Ctrl K
Operating cash flow averaged $3.8B per quarter over the last year, with Q2 2026 OCF/NI at 3.03x, and capital returns of $1.1B representing 51% of operating cash flow, indicating strong cash generation backing earnings.
MetLife, Inc. (MET) cash flow statement — 28-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 16.57B | 18.11B | 15.12B | 14.26B | 11.37B | 12.83B | 11.51B | 13.93B | 9.53B | 12.72B | 14.66B | 13.35B | 17.11B | 17.56B | 15.26B | 9.63B | 9.37B | 3.8B | 10.7B | 9.9B | 6.6B | 8.01B | 6.51B | 7.36B | 4.18B | 4.26B | 3.28B | 3.87B | 842M |
| Operating CF Growth % | 8.19% | 19.77% | 6% | 25.38% | -11.34% | 11.46% | -17.36% | 46.18% | -25.1% | -13.26% | 9.88% | -22.03% | -2.56% | 15.1% | 58.55% | 2.78% | 146.25% | -64.47% | 8.09% | 50.03% | -17.55% | 22.98% | -11.6% | 76.15% | -1.83% | 29.94% | -15.21% | 359.03% | - |
| Operating CF / Revenue % | 21.07% | 23.49% | 21.61% | 21.06% | 16.73% | 20.24% | 16.95% | 20% | 14.02% | 20.41% | 24.23% | 21.75% | 23.34% | 25.75% | 23.02% | 13.7% | 17.92% | 9.26% | 20.99% | 21% | 13.68% | 17.94% | 16.82% | 20.98% | 12.87% | 13.92% | 10.69% | 15.62% | 3.17% |
| Net Income | 3.63B | 3.38B | 4.43B | 1.58B | 5.28B | 6.55B | 5.41B | 5.9B | 5.12B | 5B | 3.58B | 5.31B | 6.31B | 3.37B | 1.28B | 6.4B | 2.75B | -2.29B | 3.51B | 4.1B | 3.07B | 3.14B | 2.64B | 2.22B | 1.6B | 473M | 953M | 617M | 1.34B |
| Depreciation & Amortization | 0 | 753M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 444M | 478M | -70M | 481M | -83M | 173M | 56M |
| 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 |
| 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 | 241M | 479M | 477M | 239M | 0 | 0 |
| Other Non-Cash Items | 8.86B | 7.14B | 8.84B | 10.5B | 4.19B | 3.64B | 1.38B | 462M | -1.59B | 1.68B | 3.36B | -2.83B | -2.27B | 4.49B | 5.2B | -4.5B | -378M | 8.39B | -1.31B | -330M | -953M | -252M | -5.37B | -6.2B | -2.61B | -3.1B | -415M | 14.53B | 197.02B |
| Working Capital Changes | 6B | 6.84B | 1.85B | 2.18B | 1.9B | 2.63B | 4.72B | 7.56B | 5.99B | 6.04B | 7.72B | 10.87B | 13.07B | 9.71B | 8.78B | 7.72B | 6.99B | -2.31B | 8.51B | 6.13B | 4.48B | 5.12B | 8.79B | 10.62B | 4.77B | 5.93B | 2.58B | -11.45B | -197.58B |
| Cash from Investing | -23.63B | -15.61B | -11.49B | -10.25B | -2.62B | -11.19B | -18.57B | -17.59B | -5.63B | -16.88B | -5.85B | -10.4B | -15.05B | -15.16B | -11.93B | -22.22B | -18.3B | -13.94B | -2.67B | -10.64B | -18.89B | -22.61B | -14.41B | -17.69B | -17B | -2.97B | -1.23B | -2.39B | 2.68B |
| Capital Expenditures | 0 | 0 | 0 | -1.17B | 0 | 4.36B | 0 | 0 | 0 | 0 | 0 | 0 | -4.63B | 0 | 0 | -1.27B | -2.83B | -579M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -416M | 0 | 0 |
| Acquisitions | -1.06B | -738M | -358M | -755M | -709M | 3.27B | -1.68B | -1.08B | 0 | -1.28B | 385M | 0 | -782M | -2B | 0 | -33M | -3.51B | -69M | -1.7B | -43M | -67M | -9.9B | 22M | -13M | -879M | -276M | -416M | 0 | 0 |
| Purchase of Investments | -126.5B | -105.69B | -82.14B | -84.27B | -104.64B | -109.32B | -93.58B | -91.79B | -108.16B | -115.47B | -154.63B | -154.94B | -135.24B | -122.55B | -120.47B | -121.92B | -104.07B | -88.02B | -100.13B | -4.62B | 0 | -173.59B | -97.19B | -107.67B | -90.28B | -60.53B | -65.78B | 0 | 0 |
| Sale/Maturity of Investments | 105.85B | 92.87B | 69.94B | 76.1B | 108.43B | 110.79B | 79.06B | 80.01B | 110.13B | 101.52B | 157.43B | 149.76B | 125.94B | 122.37B | 107.49B | 101.17B | 92.89B | 73.5B | 104.96B | 619M | 1.16B | 163.82B | 95.19B | 90.81B | 74.93B | 54.63B | 59.73B | 0 | 0 |
