Operating cash flow has consistently exceeded net income, with an average OCF/NI ratio of 1.39 over the last four quarters, demonstrating efficient cash conversion from underwriting operations despite variable capital returns.
AXIS Capital Holdings Limited (AXS) cash flow statement — 24-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 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 2.3B | -40.93M | 1.84B | 1.26B | 692.22M | 1.11B | 343.5M | 199M | 10.77M | 259.23M | 406.72M | 791.2M | 862.18M | 1.1B | 1.12B | 1.19B | 1.19B | 849.86M | 1.53B | 1.57B | 1.61B | 1.62B | 1.6B | 1.34B | 660.58M |
| Operating CF Growth % | 288.97% | -102.22% | 46.93% | 81.38% | -37.91% | 224.55% | 72.61% | 1747.25% | -95.84% | -36.26% | -48.59% | -8.23% | -21.4% | -2.11% | -5.84% | 0.2% | 39.76% | -44.3% | -3.01% | -2.5% | -0.39% | 1.13% | 19.2% | 103.4% | - |
| Operating CF / Revenue % | 33.71% | -0.62% | 30.65% | 22.46% | 13.05% | 20.95% | 7.21% | 3.84% | 0.21% | 5.84% | 9.86% | 18.69% | 19.37% | 26.3% | 28.76% | 30.95% | 33.3% | 30.5% | 54.29% | 48.75% | 52.4% | 58.09% | 72.63% | 86.25% | 104.26% |
| Net Income | 1.23B | 1.01B | 1.08B | 376.29M | 223.08M | 618.61M | -120.42M | 323.47M | 43.02M | -368.97M | 513.37M | 641.63M | 804.56M | 727.47M | 547.24M | 46.3M | 856.72M | 497.89M | 387.38M | 1.09B | 963.06M | 94.44M | 495M | 532.35M | 265.12M |
| Depreciation & Amortization | 58.01M | 56.38M | 55.31M | 75.55M | 68.29M | 66.98M | 65.8M | 75.23M | 9.79M | 81.47M | 24.57M | 26.34M | 24.97M | 23.27M | 13.82M | 16.91M | 14.1M | 14.73M | 11.31M | 15.16M | 40.59M | 61.69M | 50.16M | 47.79M | 11.88M |
| Stock-Based Compensation | 55.14M | 0 | 42.73M | 54.12M | 48.49M | 37.74M | 29M | 32.49M | 34.35M | 12.67M | 52.21M | 43.05M | 63.24M | 57.17M | 67.91M | 39.13M | 36.7M | 48.22M | 0 | 0 | 0 | 25.55M | 17.4M | 8.21M | 0 |
| Deferred Taxes | 40.55M | 0 | 0 | 0 | 0 | -310.85M | -108.69M | -148.53M | 124.3M | 0 | 0 | 0 | 6.18M | 0 | 0 | 0 | 0 | 248.88M | 0 | 0 | 0 | -25.55M | 13.73M | 27.99M | 0 |
| Other Non-Cash Items | 536.78M | -127.86M | 40.59M | 30.62M | 425.18M | 3.85M | 5.14M | 26.72M | 172.33M | -40.19M | 89.87M | 215.57M | -82.03M | -64.71M | -79.8M | -59.1M | -197.6M | -67.41M | 403.82M | -168.91M | -361.25M | 784.7M | 215.45M | 438.1M | -784.36M |
| Working Capital Changes | 591.08M | -978.35M | 624.4M | 718.98M | -72.82M | 698.49M | 472.67M | -110.38M | -373.02M | 574.25M | -273.3M | -135.39M | 45.26M | 353.77M | 571.44M | 1.15B | 477.86M | 107.55M | 723.21M | 634.74M | 970.9M | 678.86M | 809.92M | 289.19M | 1.17B |
| Cash from Investing | -1.64B | -628.73M | 280.45M | -855.61M | -655.8M | -1.11B | 489.92M | -774.32M | 638.55M | 178.36M | -144.43M | -225.7M | -154.08M | -489.29M | -862.38M | -832.72M | -687.79M | -1.48B | -633.31M | -1.42B | -1.17B | -1.22B | -1.99B | -1.79B | -702.92M |
| Capital Expenditures | -10.75M | -51.28M | 0 | 0 | -36.83M | -38.73M | -44.66M | -63.11M | -25.1M | 25.36M | -143.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.63B | 0 | 325.19M | 0 | -22.57M | 0 |
| Acquisitions | -27.64M | 0 | -14.41M | -22.18M | 36.83M | 38.73M | 44.66M | 63.11M | 0 | -467.94M | -107.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.75M | 0 | -34.66M | -40.4M |
| Purchase of Investments | -10.17B | -9.87B | -11.15B | -6.81B | -8.15B | -12.89B | -11.14B | -10.45B | -9.02B | -9.02B | -9.86B | -11.53B | -13.36B | -12.84B | -14.38B | -17.14B | -13.33B | -11B | -10.74B | -139.25M | -5.6B | -7.63B | -7.74B | -13.34B | -7.33B |
| Sale/Maturity of Investments | 7.77B | 9.29B | 11.33B | 6.35B | 7.56B | 11.82B | 11.84B | 9.87B | 9.66B | 9.89B | 10.01B | 11.52B | 13.45B | 12.35B | 13.55B | 16.33B | 12.7B | 9.4B | 10.18B | 592.36M | 4.44B | 6.44B | 5.75B | 11.59B | 6.66B |
