Capital allocation remains aggressive with $1.8 billion in share buybacks during 2025Q4, yet operating cash flow remains erratic, evidenced by an OCF/NI ratio that swung from -0.83 in 2024Q1 to 1.91 in 2025Q4.
| 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 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.67B | 5.74B | 2.16B | 8.63B | 11.08B | 7.89B | 7.44B | 1.52B | 4.35B | 4.63B | 3.12B | 3.13B | 3.21B | 5.34B | 3.7B | 4.28B | 2.9B | -493M | 5.36B | 1.11B | 767M | 1.71B | 2.89B | 3.81B | 816.46M | 93.92M | 299.82M | 1.98B | 240.86M | 328.4M | 406.9M |
| Operating CF Growth % | 229.93% | 165.2% | -74.93% | -22.11% | 40.41% | 6.12% | 389.28% | -65.05% | -6.17% | 48.8% | -0.51% | -2.46% | -39.88% | 44.38% | -13.52% | 47.55% | 687.83% | -109.21% | 381.56% | 44.98% | -55.09% | -40.88% | -24.11% | 366.25% | 769.28% | -68.67% | -84.88% | 723.52% | -26.66% | -19.29% | 40.7% |
| Net Income | 5.53B | 5.31B | 4.84B | -1.05B | 6.27B | 6.44B | 4.49B | 3.24B | 3.26B | 2.42B | 2.44B | 2.12B | 2.21B | 1.73B | 2.03B | 1.33B | 854M | 877M | 1.53B | 1.75B | 1.53B | 1.65B | 1.56B | 1.06B | 1.3B | 973.64M | 698.49M | 778.73M | 651.74M | 408.4M | 343.3M |
| Depreciation & Amortization | 810M | 837M | 979M | 1.22B | 1.37B | 1.38B | 1.61B | 630M | 555M | 550M | 555M | 461M | 424M | 421M | 391M | 363M | 382M | 339M | 298M | 283M | 292M | 303M | 270M | 207.79M | 158.98M | 236.19M | 192.72M | 199.89M | 151.91M | 98.8M | 64.5M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 3M | -39M | 823M | 419M | 185M | 0 | 0 | 0 | 0 | 0 | 16M | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.28B | 2.44B | 4.5B | 8.19B | -1.54B | -584M | 1.08B | 666M | 37M | 820M | 239M | 728M | 477M | 564M | 1.08B | 1.68B | 2.94B | 2.57B | 1.65B | 1.4B | -1.01B | 7M | 926M | 1.84B | -314.41M | -870.34M | -146.99M | 1.1B | -545.38M | -87.5M | 93.6M |
| Working Capital Changes | -2.94B | -2.85B | -8.15B | 271M | 4.99B | 655M | -97M | -3.18B | 359M | 718M | -230M | -290M | 40M | 1.67B | -297M | 618M | -1.36B | -4.34B | 1.8B | -2.38B | -104M | -272M | 119M | 691.45M | -331.12M | -245.56M | -444.39M | -97M | -17.42M | -91.3M | -94.5M |
| Cash from Investing | -18.07B | -17.76B | 18.6B | 22.86B | -29.97B | -32.06B | -43.65B | 8.35B | -4.96B | -5.41B | -976M | -1.85B | -4.01B | -4.21B | -7.05B | -18.01B | 5.98B | 7.23B | -18.32B | -7.46B | -7.29B | -8.74B | -7.17B | 1.27B | -1.28B | -1.05B | -4.72B | -5.26B | -2.23B | -2.47B | -1.47B |
| Purchase of Investments | -15.13B | -14.47B | -44.74B | -4.23B | -12.38B | -70.78B | -72.81B | -42.65B | -4.72B | -16.36B | -15.16B | -15.26B | -7.71B | -13.86B | -12.08B | -21.5B | -26.6B | -21.92B | -36.23B | -8.99B | -5.08B | -5.82B | -7.85B | -12.89B | -9.11B | -4.81B | -6.72B | -5.98B | -5.26B | -4.64B | -2.92B |
| Sale/Maturity of Investments | 22.36B | 22.92B | 46.32B | 13.96B | 20.75B | 34.12B | 29.9B | 44.08B | 6.5B | 12.31B | 17.52B | 15.16B | 7.09B | 11.29B | 10.23B | 9.11B | 37.38B | 24.99B | 25.58B | 8.1B | 4.4B | 4.64B | 6.38B | 17.82B | 9.16B | 4.87B | 6.85B | 4.97B | 5.21B | 3.82B | 3.54B |
| Net Investment Activity | 7.22B | 8.45B | 1.58B | 9.73B | 8.38B | -36.66B | -42.91B | 1.43B | 1.78B | -4.05B | 2.37B | -98M | -625M | -2.58B | -1.85B | -12.4B | 10.79B | 3.07B | -10.65B | -883M | -676M | -1.17B | -1.47B | 4.93B | 48.15M | 54.17M | 133.11M | -1.01B | -53.34M | -817.3M | 619M |
