Operating cash flow exhibits extreme volatility, ranging from a $107 million outflow in 2024Q1 to a $200 million inflow in 2025Q4, reflecting the unpredictable nature of legacy claim payments.
| 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 | 384M | 327M | 88M | 597M | 1.05B | 437M | 1.96B | 2.08B | 1.63B | 2.55B | 1.85B | 1.59B | 2.44B | 1.4B | 962M | 3.13B | 1.34B | 1.93B | 5.44B | 4.79B | 4.37B | 3.48B | 5.5B | 3.72B | 4.88B |
| Operating CF Growth % | 748.14% | 271.59% | -85.26% | -43.09% | 140.05% | -77.7% | -5.72% | 27.31% | -36.06% | 37.91% | 16.4% | -34.74% | 74.27% | 45.43% | -69.22% | 133.91% | -30.81% | -64.52% | 13.61% | 9.76% | 25.47% | -36.72% | 47.95% | -23.9% | - |
| Operating CF / Revenue % | 5.59% | 5.14% | 1.23% | 8.1% | 14.18% | 5.75% | 23.87% | 26.98% | 20.7% | 33.99% | 22.15% | 18.61% | 27.93% | 16.22% | 9.98% | 31.49% | 13.24% | 21.29% | 54.71% | 43.07% | 42.44% | 35.55% | 53.03% | 33.79% | 43.49% |
| Net Income | 249M | 350M | 4M | 76M | 1.05B | 864M | 761M | 519M | 297M | 936M | -38M | -6M | -1.05B | 726M | 523M | 261M | 285M | -399M | -572M | 1.15B | 62M | 105M | 1.15B | -863M | -526M |
| Depreciation & Amortization | 0 | 93M | 130M | 40M | 0 | 0 | -570M | 557M | 269M | 288M | 360M | 546M | 1.08B | 61M | 639M | 743M | 756M | 782M | 884M | 802M | 745M | 853M | 1.24B | 1.35B | 1.22B |
| Stock-Based Compensation | 62M | 58M | 51M | 49M | 37M | 40M | 39M | 27M | 37M | 42M | 32M | 16M | 30M | 41M | 26M | 31M | 44M | 26M | 23M | 41M | 49M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -34M | -55M | -103M | 48M | 315M | 275M | 268M | 139M | 5M | -368M | 145M | -196M | -487M | -79M | 88M | -309M | -294M | -476M | -430M | 252M | 368M | 891M | -1.2B | -63M | -55M |
| Other Non-Cash Items | -740M | -925M | -618M | -933M | -884M | -1.76B | -646M | -699M | -883M | -363M | -321M | -788M | -777M | -812M | -1.17B | 14M | -1.36B | -87M | 1.75B | -1.66B | -418M | -329M | -1.36B | -177M | -376M |
| Working Capital Changes | 761M | 806M | 624M | 1.32B | 535M | 1.01B | 2.11B | 1.54B | 1.91B | 2.02B | 1.67B | 2.02B | 3.64B | 1.46B | 854M | 2.38B | 1.9B | 2.08B | 3.79B | 4.2B | 3.56B | 1.96B | 5.67B | 3.47B | 4.62B |
| Cash from Investing | 527M | 518M | 861M | 1.26B | 733M | 896M | -1.15B | 1.3B | -622M | -759M | -2.12B | -404M | -1.84B | -580M | -722M | -59M | -1.81B | 820M | 1.97B | -1.88B | -2.9B | -3.28B | -5.4B | -681M | -6.53B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 267M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 463M | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -163M | 0 | 0 | -384M | -460M | -242M | -267M | 1.4B | 0 | -5M | 39M | 273M | 0 | 365M | 46M | 207M | -37M | -51M | -22M | -31M | -511M | 0 | 1M | 1.59B | -61M |
| Purchase of Investments | -3.03B | 0 | 0 | -3.23B | -4.04B | -5.22B | -9.84B | -7.29B | -10.71B | -9.59B | -11.68B | -9.75B | -9.53B | -10.8B | -12.33B | -12.41B | -13.24B | -10.18B | -6.98B | -16.89B | -16.78B | -13.25B | -16.86B | -29.5B | -35.41B |
| Sale/Maturity of Investments | 3.8B | 0 | 0 | 4.66B | 5.39B | 6.45B | 8.29B | 7.32B | 10.35B | 8.99B | 9.52B | 9.11B | 7.85B | 9.56B | 11.33B | 11.52B | 10.81B | 10.62B | 9.73B | 15.16B | 7.34B | 7.05B | 16.67B | 26.65B | 28.88B |
| Other Investing | -77M | 518M | 861M | 215M | -158M | -99M | 387M | -128M | -266M | -157M | 6M | -34M | -158M | 295M | 237M | 629M | 648M | 431M | -1.23B | -112M | 7.05B | 2.92B | -5.21B | 583M | 62M |
| Cash from Financing | -682M | -857M | -1.11B | -1.44B | -1.55B | -2.42B | -1.51B | -2.22B | -1.62B | -1.77B | -2.93B | -42M | 205M | -149M | -1.1B | -1.64B | -1.51B | -5.31B | -2.91B | -2.29B | -835M | -248M | -791M | -2.71B | 2.29B |
| Dividends Paid | -6M | 0 | -21M | 0 | 0 | 0 | 0 | -87M | -97M | -107M | -138M | 0 | 0 | -535M | -50M | -67M | -43M | -10M | -175M | -163M | -145M | -128M | -1.61B | -3.23B | 0 |
| Share Repurchases | -293M | -319M | -189M | -296M | -64M | 0 | 0 | -22M | 0 | -33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -76M | -1.12B | -1B | -500M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 529M | 0 | 22M | 0 | 0 | 0 | 226M | 517M | 0 | 0 | 0 | 0 | 622M | 0 | 600M | 0 | 0 | 1.91B | 261M | 0 |
| Debt Issuance (Net) | -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 | -443M | -531M | -831M | -1.11B | -1.19B | -1.41B | -1.44B | -1.68B | -1.42B | -1.73B | -927M | 25M | 239M | -389M | -12M | -1.13B | -2.47B | 770M | -3.91B | -1.41B | -335M | -61M | 753M | -132M | 2.37B |
| Net Change in Cash | 229M | -12M | -167M | 416M | 228M | -1.08B | -685M | 1.16B | -698M | 91M | -3.21B | 1.05B | 704M | 561M | -835M | 1.36B | -1.87B | -2.33B | 4.24B | 622M | 594M | -88M | -590M | 413M | 688M |
