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Manulife Financial Corp (MFC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · INSURANCE - LIFE · DATA UPDATED 2026-07-20

Manulife Financial Corp (MFC) operates in the INSURANCE - LIFE industry and is headquartered in Toronto, Canada with about 37,000 employees. Its market capitalization is roughly $73 billion. In the fiscal year ended 2025-12-31, MFC reported $53.0B in revenue and $5.8B in net income.

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments.

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MFC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$79.3B	$53.0B	($7.3B)	($7.0B)	$24.2B	$59.8B	$77.1B	$77.8B	$37.3B	$56.6B	$51.7B	$32.8B	$53.1B	$17.5B	$28.1B	$50.0B	$37.6B	$40.1B	$33.0B	$35.5B	$34.2B
Gross Profit	$26.5B	$13.5B	$13.6B	$10.7B	$1.6B	$18.6B	$17.3B	$17.1B	$17.0B	$12.3B	$12.8B	$11.4B	$11.5B	$10.8B	$7.5B	$7.2B	$10.0B	$10.0B	$10.8B	$35.5B	$17.5B
Gross Margin %	33.3%	25.5%	-187.0%	-151.8%	6.8%	31.1%	22.4%	21.9%	45.5%	21.7%	24.9%	34.8%	21.7%	61.9%	26.6%	14.3%	26.7%	25.0%	32.7%	100.0%	51.2%
Operating Income (EBIT)	$7.9B	$7.1B	$7.1B	$6.5B	($3.1B)	$8.1B	$6.8B	$6.2B	$5.5B	$2.5B	$3.3B	$2.6B	$4.3B	$3.7B	$1.2B	$148M	($2.3B)	($152M)	$577M	$6.6B	$5.3B
Operating Margin %	9.9%	13.4%	-97.3%	-91.7%	-13.0%	13.6%	8.8%	8.0%	14.8%	4.4%	6.4%	8.0%	8.0%	21.4%	4.4%	0.3%	-6.2%	-0.4%	1.8%	18.7%	15.6%
Net Income	$6.4B	$5.8B	$5.6B	$5.5B	($2.1B)	$6.7B	$5.3B	$5.3B	$4.7B	$2.1B	$3.0B	$2.2B	$3.5B	$3.1B	$1.7B	$218M	($1.7B)	$1.4B	$517M	$4.2B	$4.0B
Net Margin %	8.1%	10.9%	-77.3%	-77.6%	-8.7%	11.1%	6.9%	6.8%	12.5%	3.6%	5.8%	6.8%	6.6%	17.8%	6.1%	0.4%	-4.4%	3.5%	1.6%	11.9%	11.6%
EBITDA	$9.0B	$9.5B	$7.3B	$8.6B	($3.6B)	$9.7B	$8.6B	$8.2B	$7.5B	$4.2B	$5.0B	$4.3B	$5.9B	$5.2B	$2.6B	$1.7B	($965M)	$1.5B	$2.0B	$7.0B	$6.5B
Earnings Per Share (EPS)	$3.76	$3.39	$3.15	$2.97	$-1.10	$3.42	$2.74	$2.69	$2.35	$1.04	$1.51	$1.12	$1.87	$1.66	$0.91	$0.12	$-0.88	$0.75	$0.28	$2.25	$2.11
Shares Outstanding (M)	1,708M	1,708M	1,785M	1,838M	1,910M	1,946M	1,943M	1,962M	1,988M	1,986M	1,977M	1,976M	1,880M	1,880M	1,880M	1,880M	1,880M	1,880M	1,880M	1,880M	1,880M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$12.3B	$8.6B	$17.3B	$41.1B	$9.0B	$4.2B	$14.6B	$18.5B
Gross Profit	$12.3B	$6.5B	$3.8B	$3.8B	$2.3B	$3.9B	$26.9B	$3.0B
Gross Margin %	100.0%	76.0%	22.2%	9.1%	25.2%	91.5%	184.3%	16.4%
Operating Income (EBIT)	$1.5B	$1.9B	$2.2B	$2.3B	$699M	$2.1B	$2.3B	$1.4B
Operating Margin %	11.9%	22.1%	12.9%	5.5%	7.7%	50.1%	16.1%	7.5%
Net Income	$1.2B	$1.6B	$1.8B	$1.9B	$557M	$1.7B	$1.9B	$1.1B
