Cash Flow Statement

Operating Cash Flow

+33%

-30%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(27)	(11)	72	85	108	127	141	294	342	367	464	360	350	375	211	207	245	287	406	453	466	410	429	415	378	371	285	200	234	306	410	531	509	477	472	426	392	322	304	319	353	407	510	402	427	420	307	453	447	453	446	406	324	390	365	370	449	363	410	668	719	801	699	477	463	526	718	517	702	703	643	869	239	197	218	721	1 444	2 279	2 334	1 995	1 866	1 031	977	898	820	853	865	852	882	891	895	887	799	764	798	842
Depreciation & Amortization	128	136	147	175	178	187	178	177	175	173	170	174	184	185	195	213	199	190	185	167	181	185	186	194	194	224	240	221	235	210	190	198	182	181	184	202	204	196	192	180	177	172	167	257	246	252	249	142	134	121	127	144	148	171	167	134	131	103	107	134	144	150	148	107	140	144	165	210	173	176	242	259	338	266	312	299	285	353	211	187	114	107	105	100	94	86	82	78	78	78	78	81	83	86	85	86
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10	0	0	0	16	5	9	12	15	15	15	14	13	15	17	19	20	20	20	20	22	23	27	27	26	33	31	36	36	30	30	0	25	12	10	15	27	28	28	28	22	25	25	25	24	21	22	23	23	24	24	23	23	23	21	11	20	19	17	26	16	17	19	19	19	18	18	19	18	17	18	17	18	18	18	18	18
Other Non-Cash Items	375	365	354	55	315	322	325	1	300	299	322	41	361	378	369	28	374	374	380	39	389	393	400	0	384	367	358	0	416	435	454	0	435	450	452	444	452	459	487	510	524	546	544	0	545	518	518	531	565	611	628	648	664	649	700	732	776	848	829	800	768	769	795	892	878	914	921	998	1 127	1 206	1 234	1 151	1 116	1 203	1 156	1 192	1 077	867	664	377	216	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Taxes Paid	0	0	0	31	0	0	0	52	0	0	0	55	0	0	0	92	0	0	0	214	0	0	0	225	0	0	0	199	0	0	0	190	0	0	0	196	0	0	0	157	0	0	0	277	0	0	0	277	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	201	0	0	0	201	0	0	0	168
Cash Interest Paid	0	0	0	47	0	0	0	48	0	0	0	62	0	0	0	73	0	0	0	61	0	0	0	61	0	0	0	58	0	0	0	64	0	0	0	68	0	0	0	74	0	0	0	75	0	0	0	71	0	0	0	72	0	0	0	75	0	0	0	75	0	0	0	85	0	0	0	59	0	0	0	65	0	0	0	83	0	0	0	92	0	0	0	89	0	0	0	74	0	0	0	74	0	0	0	74
Change in Working Capital	238	261	244	497	305	173	122	278	(66)	29	(45)	432	132	112	312	575	361	171	(7)	308	(336)	(259)	(224)	179	23	110	150	552	141	(41)	(185)	185	(241)	(224)	(174)	(208)	(188)	(40)	(239)	(342)	(766)	(766)	(728)	158	(352)	(403)	(356)	(366)	(241)	(122)	(155)	33	279	89	223	117	(65)	(41)	(154)	(452)	(892)	(492)	(245)	328	790	469	284	358	144	52	378	177	841	1 000	775	(29)	(528)	(1 433)	(1 297)	(845)	(606)	120	250	155	139	218	377	1 040	714	502	261	184	505	816	540	605
