Operating cash flow remains robust, peaking at $231.2 million in 2024Q3, which supports consistent capital returns despite the divergence between reported net income and cash generation.
| 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 | 687.8M | 675.7M | 627.7M | 582.9M | 495.4M | 598.3M | 735.5M | 696.7M | 317.8M | 613.1M | 759.5M | 743.9M | 121.8M | 720.4M | 634.9M | 774.8M | 734M | 644M | 986.8M | 703.3M | 931.2M | 1.16B | 1.05B | 1.19B | 1.3B |
| Operating CF Growth % | 28.07% | 7.65% | 7.69% | 17.66% | -17.2% | -18.65% | 5.57% | 119.23% | -48.17% | -19.28% | 2.1% | 510.76% | -83.09% | 13.47% | -18.06% | 5.56% | 13.98% | -34.74% | 40.31% | -24.47% | -19.87% | 10.93% | -11.7% | -8.44% | - |
| Operating CF / Revenue % | 15.24% | 15.06% | 14.12% | 14.06% | 13.85% | 14.51% | 19.25% | 17.35% | 7.37% | 14.25% | 19.02% | 19.57% | 2.94% | 16.09% | 14.62% | 18.78% | 17.97% | 14.83% | 23.55% | 17.02% | 20.84% | 26.86% | 24.17% | 25.19% | 29.11% |
| Net Income | 245.5M | 229.3M | 404M | 276.5M | 630.6M | 570.3M | 301.8M | 278M | -315M | 175.6M | 358.2M | 270.7M | 51.4M | 478M | 221M | 382.5M | 284.6M | 85.7M | -1.13B | -179.9M | 96.5M | 324.9M | 294.8M | 0 | 0 |
| Depreciation & Amortization | 324.1M | 318.5M | 292.4M | 267.4M | 248.5M | 236.6M | 303.9M | 267.9M | 292.2M | 265.4M | 275M | 283.4M | 274.2M | 324.6M | 315M | 458.6M | 465.3M | 460.9M | 412M | 483.2M | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 25.2M | 0 | 18.8M | 24.7M | 21.4M | 23M | 17.1M | 15.6M | 15.1M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 14.5M | 26.3M | 59.1M | 21.1M | 152M | 146.5M | 14.1M | -132.8M | 18.4M | 227.5M | -11.7M | 92.9M | 119.7M | -181.2M | -71.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -513.7M | -516.5M | -684.1M | -431.8M | -161M | -726.5M | -281.9M | -367.6M | 728.2M | -233.7M | -19.2M | 9.3M | -682M | -110.4M | 113.5M | -41.8M | 18.2M | 115M | 1.26B | -315.1M | 1.32B | 1.24B | 1.12B | 1.07B | 0 |
| Working Capital Changes | 609.6M | 618.1M | 556.3M | 449.7M | -374.7M | 346.2M | 397.6M | 632.4M | 207.8M | 464.7M | 332.8M | 297.4M | 398.2M | 465.8M | 330M | -24.5M | -34.1M | -17.6M | 437.5M | 715.1M | -484.7M | -400.9M | -364.4M | 115.7M | 0 |
| Cash from Investing | -1.31B | -1.67B | -1.49B | -872.3M | -1.78B | -1.53B | -608.4M | -555.6M | -525.7M | -239.6M | -742.4M | -1.07B | 56.3M | -602.5M | -197.1M | -1.34B | -1.3B | -922.7M | -629.8M | -1.13B | -1.05B | -1.55B | -1.46B | 422.5M | 3.41B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 231M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -11.65B | -8.46B | -6.89B | -3.62B | -6.52B | -6.15B | -4.28B | -5.59B | -6.21B | -6.14B | -6.24B | -4.78B | -3.73B | -5.37B | -4.27B | -8.16B | -10.74B | -12.54B | -8.19B | -9.25B | -9.49B | -14.45B | -16B | -12.98B | -27.76B |
| Sale/Maturity of Investments | 10.35B | 6.8B | 5.42B | 2.79B | 4.8B | 4.7B | 3.71B | 5.14B | 5.71B | 5.92B | 5.35B | 4.03B | 3.71B | 4.84B | 4.09B | 6.9B | 9.53B | 11.63B | 7.53B | 8.14B | 9.5B | 12.94B | 14.6B | 13.42B | 31.76B |
