Operating cash flow exhibits significant sensitivity to claims timing, evidenced by a peak of $5.3 billion in 2025Q4 followed by substantial investment portfolio rebalancing activity.
| 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 | 11.44B | 13.75B | 2.53B | 7.82B | 4.31B | -1.86B | 9.79B | 2.47B | 3.83B | 1.98B | 3.67B | 4.46B | 1.8B | 627M | 748M | 2.71B | 2.86B | 3.55B | 1.74B | 1.04B | 4.47B | 2.48B | 3.23B | 2.97B | 4.31B | 2.07B | 2.66B | 1.66B | 380M |
| Operating CF Growth % | 1835.69% | 442.92% | -67.61% | 81.34% | 332.15% | -118.98% | 295.57% | -35.47% | 93.25% | -45.91% | -17.78% | 147.28% | 187.72% | -16.18% | -72.44% | -5.24% | -19.28% | 104.26% | 66.7% | -76.68% | 80.13% | -23.19% | 8.68% | -31.09% | 108.56% | -22.2% | 59.74% | 337.89% | - |
| Operating CF / Revenue % | 29.04% | 32.6% | 7.34% | 21.5% | 125.72% | -5.2% | 22.58% | 6.24% | 14.22% | 6.76% | 12.84% | 23.15% | 7% | 4.52% | 4.26% | 12.02% | 11.55% | 12.87% | 11.16% | 4.92% | 18.4% | 11.32% | 14.85% | 13.47% | 30.39% | 17.65% | 23.03% | 11.29% | 2.95% |
| Net Income | 3.28B | 3.55B | 4.34B | 2.39B | 3.92B | 5.1B | 1.96B | 2.71B | 3.51B | 2.79B | 3.44B | 2.9B | 2.37B | 1.99B | 1.96B | -193M | 1.69B | 622M | 857M | 2.29B | 2.14B | 1.88B | 1.69B | 1.31B | 1.03B | 881M | 802M | 334M | 54M |
| Depreciation & Amortization | 39M | 0 | 0 | 0 | 528M | 0 | 0 | 378M | 226M | 209M | 203M | 166M | 150M | 123M | 116M | 46M | 93M | 535M | 63M | -32M | -621M | -472M | -297M | -98M | 193M | -316M | -260M | -368M | -355M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 395M | 0 | 0 | 549M | 346M | 476M | 362M | 348M | 481M | 542M | 305M | 0 | 126M | 96M | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -395M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 277M | -737M | -489M | 453M | -335M | 77M | 262M | 91M | -87M | 42M | 82M | 79M | 75M |
| Other Non-Cash Items | 7.02B | 6.63B | -4.2B | 64.89M | 12.03B | -9.46B | -5.66B | -12.57B | -281M | -7.2B | -5.48B | 881M | -9.91B | 894M | -4.15B | -4.12B | -2.77B | -4.49B | 6.65B | 2.96B | 3.28B | 1B | 1.57B | 1.67B | 3.17B | 67.43M | 2.03B | 1.62B | 606M |
| Working Capital Changes | 1.05B | 3.56B | 2.39B | 5.36B | -12.16B | 2.5B | 13.48B | 11.4B | 378M | 6.19B | 5.5B | 515M | 9.19B | -2.38B | 2.82B | 6.98B | 3.46B | 7.52B | -5.38B | -4.63B | 0 | 0 | 0 | 0 | 0 | 1.39B | 0 | 0 | 0 |
| Cash from Investing | -9.04B | -11.7B | -337M | -4.35B | -2.86B | -803M | -4.95B | -430M | -280M | -339M | -1.89B | -723M | -13M | -239M | -176M | -322M | -4.44B | -3.45B | 1.78B | -2.32B | -2.65B | -3.68B | -1.46B | -2.56B | -3.22B | -3.07B | -2.05B | -1.48B | -560M |
| Capital Expenditures | -137.02M | -144.88M | -143M | -129.77M | 3.69B | -81M | -124.02M | -114M | -85M | -182M | -131M | -106M | 0 | -67M | -181M | -120M | 0 | -164M | 0 | -404.65M | 0 | -51.4M | -273.18M | 0 | -227.49M | 0 | 0 | 0 | 0 |
| Acquisitions | -2.38B | -52.96M | -17M | -146.37M | -2.7B | -441M | -372.06M | -167M | -64M | -182M | -1.68B | -581M | -87M | -315M | 34M | 0 | -262M | 15M | 0 | -725M | 0 | -337M | 0 | -266M | -2.75B | -1.82B | 0 | -43M | -170M |
| Purchase of Investments | -38.88B | -71.2B | 0 | -36.71B | -57.22B | 0 | -64.14B | 0 | -65.42B | -60.75B | -50.15B | -46.66B | 0 | 0 | 0 | -87M | -36.07B | -27.76B | -23.37B | -32.73B | -39.05B | -35.55B | -41.09B | -47.45B | -44.6B | -19.23B | -17.58B | -17.06B | -488M |
| Sale/Maturity of Investments | 32.53B | 59.91B | 0 | 32.79B | 53.53B | 0 | 59.9B | 0 | 62.42B | 56.01B | 47.13B | 46.31B | 0 | 0 | 0 | 0 | 26.32B | 24.45B | 25.52B | 30.96B | 34.01B | 35.48B | 41.06B | 48.8B | 44.45B | 18.57B | 17.54B | 16.98B | 0 |