Cash from Operating Activities	714 N/A	751 +5%	816 +9%	812 0%	907 +12%	810 -11%	765 -5%	750 -2%	751 +0%	867 +15%	911 +5%	1 008 +11%	1 028 +2%	1 051 +2%	1 087 +3%	1 022 -6%	1 179 +15%	1 021 -13%	965 -5%	968 +0%	700 -28%	729 +4%	791 +8%	789 0%	978 +24%	1 072 +10%	1 033 -4%	973 -6%	1 025 +5%	909 -11%	869 -4%	914 +5%	885 -3%	884 0%	934 +6%	864 -8%	860 0%	937 +9%	744 -21%	667 -10%	288 -57%	359 +25%	493 +37%	817 +66%	866 +6%	787 -9%	718 -9%	760 +6%	905 +19%	1 063 +17%	1 046 -2%	1 231 +18%	1 415 +15%	1 299 -8%	1 455 +12%	1 353 -7%	1 291 -5%	1 273 -1%	1 192 -6%	1 150 -4%	739 -36%	1 228 +66%	1 397 +14%	1 804 +29%	2 271 +26%	2 053 -10%	2 088 +2%	2 083 0%	2 146 +3%	2 137 0%	2 497 +17%	2 456 -2%	2 534 +3%	2 666 +5%	2 461 -8%	2 183 -11%	2 278 +4%	2 066 -9%	1 912 -7%	1 714 -10%	1 590 -7%	1 258 -21%	1 332 +6%	1 153 -13%	1 053 -9%	1 157 +10%	1 324 +14%	1 970 +49%	1 674 -15%	1 471 -12%	1 234 -16%	1 152 -7%	1 387 +20%	1 666 +20%	1 423 -15%	1 533 +8%
Investing Cash Flow
Capital Expenditures	(81)	(89)	(84)	(54)	(54)	(38)	(39)	(30)	(28)	(28)	(54)	(56)	(57)	(107)	(79)	(79)	(82)	(40)	(47)	(72)	(72)	(63)	(61)	(40)	(47)	(52)	(51)	(46)	(45)	(43)	(59)	(63)	(89)	(95)	(76)	(74)	(56)	(77)	(94)	(86)	(110)	(81)	(65)	(71)	(55)	(57)	(53)	(52)	(38)	(34)	(43)	(47)	(52)	(59)	(78)	(102)	(101)	(96)	(74)	(49)	(42)	(53)	(58)	(109)	(121)	(123)	(123)	(80)	(67)	(56)	(53)	(44)	(43)	(44)	(52)	(60)	(64)	(66)	(72)	(62)	(72)	(94)	(81)	(86)	(76)	(61)	(54)	(72)	(97)	(110)	(132)	(133)	(120)	(120)	(132)	(135)
Other Items	(660)	(645)	(471)	(812)	(651)	(679)	(1 143)	(1 101)	(1 139)	(1 156)	(825)	(691)	(1 014)	(800)	(1 208)	(1 176)	(683)	(827)	(401)	(290)	(563)	(1 107)	(1 304)	(1 241)	(937)	(844)	(656)	(674)	(819)	(93)	(407)	(721)	(683)	(1 352)	(1 676)	(1 631)	(1 603)	(1 662)	(2 168)	(2 353)	(2 255)	(2 443)	(1 381)	(1 354)	(1 657)	(1 734)	(2 347)	(2 863)	(2 833)	(2 659)	(3 394)	(3 581)	(4 109)	(4 704)	(4 521)	(4 471)	(4 700)	(4 180)	(3 603)	(2 932)	(2 937)	(3 105)	(2 634)	(3 183)	(3 633)	(3 660)	(4 314)	(5 270)	(4 311)	(3 861)	(3 700)	(3 021)	(3 991)	(3 265)	(2 007)	(1 504)	(785)	459	(823)	(374)	(537)	(1 504)	(1 314)	(965)	209	(121)	524	486	283	150	203	228	393	280	40	(700)
Cash from Investing Activities	(741) N/A	(734) +1%	(555) +24%	(865) -56%	(706) +18%	(717) -2%	(1 182) -65%	(1 131) +4%	(1 167) -3%	(1 184) -1%	(878) +26%	(747) +15%	(1 071) -43%	(907) +15%	(1 287) -42%	(1 256) +2%	(765) +39%	(867) -13%	(448) +48%	(362) +19%	(635) -75%	(1 170) -84%	(1 365) -17%	(1 282) +6%	(984) +23%	(895) +9%	(708) +21%	(721) -2%	(864) -20%	(136) +84%	(466) -243%	(783) -68%	(772) +1%	(1 447) -87%	(1 752) -21%	(1 705) +3%	(1 659) +3%	