Cash flow conversion remains highly erratic, evidenced by an OCF/NI ratio that swung from 2.31 in 2025Q4 to -0.56 in 2025Q1 due to non-cash actuarial adjustments.
| Cash from Operations | 1.65B | 2.02B | 2.15B | 3.36B | 2.62B | 2.4B | 3.33B | 2.44B |
| Operating CF Margin % | - | 69.95% | 80.32% | 142.31% | 139.49% | 10.88% | 22.09% | 18.51% |
| Operating CF Growth % | -2921.68% | -6.04% | -35.92% | 28.08% | 8.98% | -27.71% | - | - |
| Net Income | 245M | -390M | 2.2B | 1.04B | 8.48B | 9.17B | 866M | 307M |
| Depreciation & Amortization | 467M | 556M | 193M | 366M | 585M | 413M | 325M | 294M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74M |
| Other Non-Cash Items | 1.87B | 2.92B | 977M | 1.15B | -311M | -6.42B | -828M | -177M |
| Working Capital Changes | -902M | -1.06B | -1.22B | 801M | -6.13B | -759M | 2.96B | 2.02B |
| Change in Receivables | 0 | 0 | 0 | -116M | 912M | 169M | -1.93B | -47M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.46B | -13.33B | -11.54B | -5.48B | -7.25B | -1.97B | -7.91B | -10.38B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.23B |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | 32.02% |
| Acquisitions | 0 | - | - | - | - | - | - | - |
| Investments | 263.65B | 266.63B | 52.77B | 46.87B | 44.57B | 39.39B | 415.74B | 0 |
| Other Investing | -576M | -947M | -6.53B | -2.74B | -6.68B | -1.37B | 180M | -5M |
| Cash from Financing | 7.87B | 10.94B | 9.58B | 2.11B | 4.67B | -753M | 4.67B | 7.92B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.8B | -1.63B | -1.79B | -498M | 0 | 0 | 0 | 0 |
| Dividends Paid | -378M | -511M | -544M | -1.72B | -876M | -1.58B | -472M | -1.62B |
| Share Repurchases | -1.8B | -2.12B | -1.79B | -498M | 0 | 0 | 0 | 0 |
| Other Financing | 11.49B | 14.59B | 11.59B | 4.66B | 5.18B | 1.74B | 5.29B | 7.61B |
| Net Change in Cash | -393M | -371M | 196M | 60M | 32M | -317M | 91M | -11M |
| Free Cash Flow | 1.65B | 2.02B | 2.15B | 3.36B | 2.62B | 2.4B | 3.33B | -1.78B |
| FCF Margin % | 26.45% | 69.95% | 80.32% | 142.31% | 139.49% | 10.88% | 22.09% | -13.51% |
| FCF Growth % | -14.63% | -6.04% | -35.92% | 28.08% | 8.98% | -27.71% | - | - |
| FCF per Share | 3.48 | 3.75 | 3.59 | 5.20 | 4.05 | 3.73 | 5.16 | -2.77 |
| FCF Conversion (FCF/Net Income) | 6.72x | -5.52x | 0.96x | 3.04x | 0.32x | 0.33x | 5.18x | 48.90x |
| Interest Paid | 473M | 584M | 538M | 583M | 472M | 364M | 279M | 308M |
| Taxes Paid | 181M | 192M | 252M | 20M | 1.1B | 1.91B | 1.92B | 1.19B |
Accounting-driven cash flow volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 2.31 in 2025Q4 to -0.56 in 2025Q1, highlighting the significant impact of non-cash actuarial adjustments on reported GAAP results.
The extreme divergence between net income and operating cash flow suggests that GAAP earnings are currently an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor whether these fluctuations represent temporary accounting noise from LDTI standards or a more fundamental mismatch in the timing of cash receipts versus accrual-based insurance liabilities.
Based on Corebridge's reported figures, free cash flow margins have demonstrated significant instability, ranging from a peak of 127% in 2023Q4 to a low of -35.1% in 2025Q2, reflecting the inherent sensitivity of the business to market-driven fluctuations in policyholder activity and hedging requirements.
The lack of a consistent FCF trajectory complicates the assessment of the company's long-term dividend-paying capacity. The erratic nature of these margins appears to be a byproduct of the company's complex hedging strategy, which may periodically consume significant liquidity during periods of market stress.
According to recent SEC filings, working capital changes have been the primary driver of cash flow variance, with a massive $1.3 billion inflow in 2023Q4 followed by a $968 million outflow in 2025Q2, indicating that operational liquidity is highly sensitive to policyholder settlement timing.
These large, periodic swings in working capital suggest that the company's cash position is subject to significant timing differences between premium collections and benefit payouts. Analysts should investigate whether these movements are indicative of structural shifts in policyholder behavior or merely seasonal variations in the institutional and retirement segments.
As indicated by historical data, Corebridge has maintained a consistent capital return program, deploying over $1.1 billion in share repurchases during 2025Q4 alone, despite experiencing periods of negative net income and volatile operating cash flows throughout the observed ten-quarter period.
The decision to prioritize aggressive share repurchases while GAAP earnings remain negative warrants further investigation into the company's statutory capital adequacy. This strategy suggests management's confidence in the underlying cash-generating potential of the business, though it may leave the company with less flexibility should market conditions deteriorate further.
Quick answers to the most common questions about buying CRBG stock.
Corebridge Financial, Inc. (CRBG) generated $2.02B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corebridge Financial, Inc. (CRBG) generated $2.02B 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.
Corebridge Financial, Inc. (CRBG) 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, Corebridge Financial, Inc. (CRBG) returned $511.0M to shareholders via cash dividends and spent $2.12B on share repurchases. This shows the company's commitment to returning capital to its equity investors.