Manulife Financial Corporation (MFC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.08	$1.09	+0.9%	—	$19.7B	—
Q1 26	$1.09	$1.06	-2.8%	—	$11.9B	—
Q4 25	$1.06	$1.12	+5.7%	—	$8.6B	—
Q3 25	$1.04	$1.16	+11.5%	—	$17.3B	—
Q2 25	$0.97	$0.95	-2.1%	—	$41.1B	—
Q1 25	$0.48	$0.25	-47.9%	—	$9B	—
Q4 24	$0.95	$1.03	+8.4%	—	$3.1B	—
Q3 24	$0.94	$1	+6.4%	—	-$5.9B	—
Q2 24	$0.88	$0.91	+3.4%	—	$12.7B	—
Q1 24	$0.91	$0.94	+3.3%	—	$12.6B	—
Q4 23	$0.85	$0.92	+8.2%	—	$8.7B	—
Q3 23	$0.61	$0.68	+11.5%	—	$9.1B	—
Q2 23	$0.78	$0.83	+6.4%	—	$11.9B	—
Q1 23	$0.8	$0.79	-1.3%	—	$12.5B	—
Q4 22	$0.81	$0.88	+8.6%	—	$14.9B	—
Q3 22	$0.68	$0.67	-1.5%	—	$9.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.08	—	—	$53B	—
FY24	—	$2.85	—	—	-$5.4B	—
FY23	—	$2.62	—	—	$42.3B	—
FY22	—	$3.68	—	—	$23.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$51.7B	$56.6B	$37.3B	$77.8B	$77.1B	$59.8B	$23.6B	$42.3B	-$5.4B	$53B
YoY change	+57.5%	+9.59%	-34.2%	+108.8%	-0.9%	-22.4%	-60.5%	+79.1%	-112.7%	+1.1K%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	51.7B	56.6B	37.3B	77.8B	77.1B	59.8B	23.6B	42.3B	-5.4B	53B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7B	7.2B	8B	7.7B	7.5B	7.8B	3.7B	4.3B	3.6B	4.9B
Operating expenses	7.4B	7.6B	8.4B	8.1B	7.9B	8.2B	4.2B	4.3B	3.6B	4.9B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	11.2B	10.7B	10.4B	10.4B	2.9B	2.4B	-261M	129M	217.9M	198M
Pretax income	3.3B	2.5B	5.5B	6.2B	6.8B	8.1B	-3.1B	6.5B	5.2B	7.1B
Income tax	196M	239M	632M	718M	1.2B	1.2B	-1.2B	845M	895M	1B
Net income	3.1B	2.3B	4.9B	5.5B	5.6B	6.9B	-2B	5.6B	4.3B	6.1B
Net margin	6.06%	3.99%	13.1%	7.07%	7.23%	11.6%	-8.38%	13.3%	-80.7%	11.4%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.42	0.98	2.34	2.77	2.94	3.55	3.68	2.62	2.85	3.08
Diluted EPS	1.41	0.98	2.33	2.77	2.93	3.54	3.68	2.61	2.84	3.07