| Other Investing | -172.14M | -210.83M | -177M | -152.41M | -161M | -281M | -225.27M | -149M | -131M | 25M | -80M | -36M | 74M | 143M | -29M | -115M | 5.57B | 11M | -373M | 574.65M | 2.4B | -3.21B | -1.15B | -3.64B | -88.51M | -583M | -2.01B | -1.36B | 98M |
| Cash from Financing | -1.38B | -2.2B | -3.88B | -1.98B | -71M | -260M | -1.65B | -2.36B | -2.57B | -2.02B | -1.54B | -1.11B | -1.94B | -1.05B | -1.06B | -1.45B | -591M | 1.05B | -499M | -92M | 356M | 290M | -1.1B | -1.2B | 329M | 908M | -159M | 432M | -184M |
| Dividends Paid | -2.1B | -2.06B | -1.96B | -1.42B | -1.67B | -1.43B | -1.07B | -1.32B | -1.23B | -1.16B | -1.07B | -921M | -886M | -799M | -699M | -679M | -634M | -942M | -879M | -821M | -690M | -465M | -515M | -413M | -294M | -204M | -51M | 0 | 0 |
| Share Repurchases | -1.19B | -1.71B | -855M | -140.34M | -6M | 0 | -156.99M | -592M | -641M | -175M | -950M | -212M | -39M | 0 | 0 | 0 | -9M | -6M | -217M | -511M | -575M | -544M | -388M | -527M | 0 | -35M | 0 | 0 | 0 |
| Stock Issued | 28.03M | 36.97M | 0 | 36.97M | 6M | 0 | 14.13M | 0 | 0 | 0 | 39M | 0 | 0 | 0 | 0 | 42M | 15M | 6M | 8M | 55M | 61M | 78M | 58M | 21M | 27M | 330M | 844M | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 0 | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K |
| Other Financing | -269.07M | -179.85M | -569M | -132.79M | -262M | -132M | -106.75M | -230M | -258M | 543M | 659M | -253M | -4M | -226M | -391M | -355M | 0 | 0 | 0 | 0 | -18M | 496M | 10M | -189M | 239.6M | 921M | -658M | 0 | 0 |
| Net Change in Cash | 919.1M | 19.18M | -1.22B | 1.51B | 1.68B | -2.96B | 3.23B | -509M | 1.24B | -553M | -3M | 3.15B | 40M | -507M | -519M | 952M | -2.26B | 6.35B | 3.66B | -1.33B | 2.2B | 1.34B | 2.79B | 816M | 4.57B | 2.31B | 1.96B | 1.98B | -209M |
| Exchange Rate Effect | -97.74M | 176.05M | 471M | 25.51M | 302M | -35M | 51.01M | -190M | 250M | -179M | -235M | 516M | 189M | 151M | -31M | 10M | -85M | -802M | 642M | 41M | 18M | -101M | -90M | -455M | 44M | 168M | 36M | -132M | 155M |
| Cash at Beginning | 9.84B | 9.66B | 11.17B | 6.92B | 7.69B | 10.65B | 7.38B | 7.19B | 5.96B | 6.51B | 6.51B | 3.36B | 3.32B | 3.83B | 4.35B | 3.4B | 5.87B | 5.52B | 3.6B | 4.94B | 2.74B | 3.75B | 3.18B | 4.16B | 2.58B | 2.5B | 2B | 1.47B | 2.81B |
| Cash at End | 8.82B | 9.68B | 9.95B | 8.43B | 9.37B | 7.69B | 10.62B | 6.68B | 7.19B | 5.96B | 6.51B | 6.51B | 3.36B | 3.32B | 3.83B | 4.35B | 3.61B | 11.87B | 7.26B | 3.6B | 4.94B | 5.09B | 5.97B | 4.97B | 7.15B | 4.81B | 3.96B | 3.44B | 2.6B |
| Free Cash Flow | 11.3B | 13.6B | 2.39B | 7.69B | 8B | -1.94B | 9.66B | 2.36B | 3.75B | 1.8B | 3.54B | 4.36B | 1.8B | 560M | 567M | 2.59B | 2.86B | 3.38B | 1.74B | 637.35M | 4.47B | 2.43B | 2.96B | 2.97B | 4.09B | 2.07B | 2.66B | 1.66B | 380M |
| FCF Growth % | 124.09% | 469.36% | -68.92% | -3.88% | 512.69% | -120.06% | 309.43% | -37.05% | 108.05% | -49.05% | -18.78% | 141.41% | 222.14% | -1.23% | -78.14% | -9.43% | -15.37% | 94.82% | 172.53% | -85.74% | 83.94% | -17.83% | -0.51% | -27.26% | 97.56% | -22.2% | 59.74% | 337.89% | - |
| FCF Margin % | 28.69% | 32.25% | 6.93% | 21.15% | 233.25% | -5.43% | 22.3% | 5.95% | 13.9% | 6.14% | 12.38% | 22.6% | 7% | 4.04% | 3.23% | 11.49% | 11.55% | 12.27% | 11.16% | 3.01% | 18.4% | 11.08% | 13.6% | 13.47% | 28.79% | 17.65% | 23.03% | 11.29% | 2.95% |
| FCF per Share | 28.07 | 23.75 | 4.11 | 13.05 | 13.58 | -3.28 | 16.4 | 3.95 | 6.14 | 2.93 | 5.71 | 7.08 | 2.91 | 0.91 | 0.94 | 4.47 | 4.69 | 6.02 | 3.09 | 1.11 | 7.71 | 4.12 | 4.91 | 4.89 | 7.48 | 4.86 | 6.31 | 4.16 | 0.95 |
