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Jackson Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $5.9B over twelve months

Operating cash flow$1.4B
Free cash flow+$1.4B
Cash / net income1.6×

Analysis

In Q3 2026, Jackson Financial generated $1.4B of operating cash flow. That is $47.0M more than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.9B; the largest uses were other investing ($12.9B), buybacks ($839M), net borrowing (+) / repaid (−) ($301M); besides operations, cash came from other financing ($7.9B); the cash balance fell by $461M.

Operating cash flow was $1.4B against net income of $870M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$132M, other operating capital +$124M, gains on investments +$57.0M.

Free cash flow

Jackson Financial: free cash flow by quarterJackson Financial: free cash flow by quarter$1.5BQ4 2024$1.6BQ1 2025$1.2BQ2 2025$1.4BQ3 2025$1.6BQ4 2025$1.0BQ1 2026$1.8BQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
Jackson Financial: operating cash flow against capital spendingJackson Financial: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$0Q4 2024$1.6B$0Q1 2025$1.2B$0Q2 2025$1.4B$0Q3 2025$1.6B$0Q4 2025$1.0B$0Q1 2026$1.8B$0Q2 2026$1.4B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $0.

Capital allocation, year by year

Jackson Financial: where the cash came from (up) and went (down), by fiscal yearJackson Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $5.7BFY2021: Net borrowing $735MFY2021: Buybacks −$211MFY2021: Dividends −$50.0M$6.4BFY2021FY2022: Operating cash flow $5.2BFY2022: Net borrowing −$825MFY2022: Buybacks −$321MFY2022: Dividends −$186M$5.2BFY2022FY2023: Operating cash flow $5.3BFY2023: Net borrowing −$54.0MFY2023: Shares issued $533MFY2023: Buybacks −$306MFY2023: Dividends −$201M$5.8BFY2023FY2024: Operating cash flow $5.8BFY2024: Net borrowing $422MFY2024: Buybacks −$442MFY2024: Dividends −$211M$6.2BFY2024FY2025: Operating cash flow $5.8BFY2025: Net borrowing $209MFY2025: Buybacks −$669MFY2025: Dividends −$223M$6.0BFY2025
Over these 5 years operating cash flow totalled $27.7B; the largest uses were buybacks ($1.9B) and net borrowing ($879M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.1B
Debt$2.8B
Net cash$1.3B

Jackson Financial funds itself: free cash flow was $5.9B over the last twelve months, and $4.1B of cash and investments stands against $2.8B of debt.

Where the cash came from and went

Jackson Financial: sources (+) and uses (−) of cash, Q3 2026Jackson Financial: sources (+) and uses (−) of cash, Q3 2026Other investing−$5.5BOther financing$2.5BCash drawn (+) / kept (−)$1.9BOperating cash flow$1.4BBuybacks−$233MDividends−$59.0MNet borrowing (+) / repaid (−)$37.0M
Jackson Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Jackson Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$12.9BOther financing$7.9BOperating cash flow$5.9BBuybacks−$839MCash drawn (+) / kept (−)$461MNet borrowing (+) / repaid (−)−$301MDividends−$239M

From profit to cash

Jackson Financial: net income to operating cash flow, Q3 2026Jackson Financial: net income to operating cash flow, Q3 2026Net income$870MStock-based pay$31.0MDeferred taxes$132MGains on investments$57.0MOther operating capital$124MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$233M−$59.0M$37.0M—$1.9B$1.4B
Q2 2026$1.8B−$227M−$62.0M−$266M—−$447M$1.8B
Q1 2026$1.0B−$227M−$64.0M$61.0M$500M$165M$1.0B
Q4 2025$1.6B−$152M−$54.0M−$133M—−$1.1B$1.6B
Q3 2025$1.4B−$157M−$54.0M$45.0M—−$778M$1.4B
Q2 2025$1.2B−$158M−$57.0M$109M—$103M$1.2B
Q1 2025$1.6B−$202M−$58.0M$188M—−$120M$1.6B
Q4 2024$1.5B−$99.0M−$51.0M$18.0M—−$706M$1.5B

Jackson Financial: income statement and cash flow

Jackson Financial, Q3 2026: revenue $1.5B (+9% year over year), operating margin 53.8%. The chart follows the revenue to costs, profit and cash.

Jackson Financial: 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.