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Metlife cash flow, quarter by quarter

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

Free cash flow$2.0B in Q3 2026 · $14.0B over twelve months

Operating cash flow$2.0B
Free cash flow+$2.0B
Cash / net income0.8×

Analysis

In Q3 2026, Metlife generated $2.0B of operating cash flow. That is $1.6B less than in Q3 2025 ($3.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $14.0B; the largest uses were other investing ($22.1B), buybacks ($2.6B), dividends ($1.5B); besides operations, cash came from other financing ($12.0B); the cash balance fell by $447M.

Operating cash flow was $2.0B against net income of $2.4B — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments +$430M, depreciation & amortization +$31.0M.

Free cash flow

Metlife: free cash flow by quarterMetlife: free cash flow by quarter$4.6BQ4 2024$4.3BQ1 2025$2.2BQ2 2025$3.6BQ3 2025$7.1BQ4 2025$2.7BQ1 2026$2.2BQ2 2026$2.0BQ3 2026
Operating cash flow less capital spending.
Metlife: operating cash flow against capital spendingMetlife: operating cash flow against capital spendingOperating cash flowCapital spending$4.6B$0Q4 2024$4.3B$0Q1 2025$2.2B$0Q2 2025$3.6B$0Q3 2025$7.1B$0Q4 2025$2.7B$0Q1 2026$2.2B$0Q2 2026$2.0B$0Q3 2026
Latest (Q3 2026): Operating cash flow $2.0B, Capital spending $0.

Capital allocation, year by year

Metlife: where the cash came from (up) and went (down), by fiscal yearMetlife: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $12.3BFY2021: Net borrowing −$50.0MFY2021: Shares issued $119MFY2021: Asset sales $3.3BFY2021: Buybacks −$4.3BFY2021: Dividends −$1.6B$15.7BFY2021FY2022: Operating cash flow $13.0BFY2022: Net borrowing $963MFY2022: Shares issued $48.0MFY2022: Asset sales $590MFY2022: Acquisitions −$35.0MFY2022: Buybacks −$3.3BFY2022: Dividends −$1.6B$14.6BFY2022FY2023: Operating cash flow $13.7BFY2023: Net borrowing $1.9BFY2023: Shares issued $11.0MFY2023: Buybacks −$3.1BFY2023: Dividends −$1.6B$15.6BFY2023FY2024: Operating cash flow $14.6BFY2024: Net borrowing $1.4BFY2024: Shares issued $40.0MFY2024: Buybacks −$3.2BFY2024: Dividends −$1.5B$16.0BFY2024FY2025: Operating cash flow $17.1BFY2025: Net borrowing $619MFY2025: Shares issued $14.0MFY2025: Acquisitions −$738MFY2025: Buybacks −$2.9BFY2025: Dividends −$1.5B$17.7BFY2025
Over these 5 years operating cash flow totalled $70.8B; the largest uses were buybacks ($16.8B) and dividends ($7.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$27.7B
Debt$14.6B
Net cash$13.1B
Due within a year$172M

Metlife funds itself: free cash flow was $14.0B over the last twelve months, and $27.7B of cash and investments stands against $14.6B of debt ($172M due within a year, 160.8× covered by cash).

Metlife: debt maturities by year (FY2025)Metlife: debt maturities by year (FY2025)$172MYear 1$81.0MYear 2$300MYear 3$459MYear 4$996MYear 5$12.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $27.7B of cash and investments now.

Where the cash came from and went

Metlife: sources (+) and uses (−) of cash, Q3 2026Metlife: sources (+) and uses (−) of cash, Q3 2026Other investing−$3.5BOther financing$3.1BOperating cash flow$2.0BBuybacks−$651MCash drawn (+) / kept (−)−$485MDividends−$379MNot reconciled−$39.0MNet borrowing (+) / repaid (−)−$27.0M
Metlife: sources (+) and uses (−) of cash, TTM to Q3 2026Metlife: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$22.1BOperating cash flow$14.0BOther financing$12.0BBuybacks−$2.6BDividends−$1.5BCash drawn (+) / kept (−)$447MNot reconciled−$127MNet borrowing (+) / repaid (−)−$74.0M

From profit to cash

Metlife: net income to operating cash flow, Q3 2026Metlife: net income to operating cash flow, Q3 2026Net income$2.4BDepreciation & amortization$31.0MGains on investments$430MOperating cash flow$2.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.0B−$651M−$379M−$27.0M−$485M$2.0B
Q2 2026$2.2B−$722M−$383M−$9.0M$3.4B$2.2B
Q1 2026$2.7B−$755M−$372M$8.0M−$655M$2.7B
Q4 2025$7.1B−$460M−$375M−$46.0M−$1.8B$7.1B
Q3 2025$3.6B−$502M−$378M−$10.0M$1.9B$3.6B
Q2 2025$2.2B−$510M−$382M$599M−$852M$2.2B
Q1 2025$4.3B−$1.4B−$374M$76.0M−$1.3B$4.3B
Q4 2024$4.6B−$406M−$378M−$32.0M$1.7B$4.6B

Metlife: income statement and cash flow

Metlife, Q3 2026: revenue $20.5B (+18% year over year), operating margin 8.9%. The chart follows the revenue to costs, profit and cash.

Metlife: 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.