(1 739) -5%	(2 262) -30%	(2 439) -8%	(2 365) +3%	(2 524) -7%	(1 446) +43%	(1 425) +1%	(1 712) -20%	(1 791) -5%	(2 400) -34%	(2 915) -21%	(2 871) +2%	(2 693) +6%	(3 437) -28%	(3 628) -6%	(4 161) -15%	(4 763) -14%	(4 599) +3%	(4 573) +1%	(4 801) -5%	(4 276) +11%	(3 677) +14%	(2 981) +19%	(2 979) +0%	(3 158) -6%	(2 692) +15%	(3 292) -22%	(3 754) -14%	(3 783) -1%	(4 437) -17%	(5 350) -21%	(4 378) +18%	(3 917) +11%	(3 753) +4%	(3 065) +18%	(4 034) -32%	(3 309) +18%	(2 059) +38%	(1 564) +24%	(849) +46%	393 N/A	(895) N/A	(436) +51%	(609) -40%	(1 598) -162%	(1 395) +13%	(1 051) +25%	133 N/A	(182) N/A	470 N/A	414 -12%	186 -55%	40 -78%	71 +78%	95 +34%	273 +187%	160 -41%	(92) N/A	(835) -808%
Financing Cash Flow
Net Issuance of Common Stock	(73)	(73)	2	2	1	35	35	36	(161)	(194)	(192)	92	91	92	96	26	33	31	42	39	23	12	(108)	(181)	(197)	(199)	(89)	(25)	(3)	10	15	(66)	(135)	(207)	(253)	(260)	(265)	(282)	(330)	(276)	(245)	(245)	(320)	(369)	(309)	(277)	(106)	(16)	(47)	3	(83)	(144)	(143)	(168)	(118)	(65)	(116)	(99)	(89)	(98)	(20)	7	22	37	36	31	33	27	20	25	30	36	(22)	(108)	(211)	(291)	(412)	(420)	(331)	(253)	(81)	5	7	5	(15)	(58)	(139)	(198)	(172)	(129)	(43)	17	(44)	(83)	(85)	(87)
Net Issuance of Debt	140	116	(52)	65	(110)	(56)	(3)	(118)	224	177	204	184	(19)	(21)	(16)	(115)	(191)	(202)	(191)	(92)	0	(13)	(28)	14	66	100	55	93	67	(85)	(78)	(204)	0	(63)	74	120	117	84	(17)	(18)	(18)	211	18	7	7	(214)	(54)	(40)	(37)	(37)	144	143	0	107	(183)	(47)	0	(10)	437	284	0	399	(28)	(33)	0	(148)	(23)	0	121	121	121	165	44	483	679	484	0	45	(151)	0	(50)	(433)	(436)	(477)	(443)	(65)	(62)	(21)	(5)	0	0	0	0	0	344	344
Cash Paid for Dividends	(57)	(47)	(37)	(28)	(27)	(27)	(29)	(31)	(34)	(35)	(36)	(35)	(34)	(33)	(32)	(33)	(35)	(36)	(37)	(38)	(39)	(40)	(41)	(42)	(44)	(45)	(47)	(51)	(53)	(56)	(58)	(60)	(60)	(61)	(61)	(63)	(64)	(66)	(67)	(67)	(68)	(66)	(67)	(90)	(90)	(91)	(92)	(160)	(162)	(165)	(167)	(167)	(170)	(172)	(173)	(176)	(178)	(180)	(183)	(185)	(188)	(322)	(325)	(417)	(421)	(426)	(430)	(394)	(399)	(405)	(410)	(444)	(448)	(320)	(322)	(334)	(337)	(1 524)	(1 697)	(2 374)	(2 547)	(2 045)	(1 881)	(1 213)	(1 390)	(717)	(722)	(684)	(559)	(565)	(571)	(788)	(753)	(762)	(770)	(606)
Other	79	144	220	342	396	428	333	217	136	46	28	(232)	48	21	(43)	(34)	(184)	(149)	167	344	489	567	341	189	61	131	221	179	159	(35)	(40)	54	168	454	762	1 023	1 340	1 684	1 783	2 358	2 331	2 159	1 957	1 441	1 345	1 334	1 639	2 305	2 559	2 674	2 476	2 269	2 252	2 797	3 202	3 385	3 870	3 624	3 065	2 717	2 823	2 505	2 336	2 132	1 670	1 876	2 429	2 811	2 831	2 603	2 199	1 651	1 599	912	506	18	(510)	107	248	670	551	415	334	324	338	(114)	(444)	(1 128)	(894)	(684)	(590)	(295)	(674)	(834)	(300)	(28)
