Pelagos Insurance Capital Ltd cash flow statement

In fiscal 2025, Pelagos Insurance Capital Ltd's operations generated −$408m of cash; it spent $1.2m on capital projects, leaving free cash flow of −$410m. It returned $52.3m in dividends and $261m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Pelagos Insurance Capital Ltd: cash flow statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	346	741	495	618	−408
Depreciation and amortisation	5	4	0	−14	−19
Stock-based pay	10	11	28	8	8
Capital spending	7	19	6	5	1
Free cash flow	339	723	489	614	−410
Free cash flow after stock pay	329	712	461	606	−417
Dividends paid	2	1	0	46	52
Share buybacks	321	0	0	106	261
Shares issued	318	0	89	0	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Pelagos Insurance Capital Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Pelagos Insurance Capital Ltd.