Cash flow conversion remains erratic, evidenced by an OCF/NI ratio that swung from a low of 0.36 in 2024Q4 to a high of 5.96 in 2024Q3 due to working capital fluctuations.
| 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 | 1.67B | 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 Margin % | - | 15.3% | 36.68% | 29.06% | 30.75% | 24.56% | 38.44% | 17.94% | 20.01% | 13.83% | 16.74% | 21.39% | 20.08% | 12.16% | 14.65% | 21.15% | 20.7% | -15.75% | 23.74% | 9.48% | 7.6% | 12.59% | 12.96% |
| Operating CF Growth % | -918.8% | -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 | 3.9B | 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 | -75M | -93M | -159M | -154M | -40M | 98M | 207M | 183M | 198M | 234M | 248M | 248M | 254M | 239M | 225M | 110M | 110M | 120M | 204M | 780M | 686M | 295M | 0 |
| Stock-Based Compensation | 196M | 206M | 193M | 249M | 170M | 152M | 146M | 135M | 144M | 121M | 134M | 145M | 130M | 143M | 134M | 145M | 158M | 182M | 148M | 0 | 52M | 0 | 0 |
| Deferred Taxes | 233M | 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 | 53M | 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 | -1.63B | 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 |
| Change in Receivables | -49M | 0 | 215M | 276M | 44M | 324M | 324M | 324M | -398M | -457M | -150M | -277M | -423M | -267M | -130M | -260M | -484M | 0 | 0 | -101M | -85M | 62M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 175M | -370M | -370M | -370M | 0 | 0 | -9M | 349M | 0 | 0 | 83M | 360M | 422M | 0 | 0 | -195M | -105M | -49M | 0 |
| Change in Payables | -467M | 0 | 0 | 0 | -219M | 46M | 46M | 46M | 0 | 206M | 173M | 82M | 0 | 0 | 171M | -80M | 195M | 0 | 0 | 158M | 98M | 21M | 0 |
| Cash from Investing | 422M | -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 |
| Capital Expenditures | 7M | 0 | -176M | -184M | -182M | -120M | -147M | -143M | -162M | -162M | -92M | -133M | -113M | -105M | -137M | -250M | -131M | -83M | -125M | -306M | -187M | -141M | -125M |
| CapEx % of Revenue | 0.04% | - | 0.98% | 1.14% | 1.27% | 0.89% | 1.22% | 1.1% | 1.25% | 1.32% | 0.78% | 1.11% | 0.95% | 0.94% | 1.33% | 2.43% | 1.33% | 1.04% | 1.48% | 3.43% | 2.3% | 1.88% | 1.78% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 62.4B | 0 | 5.67B | 5.08B | 5.15B | 4.97B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -696M | -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 | -3.14B | -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 |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2.27B | -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 | -989M | -470M | 0 | 0 |
| 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 | -2.27B | -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 |
| Other Financing | 3.46B | 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 | -1.08B | 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 |
| Free Cash Flow | 1.67B | 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 Margin % | 8.67% | 15.3% | 35.7% | 27.92% | 29.48% | 23.67% | 37.21% | 16.84% | 18.76% | 12.51% | 15.96% | 20.28% | 19.13% | 11.22% | 13.32% | 18.73% | 19.37% | -16.79% | 22.26% | 6.05% | 5.31% | 10.71% | 11.18% |
| FCF Growth % | -74.94% | -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% | - |
| FCF per Share | 17.70 | 30.04 | 62.38 | 41.75 | 37.16 | 26.71 | 35.61 | 16.16 | 16.49 | 9.82 | 11.17 | 13.24 | 11.72 | 6.08 | 6.14 | 7.83 | 7.26 | -5.49 | 8.29 | 2.25 | 1.74 | 3.25 | 3.19 |
| FCF Conversion (FCF/Net Income) | 0.43x | 0.81x | 1.94x | 1.83x | 1.40x | 1.20x | 3.01x | 1.24x | 1.24x | 1.15x | 1.50x | 1.65x | 1.48x | 1.02x | 1.46x | 2.02x | 1.86x | -1.74x | -52.68x | 1.04x | 0.98x | 1.65x | 1.05x |
| Interest Paid | -35M | 0 | 1.01B | 859M | 227M | 203M | 223M | 356M | 341M | 269M | 290M | 443M | 368M | 326M | 366M | 201M | 231M | 122M | 120M | 0 | 0 | 0 | 0 |
| Taxes Paid | -28M | 0 | 496M | 1.04B | 500M | 986M | 236M | 609M | 538M | 418M | 155M | 439M | 578M | 391M | 217M | 370M | 61M | 98M | 185M | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a low of 0.36 in 2024Q4 to a high of 5.96 in 2024Q3, suggesting significant non-cash accounting adjustments impact reported profitability.
The wide variance in the conversion of net income to cash flow appears to be driven by the firm's legacy insurance and annuity segments, where actuarial assumptions and hedging activities create non-cash noise. Investors should monitor these discrepancies, as they suggest that GAAP net income may not be a reliable proxy for the firm's underlying cash-generating capacity.
Based on quarterly data, free cash flow trajectory remains inconsistent, highlighted by a sharp negative FCF of $2.6 billion in 2025Q4, which contrasts with the robust $3.0 billion generated in 2024Q3, indicating that cash flow is heavily influenced by periodic working capital and insurance-related fluctuations.
The erratic nature of FCF margins suggests that the firm's cash generation is not purely driven by recurring wealth management fees but is instead subject to the capital-intensive requirements of its retirement and protection business. This volatility warrants further investigation into whether the firm's cash flow can support its aggressive capital return program during periods of market stress.
According to recent SEC filings, working capital changes are the primary driver of cash flow variance, with swings as large as $2.6 billion in 2024Q3, suggesting that the firm's operating cash flow is highly sensitive to timing differences in insurance liabilities and client asset movements.
The significant quarterly fluctuations in working capital appear to be a structural feature of the firm's business model rather than an operational inefficiency. Analysts should interpret these movements as a reflection of the firm's complex balance sheet management, which may obscure the true underlying cash flow from its core wealth management operations.
As reported in financial statements, Ameriprise continues to prioritize shareholder returns, with buybacks totaling $874 million in 2026Q1 alone, a figure that significantly exceeds the $430 million in free cash flow generated during the same period, suggesting a reliance on balance sheet liquidity to fund distributions.
The firm's commitment to returning capital to shareholders appears to be a core pillar of its strategy, even when quarterly free cash flow is insufficient to cover these outflows. This approach may indicate management's confidence in the long-term stability of its cash reserves, though it warrants monitoring if cash generation remains inconsistent.
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.