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	9.1B	8.7B	12.6B	12.7B	-5.9B	3.1B	9B	41.1B	17.3B	8.6B	11.9B	19.7B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	1.2B	1.1B	1.2B	860.4M	980.7M	1.2B	1.1B	1.2B	1.3B	1.3B	1.2B
Operating expenses	1B	1.2B	1.1B	1.2B	860.4M	980.7M	1.2B	1.1B	1.2B	1.3B	1.3B	1.2B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	-31M	63M	76M	88M	51.5M	43.6M	52M	-6M	97M	55M	-42M	178M
Pretax income	1.2B	2.1B	1.3B	1.4B	1.7B	1.6B	699M	2.3B	2.2B	1.9B	1.5B	2.8B
Income tax	-51M	322M	280M	252M	195.8M	299.8M	76M	338M	310M	310M	230M	454M
Net income	1.2B	1.8B	972M	1.1B	1.5B	1.3B	623M	1.9B	1.9B	1.6B	1.2B	2.3B
Net margin	13.5%	20.7%	7.74%	8.93%	-24.9%	40.5%	6.89%	4.68%	11.1%	18.5%	10.4%	11.8%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.53	—	0.45	0.53	1.01	—	0.25	0.99	1.03	—	0.65	1.2
Diluted EPS	0.52	—	0.45	0.52	1	—	0.25	0.98	1.02	—	0.65	1.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	51.1B	60B	40.8B	57.7B	50.3B	53.8B	49.5B	57.6B	—	—	72.1B
Enterprise value	48.8B	57.2B	38.1B	49.1B	38.1B	43.1B	42.7B	50B	—	—	47.7B
Shares outstanding	2.9B	2.9B	2.9B	2.8B	2.8B	2.8B	2.8B	2.6B	1.3B	1.7B	1.7B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.3	26.5	8.35	10.5	9.01	7.79	—	10.3	—	—	16.8
P/S	0.99	1.06	1.1	0.74	0.65	0.9	2.1	1.36	—	—	2.19
P/B	1.19	1.42	0.87	1.15	0.95	1.15	1.03	1.18	—	—	2
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	6.35
EV/Sales	0.94	1.01	1.02	0.63	0.49	0.72	1.81	1.18	—	—	2.04
Earnings yield	6.13%	3.77%	12%	9.53%	11.1%	12.8%	—	9.74%	—	—	5.95%
FCF yield	33.3%	29.7%	47%	35.6%	39.9%	43%	33.6%	35.5%	—	—	1.52%
PEG	—	—	—	—	—	—	—	—	—	—	0.79

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	28.2%
Net margin	6.06%	3.99%	13.1%	7.07%	7.23%	11.6%	-8.38%	13.3%	-80.7%	11.4%	20.3%
ROE	7.32%	5.36%	10.4%	11%	10.5%	14.7%	-4.1%	11.5%	11.1%	11.5%	13.3%
ROA	—	—	—	—	—	—	—	—	0.6%	0.59%	0.6%
Return on tangible assets	—	—	—	—	—	—	—	—	0.61%	0.61%	0.65%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	29.5
Debt / equity	0.3	0.31	0.29	0.23	0.26	0.25	0.26	0.26	0.27	0.28	0.42
Debt / assets	—	—	—	—	—	—	—	—	0.01	0.01	0.01
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-0.9
Interest coverage	4.29	3.2	5.33	5.72	6.73	9.04	-1.99	5.15	5.22	5.64	6.33
Effective tax rate	5.89%	9.56%	11.5%	11.5%	17.6%	14.9%	0%	13.1%	17.1%	14.6%	15.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18	19.7	13	27.4	27.3	21.2	8.51	16.2	-4.1	31.1	19.7
EPS (basic)	1.42	0.98	2.34	2.77	2.94	3.55	3.68	2.62	2.85	3.08	3.08
EPS (diluted)	1.41	0.98	2.33	2.77	2.93	3.54	3.68	2.61	2.84	3.07	2.61
Book value per share	14.9	14.7	16.4	17.6	18.8	16.6	17.4	18.7	29.8	30.8	21.9
FCF per share	5.94	6.19	6.67	7.22	7.11	8.21	5.99	7.84	14.9	18.9	18.5
Cash per share	5.29	5.55	5.64	7.14	9.28	8.01	6.9	7.8	14.5	15.7	19.8

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	50.8%	78.7%	36.6%	25.4%	42%	36.2%	-140.8%	53%	53.7%	54.5%	50.1%
Dividend yield	3.12%	2.97%	4.38%	2.42%	4.66%	4.65%	5.63%	5.16%	—	—	3.24%

Yield

3.24%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.352

ex-dividend Aug 21, 2026

Payout ratio

50%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$0.352
May 29, 2026	$0.352
Feb 25, 2026	$0.354

