Operating cash flow remains robust with an OCF/NI ratio peaking at 1.70 in 2025Q1, though significant quarterly fluctuations in net income suggest non-cash accounting impacts on reported profitability.
| 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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.39B | 1.4B | 1.4B | 1.48B | 1.42B | 1.44B | 1.48B | 1.36B | 1.28B | 1.43B | 1.4B | 1.12B | 864.71M | 1.12B | 942.84M | 859.46M | 1.03B | 976.11M | 730.61M | 850M | 865.59M | 857.46M | 767.1M | 740.47M | 650.81M | 662.41M | 532.77M | 511.61M | 397.65M | 488.83M | 422.4M |
| Operating CF Growth % | -26.33% | -0.43% | -5.4% | 4.24% | -1.08% | -2.62% | 8.25% | 6.75% | -10.6% | 2.17% | 24.88% | 29.53% | -22.74% | 18.71% | 9.7% | -16.44% | 5.38% | 33.6% | -14.05% | -1.8% | 0.95% | 11.78% | 3.6% | 13.78% | -1.75% | 24.33% | 4.14% | 28.66% | -18.65% | 15.73% | 32.18% |
| Operating CF / Revenue % | 22.8% | 23.28% | 24.27% | 27.21% | 27.21% | 28.07% | 31.16% | 30.12% | 29.61% | 34.39% | 35.55% | 29.74% | 23.88% | 32.03% | 26.27% | 25.45% | 30.54% | 31.34% | 22.86% | 24.38% | 25.3% | 27.43% | 24.97% | 25.26% | 23.57% | 24.47% | 21.15% | 22.97% | 18.43% | 23.6% | 19.15% |
| Net Income | 1.18B | 1.16B | 1.07B | 970.75M | 894.39M | 744.96M | 731.77M | 760.88M | 701.51M | 1.46B | 539.59M | 516.29M | 528.07M | 528.47M | 529.32M | 497.62M | 522.29M | 386.05M | 452.26M | 527.53M | 518.63M | 495.39M | 475.7M | 430.14M | 383.43M | 356.51M | 372.12M | 273.96M | 244.44M | 337.74M | 311.37M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.8M | 4.81M | 302.73M | 5.82M | 6.86M | 8.84M | 7.93M | 9.33M | 9.06M |
| Stock-Based Compensation | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.95M | 38.7M | 82.14M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 208.24M | -367.49M | -401.43M | -303.35M | -311.74M | -289.81M | -154.69M | -136.67M | -110.46M | -816.33M | 168.53M | -159.6M | -325.88M | -128.86M | -133.48M | -103.15M | -138.46M | 15.69M | 24.59M | -2.73M | 11.26M | 7.11M | 286.6M | 718.05M | 403.42M | 336.64M | -152.76M | 159.95M | 301.88M | 264.98M | 196.42M |
| Working Capital Changes | 0 | 602.64M | 733.1M | 815.01M | 839.54M | 982.53M | 899.35M | 739.66M | 686.59M | 787.12M | 690.59M | 763.35M | 662.52M | 719.67M | 547M | 464.99M | 644.76M | 574.37M | 253.76M | 325.2M | 335.7M | 354.95M | 0 | -487.49M | -477.46M | -118.7M | 306.56M | 68.87M | -156.6M | -123.22M | -94.45M |
| Cash from Investing | -684.93M | -643.62M | -641.52M | -926.15M | -943.01M | -913.37M | -1.18B | -809.31M | -896.22M | -926.82M | -1.06B | -633.35M | -350.16M | -614.38M | -698.04M | -312.13M | -557.64M | -937.1M | -432.25M | -502.6M | -520.6M | -498.96M | -499.2M | -599.68M | -468.55M | -442.75M | -243.71M | -387.18M | -555.34M | -468.28M | -182.91M |
| Capital Expenditures | -155.65M | -142.48M | -71.05M | -49.55M | -27.93M | -38.24M | -41.76M | -42.2M | -45.09M | -20.29M | -25.16M | -36.96M | -19.37M | -11.17M | -4.67M | -5.39M | -9.18M | -6.5M | -9.8M | -24.16M | -7.67M | -3.02M | -4M | -3.61M | -2.44M | -3.69M | -6.51M | -8.49M | -6.17M | -9.42M | -15.41M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90K | 0 | 8.75M | 570K | -186.37M | 24.68M | 342.97M | 0 | 786K | -41.03M | 6.31M | 0 | 400K | 3.37M | 197K | 0 | 0 | 0 | 143.44M | 1.69M | 15.5M |
| Purchase of Investments | -1.52B | -1.63B | -2.09B | -1.96B | -1.85B | -1.32B | -1.64B | -1.73B | -1.29B | -1.47B | -1.62B | -1.2B | -784.3M | -1.22B | -1.6B | -1.21B | -1.99B | -2.59B | -1.16B | -2.1B | -1.39B | -1.01B | -1.26B | -1.41B | -1.26B | -1.6B | -1.14B | -2.2B | -2.01B | -1.78B | -1.15B |