| Acquisitions | 0 | 0 | 12.17B | -17M | -4.67B | -1.64B | -2.44B | 6.26B | -296M | 0 | -726M | 1.05B | 1.02B | 516M | 675M | -86M | -839M | 4.47B | 311M | -141M | 38M | -124M | -58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -25.29B | -26.21B | 4.84B | 13.14B | -33.11B | 6.68B | 2.51B | 886M | -6.08B | -1.36B | -2.62B | -2.81B | -4.42B | -2.15B | -5.73B | -5.3B | -3.54B | -163M | -7.76B | -6.18B | -6.4B | -7.25B | -5.43B | -3.45B | -1.14B | -916M | -4.68B | -4.1B | -2.04B | -1.54B | -2.02B |
| Cash from Financing | 6.42B | 8.63B | -11.64B | -22.27B | 20.02B | 25.59B | 36.02B | 5.35B | 1.5B | -549M | -1.88B | 104M | 965M | -1.97B | 2.8B | 15.22B | -9.14B | -6.83B | 12.59B | 6.75B | 6.43B | 6.93B | 4.43B | -4.63B | 602.03M | 1.08B | 4.15B | 3.31B | 1.98B | 2.31B | 1.08B |
| Dividends Paid | -2.96B | -3B | -3.13B | -3.13B | -2.99B | -2.85B | -2.73B | -1.46B | -1.38B | -1.18B | -1.09B | -937M | -814M | -912M | -564M | -446M | -415M | -820M | -1.02B | -962M | -863M | -801M | -739M | -628.12M | -521.88M | -433.57M | -374.6M | -324.28M | -246.36M | -170.1M | -127.8M |
| Share Repurchases | -4.13B | -2.5B | -1.75B | 0 | -250M | -3.03B | -500M | -1.73B | -1.21B | -1.61B | -520M | 0 | 0 | -27M | 0 | 0 | 0 | 0 | 0 | -254M | -936M | -486M | -441M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 1B | 0 | 0 | 0 | 0 | 0 | 3.45B | 1.68B | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 22M | 110M | 2.73B | 160M | 64M | 91M | 79.72M | 79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -3.13B | -2.5B | -1.75B | 0 | -250M | -3.03B | 2.95B | -42M | -1.21B | -1.61B | -520M | 0 | 0 | -27M | 15M | 22M | 110M | 2.73B | 160M | -190M | -845M | -406.28M | -362M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 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 | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -738M | 9.8B | -7.11B | -16.46B | -3.28B | 35.51B | 49.55B | 2.74B | 3.61B | -2.72B | 4.83B | 2.18B | 304M | -5.35B | 4.72B | 17.93B | -9B | -5.55B | 11.75B | 5.79B | 5.76B | 6.46B | 5.09B | -1.66B | 2.29B | -391.34M | 3.41B | 343.18M | 1.32B | 608M | 801M |
| Net Change in Cash | -5.97B | -3.39B | 9.12B | 9.22B | 1.13B | 1.43B | -197M | 15.22B | 888M | -1.32B | 257M | 1.39B | 160M | -874M | -537M | 1.49B | -264M | -91M | -377M | 405M | -85M | -107M | 142M | 449.75M | 139.99M | 125.6M | -266.14M | 30.25M | -14.06M | 162.3M | -1.01B |
| Exchange Rate Effect | 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 | 0 | 0 |
| Cash at Beginning | 36.38B | 39.77B | 30.64B | 21.42B | 20.3B | 18.87B | 19.07B | 3.84B | 2.96B | 4.28B | 4.17B | 2.33B | 2.17B | 3.04B | 3.58B | 2.09B | 2.65B | 2.74B | 3.12B | 2.71B | 2.8B | 2.9B | 2.76B | 2.37B | 2.23B | 2.11B | 2.37B | 2.34B | 1.81B | 1.26B | 1.01B |
| Cash at End | 36.2B | 36.38B | 39.77B | 30.64B | 21.42B | 20.3B | 18.87B | 19.07B | 3.84B | 2.96B | 4.42B | 3.71B | 2.33B | 2.17B | 3.04B | 3.58B | 2.38B | 2.65B | 2.74B | 3.12B | 2.71B | 2.8B | 2.9B | 2.82B | 2.37B | 2.23B | 2.11B | 2.37B | 1.8B | 1.42B | 1.05B |
| Interest Paid | 9.95B | 10.07B | 11.34B | 9.14B | 2.01B | 859M | 1.83B | 1.92B | 1.41B | 819M | 775M | 734M | 765M | 918M | 1.12B | 1.4B | 1.87B | 2.13B | 2.94B | 3.98B | 3.07B | 1.91B | 1.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 154M | 192M | 830M | 780M | 479M | 792M | 126M | 443M | 99M | 429M | 844M | 655M | 322M | 677M | 347M | 82M | 972M | 431M | 730M | 2.23B | 791M | 780M | 346M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 5.67B | 5.74B | 2.16B | 8.63B | 10.52B | 7.45B | 6.62B | 1.3B | 3.99B | 4.63B | 3.12B | 3.13B | 3.21B | 5.31B | 3.57B | 4.05B | 2.47B | -667M | 5.13B | 856M | 517M | 1.51B | 2.67B | 3.59B | 632.5M | -96.04M | 129.35M | 1.83B | 99.97M | 216.4M | 335.8M |