Cash from Financing Activities	90 N/A	139 +54%	133 -4%	380 +185%	261 -31%	381 +46%	335 -12%	104 -69%	165 +59%	(6) N/A	3 N/A	8 +141%	85 +1 006%	59 -31%	4 -93%	(156) N/A	(377) -141%	(356) +5%	(19) +95%	252 N/A	473 +88%	525 +11%	163 -69%	(20) N/A	(114) -472%	(13) +88%	139 N/A	196 +40%	170 -13%	(166) N/A	(162) +2%	(276) -70%	(259) +6%	123 N/A	523 +326%	820 +57%	1 128 +38%	1 420 +26%	1 369 -4%	1 997 +46%	2 000 +0%	2 059 +3%	1 588 -23%	989 -38%	953 -4%	752 -21%	1 387 +84%	2 089 +51%	2 313 +11%	2 475 +7%	2 370 -4%	2 101 -11%	2 082 -1%	2 564 +23%	2 728 +6%	3 097 +14%	3 529 +14%	3 335 -5%	3 230 -3%	2 718 -16%	2 899 +7%	2 589 -11%	2 005 -23%	1 719 -14%	1 252 -27%	1 333 +6%	2 009 +51%	2 444 +22%	2 573 +5%	2 344 -9%	1 940 -17%	1 408 -27%	1 173 -17%	967 -18%	652 -33%	(123) N/A	(775) -530%	(1 792) -131%	(1 931) -8%	(1 957) -1%	(2 127) -9%	(2 058) +3%	(1 976) +4%	(1 361) +31%	(1 510) -11%	(954) +37%	(1 367) -43%	(2 031) -49%	(1 630) +20%	(1 378) +15%	(1 204) +13%	(1 066) +11%	(1 471) -38%	(1 679) -14%	(811) +52%	(377) +54%
Change in Cash
Net Change in Cash	64 N/A	156 +146%	394 +152%	327 -17%	462 +41%	473 +2%	(82) N/A	(278) -240%	(251) +10%	(323) -29%	36 N/A	268 +655%	42 -84%	203 +384%	(196) N/A	(390) -99%	38 N/A	(202) N/A	499 N/A	857 +72%	538 -37%	84 -84%	(411) N/A	(513) -25%	(120) +77%	164 N/A	464 +184%	448 -4%	332 -26%	608 +83%	241 -60%	(145) N/A	(146) -1%	(440) -203%	(295) +33%	(21) +93%	329 N/A	618 +88%	(149) N/A	225 N/A	(77) N/A	(106) -38%	635 N/A	381 -40%	107 -72%	(252) N/A	(295) -17%	(66) +78%	347 N/A	845 +144%	(21) N/A	(296) -1 310%	(664) -124%	(900) -36%	(416) +54%	(123) +70%	19 N/A	332 +1 647%	745 +124%	887 +19%	659 -26%	659 N/A	710 +8%	231 -67%	(231) N/A	(397) -72%	(340) +14%	(823) -142%	341 N/A	564 +65%	684 +21%	799 +17%	(327) N/A	324 N/A	1 054 +225%	496 -53%	654 +32%	667 +2%	(914) N/A	(679) +26%	(1 146) -69%	(2 398) -109%	(2 039) +15%	(1 259) +38%	(324) +74%	21 N/A	427 +1 933%	353 -17%	230 -35%	133 -42%	101 -24%	181 +79%	189 +4%	147 -22%	520 +254%	321 -38%

Income Statement Balance Sheet Cash Flow Statement

American Financial Group Inc
NYSE:AFG

Cash Flow Statement

Cash Flow Statement
American Financial Group Inc

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American Financial Group Inc NYSE:AFG

Cash Flow Statement

Cash Flow Statement American Financial Group Inc

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American Financial Group Inc
NYSE:AFG

Cash Flow Statement
American Financial Group Inc