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Reinsurance Group of America 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 · $2.6B over twelve months

Operating cash flow−$1.4B
Free cash flow−$1.4B
Cash / net income-3.0×

Analysis

In Q3 2026, Reinsurance Group of America generated −$1.4B of operating cash flow. That is $365M less than in Q3 2025 (−$990M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were other investing ($13.0B), buybacks ($289M), dividends ($247M); besides operations, cash came from other financing ($7.7B), net borrowing (+) / repaid (−) ($395M); the cash balance rose by $23.0M.

Operating cash flow was −$1.4B against net income of $457M — -3.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments +$85.0M, stock-based pay +$18.0M.

Free cash flow

Reinsurance Group of America: free cash flow by quarterReinsurance Group of America: free cash flow by quarter$17.1BQ4 2024−$1.4BQ1 2025−$820MQ2 2025−$990MQ3 2025$7.3BQ4 2025−$2.9BQ1 2026−$484MQ2 2026−$1.4BQ3 2026
Operating cash flow less capital spending.
Reinsurance Group of America: operating cash flow against capital spendingReinsurance Group of America: operating cash flow against capital spendingOperating cash flowCapital spending$17.1B$0Q4 2024−$1.4B$0Q1 2025−$820M$0Q2 2025−$990M$0Q3 2025$7.3B$0Q4 2025−$2.9B$0Q1 2026−$484M$0Q2 2026−$1.4B$0Q3 2026
Latest (Q3 2026): Operating cash flow −$1.4B, Capital spending $0.

Capital allocation, year by year

Reinsurance Group of America: where the cash came from (up) and went (down), by fiscal yearReinsurance Group of America: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $4.2BFY2021: Net borrowing $494MFY2021: Asset sales $19.0MFY2021: Capital spending −$19.0MFY2021: Acquisitions −$156MFY2021: Buybacks −$99.0MFY2021: Dividends −$194M$4.7BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing $690MFY2022: Asset sales $7.0MFY2022: Capital spending −$25.0MFY2022: Buybacks −$81.0MFY2022: Dividends −$205M$2.0BFY2022FY2023: Operating cash flow $4.0BFY2023: Net borrowing $890MFY2023: Buybacks −$227MFY2023: Dividends −$219M$4.9BFY2023FY2024: Operating cash flow $9.4BFY2024: Net borrowing $640MFY2024: Buybacks −$27.0MFY2024: Dividends −$229M$10.0BFY2024FY2025: Operating cash flow $4.1BFY2025: Net borrowing $691MFY2025: Shares issued $4.0MFY2025: Buybacks −$174MFY2025: Dividends −$240M$4.8BFY2025
Over these 5 years operating cash flow totalled $23.0B; the largest uses were dividends ($1.1B) and buybacks ($608M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.6B
Debt$5.3B
Net debt$662M
Due within a year$404M
Cash runway10 months

Reinsurance Group of America is burning cash: its operations consume cash, a free cash flow of −$5.4B a year at the current rate against $4.6B of cash and investments: a runway of about 10 months; $404M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Reinsurance Group of America: debt maturities by year (FY2025)Reinsurance Group of America: debt maturities by year (FY2025)$404MYear 1$4.0MYear 2$4.0MYear 3$604MYear 4$604MYear 5$4.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.6B of cash and investments now.

Where the cash came from and went

Reinsurance Group of America: sources (+) and uses (−) of cash, Q3 2026Reinsurance Group of America: sources (+) and uses (−) of cash, Q3 2026Other investing−$4.1BNot reconciled$2.7BOther financing$2.6BOperating cash flow−$1.4BCash drawn (+) / kept (−)$640MNet borrowing (+) / repaid (−)−$401MBuybacks−$82.0MDividends−$64.0MExchange rates$23.0MShares issued$5.0M
Reinsurance Group of America: sources (+) and uses (−) of cash, TTM to Q3 2026Reinsurance Group of America: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$13.0BOther financing$7.7BNot reconciled$2.9BOperating cash flow$2.6BNet borrowing (+) / repaid (−)$395MBuybacks−$289MDividends−$247MExchange rates−$34.0MCash drawn (+) / kept (−)−$23.0MShares issued$10.0M

From profit to cash

Reinsurance Group of America: net income to operating cash flow, Q3 2026Reinsurance Group of America: net income to operating cash flow, Q3 2026Net income$457MStock-based pay$18.0MGains on investments$85.0MOperating 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−$82.0M−$64.0M−$401M$5.0M$640M−$1.4B
Q2 2026−$484M−$52.0M−$61.0M−$401M—−$295M−$484M
Q1 2026−$2.9B−$94.0M−$61.0M$394M$5.0M−$825M−$2.9B
Q4 2025$7.3B−$61.0M−$61.0M——$457M$7.3B
Q3 2025−$990M−$75.0M−$61.0M−$1.0M$4.0M$791M−$990M
Q2 2025−$820M—−$59.0M−$1.0M—−$265M−$820M
Q1 2025−$1.4B−$38.0M−$59.0M$690M—−$1.8B−$1.4B
Q4 2024$17.1B−$1.0M−$58.0M——$1.9B$17.1B

Reinsurance Group of America: income statement and cash flow

Reinsurance Group of America, Q3 2026: revenue $7.5B (+22% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

Reinsurance Group of America: 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.