| Other Investing | -4.4M | -3.2M | -13.5M | -36.6M | -61.2M | -75.3M | -39.8M | -102M | -25M | -19.5M | 152.6M | -321.1M | -156.2M | -73.1M | -11.4M | -80.1M | -86M | -9.2M | 36.1M | -21.3M | -1.06B | -31.6M | -57.6M | -18.2M | -589.9M |
| Cash from Financing | 754.9M | -22.6M | 1.97B | 533.5M | 1.2B | 667.6M | 210.1M | -143M | 107.2M | -274M | 26.2M | 146.4M | -265.5M | -1.4M | -291.3M | 427.3M | 613.1M | -92.4M | 175.6M | 447M | 268.1M | -150.2M | -44.4M | -1.6B | -6.5B |
| Dividends Paid | -66.4M | -66.2M | -67.7M | -68.1M | -64.8M | -65.7M | -67M | -67.1M | -64.8M | -59.6M | -54.8M | -52M | -51M | -24.4M | -13.9M | 0 | 0 | 0 | 0 | -19M | -38M | -38M | -19.3M | 0 | -86.2M |
| Share Repurchases | -294.4M | -331.4M | -300.2M | -166.1M | -190.1M | -407.8M | -268.3M | -254.5M | -108M | -168.3M | -210M | -365.4M | -376.5M | -118.4M | -180.2M | -69.8M | 0 | 0 | 0 | -87.2M | 0 | 0 | -928.9M | 0 | 0 |
| Stock Issued | 10.7M | 11.6M | 11.2M | 13.2M | 13.5M | 21.5M | 19M | 9.2M | 3.9M | 8.3M | 8.4M | 6.3M | 5M | 15.1M | 3.1M | 2.2M | 0 | 296.3M | 0 | 3.4M | 1M | 500K | 882.2M | 0 | 0 |
| Debt Issuance (Net) | -1.1M | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -100K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 0 | -1000K |
| Other Financing | 1.2B | 833M | 1.96B | 495.8M | 1.56B | 1.05B | 384.5M | 379.2M | 276.2M | 213.3M | 205.1M | -4.8M | -52.5M | -240.5M | -248.2M | 29.2M | 25.7M | -1.2M | 290.1M | -137.1M | 156.4M | -196M | -3.6M | -1.6B | -2.6B |
| Net Change in Cash | 129.5M | -1.01B | 1.11B | 244.1M | -86.8M | -260.2M | 337.2M | -1.9M | -100.7M | 99.5M | 46.6M | -179.3M | -87.4M | 116.5M | 146.5M | -135.9M | 48.5M | -371.1M | 532.6M | 21.6M | 148.1M | -538.8M | -452.1M | 11.1M | -1.79B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 983.5M | 2B | 889M | 644.9M | 731.7M | 991.9M | 654.7M | 656.6M | 757.3M | 478.9M | 432.3M | 611.6M | 699M | 582.5M | 436M | 571.9M | 523.4M | 894.5M | 361.9M | 385.9M | 237.8M | 776.6M | 1.23B | 2.38B | 3.01B |
| Cash at End | 1.15B | 983.5M | 2B | 889M | 644.9M | 731.7M | 991.9M | 654.7M | 656.6M | 578.4M | 478.9M | 432.3M | 611.6M | 699M | 582.5M | 436M | 571.9M | 523.4M | 894.5M | 407.5M | 385.9M | 237.8M | 776.6M | 2.39B | 1.22B |
| Free Cash Flow | 687.8M | 675.7M | 627.7M | 582.9M | 495.4M | 598.3M | 735.5M | 696.7M | 317.8M | 613.1M | 759.5M | 743.9M | 121.8M | 720.4M | 634.9M | 774.8M | 734M | 644M | 986.8M | 703.3M | 931.2M | 1.16B | 1.05B | 1.19B | 1.3B |
| FCF Growth % | 2.69% | 7.65% | 7.69% | 17.66% | -17.2% | -18.65% | 5.57% | 119.23% | -48.17% | -19.28% | 2.1% | 510.76% | -83.09% | 13.47% | -18.06% | 5.56% | 13.98% | -34.74% | 40.31% | -24.47% | -19.87% | 10.93% | -11.7% | -8.44% | - |
| FCF Margin % | 15.24% | 15.06% | 14.12% | 14.06% | 13.85% | 14.51% | 19.25% | 17.35% | 7.37% | 14.25% | 19.02% | 19.57% | 2.94% | 16.09% | 14.62% | 18.78% | 17.97% | 14.83% | 23.55% | 17.02% | 20.84% | 26.86% | 24.17% | 25.19% | 29.11% |
| FCF per Share | 7.31 | 6.91 | 5.81 | 5.06 | 4.21 | 4.56 | 5.14 | 4.43 | 1.92 | 3.56 | 4.26 | 3.81 | 0.56 | 3.1 | 2.26 | 2.55 | 2.43 | 3.33 | 5.34 | 4.06 | 6.11 | 6.28 | 7.2 | 11.85 | 12.94 |
Legacy LTC morbidity volatility
