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American National Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$672M in Q2 2026 · $2.9B over twelve months

Operating cash flow$691M
Capital spending−$19.0M
Free cash flow+$672M
Cash / net income3.3×

Analysis

In Q2 2026, American National Group generated $691M of operating cash flow and spent $19.0M on capital projects, leaving free cash flow of $672M. That is $157M more than in Q2 2025 ($515M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.0B; the largest uses were other investing ($12.9B), capital spending ($66.0M), dividends ($31.0M); besides operations, cash came from other financing ($6.2B), acquisitions ($52.0M); the cash balance fell by $3.7B.

Operating cash flow was $691M against net income of $208M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: other operating capital −$201M, deferred taxes +$71.0M, gains on investments −$59.0M.

Free cash flow

American National Group: free cash flow by quarterAmerican National Group: free cash flow by quarter$697MQ3 2024$442MQ4 2024$666MQ1 2025$515MQ2 2025$413MQ3 2025$688MQ1 2026$672MQ2 2026
Operating cash flow less capital spending.
American National Group: operating cash flow against capital spendingAmerican National Group: operating cash flow against capital spendingOperating cash flowCapital spending$727M$30.0MQ3 2024$418M−$24.0MQ4 2024$671M$5.0MQ1 2025$535M$20.0MQ2 2025$430M$17.0MQ3 2025$699M$11.0MQ1 2026$691M$19.0MQ2 2026
Latest (Q2 2026): Operating cash flow $691M, Capital spending $19.0M.

Capital allocation, year by year

American National Group: where the cash came from (up) and went (down), by fiscal yearAmerican National Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $4.2BFY2021: Shares issued $11.6MFY2021: Capital spending −$18.1MFY2021: Buybacks −$99.4MFY2021: Dividends −$31.4M$4.2BFY2021FY2022: Operating cash flow $2.0BFY2022: Net borrowing $300MFY2022: Shares issued $258MFY2022: Capital spending −$41.0MFY2022: Buybacks −$567MFY2022: Dividends −$30.2M$2.6BFY2022FY2023: Operating cash flow $1.2BFY2023: Shares issued $31.0MFY2023: Capital spending −$133MFY2023: Buybacks −$309M$1.2BFY2023FY2024: Operating cash flow $2.5BFY2024: Asset sales $35.0MFY2024: Capital spending −$37.0MFY2024: Acquisitions $8.0BFY2024: Dividends −$33.0M$10.6BFY2024FY2025: Operating cash flow $2.8BFY2025: Shares issued $292MFY2025: Capital spending −$61.0MFY2025: Acquisitions $58.0MFY2025: Dividends −$49.0M$3.1BFY2025
Over these 5 years operating cash flow totalled $12.8B; the largest uses were buybacks ($975M) and capital spending ($290M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.9B
Debt$3.0B
Net cash$5.9B
Due within a year$600M

American National Group funds itself: free cash flow was $2.9B over the last twelve months, and $8.9B of cash and investments stands against $3.0B of debt ($600M due within a year, 14.8× covered by cash).

American National Group: debt maturities by year (FY2025)American National Group: debt maturities by year (FY2025)$600MYear 1$600MYear 3
Principal due in each year as disclosed in the annual report, against $8.9B of cash and investments now.

Where the cash came from and went

American National Group: sources (+) and uses (−) of cash, Q2 2026American National Group: sources (+) and uses (−) of cash, Q2 2026Other investing−$1.9BOther financing$732MOperating cash flow$691MCash drawn (+) / kept (−)$518MCapital spending−$19.0MDividends−$6.0M
American National Group: sources (+) and uses (−) of cash, TTM to Q2 2026American National Group: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$12.9BOther financing$6.2BCash drawn (+) / kept (−)$3.7BOperating cash flow$3.0BCapital spending−$66.0MAcquisitions$52.0MDividends−$31.0MAsset & business sales$21.0M

From profit to cash

American National Group: net income to operating cash flow, Q2 2026American National Group: net income to operating cash flow, Q2 2026Net income$208MDeferred taxes$71.0MGains on investments−$59.0MOther operating capital−$201MOperating cash flow$691M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$691M−$19.0M—−$6.0M—$518M$672M
Q1 2026$699M−$11.0M—−$6.0M—$2.7B$688M
Q3 2025$430M−$17.0M−$6.0M−$11.0M—$536M$413M
Q2 2025$535M−$20.0M—−$11.0M—−$4.6B$515M
Q1 2025$671M−$5.0M—−$19.0M$292M$3.8B$666M
Q4 2024$418M$24.0M−$2.8B−$11.0M—$2.5B$442M
Q3 2024$727M−$30.0M—−$11.0M—$22.0M$697M

American National Group: income statement and cash flow

American National Group, Q2 2026: revenue $1.7B (+2% year over year), operating margin 16.4%. The chart follows the revenue to costs, profit and cash.

American National Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.