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$9.1B	$8.7B	$12.6B	$12.7B	-$5.9B	$3.1B	$9B	$41.1B	$17.3B	$8.6B	$11.9B	$19.7B
YoY change	-3.07%	-41.5%	+0.61%	+6.57%	-165.4%	-64.2%	-27.9%	+224.6%	+392.1%	+176.2%	+31.1%	-52.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	15.2B	16B	16.2B	20.3B	26.2B	22.6B	19.2B	20.3B	19B	26.7B
Receivables	845M	1.1B	1.4B	1.4B	1.4B	1.3B	1.4B	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	20.2B	19.7B	20.2B	19.9B	19.9B	19.8B	21B	20.6B	16.3B	24.6B
Total assets	—	—	—	—	—	—	—	—	722.8B	1T
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	615M	594M	0	1.7B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	12.9B	13.2B	13.5B	11.7B	14B	11.9B	11.7B	12.1B	10.5B	12.9B
Total liabilities	—	—	—	—	—	—	—	—	683.7B	972.9B
Shareholders' equity	42.8B	42.2B	47.2B	50.1B	53B	46.9B	48.2B	48.7B	39.1B	52.5B
Total debt	12.9B	13.2B	13.5B	11.7B	14B	11.9B	12.4B	12.7B	10.5B	14.7B
Net debt	-2.3B	-2.8B	-2.7B	-8.6B	-12.2B	-10.7B	-6.8B	-7.6B	-8.6B	-12B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	25.8B	26.7B	25B	27.5B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	11B	24.6B	12.5B	12.7B
Total assets	—	—	—	—	—	—	—	—	1T	1T	1T	1.1T
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	1.7B	377M	383M
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	—	—	—	—	—	—	—	—	13.4B	12.9B	13.1B	13.7B
Total liabilities	—	—	—	—	—	—	—	—	973.7B	972.9B	973.5B	1T
Shareholders' equity	—	—	—	—	—	—	—	—	53B	52.5B	53.1B	54.9B
Total debt	—	—	—	—	—	—	—	—	13.4B	14.7B	13.4B	14.1B
Net debt	—	—	—	—	—	—	—	—	-12.4B	-12B	-11.5B	-13.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.1B	2.3B	4.9B	5.5B	5.6B	6.9B	-2B	5.6B	4.3B	6.1B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	19M	15M	10M	11M	14M	9M	5M	2M	0	—
Change in working capital	-1B	-222M	-160M	1.7B	1.1B	-690M	5B	6.6B	10B	16.9B
Operating cash flow	1.9B	1.7B	5.8B	6.7B	7B	6.1B	-1.5B	12.7B	14.6B	32.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	163.3B	141.7B	164.3B	132.1B	97.8B	96.5B	93.2B	70.3B	83.2B	107.1B
Dividends paid	-1.6B	-1.8B	-1.8B	-1.4B	-2.3B	-2.5B	-2.8B	-3B	-2.3B	-3.3B
Share repurchases	—	0	-478M	-1.3B	-253M	-612M	-2.6B	-1.6B	-2.4B	-2.4B
Financing cash flow	3.3B	43M	-535M	-2.3B	639M	-2.2B	-2.5B	-4.3B	-3.4B	-1.6B
Net change in cash	168.5B	143.4B	169.6B	136.5B	105.4B	100.4B	89.2B	78.7B	94.4B	137.6B
Free cash flow	17B	17.8B	19.2B	20.5B	20B	23.2B	16.6B	20.4B	19.6B	32.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.2B	1.8B	972M	1.1B	1.5B	1.3B	623M	1.9B	1.9B	1.6B	1.2B	2.3B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	0	2M	0	—	—	—	—	—	—	—	—	—
Change in working capital	5.5B	-424M	2.9B	3.5B	736.8M	4.5B	1.1B	4.5B	5.5B	5.8B	-607M	4.9B
Operating cash flow	6.5B	1.9B	4B	4.7B	2.4B	5.8B	1.7B	7.1B	9.7B	8.6B	3.5B	9.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	16.5B	18.2B	33B	24.3B	21.9B	18.5B	28.6B	25.7B	25.5B	27.3B	32.1B	27.9B
Dividends paid	-720M	-759M	-777M	-817M	-547.4M	-590M	-802M	-856M	-804M	-843M	-862M	-911M
Share repurchases	-421M	-333M	-203M	-652M	-704.6M	-1.1B	-507M	-653M	-613M	-658M	-371M	-599M
Financing cash flow	-1.1B	-1.3B	-114M	-699M	-1.3B	-1.5B	-271M	-1.7B	-233M	580M	-2.7B	188M
Net change in cash	21.9B	18.9B	36.8B	28.3B	22.9B	22.8B	30B	31.1B	35B	36.5B	32.9B	37.2B
Free cash flow	5.5B	6.2B	4.6B	7.3B	5.4B	5.3B	6.7B	7.1B	9.7B	8.6B	3.5B	9.1B

Manulife Financial Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history