| FCF Growth % | 45.44% | 165.2% | -74.93% | -17.93% | 41.17% | 12.5% | 410.96% | -67.49% | -14% | 48.8% | -0.51% | -2.46% | -39.53% | 48.73% | -11.92% | 64.05% | 470.31% | -112.99% | 499.77% | 65.57% | -65.76% | -43.42% | -25.73% | 468.14% | 758.57% | -174.25% | -92.92% | 1727.85% | -53.8% | -35.56% | 47.99% |
Southeastern Commercial Real Estate
According to recent financial disclosures, Truist has maintained a consistent dividend payout averaging roughly $750 million per quarter, even as share buybacks fluctuated significantly, reaching a peak of $1.8 billion in 2025Q4, which suggests management is prioritizing shareholder returns despite ongoing strategic shifts and integration-related earnings volatility.
The bank's ability to sustain dividend payments while simultaneously executing large-scale buybacks appears to rely heavily on the capital released from the insurance divestiture. Investors should monitor whether this pace of capital return remains viable as the bank pivots toward organic growth and potentially higher regulatory capital requirements.
Based on reported cash flow data, Truist has engaged in substantial securities portfolio turnover, with 2024Q2 activity showing $22.2 billion in purchases against $32.6 billion in sales, indicating a proactive management of the investment book to navigate interest rate fluctuations and optimize the bank's liquidity position.
The high volume of sales relative to purchases in several quarters suggests the bank may be actively repositioning its duration profile to mitigate interest rate risk. This level of activity warrants further investigation into whether these moves are intended to lock in gains or simply to provide the necessary liquidity to support loan growth and capital returns.
As reported in quarterly filings, Truist's provision for loan losses has remained relatively stable near $450 million per quarter, though the absence of any provision expense in 2025Q4 appears anomalous and may indicate a temporary shift in the bank's internal credit loss modeling or risk assessment.
The inconsistency in provisioning, particularly the zero-provision quarter, complicates the assessment of the bank's true credit risk profile. Analysts should consider whether this reflects an improved outlook on the Southeastern commercial real estate portfolio or a potential underestimation of future charge-offs in a softening economic environment.
Financial statements reveal that Truist's operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 0.83 in 2024Q1 to a robust 1.91 in 2025Q4, suggesting that core operating cash generation is frequently obscured by non-recurring items and accounting adjustments.
The wide variance in the OCF/NI ratio implies that traditional cash flow metrics are poor indicators of Truist's underlying earnings quality. Investors should be cautious in relying on these figures, as they appear heavily influenced by the noise of merger-related accounting and the strategic divestiture of the insurance business.
Quick answers to the most common questions about buying TFC stock.
Truist Financial Corporation (TFC) generated $5.74B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Truist Financial Corporation (TFC) generated $5.74B 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.
Truist Financial Corporation (TFC) 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, Truist Financial Corporation (TFC) returned $3.00B to shareholders via cash dividends and spent $2.50B on share repurchases. This shows the company's commitment to returning capital to its equity investors.