Cash Flow Statement

Operating Cash Flow

-28%

-72%

10Y

Currency: CAD

	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	602	800	916	962	992	1 016	1 108	1 236	1 356	1 493	1 572	1 616	1 663	1 712	1 723	1 775	1 805	1 827	1 889	1 927	1 999	2 082	2 066	2 111	2 251	2 920	2 895	1 453	1 128	332	344	1 699	1 896	2 090	1 912	1 964	1 927	2 025	2 284	2 704	2 734	2 592	2 812	2 562	2 725	2 845	2 736	2 781	2 896	3 023	3 244	3 389	3 571	3 538	3 525	3 471	3 158	3 153	3 101	3 352	3 417	3 265	3 185	2 730	2 826	3 223	3 307	3 462	3 432	2 950	2 991	2 880	2 440	2 928	2 983	3 072	3 532	3 606	3 825	3 867	3 917	3 613	3 367	3 768	3 521	3 297	3 499	2 914	3 378	4 105	4 041	4 821	4 801	4 437	4 787	4 695
Depreciation & Amortization	0	34	18	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	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Deffered Taxes	(23)	48	(74)	33	15	(37)	(51)	(178)	(230)	(92)	(47)	168	315	207	183	125	57	101	143	65	2	(75)	(52)	(216)	(228)	(197)	(134)	(612)	(593)	(472)	(405)	447	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	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
Stock-Based Compensation	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	12	15	17	18	27	22	22	22	50	50	50	48	10	11	11	0	22	4	2	0	34	0	0	0	46	0	0	0	58	0	0	0	72	0	0	0	58	0	0	0	38	0	0	0	37	0	0	0	54	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	388	2 286	1 868	1 058	1 571	616	3 293	6 657	7 674	4 490	(1 489)	(3 461)	(7 005)	(5 924)	(4 833)	(3 825)	(2 062)	(1 609)	(1 060)	(4 164)	(4 155)	(4 554)	(4 025)	(2 668)	(3 329)	977	2 547	2 979	1 322	(3 548)	(4 757)	(7 527)	(8 358)	(2 651)	(1 379)	2 010	2 553	(4 613)	(7 002)	(3 903)	(2 228)	597	3 892	(1 466)	756	1 410	1 793	3 606	(2 246)	(4 841)	(8 314)	(6 946)	807	(3 266)	(1 949)	(5 699)	(3 536)	(11)	1 710	2 083	4 987	18 959	23 665	31 000	11 875	3 365	3 180	(6 489)	(1 531)	(3 336)	(15 699)	(1 676)	(4 320)	(6 138)	(931)	(3 907)
Cash Taxes Paid	0	0	0	390	0	0	0	400	0	0	0	552	0	0	0	441	0	0	0	496	0	0	0	852	0	0	0	1 136	0	0	0	369	406	437	408	(64)	(109)	(60)	(240)	(303)	(333)	(328)	41	177	300	257	118	209	410	492	472	490	292	345	374	361	331	238	224	223	255	330	344	314	347	268	366	428	342	369	302	235	312	307	281	367	345	399	442	351	337	272	242	348	303	427	450	423	500	550	626	707	710	712	728	764
Cash Interest Paid	0	0	0	59	0	0	0	107	0	0	0	213	0	0	0	201	0	0	0	216	0	0	0	276	0	0	0	301	0	0	0	342	371	485	511	287	290	288	292	290	287	290	298	283	291	272	279	275	278	300	294	298	298	297	298	295	294	295	294	294	295	293	293	296	294	286	286	282	290	291	298	301	300	291	291	286	306	312	329	348	346	372	379	408	415	429	429	453	449	391	413	410	410	438	412	389
Change in Working Capital	742	1 430	737	399	1 605	1 137	2 211	1 040	1 127	1 266	826	1 218	1 120	1 911	1 995	2 051	971	1 140	1 574	1 796	1 626	(823)	(760)	752	719	644	(2 346)	(3 635)	(4 374)	(372)	5 537	5 273	9 058	8 134	8 282	7 658	5 396	5 001	3 981	6 304	6 215	6 553	5 856	4 828	5 280	1 131	(268)	(734)	1 516	6 093	7 602	9 581	10 049	4 398	2 626	(358)	(314)	7 230	9 829	6 805	5 176	2 018	(1 218)	5 493	2 857	1 673	2 116	(574)	4 958	9 615	11 707	10 176	3 984	6 288	7 971	12 237	9 477	5 482	4 905	4 423	1 092	(11 095)	(19 651)	(31 267)	(10 799)	(3 981)	(5 121)	8 778	4 643	6 629	19 549	1 606	3 850	5 982	1 167	1 920