| Other Investing | -1.92B | -2.04B | 1.07B | -143M | -5.7B | -20.29B | -2.36B | -4.73B | -7.61B | -1.65B | -9.03B | -5.22B | -341M | -12.98B | 1.05B | -168M | -787M | 1.24B | -5.8B | -6.6B | -19.98B | -2.94B | -12.43B | -815M | -759M | 3.21B | 5.65B | -2.39B | 2.68B |
| Cash from Financing | 5.27B | 163M | -3.13B | -2.94B | -9.95B | -1.38B | 10.73B | 4.57B | -2.8B | -906M | -3.5B | -1.29B | 2.26B | -8.91B | 35M | 9.38B | 13.38B | -4.1B | 6.19B | 3.94B | 15.38B | 14.52B | 8.28B | 11.73B | 6.88B | 2.75B | -1.4B | -1.99B | -3.13B |
| Dividends Paid | -1.68B | -1.7B | -1.73B | -1.76B | -1.78B | -1.84B | -1.86B | -1.82B | -1.82B | -1.82B | -1.84B | -1.77B | -1.62B | -1.24B | -933M | -909M | -906M | -732M | -717M | -678M | -584M | -457M | -343M | -175M | -147M | -145M | -152M | 0 | 0 |
| Share Repurchases | -2.44B | -3.88B | -3.21B | -3.1B | -3.33B | -4.8B | -2.15B | -2.29B | -3.99B | -2.93B | -372M | -3.43B | -1B | 0 | 0 | -2.95B | 0 | 0 | -1.25B | -1.71B | -500M | 0 | -1B | -97M | -471M | -1.32B | -613M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 1.96B | 0 | 1.27B | 0 | 0 | 1.48B | 1B | 1B | 1B | 2.95B | 3.58B | 1.04B | 3.31B | 96M | 83M | 2.17B | 51M | 318M | 0 | 0 | 4.01B | 0 | 0 |
| 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 | 0 | 0 |
| Other Financing | 10.85B | 6.32B | 2.79B | 1.05B | -5.72B | 5.9B | 11.9B | 8.27B | 3.64B | 4.21B | 61M | 25M | 5.81B | -8.37B | 1.51B | 10.61B | 7.3B | -6.02B | 2.71B | -1.77B | 14.72B | 8.34B | 1.6B | 9.21B | 6.7B | 4.95B | -1.55B | -1.99B | -3.13B |
| Net Change in Cash | -2.88B | 1.96B | -571M | 444M | 148M | 252M | 3.2B | 777M | 3.12B | 50M | -101M | 1.94B | 3.22B | -8.15B | 5.28B | -2.5B | 2.85B | -14.1B | 14.25B | 2.85B | 3.09B | 4.02B | 0 | 1.41B | -5.15B | 4.04B | 645M | -512M | 390M |
| Exchange Rate Effect | -1.09B | -697M | -1.06B | -630M | 1.34B | -13M | -471M | -130M | 2.03B | 5.11B | -5.42B | 292M | -1.09B | -1.65B | 1.91B | 715M | -1.59B | 140M | 26M | -346M | 0 | 4.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 22.69B | 20.07B | 20.64B | 20.2B | 20.05B | 19.8B | 16.6B | 15.82B | 12.7B | 12.65B | 12.75B | 10.81B | 7.58B | 15.74B | 10.46B | 12.96B | 10.11B | 24.21B | 9.96B | 7.11B | 4.02B | 0 | 0 | 2.32B | 7.47B | 3.43B | 2.79B | 3.3B | 0 |
| Cash at End | 19.3B | 22.03B | 20.07B | 20.64B | 20.2B | 20.05B | 19.8B | 16.6B | 15.82B | 12.7B | 17.88B | 12.75B | 10.81B | 7.58B | 15.74B | 10.46B | 13.05B | 10.11B | 24.24B | 10.37B | 1.53B | 178M | 4.11B | 3.73B | 2.32B | 7.47B | 3.43B | 2.79B | 390M |
| Free Cash Flow | 16.57B | 18.11B | 15.12B | 14.26B | 11.37B | 12.83B | 11.51B | 13.93B | 9.53B | 12.72B | 14.66B | 13.35B | 17.11B | 17.56B | 15.26B | 9.63B | 9.37B | 3.8B | 10.7B | 9.9B | 6.6B | 8.01B | 6.51B | 7.36B | 5B | 4.8B | 910M | 3.87B | 842M |
| FCF Growth % | 5.23% | 19.77% | 6% | 25.38% | -11.34% | 11.46% | -17.36% | 46.18% | -25.1% | -13.26% | 9.88% | -22.03% | -2.56% | 15.1% | 58.55% | 2.78% | 146.25% | -64.47% | 8.09% | 50.03% | -17.55% | 22.98% | -11.6% | 47.35% | 4.13% | 427.36% | -76.46% | 359.03% | - |
| FCF Margin % | 21.07% | 23.49% | 21.61% | 21.06% | 16.73% | 20.24% | 16.95% | 20% | 14.02% | 20.41% | 24.23% | 21.75% | 23.34% | 25.75% | 23.02% | 13.7% | 17.92% | 9.26% | 20.99% | 21% | 13.68% | 17.94% | 16.82% | 20.98% | 15.39% | 15.69% | 2.97% | 15.62% | 3.17% |
| FCF per Share | 25.27 | 27.23 | 21.26 | 18.7 | 14.06 | 14.75 | 12.6 | 14.74 | 9.4 | 12.19 | 13.38 | 11.83 | 15.12 | 15.65 | 13.98 | 9.1 | 9.5 | 4.65 | 14.37 | 12.99 | 8.56 | 10.6 | 8.62 | 9.86 | 6.85 | 6.29 | 1.42 | 4.94 | 1.08 |
Quick answers to the most common questions about buying MET stock.