| Other Investing | 794.84M | -768K | 111.64M | -369.48M | -69.49M | -38.94M | -204.8M | -196.88M | 1.81M | -255.83M | -42.54M | -210.28M | -244.17M | 1.88M | -25.07M | -27.34M | -58.25M | 121.53M | -74.57M | 6.76B | 0 | -325.19M | 13.63M | 22.57M | 0 |
| Cash from Financing | -753.92M | -1.09B | -417.29M | -202.37M | -149.62M | -186.09M | -908.8M | 277.51M | -186.21M | -545.69M | -201.59M | -487.01M | -686.01M | -441.09M | -481.81M | -302.48M | -351.66M | -321.92M | -408.13M | -847.21M | 289.52M | 249.39M | 416.48M | 320.11M | 9.97M |
| Dividends Paid | -167.81M | -172.98M | -182.01M | -184.03M | -179.59M | -175.85M | -173.42M | -179.83M | -176.13M | -187.88M | -172.23M | -158.74M | -157.71M | -157.62M | -158.72M | -243.33M | -145.18M | -149.86M | -143.24M | -148M | -127.87M | -94.22M | -78.25M | -10.8M | 0 |
| Share Repurchases | -496.06M | -887.72M | -199.94M | 0 | -34.99M | 0 | -10.38M | -10.16M | -10.08M | -285.86M | -561.52M | -332.25M | -543.2M | -572.26M | -721.76M | -65.89M | -709.58M | -175.91M | -291M | -308.11M | -335K | -350M | -986K | 0 | 0 |
| Stock Issued | 8.52M | 0 | 0 | 0 | 0 | 0 | 0 | 10.16M | 0 | 346.36M | 224K | 3.99M | 5.55M | 20.34M | 398.66M | 6.74M | 8.23M | 3.84M | 26.12M | 2.5M | 17.86M | 204.05M | 0 | 330.91M | 9.97M |
| Debt Issuance (Net) | 0 | 0 | -1000K | 1000K | 1000K | 0 | -1000K | 1000K | 0 | 1000K | 0 | 0 | -1000K | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 |
| Other Financing | -98.58M | -26.56M | 3.48M | -23.6M | -13.99M | -10.24M | -225M | -10.16M | -10.08M | 0 | 480.4M | 0 | 20.55M | 188.79M | 0 | 0 | 0 | 0 | 0 | -393.6M | 400M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -98.37M | -1.74B | 1.68B | 209.33M | -143.04M | -185.54M | -73.22M | -253.56M | 466.23M | -90.87M | 51.36M | 66.3M | -1.5M | 163.51M | -222.03M | 52.33M | 140.9M | -908.97M | 424.46M | -656.37M | 708.3M | 648.66M | 27.15M | -124.12M | -32.37M |
| Exchange Rate Effect | -1.54M | 14.48M | -28.34M | 11.75M | -29.83M | -74K | 2.15M | 44.24M | 3.11M | 17.23M | -9.35M | -12.19M | -23.59M | -3.08M | 1.54M | -2.61M | -7.42M | 41.97M | -59.82M | 34.48M | -28.31M | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.36B | 3.06B | 1.38B | 1.17B | 1.32B | 1.5B | 1.58B | 1.83B | 1.36B | 1.04B | 988.13M | 921.83M | 923.33M | 759.82M | 981.85M | 929.51M | 788.61M | 1.7B | 1.27B | 1.99B | 1.28B | 632.33M | 605.17M | 729.3M | 761.67M |
| Cash at End | 1.28B | 1.32B | 3.06B | 1.38B | 1.17B | 1.32B | 1.5B | 1.58B | 1.83B | 948.63M | 1.04B | 988.13M | 921.83M | 923.33M | 759.82M | 981.85M | 929.51M | 788.61M | 1.7B | 1.33B | 1.99B | 1.28B | 632.33M | 605.17M | 729.3M |
| Free Cash Flow | 2.3B | -40.93M | 1.84B | 1.26B | 655.39M | 1.08B | 298.84M | 135.9M | -14.33M | 284.59M | 263.31M | 791.2M | 862.18M | 1.1B | 1.12B | 1.19B | 1.19B | 849.86M | 1.53B | -7.05B | 1.61B | 1.94B | 1.6B | 1.32B | 660.58M |
| FCF Growth % | 671.51% | -102.22% | 46.93% | 91.58% | -39.1% | 260.09% | 119.9% | 1048.35% | -105.04% | 8.08% | -66.72% | -8.23% | -21.4% | -2.11% | -5.84% | 0.2% | 39.76% | -44.3% | 121.63% | -537.13% | -17.05% | 21.43% | 21.24% | 99.98% | - |
| FCF Margin % | 33.71% | -0.62% | 30.65% | 22.46% | 12.35% | 20.22% | 6.28% | 2.62% | -0.28% | 6.41% | 6.38% | 18.69% | 19.37% | 26.3% | 28.76% | 30.95% | 33.3% | 30.5% | 54.29% | -218.58% | 52.4% | 69.75% | 72.63% | 84.8% | 104.26% |
| FCF per Share | 31.01 | -0.52 | 21.66 | 14.6 | 7.65 | 12.62 | 3.55 | 1.61 | -0.17 | 3.38 | 2.88 | 7.94 | 8.16 | 9.51 | 9.06 | 9.29 | 8.72 | 5.65 | 9.82 | -42.87 | 9.81 | 12.35 | 9.66 | 8.49 | 4.77 |
Quick answers to the most common questions about buying AXS stock.
