NYSE · Financial Statements

Manulife Financial Corporation (MFC) Financial Statements

$44.26 NYSE: MFC Market Cap $73.44B

Manulife Financial Corporation most recently reported annual revenue of $53.0B, net profit of $5.8B. Revenue declined at an average annual rate of 7.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Manulife Financial Corporation: Revenue rose from $51.7B in 2016 to $53.0B in 2025, a change of +2.6% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 6.4% to 13.4%, a shift of +6.9 percentage points; the most recent year shows net profit of $5.8B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$51.7B$56.6B$37.3B$77.8B$77.1B$59.8B$24.2B$-7.0B$-7.3B$53.0B
Operating Expenses$48.4B$54.1B$31.7B$71.6B$70.3B$51.7B$27.3B$-13.5B$-14.4B$45.9B
Operating Profit$3.3B$2.5B$5.5B$6.2B$6.8B$8.1B$-3.1B$6.5B$7.1B$7.1B
Operating Margin6.4%4.4%14.8%8.0%8.8%13.6%-13.0%-91.7%-97.3%13.4%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$1.0B$1.2B$1.3B$1.4B$1.2B$1.0B$1.0B$1.6B$1.7B$1.5B
Depreciation$693.0M$560.0M$747.0M$626.0M$656.0M$529.0M$-1.5B$581.0M$-1.5B$876.0M
Profit Before Tax$3.3B$2.5B$5.5B$6.2B$6.8B$8.1B$-3.1B$6.5B$7.1B$7.1B
Tax$5.9M$9.6M$11.4M$11.5M$17.6M$14.9M$36.9M$13.1M$17.1M$14.6M
Net Profit$3.0B$2.1B$4.7B$5.3B$5.3B$6.7B$-2.1B$5.5B$5.6B$5.8B
EPS$1.41$0.98$2.35$2.77$2.93$3.54$-1.10$2.61$2.84$3.07
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$19.9B$-22.1B$35.2B$18.5B$14.6B$4.2B$9.0B$41.1B$17.3B$8.6B$12.3B$19.7B
Operating Expenses$18.8B$-24.2B$33.9B$17.1B$12.2B$2.1B$8.3B$38.9B$15.1B$6.7B$10.8B$16.9B
Operating Profit$1.2B$2.1B$1.3B$1.4B$2.3B$2.1B$699.0M$2.3B$2.2B$1.9B$1.5B$2.8B
Operating Margin5.9%-9.6%3.6%7.5%16.1%50.1%7.7%5.5%12.9%22.1%11.9%14.1%
Interest$415.0M$390.0M$425.0M$426.0M$410.0M$420.0M$377.0M$360.0M$388.0M$405.0M$390.0M$388.0M
Profit Before Tax$1.2B$2.1B$1.3B$1.4B$2.3B$2.1B$699.0M$2.3B$2.2B$1.9B$1.5B$2.8B
Tax$-4.3M$15.2M$22.4M$18.2M$11.7M$19.2M$10.9M$14.9M$13.9M$16.3M$15.7M$16.4M
Net Profit$1.2B$1.8B$917.0M$1.1B$1.9B$1.7B$557.0M$1.9B$1.8B$1.6B$1.2B$2.2B
EPS$0.52$0.86$0.45$0.52$1.00$0.86$0.25$0.98$1.02$0.82$0.64$1.20

Over the 10 years reported for Manulife Financial Corporation, borrowings increased from $12.9B in 2016 to $14.7B in 2025, cash stood at $14.9B in the latest year, shareholders' equity was $20.1B.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$720.7B$729.5B$750.3B$809.1B$880.3B$917.6B$833.7B$875.6B$978.8B$1.02T
Current Assets$16.0B$17.1B$17.6B$21.7B$27.6B$23.9B$20.6B$0$25.8B$75.9B
Cash$15.2B$16.0B$16.2B$20.3B$26.2B$22.6B$19.2B$20.3B$25.8B$14.9B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$845.0M$1.1B$1.4B$1.4B$1.4B$1.3B$1.4B$0$0$61.0B
Fixed Assets$1.4B$1.3B$2.0B$381.0M$1.9B$1.8B$1.9B$2.6B$2.7B$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$188.1B$195.5B$204.8B$221.0B$242.4B$252.2B$227.4B$237.7B$244.3B$915.2B
Other Assets$5.9B$5.7B$5.9B$5.7B$5.7B$5.7B$6.0B$5.9B$6.3B$6.9B
Total Liabilities$677.9B$687.4B$703.1B$759.0B$827.3B$881.3B$792.6B$826.8B$925.9B$972.2B
Current Liabilities$10.2B$9.8B$15.0B$11.0B$16.4B$17.7B$355.0B$0$0$0
Borrowings$12.9B$13.2B$13.5B$11.7B$14.0B$11.9B$12.4B$12.7B$14.2B$14.7B
Other Liabilities$665.0B$674.2B$689.6B$747.4B$813.4B$869.5B$780.2B$814.1B$911.7B$957.5B
Equity$22.9B$23.0B$23.0B$23.1B$23.0B$23.1B$22.2B$21.5B$20.7B$20.1B
Reserves$42.1B$41.2B$46.1B$48.9B$51.6B$57.2B$46.8B$47.3B$51.5B$51.0B

For Manulife Financial Corporation, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $32.1B; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$17.0B$17.8B$19.2B$20.5B$20.0B$23.2B$16.6B$20.4B$26.5B$32.1B
Investing Cash Flow$-22.7B$-16.3B$-19.0B$66.8B$-14.1B$-192.0M$-18.4B$-13.7B$-18.5B$-28.3B
Financing Cash Flow$-189.0M$226.0M$952.0M$724.0M$-818.0M$-603.0M$114.0M$-1.4B$-2.4B$595.0M
Net Cash Flow$-2.8B$860.0M$284.0M$4.2B$6.0B$-3.7B$-3.3B$1.2B$5.1B$-39.0M
Free Cash Flow$17.0B$17.8B$19.2B$101.2B$20.0B$47.4B$16.6B$20.4B$26.5B$32.1B

Valuation & Return Ratios

MetricValue
PEG Ratio0.89
EV / EBITDA10.34
FCF Yield30.06%
Quick Ratio2.36
Interest Coverage5.33
Return 1Y43.55%
Return 3Y183.77%
Return 5Y173.09%

Manulife Financial Corporation (MFC) financials — frequently asked questions

What is Manulife Financial Corporation's annual revenue?

Manulife Financial Corporation (MFC) reported annual revenue of $53.0B in its most recent fiscal year.

What is Manulife Financial Corporation's net profit?

Manulife Financial Corporation (MFC) reported net profit of $5.8B in its most recent fiscal year.

What is MFC EV/EBITDA?

Manulife Financial Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 10.34.

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