| Sale/Maturity of Investments | 1.1B | 1.13B | 1.52B | 1.08B | 935.54M | 502.63M | 511.99M | 958.47M | 439.99M | 559.62M | 578M | 606.69M | 444.75M | 660.65M | 1.09B | 877.76M | 1.1B | 1.67B | 721.17M | 1.73B | 817.56M | 557.51M | 737.4M | 1.44B | 1.32B | 1.16B | 899.04M | 1.82B | 1.3B | 1.31B | 871.05M |
| Other Investing | -101.53M | 0 | 96K | 0 | 0 | -56.7M | -7.05M | 32K | 1.99M | 18K | 0 | 0 | 0 | -43.99M | 3.65M | 2.66M | -754K | -13.83M | 17.93M | -73.27M | 54.49M | -40.81M | 29.6M | -620.8M | -527.65M | 1.16M | 1.27M | 8.09M | 16.46M | 16.48M | 96.02M |
| Cash from Financing | -673.22M | -768.05M | -715.84M | -541.49M | -492.45M | -523.6M | -274.06M | -590.51M | -391.52M | -453.98M | -319.79M | -525.71M | -499.96M | -535.92M | -269.11M | -824.49M | -329.62M | 148.44M | -261.26M | -346.75M | -347.57M | -349.85M | -269.9M | -135.26M | -178.79M | -251.04M | -268.42M | -114.92M | 151.52M | -13.06M | -234.38M |
| Dividends Paid | -87.28M | -86.07M | -85.48M | -84.12M | -80.55M | -80.04M | -78.19M | -74.19M | -71.42M | -68.83M | -66.93M | -66.9M | -65.01M | -60.91M | -55.53M | -49.13M | -50.06M | -46.62M | -48.8M | -49.58M | -48.09M | -46.35M | -48.8M | -43.85M | -43.5M | -45.19M | -46.42M | -48.17M | -90.78M | -81M | -82.89M |
| Share Repurchases | -856.9M | -880.98M | -1B | -511.1M | -454.64M | -541.43M | -443.87M | -459.57M | -421.75M | -412.99M | -404.78M | -418.53M | -449.31M | -482.26M | -570.16M | -972.56M | -246.01M | -47.56M | -455.74M | -451.79M | -344.86M | -554.95M | -285.23M | -225.27M | -182.19M | -503.08M | -147.01M | -221.88M | -161.13M | -182.9M | -107M |
| Stock Issued | 104.45M | 164.45M | 51.79M | 114.08M | 106.59M | 69.83M | 48.09M | 83.16M | 36.09M | 61.22M | 61.33M | 35.96M | 56.29M | 97.82M | 181.02M | 162.61M | 37.86M | 4.43M | 25.47M | 42.64M | 21.45M | 217.26M | 0 | 0 | 0 | 135M | 9.89M | 37.16M | 520.1M | 94M | 10.14M |
| Debt Issuance (Net) | -2M | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | 186.36M | 145.29M | -301.61M | -96.94M | -112.79M | -64.24M | -72.93M | -121.43M | -126.99M | -90.93M | -71.99M | -78.22M | -51.27M | -493K | 31.13M | 8.62M | -28.07M | 112.26M | 115.63M | 79.66M | 28.73M | 2.88M | 50.1M | 98.5M | 44.43M | -26.64M | 10.52M | 66.95M | 49.64M | 78.74M | 94.51M |
| Net Change in Cash | 22.94M | -20.62M | 62.17M | 10.6M | 396K | -2.68M | 18.91M | -45.09M | 2.46M | 42.4M | 14.78M | -4.64M | 29.08M | -24.77M | -22.4M | -281.57M | 133.76M | 185.52M | 26.3M | 3.38M | -2.58M | 8.65M | -2M | 5.53M | 3.47M | -31.38M | 20.65M | 9.52M | -6.17M | 7.49M | 5.11M |
| Exchange Rate Effect | -4.36M | -5.34M | 17.08M | -4.19M | 13.67M | -3.39M | -1.73M | -9.15M | 12.56M | -5.85M | -1.7M | 34.37M | 14.49M | 6.25M | 1.91M | -4.41M | -7.57M | -1.93M | -10.8M | 2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 144.7M | 165.32M | 103.16M | 92.56M | 92.16M | 94.85M | 75.93M | 121.03M | 118.56M | 76.16M | 61.38M | 66.02M | 36.94M | 61.71M | 84.11M | 365.68M | 231.92M | 46.4M | 20.1M | 16.72M | 19.3M | 10.65M | 12.7M | 7.18M | 3.71M | 35.09M | 14.44M | 4.92M | 11.09M | 18.27M | 13.16M |
| Cash at End | 255.21M | 144.7M | 165.32M | 103.16M | 92.56M | 92.16M | 94.85M | 75.93M | 121.03M | 118.56M | 76.16M | 61.38M | 66.02M | 36.94M | 61.71M | 84.11M | 365.68M | 231.92M | 46.4M | 20.1M | 16.72M | 19.3M | 10.7M | 12.71M | 7.18M | 3.71M | 35.09M | 14.44M | 4.92M | 25.77M | 18.27M |
| Free Cash Flow | 1.23B | 1.25B | 1.33B | 1.43B | 1.39B | 1.4B | 1.43B | 1.32B | 1.23B | 1.41B | 1.37B | 1.08B | 845.34M | 1.11B | 938.17M | 854.08M | 1.02B | 969.61M | 720.81M | 825.84M | 857.92M | 854.44M | 763.1M | 736.86M | 648.37M | 658.72M | 526.27M | 503.12M | 391.48M | 479.41M | 406.98M |
| FCF Growth % | -12.77% | -5.82% | -7.08% | 2.77% | -0.37% | -2.46% | 8.55% | 7.23% | -12.51% | 2.56% | 26.82% | 28.13% | -23.71% | 18.11% | 9.85% | -16.22% | 5.14% | 34.52% | -12.72% | -3.74% | 0.41% | 11.97% | 3.56% | 13.65% | -1.57% | 25.17% | 4.6% | 28.52% | -18.34% | 17.8% | 30% |