AXIS Capital Holdings Limited (AXS) generated $-40.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AXIS Capital Holdings Limited (AXS) reported negative free cash flow of $40.9M in 2025, indicating capital requirements exceeded cash from operations.
AXIS Capital Holdings Limited (AXS) spent $51.3M 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, AXIS Capital Holdings Limited (AXS) returned $173.0M to shareholders via cash dividends and spent $887.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Social inflation casualty reserve risk
Metrics are mathematically derived from official filings.
Collections Efficiency Supports Growth
AXIS Capital's operating cash flow has consistently exceeded net income, with the OCF/NI ratio averaging 1.39 over the last four quarters, suggesting efficient premium collection and cash conversion from its underwriting operations despite the complexities of its global book.
The sustained premium cash generation appears to validate the company's strategic focus on specialty lines, where payment terms may be more structured than in volatile property catastrophe reinsurance. This efficiency provides the necessary liquidity to fund claims payments and investment portfolio activity without relying heavily on external financing, supporting the thesis of a self-funding growth model.
Float Generation Powers Portfolio
In Q2 2026, AXIS generated $477.1 million in operating cash flow against $933.1 million in claims paid, indicating a significant net cash inflow from underwriting that fuels its investment portfolio and capital return capacity.
The pattern of strong underwriting cash generation, particularly in the most recent quarter, suggests the company is collecting premiums at a faster rate than it is paying claims, creating a sizable float. This float is the engine for investment income and provides a buffer against short-term earnings volatility. The ability to consistently generate positive underwriting cash flow, even as claims payments have fluctuated around the $1.1 billion mark, underscores the improved stability of the business mix post its strategic pivot.
Active Portfolio Turnover Manages Yield
AXIS is actively managing its investment portfolio, with $2.3 billion in purchases and $1.7 billion in sales/maturities in Q2 2026, suggesting a tactical reallocation to capture higher yields in the current interest rate environment.
The significant scale of investment activity indicates the company is not passively holding assets but is dynamically reinvesting cash from maturing bonds and sales. This turnover is likely aimed at optimizing the yield on its float as higher-rate instruments replace lower-yielding legacy holdings. The net investment of $600 million in the quarter suggests the portfolio is growing in tandem with the expanding premium base, which should enhance net investment income over time.
Claims Payments Stabilize Below Inflows
Claims and losses paid have moderated to $933.1 million in Q2 2026 from the $1.1 billion run-rate in prior quarters, a trend that, if sustained, could signal improved reserving adequacy or favorable loss experience.
The recent decline in cash claims payments is a positive development that warrants monitoring. It may indicate that prior reserve releases, which boosted net income, are now translating into actual cash savings. However, given the company's exposure to social inflation in casualty lines, investors should be cautious about attributing this solely to operational improvement; it could also reflect payment timing dynamics within the quarter.
Disciplined Capital Return Amid Growth
AXIS has maintained a steady quarterly dividend of approximately $42 million, while buybacks have been variable, totaling $38.8 million in Q2 2026 but spiking to $440 million in Q1 2025, indicating a flexible return framework prioritized over a rigid payout ratio.
The consistent dividend payment signals management confidence in the durability of cash flows, while the lumpy nature of buybacks suggests a tactical approach, potentially opportunistically repurchasing shares during periods of perceived undervaluation. The total capital returned is well within the cash generated from operations, indicating that these returns are funded organically and do not strain the balance sheet.
What Cash Flow Obscures
The cash flow statement does not explicitly reveal the potential for a deterioration in the credit quality of cedant receivables or the magnitude of any collateralized insurance transactions, which could pose liquidity risks in a stressed market.
AXIS's use of sidecars and third-party capital arrangements means that a portion of its gross premium volume and associated cash flows are off-balance-sheet. While these structures can enhance returns, they also introduce counterparty risk that isn't fully captured in the consolidated cash flow statement. Additionally, the strong OCF could be masking an increase in ceded premium receivables from reinsurers, which would represent a credit exposure not visible in the headline cash metrics.