| Exchange Rate Effect | 0 | 0 | -1M | 1M | 0 | 1M | 15M | 1M | -88M | 64M | -10M | -70M | -103M | -109M | 26M | -69M | 121M | 232M | -258M | 6M | -38M | -42M | 107M | 92M | 37M |
| Cash at Beginning | 2.04B | 2.05B | 2.21B | 1.8B | 1.57B | 2.66B | 3.34B | 2.18B | 2.88B | 2.78B | 5.99B | 4.92B | 4.21B | 3.65B | 4.49B | 3.13B | 5B | 7.33B | 3.09B | 2.47B | 1.88B | 1.96B | 1.98B | 1.57B | 881M |
| Cash at End | 2.12B | 2.04B | 2.05B | 2.21B | 1.8B | 1.57B | 2.66B | 3.34B | 2.18B | 2.88B | 2.78B | 5.96B | 4.92B | 4.21B | 3.65B | 4.49B | 3.13B | 5B | 7.33B | 3.09B | 2.47B | 1.88B | 1.39B | 1.98B | 1.57B |
| Free Cash Flow | 384M | 327M | 88M | 597M | 1.05B | 437M | 2.23B | 2.08B | 1.63B | 2.55B | 1.85B | 1.59B | 2.44B | 1.4B | 962M | 3.13B | 1.34B | 1.93B | 5.91B | 4.79B | 4.37B | 3.48B | 5.5B | 3.72B | 4.88B |
| FCF Growth % | 67.69% | 271.59% | -85.26% | -43.09% | 140.05% | -80.38% | 7.12% | 27.31% | -36.06% | 37.91% | 16.4% | -34.74% | 74.27% | 45.43% | -69.22% | 133.91% | -30.81% | -67.3% | 23.27% | 9.76% | 25.47% | -36.72% | 47.95% | -23.9% | - |
| FCF Margin % | 5.59% | 5.14% | 1.23% | 8.1% | 14.18% | 5.75% | 27.12% | 26.98% | 20.7% | 33.99% | 22.15% | 18.61% | 27.93% | 16.22% | 9.98% | 31.49% | 13.24% | 21.29% | 59.37% | 43.07% | 42.44% | 35.55% | 53.03% | 33.79% | 43.49% |
| FCF per Share | 0.98 | 0.79 | 0.2 | 1.26 | 2.05 | 0.85 | 4.35 | 4.08 | 3.26 | 5.09 | 3.72 | 3.2 | 4.91 | 2.81 | 1.95 | 6.33 | 2.71 | 4.28 | 13.63 | 10.7 | 9.3 | 7.18 | 11.21 | 7.59 | 10.05 |
Legacy LTC reserve volatility
According to quarterly financial data, Genworth's operating cash flow has demonstrated extreme volatility, ranging from a $107 million outflow in 2024Q1 to a $200 million inflow in 2025Q4, reflecting the unpredictable timing of claims payments against the backdrop of legacy long-term care insurance liabilities.
The wide variance in operating cash flow suggests that the company's core insurance operations are not yet generating a consistent, predictable stream of cash. This instability appears to be driven by the lumpy nature of claims settlements, which frequently overwhelm the steady premium inflows from the Enact mortgage insurance segment.
As reported in recent filings, the company actively manages its investment portfolio through significant quarterly turnover, with purchase and sale activity often exceeding $1 billion per quarter, indicating a tactical approach to matching asset durations with the long-tail nature of its life insurance and annuity obligations.
The high volume of investment sales and purchases suggests that management is aggressively rebalancing the portfolio to capture yield or manage liquidity needs. Investors should monitor whether this high turnover is effectively mitigating the interest rate risk inherent in the company's long-duration liability profile.
Based on the provided cash flow statements, Genworth has consistently prioritized share repurchases, totaling $120 million in 2025Q4 alone, despite the underlying instability in operating cash flow and the significant capital requirements imposed by state regulators on its insurance subsidiaries.
The commitment to buybacks appears to be a signal of management's confidence in the parent company's liquidity, yet it warrants further investigation given the potential for future reserve strengthening needs. This capital allocation strategy may be viewed as aggressive, particularly when operating cash flow remains inconsistent and subject to actuarial volatility.
Data from the last ten quarters reveals a frequent disconnect between net income and operating cash flow, highlighted by the 2024Q4 period where a $1 million net loss was accompanied by $27 million in operating cash, suggesting significant non-cash accruals and reserve adjustments impact reported figures.
The lack of a stable correlation between net income and cash generation implies that GAAP earnings are heavily influenced by accounting estimates rather than actual cash movement. This divergence makes it difficult for investors to gauge the true economic health of the business without adjusting for the impact of LDTI-related reserve re-measurements.
Quick answers to the most common questions about buying GNW stock.
Genworth Financial, Inc. (GNW) generated $327.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genworth Financial, Inc. (GNW) generated $327.0M 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.
Genworth Financial, Inc. (GNW) 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, Genworth Financial, Inc. (GNW) spent $319.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.