Operating cash flow remains erratic, swinging from a negative $88.9 million in 2025Q1 to a positive $141.7 million in 2026Q1, reflecting the challenges of managing diverse reinsurance and MGA 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 |
|---|
| Cash from Operations | 326.9M | 102.4M | 74.7M | 581.3M | 293.3M | 1.6M | 73.36M | 141.11M | 13.39M | -78.54M | 4.77M | 187.78M | 122.43M | 9.21M | -32.55M | -1.55M |
| Operating CF Growth % | 438.47% | 37.08% | -87.15% | 98.19% | 18231.25% | -97.82% | -48.02% | 954.1% | 117.05% | -1746.11% | -97.46% | 53.37% | 1229.17% | 128.29% | -1993.5% | - |
| Operating CF / Revenue % | 10.11% | 3.19% | 2.86% | 21.51% | 13.51% | 0.07% | 8.29% | 14.41% | 3.55% | -8.47% | 0.67% | 32.49% | 23.1% | 1.92% | -13.95% | - |
| Net Income | 500.2M | 460.1M | 202.4M | 363.7M | -386M | 55.8M | 143.86M | 200.62M | -317.47M | 281.77M | 28.88M | -87.44M | 56.71M | 227.31M | 99.4M | -1.13M |
| Depreciation & Amortization | 5M | 10.9M | 11.9M | 11.1M | 13.9M | 5.9M | -4.01M | 3.96M | 4.94M | 4.94M | -1.04M | -1.04M | -1.04M | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 35.9M | 20.7M | 21.4M | 30.5M | 11.4M | 6.6M | 7M | 4.96M | 3.6M | 8.94M | 10.87M | 9.26M | 9.8M | 6.41M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -60.2M | -53.9M | 0 | 4.01M | -3.96M | -5.16M | -8.91M | -60.76M | -23.21M | -197.82M | 0 | 0 | 0 |
| Other Non-Cash Items | -208.3M | -204.6M | 7.3M | 83.1M | 393.6M | -413.9M | -255.21M | -243.96M | 242.28M | -460.5M | -58.03M | 43.55M | 93.27M | -315.55M | -171.49M | 0 |
| Working Capital Changes | 30M | -199.9M | -167.6M | 162.2M | 295.2M | 342.4M | 178.11M | 177.45M | 83.84M | 100.57M | 86.79M | 245.05M | 162.06M | 87.64M | 33.12M | -425K |
| Cash from Investing | 1.6M | 424.2M | 343.6M | -332.2M | -1.3B | 208.6M | 6.11M | 786.86M | 377.56M | 23.05M | -53.28M | -163.88M | -119.05M | -397.56M | -765.97M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 194.8M | 224.9M | 0 | 0 | 800K | 652.4M | 0 | 0 | -97.95M | 73.98M | 18.28M | 0 | 0 | 0 | 40.13M | 0 |
| Purchase of Investments | -2.17B | -2.4B | -2.73B | -4.97B | -6.16B | -3.41B | -446.96M | -418.46M | -4.34B | -3.89B | -4.99B | -3.9B | -3.35B | -2.58B | -2.85B | 0 |
| Sale/Maturity of Investments | 2B | 2.61B | 3.07B | 4.63B | 4.85B | 2.89B | 547.97M | 1.21B | 4.28B | 4.28B | 4.55B | 3.62B | 3.14B | 2.23B | 2.25B | 0 |
| Other Investing | -24.5M | -8.8M | 6.2M | 5.5M | 4.5M | 77.9M | -94.9M | -886K | 432.31M | -362.48M | 390.05M | 118.81M | 92.45M | -51.94M | -203.71M | 0 |
| Cash from Financing | -243M | -518.8M | -625M | -61.5M | -23.7M | 24.3M | -19.48M | 12.65M | -226.94M | 53.73M | 38.05M | -32.22M | -6.27M | 385.96M | 228.69M | 605.4M |
| Dividends Paid | -15.9M | -16M | -16M | -16M | -16M | -12.2M | -1.29M | -2.72M | -3.22M | -3.22M | -38K | -38K | -38K | 0 | 0 | 0 |
| Share Repurchases | -221.9M | 0 | -299.7M | 0 | -12.1M | 0 | -300K | 0 | -138.71M | -40.86M | -7.39M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 900K | -489.9M | 18.4M | 27.8M | 0 | 50.8M | 0 | 1.9M | 0 | 1.5M | 5.14M | 4.33M | 599K | 286.1M | 158.59M | 605.4M |
| Debt Issuance (Net) | 0 | 0 | -1000K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 1000K | 1000K | 0 |
| Other Financing | -6.1M | -12.9M | -203.7M | -55.3M | -13.2M | -14.3M | -17.89M | 13.47M | -84.94M | 97.82M | 45.48M | -79.56M | -6.83M | 29.37M | 19.65M | 0 |
| Net Change in Cash | 85.5M | 7.8M | -206.7M | 187.6M | -1.03B | 234.5M | 59.98M | 940.62M | 164M | -1.75M | -10.46M | -8.33M | -2.89M | -2.38M | -569.84M | 603.84M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 902.4M | 894.6M | 1.1B | 913.7M | 1.95B | 1.71B | 1.65B | 713.34M | 549.33M | 9.95M | 20.41M | 28.73M | 31.63M | 34.01M | 603.84M | 0 |
| Cash at End | 1.01B | 902.4M | 894.6M | 1.1B | 913.7M | 1.95B | 1.71B | 1.65B | 713.34M | 8.2M | 9.95M | 20.41M | 28.73M | 31.63M | 34.01M | 603.84M |