MetLife, Inc. (MET) generated $18.11B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MetLife, Inc. (MET) generated $18.11B 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.
MetLife, Inc. (MET) 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, MetLife, Inc. (MET) returned $1.70B to shareholders via cash dividends and spent $3.88B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Reported EPS miss and CRE exposure
Metrics are mathematically derived from official filings.
Underwriting Cash Generation Remains Solid
MetLife's operating cash flow averaged $3.8B per quarter over the last year, with Q2 2026 OCF/NI at 3.03x, indicating strong premium collection relative to claims paid, per recent SEC filings.
The consistent OCF/NI ratio above 2.0x across the past ten quarters suggests that underwriting cash generation is robust, with premiums collected outpacing claims and expenses. The Q4 2025 spike to 10.0x likely reflects seasonal or one-time items, but the underlying trend indicates a stable float generation. This cash flow strength supports the company's ability to fund investment activities and capital returns without straining liquidity.
Claims Payments Show Seasonal Variability
Claims and loss payments ranged from $11.4B to $16.5B quarterly, with Q2 2026 at $16.1B, up 27% year-over-year, suggesting potential inflationary pressure on benefits, as reported in financial statements.
The upward trend in claims payments, particularly in the most recent quarter, may indicate rising benefit costs, possibly due to inflation in healthcare and disability services. However, the increase is not uniform, with Q4 2025 also elevated, suggesting seasonality. Investors should monitor whether this trend persists, as it could pressure underwriting margins if premium rate adjustments lag.
Investment Portfolio Cash Flows Reflect Active Management
MetLife's investment purchases exceeded sales by $6.5B in Q2 2026, a net deployment that has grown from $2.9B in Q2 2024, indicating increased reinvestment activity, based on reported figures.
The widening gap between purchases and sales suggests MetLife is actively deploying cash into higher-yielding assets, likely in response to the rising rate environment. This net investment activity is a key driver of future investment income, but it also implies a larger allocation to fixed income, which carries interest rate and credit risk. The consistent net buying across quarters indicates a strategic shift towards longer-duration assets to lock in yields.
Capital Returns Covered by Operating Cash Flow
Dividends and buybacks totaled $1.1B in Q2 2026, representing 51% of operating cash flow, a payout ratio that has been consistent over the past year, according to recent financial disclosures.
MetLife's capital return program appears well-covered by operating cash flow, with the combined payout ratio averaging around 50% over the last four quarters. This suggests that the company is not relying on portfolio liquidation to fund shareholder returns, which is a positive sign for sustainability. However, the buyback pace has been variable, with Q1 2025 and Q1 2024 seeing elevated repurchases, possibly indicating opportunistic timing.
Cash Conversion Highlights Earnings Quality
OCF/NI ratios have consistently exceeded 2.0x, with Q2 2026 at 3.03x, indicating that reported net income is backed by strong cash generation, as per financial statements.
The high OCF/NI ratio suggests that net income is not being inflated by non-cash accruals, such as reserve releases or deferred acquisition costs. This supports the quality of reported earnings, despite the recent adjusted EPS miss. The gap between adjusted and reported earnings may stem from investment volatility, but the cash flow data indicates that underlying operations are generating ample cash.
What the Cash Flow Statement May Obscure
While operating cash flow appears robust, the large net investment purchases of $6.5B in Q2 2026 may mask potential unrealized losses or credit impairments in the portfolio, based on reported figures.
The cash flow statement does not reveal the composition of investment purchases or the quality of assets being acquired. Given the concerns about commercial real estate exposure, investors should scrutinize whether the net investment activity is increasing exposure to riskier asset classes. Additionally, the absence of explicit reinsurance recoverable data in the cash flow statement warrants monitoring, as credit risk from reinsurers could impact future cash inflows.