Operating cash flow remains remarkably stable, consistently generating between $1.4 billion and $1.6 billion per quarter despite the significant volatility observed in reported net income.
| Cash from Operations | 4.16B | 5.76B | 5.79B | 5.31B | 5.21B | 5.68B | 3.71B | 4.37B | 5.82B |
| Operating CF Growth % | -113.9% | -0.6% | 9.1% | 2% | -8.38% | 53.07% | -15.02% | -24.97% | - |
| Operating CF / Revenue % | 71.03% | 86.16% | 187.35% | 167.77% | 53.56% | 103.25% | 79.95% | 125.19% | 42.53% |
| Net Income | -373M | 72M | 976M | 954M | 6.23B | 3.68B | -1.64B | -442M | 2.05B |
| Depreciation & Amortization | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 178M | 132M | 191M | 107M | 131M | 129M | 56M | 79M | 38.6M |
| Deferred Taxes | -11M | -173M | 294M | -207M | 1.55B | 739M | -776M | -674M | 226.3M |
| Other Non-Cash Items | 3.93B | 5.97B | 4.63B | 4.46B | -2.39B | 1.77B | 7.18B | 7.78B | 2.04B |
| Working Capital Changes | -350M | -244M | -301M | -4M | -315M | -633M | -1.12B | -2.37B | 1.46B |
| Cash from Investing | -7.33B | -7.76B | -7.09B | -592M | -1.37B | -1.3B | -4.33B | -8.33B | -1.89B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -19.72B | -15.67B | -18.21B | -13.91B | -12.53B | -19.68B | -33.82B | -18.23B | -9.22B |
| Sale/Maturity of Investments | 10.01B | 8.46B | 10.81B | 11.8B | 11.62B | 19.62B | 30.14B | 10.55B | 7.5B |
| Other Investing | 2.37B | -547M | 312M | 1.51B | -464M | -1.23B | -654M | -646M | -173.3M |
| Cash from Financing | 5.68B | 3.94B | 2.37B | -6.33B | -2.16B | -3.77B | 705M | 1.93B | -2.27B |
| Dividends Paid | -262M | -267M | -255M | -236M | -186M | -50M | 0 | -2.88B | -450M |
| Share Repurchases | -317M | -669M | -442M | -306M | -321M | -211M | 0 | 0 | 0 |
| Stock Issued | 500M | 0 | 0 | 0 | 0 | 5M | 500M | 7M | 7.4M |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 6.38B | 5.37B | 2.2B | -5.91B | -1.58B | -5.47B | 185M | 2.15B | -1.22B |
| Net Change in Cash | 1.65B | 1.94B | 1.08B | -1.61B | 1.67B | 612M | 84M | -2.03B | 1.66B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 5.7B | 3.77B | 2.69B | 4.3B | 2.63B | 2.02B | 1.94B | 3.97B | 2.31B |
| Cash at End | 5.54B | 5.7B | 3.77B | 2.69B | 4.3B | 2.63B | 2.02B | 1.94B | 3.97B |
| Free Cash Flow | 4.16B | 5.76B | 5.79B | 5.31B | 5.21B | 5.68B | 3.71B | 4.37B | 5.82B |
| FCF Growth % | -30.15% | -0.6% | 9.1% | 2% | -8.38% | 53.07% | -15.02% | -24.97% | - |
| FCF Margin % | 71.03% | 86.16% | 187.35% | 167.77% | 53.56% | 103.25% | 79.95% | 125.19% | 42.53% |
| FCF per Share | 59.73 | 81.93 | 77.84 | 63.53 | 58.7 | 64.07 | 39.3 | 46.24 | 61.63 |
Variable Annuity Hedging Volatility
According to the provided quarterly data, Jackson Financial consistently generated approximately $1.4 billion to $1.6 billion in operating cash flow per quarter, demonstrating a remarkable stability in cash generation that appears largely decoupled from the extreme volatility observed in the company's reported GAAP net income figures.
The persistent ability to generate positive operating cash flow despite significant net income swings suggests that the company's core annuity business remains a reliable source of liquidity. This disconnect between cash flow and accounting earnings warrants further investigation into the non-cash nature of the derivative mark-to-market adjustments that frequently distort the bottom line.
As reported in financial statements, the company maintains an active investment strategy, with quarterly purchase volumes reaching as high as $10.5 billion in 2025Q4, indicating that management is aggressively recycling cash into the portfolio to support the long-term liability profile of its variable annuity blocks.
The scale of these investment purchases relative to operating cash flow suggests that the firm relies heavily on the rotation of its existing asset base rather than solely on new premium inflows. Investors should monitor whether this high level of portfolio turnover is effectively capturing yield or if it reflects a need to constantly rebalance against shifting interest rate expectations.
Based on the reported figures, Jackson Financial has maintained a consistent capital return program, with quarterly dividend payments hovering around $65 million and buybacks frequently exceeding $100 million, even during periods where the company reported significant net losses, such as the $424 million loss in 2026Q1.
The commitment to returning capital while GAAP earnings are negative suggests that management prioritizes statutory capital adequacy over accounting profitability. This strategy appears sustainable only if the underlying statutory cash generation remains robust, though it may leave the firm with less of a buffer should market conditions deteriorate further.
Data from the last ten quarters reveals a stark divergence between GAAP net income and operating cash flow, with the OCF/NI ratio reaching extreme levels like -66.42 in 2025Q1, which highlights the limited utility of traditional earnings metrics for assessing this company's actual liquidity position.
The frequent reporting of net losses alongside stable operating cash flow suggests that the company's accounting results are heavily influenced by non-cash hedging impacts. Analysts should focus on statutory capital and operating cash flow as the primary indicators of financial health, as GAAP earnings appear to be a poor proxy for the firm's true economic performance.
Quick answers to the most common questions about buying JXN stock.
Jackson Financial Inc. (JXN) generated $5.76B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jackson Financial Inc. (JXN) generated $5.76B 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.
Jackson Financial Inc. (JXN) 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, Jackson Financial Inc. (JXN) returned $267.0M to shareholders via cash dividends and spent $669.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.