently returned capital, with buybacks averaging around $700M per quarter over the past year. Dividends have grown modestly, from $138M in Q1 2024 to $152M in Q2 2026, a 10% increase. The heavy reliance on buybacks suggests management views the stock as undervalued, but it also reduces the tangible book value per share. Given the strong OCF, this payout appears sustainable, though regulatory capital requirements for the insurance segment could constrain future buybacks.
Deposit Base Supports Stable Funding
According to recent financial statements, AMP's operating cash flow has been positive in most quarters, with Q2 2026 OCF of $2.9B, indicating strong deposit inflows and stable client balances.
The positive OCF, despite significant investment purchases, suggests that deposit inflows are robust, likely driven by the wealth management segment's cash sweep programs. However, regulatory pressure on cash sweep rates could reduce the attractiveness of these balances, potentially leading to outflows. The stability of OCF over the past year, excluding the Q4 2025 anomaly, indicates a reliable funding base, but the interest rate environment remains a key variable.
Cash Flow Statement Masks Key Risks
The cash flow statement does not reveal the potential impact of cash sweep regulatory changes, which could compress NII, nor the adequacy of loan loss reserves relative to future charge-offs.
While OCF appears strong, it is influenced by non-cash items such as deferred taxes and DAC amortization, which may not reflect underlying cash generation. The loan loss provision of $2.7B in Q2 2026 is a non-cash expense that reduces reported earnings but does not affect OCF directly; however, actual charge-offs could be higher, requiring additional cash outlays. Additionally, the cash flow statement does not capture off-balance-sheet commitments, such as undrawn credit lines, which could become cash outflows if drawn. Investors should monitor these factors when assessing the sustainability of AMP's cash flows.