| FCF Margin % | 20.23% | 20.9% | 23.04% | 26.3% | 26.68% | 27.33% | 30.28% | 29.19% | 28.57% | 33.9% | 34.91% | 28.76% | 23.35% | 31.71% | 26.14% | 25.29% | 30.27% | 31.13% | 22.55% | 23.69% | 25.08% | 27.33% | 24.84% | 25.14% | 23.48% | 24.33% | 20.89% | 22.59% | 18.14% | 23.15% | 18.45% |
| FCF per Share | 15.41 | 15.51 | 15.71 | 14.87 | 14.09 | 13.56 | 13.38 | 11.87 | 10.69 | 11.84 | 11.22 | 8.54 | 6.37 | 7.94 | 6.39 | 5.18 | 5.52 | 5.19 | 3.62 | 3.83 | 3.77 | 3.59 | 3.03 | 2.84 | 2.39 | 2.35 | 1.82 | 1.72 | 1.28 | 1.53 | 1.26 |
Captive agency distribution volatility
According to the provided quarterly data, Globe Life consistently generates positive operating cash flow, with the OCF/NI ratio averaging well above 1.0, peaking at 1.70 in 2025Q1, which highlights the company's ability to convert accounting earnings into tangible cash through its core insurance operations.
The persistent gap between net income and operating cash flow suggests that non-cash accruals and reserve adjustments play a significant role in the company's reported earnings. Investors should monitor whether this cash generation remains resilient if mortality trends deviate from current actuarial expectations.
As reported in financial statements, Globe Life maintains an active investment strategy, frequently cycling capital through purchases and sales, such as the $842.4 million in investment purchases during 2024Q1, indicating a proactive approach to managing yield in a fluctuating interest rate environment.
The frequent turnover in the investment portfolio suggests that management is aggressively seeking to optimize the duration and yield of its assets to match long-term policy liabilities. This activity appears to be a primary lever for maintaining investment income stability despite the inherent volatility in market valuations.
Based on the company's reported figures, Globe Life has demonstrated a significant commitment to shareholder returns, with buybacks reaching $591.1 million in 2024Q3, a level that warrants investigation into the long-term sustainability of such capital deployment relative to the company's underlying cash generation capacity.
The high volume of share repurchases relative to quarterly net income suggests that management prioritizes returning capital to shareholders over building a massive cash buffer. This strategy may leave the company with less flexibility should it face unexpected spikes in claims or a sudden need for increased statutory capital.
Data from the last ten quarters indicates that Globe Life's net income often fluctuates independently of operating cash flow, as seen in 2025Q3 when net income hit $387.8 million while operating cash flow was only $306.0 million, suggesting significant non-cash accounting impacts on reported profitability.
This divergence implies that reported earnings may be sensitive to changes in reserve assumptions or deferred acquisition cost amortization. Analysts should interpret these earnings figures with caution, as they may not always reflect the immediate cash-generating power of the underlying insurance business.
Quick answers to the most common questions about buying GL stock.
Globe Life Inc. (GL) generated $1.40B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Globe Life Inc. (GL) generated $1.25B 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.
Globe Life Inc. (GL) spent $142.5M 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, Globe Life Inc. (GL) returned $86.1M to shareholders via cash dividends and spent $881.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.