| Free Cash Flow | 326.9M | 102.4M | 74.7M | 581.3M | 292.5M | 1.6M | 73.36M | 141.11M | 13.39M | -78.54M | 4.77M | 187.78M | 122.43M | 9.21M | -32.55M | -1.55M |
| FCF Growth % | 533.55% | 37.08% | -87.15% | 98.73% | 18181.25% | -97.82% | -48.02% | 954.1% | 117.05% | -1746.11% | -97.46% | 53.37% | 1229.17% | 128.29% | -1993.5% | - |
| FCF Margin % | 10.11% | 3.19% | 2.86% | 21.51% | 13.47% | 0.07% | 8.29% | 14.41% | 3.55% | -8.47% | 0.67% | 32.49% | 23.1% | 1.92% | -13.95% | - |
| FCF per Share | 2.68 | 0.84 | 0.44 | 3.43 | 1.83 | 0.01 | 0.79 | 1.52 | 0.14 | -0.75 | 0.05 | 1.81 | 1.15 | 0.1 | -0.32 | -0.02 |
Casualty reserve development volatility
Based on reported financial statements, SiriusPoint's underwriting cash generation remains highly erratic, with operating cash flow swinging from a negative $88.9 million in 2025Q1 to a positive $141.7 million in 2026Q1, illustrating the inherent difficulty in predicting net float generation across diverse reinsurance and MGA business lines.
The significant variance in quarterly operating cash flow suggests that the timing of premium inflows and claim settlements is not yet synchronized, potentially due to the integration of MGA-sourced business. Investors should monitor whether the recent positive cash flow trend in early 2026 represents a structural improvement in underwriting discipline or merely a temporary timing benefit from premium collection cycles.
As indicated by quarterly filings, the company maintains an aggressive investment turnover strategy, evidenced by the $544.1 million in sales and $291.0 million in purchases during 2026Q1, which suggests management is actively rebalancing the portfolio to capture yield while maintaining sufficient liquidity for potential claim spikes.
The high volume of investment sales relative to purchases in recent quarters may imply a tactical shift toward shorter-duration assets to mitigate interest rate sensitivity. This active management approach appears designed to provide the necessary cash buffer to support the company's underwriting obligations without relying on external financing.
According to historical data, claims and loss payments have remained consistently elevated, peaking at $531.5 million in 2025Q1, which highlights the ongoing cash burden of legacy casualty exposures that continue to impact the company's liquidity profile despite recent efforts to pivot toward lower-severity specialty lines.
The persistent level of claims payments relative to net income suggests that the company is still working through a significant tail of older liabilities. This dynamic warrants further investigation into whether the current reserve levels are adequate to cover future settlements without necessitating further portfolio liquidations.
Based on the provided financial data, SiriusPoint utilized $221.9 million for share repurchases in 2026Q1 alone, a figure that significantly exceeds the $102.2 million in net income, suggesting that management is prioritizing capital return over the retention of cash for potential underwriting growth or reserve strengthening.
The decision to return capital at this scale, particularly following periods of negative operating cash flow, may indicate management's confidence in the underlying stability of the business. However, investors should remain cautious, as such aggressive buybacks could leave the company vulnerable if casualty reserve development trends turn unfavorable.
Quick answers to the most common questions about buying SPNT stock.
SiriusPoint Ltd. (SPNT) generated $102.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SiriusPoint Ltd. (SPNT) generated $102.4M 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.
SiriusPoint Ltd. (SPNT) 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, SiriusPoint Ltd. (SPNT) returned $16.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.