According to recent financial disclosures, CNO consistently generated positive operating cash flow, peaking at $231.2 million in 2024Q3, which underscores the company's ability to maintain a steady float despite the inherent volatility of its legacy long-term care and supplemental health insurance product lines.
The consistent positive operating cash flow suggests that premium inflows are effectively covering claims payments, providing the necessary liquidity to support the company's investment activities. Investors should monitor whether this cash generation remains stable as the company continues to pivot toward fee-based advisory services, which may alter the traditional insurance float model.
Based on reported quarterly filings, CNO maintains high portfolio turnover, with 2026Q1 showing $4.8 billion in purchases against $4.7 billion in sales, indicating an active management strategy designed to capture yield in a fluctuating interest rate environment while maintaining sufficient liquidity for potential claims.
The high volume of investment activity relative to net income suggests that the company is aggressively rebalancing its general account to optimize spreads. This level of portfolio churn warrants investigation into the transaction costs and potential tax implications that could impact the net cash available for shareholder returns.
As evidenced by the OCF/NI ratio reaching a high of 24.86 in 2024Q3, CNO's reported net income frequently fails to capture the underlying cash reality, largely due to non-cash actuarial adjustments and LDTI-related accounting impacts that obscure the firm's true operational cash-generating capacity.
The significant disconnect between net income and operating cash flow implies that GAAP earnings are an unreliable proxy for the company's liquidity position. Analysts should prioritize cash flow metrics over earnings-based multiples to better assess the sustainability of the company's dividend and share repurchase programs.
As reported in financial statements, CNO returned significant capital to shareholders through buybacks, including $110.3 million in 2025Q1, which appears to be supported by robust operating cash flows rather than portfolio liquidation, suggesting a disciplined approach to capital allocation despite the company's complex legacy liability profile.
The consistent commitment to share repurchases suggests management's confidence in the company's long-term capital position. However, investors should monitor whether these buybacks remain sustainable if the legacy LTC block experiences unexpected morbidity spikes that require additional capital to bolster reserves.
Quick answers to the most common questions about buying CNO stock.
CNO Financial Group, Inc. (CNO) generated $675.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CNO Financial Group, Inc. (CNO) generated $675.7M 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.
CNO Financial Group, Inc. (CNO) 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, CNO Financial Group, Inc. (CNO) returned $66.2M to shareholders via cash dividends and spent $331.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.