Medical Inflation and Claims
As reported in recent financial statements, Sun Life's underwriting cash generation exhibits significant quarterly variance, with operating cash flow reaching a peak of $5.3 billion in 2025Q4 before fluctuating, highlighting the inherent sensitivity of the company's cash position to the timing of large-scale claims settlements.
The wide swings in operating cash flow suggest that the company's liquidity is heavily influenced by the episodic nature of claims payments rather than a steady stream of premium inflows. Investors should monitor whether this volatility reflects underlying shifts in the morbidity experience or merely the timing of large institutional group benefit renewals.
Based on the provided data, Sun Life actively manages its investment portfolio through significant quarterly purchases and sales, such as the $20.4 billion in purchases and $18.3 billion in sales recorded in 2026Q1, indicating a dynamic approach to rebalancing assets in response to shifting interest rate environments.
The high volume of portfolio turnover suggests that management is aggressively seeking to optimize reinvestment yields to support long-term liability matching. This active management may indicate a strategic effort to mitigate the impact of market volatility on the general account, though it warrants further investigation into the realized gains or losses associated with these transactions.
According to historical data, claims payments have reached as high as $16.7 billion in a single quarter, demonstrating that the company's cash outflows are subject to substantial periodic spikes that can temporarily strain the liquidity generated from premium collections and investment income.
The lack of consistent claims data in certain periods makes it difficult to assess the exact payment lag, but the observed spikes suggest that the company must maintain significant liquid reserves to meet its obligations. This dynamic appears to confirm that the company's cash flow profile is inherently defensive, requiring careful management of short-term liquidity to avoid portfolio liquidation during periods of elevated claims activity.
As indicated by the company's financial filings, Sun Life has maintained consistent dividend payments, with quarterly distributions reaching $521.3 million in 2026Q1, suggesting that management prioritizes shareholder returns even during periods of fluctuating operating cash flow and significant investment portfolio activity.
The ability to sustain dividends while simultaneously executing share buybacks, such as the $391.7 million in 2025Q4, implies a high degree of confidence in the company's underlying capital generation. However, investors should monitor whether these returns are increasingly reliant on portfolio liquidation rather than organic underwriting cash flow, as the latter remains subject to significant quarterly volatility.
Quick answers to the most common questions about buying SLF stock.
Sun Life Financial Inc. (SLF) generated $13.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sun Life Financial Inc. (SLF) generated $13.60B 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.
Sun Life Financial Inc. (SLF) spent $144.9M 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, Sun Life Financial Inc. (SLF) returned $2.06B to shareholders via cash dividends and spent $1.71B on share repurchases. This shows the company's commitment to returning capital to its equity investors.