Net Margin %	9.7%	18.1%	10.3%	4.6%	6.2%	40.0%	13.3%	5.9%
EBITDA	$2.1B	$2.5B	$2.1B	$2.2B	$650M	$2.3B	$2.3B	$1.4B
Earnings Per Share (EPS)	$0.70	$0.91	$1.05	$1.09	$0.32	$0.95	$1.09	$0.61
Shares Outstanding (M)	1,708M	1,708M	1,701M	1,715M	1,729M	1,780M	1,780M	1,799M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFC Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$29.0B	$32.1B	$26.5B	$20.4B	$17.7B	$23.2B	$20.0B	$20.5B	$19.2B	$17.8B	$17.0B	$10.3B	$10.8B	$9.7B	$11.1B	$10.9B	$11.6B	$12.0B	$7.9B	$7.5B	$6.7B
Capital Expenditures (CapEx)	$0M	$0M	$0M	$13.8B	$18.2B	$24.2B	$0M	$80.6B	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$55.1B	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	$29.0B	$32.1B	$26.5B	$6.7B	($467M)	($1.1B)	$20.0B	($60.1B)	$19.2B	$17.8B	$17.0B	$10.3B	$10.8B	$9.7B	$11.1B	$10.9B	($43.5B)	$12.0B	$7.9B	$7.5B	$6.7B
FCF Margin %	36.5%	60.5%	-363.5%	-94.8%	-1.9%	-1.8%	26.0%	-77.2%	51.5%	31.4%	33.0%	31.5%	20.4%	55.5%	39.5%	21.7%	-115.6%	30.0%	24.0%	21.0%	19.5%
Dividends Paid	$3.4B	$3.3B	$3.2B	$3.0B	$2.8B	$2.5B	$2.3B	$1.4B	$1.8B	$1.8B	$1.6B	$1.4B	$910M	$761M	$733M	$717M	$691M	$1.1B	$1.5B	$1.4B	$1.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$3.5B	$8.6B	$9.5B	$7.3B	$6.7B	$7.1B	$7.5B	$7.3B
Free Cash Flow (FCF)	$3.5B	$8.6B	$9.5B	$7.3B	$6.7B	$7.1B	$7.5B	$7.3B
FCF Margin %	28.8%	99.9%	55.1%	17.7%	74.0%	169.0%	51.6%	39.4%
Dividends Paid	$864M	$842M	$804M	$856M	$802M	$799M	$766M	$817M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MFC Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$1.03T	$1.02T	$978.8B	$875.6B	$848.9B	$917.6B	$880.3B	$809.1B	$750.3B	$729.5B	$720.7B	$704.6B	$579.4B	$513.6B	$485.0B	$462.0B	$424.8B	$205.1B	$211.0B	$176.5B	$186.2B
Cash & Cash Equivalents	$25.0B	$14.9B	$25.8B	$20.3B	$19.2B	$22.6B	$26.2B	$20.3B	$16.2B	$16.0B	$15.2B	$17.9B	$21.1B	$13.6B	$13.4B	$12.8B	$11.8B	$18.8B	$12.4B	$12.4B	$10.9B
Total Liabilities	$973.5B	$972.2B	$925.9B	$826.8B	$792.6B	$881.3B	$16.6B	$13.6B	$703.1B	$687.4B	$677.9B	$662.7B	$545.5B	$484.6B	$460.0B	$437.2B	$190.8B	$176.9B	$183.6B	$152.0B	$160.3B
Total Debt (Short + Long-Term)	$13.4B	$14.7B	$14.2B	$12.7B	$13.0B	$11.9B	$15.0B	$12.3B	$13.5B	$13.6B	$12.9B	$9.7B	$8.0B	$24.2B	$8.7B	$9.3B	$10.7B	$9.8B	$9.1B	$8.5B	$10.1B
Total Shareholders' Equity	$51.5B	$51.0B	$51.5B	$47.3B	$56.4B	$57.2B	$863.7B	$795.5B	$46.1B	$42.2B	$42.8B	$41.9B	$33.5B	$28.7B	$25.6B	$24.5B	$26.7B	$28.8B	$27.4B	$24.5B	$25.7B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MFC viewer.

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