Cash from Operating Activities	1 371 N/A	2 312 +69%	1 597 -31%	1 394 -13%	2 612 +87%	2 116 -19%	3 268 +54%	2 098 -36%	2 253 +7%	2 667 +18%	2 351 -12%	3 002 +28%	3 098 +3%	3 830 +24%	3 901 +2%	3 951 +1%	2 833 -28%	3 068 +8%	3 606 +18%	3 788 +5%	4 015 +6%	3 470 -14%	3 122 -10%	3 705 +19%	4 313 +16%	3 983 -8%	3 708 -7%	3 863 +4%	3 835 -1%	3 978 +4%	3 987 +0%	3 958 -1%	4 400 +11%	4 650 +6%	5 570 +20%	5 797 +4%	5 261 -9%	5 417 +3%	5 205 -4%	4 844 -7%	4 794 -1%	4 591 -4%	4 643 +1%	4 722 +2%	4 676 -1%	4 953 +6%	5 015 +1%	5 026 +0%	5 734 +14%	5 568 -3%	6 089 +9%	5 443 -11%	5 262 -3%	5 285 +0%	4 772 -10%	5 123 +7%	5 397 +5%	5 770 +7%	5 928 +3%	6 254 +5%	6 365 +2%	5 880 -8%	5 859 0%	6 757 +15%	6 439 -5%	6 306 -2%	7 216 +14%	6 494 -10%	6 144 -5%	7 724 +26%	6 384 -17%	6 110 -4%	7 231 +18%	5 950 -18%	9 005 +51%	9 610 +7%	9 473 -1%	9 077 -4%	10 440 +15%	10 373 -1%	9 996 -4%	11 477 +15%	7 381 -36%	3 772 -49%	4 597 +22%	2 681 -42%	1 558 -42%	5 203 +234%	6 490 +25%	7 398 +14%	7 891 +7%	4 751 -40%	4 331 -9%	4 281 -1%	5 023 +17%	2 708 -46%
Investing Cash Flow
Capital Expenditures	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	(20)	0	0	(57)	(31)	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	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
Other Items	(1 035)	(1 476)	(295)	(724)	(2 316)	(1 835)	(3 060)	(1 939)	(1 713)	(2 011)	(2 146)	(1 892)	(1 425)	(2 313)	(1 829)	(2 511)	(2 028)	(2 454)	(3 074)	(3 405)	(3 675)	(2 530)	(5 852)	(5 201)	(5 652)	(4 558)	(753)	(3 272)	(2 955)	(3 963)	(4 115)	(1 800)	(2 291)	(3 229)	(4 579)	(6 099)	(5 403)	(5 484)	(4 543)	(3 407)	(4 273)	(3 410)	(3 664)	(3 838)	(4 199)	(4 811)	(4 789)	(4 813)	(3 908)	(3 861)	(4 100)	(4 129)	(3 672)	(3 940)	(2 676)	(3 424)	(4 028)	(3 654)	(4 678)	(4 565)	(4 975)	(4 480)	(4 840)	(4 778)	(4 663)	(4 707)	(5 233)	(4 776)	(3 816)	(4 096)	(2 933)	(1 539)	(2 207)	(2 419)	(8 442)	(8 202)	(11 022)	(9 359)	(8 547)	(11 212)	(6 300)	(10 292)	(4 805)	(2 218)	(5 738)	(564)	2	(786)	(2 136)	(3 979)	(4 080)	(408)	(196)	(103)	(20)	(56)
Cash from Investing Activities	(1 035) N/A	(1 476) -43%	(295) +80%	(724) -145%	(2 316) -220%	(1 835) +21%	(3 060) -67%	(1 939) +37%	(1 713) +12%	(2 011) -17%	(2 146) -7%	(1 892) +12%	(1 425) +25%	(2 313) -62%	(1 829) +21%	(2 511) -37%	(2 028) +19%	(2 454) -21%	(3 074) -25%	(3 405) -11%	(3 675) -8%	(2 530) +31%	(5 852) -131%	(5 201) +11%	(5 652) -9%	(4 558) +19%	(753) +83%	(3 292) -337%	(2 975) +10%	(3 983) -34%	(4 172) -5%	(1 831) +56%	(2 322) -27%	(3 260) -40%	(4 573) -40%	(6 099) -33%	(5 403) +11%	(5 484) -1%	(4 543) +17%	(3 407) +25%	(4 273) -25%	(3 410) +20%	(3 664) -7%	(3 838) -5%	(4 199) -9%	(4 811) -15%	(4 789) +0%	(4 813) -1%	(3 908) +19%	(3 861) +1%	(4 100) -6%	(4 129) -1%	(3 672) +11%	(3 940) -7%	(2 676) +32%	(3 424) -28%	(4 028) -18%	(3 654) +9%	(4 678) -28%	(4 565) +2%	(4 975) -9%	(4 480) +10%	(4 840) -8%	(4 778) +1%	(4 663) +2%	(4 707) -1%	(5 233) -11%	(4 776) +9%	(3 816) +20%	(4 096) -7%	(2 933) +28%	(1 539) +48%	(2 207) -43%	(2 419) -10%	(8 442) -249%	(8 202) +3%	(11 022) -34%	(9 359) +15%	(8 547) +9%	(11 212) -31%	(6 300) +44%	(10 292) -63%	(4 805) +53%	(2 218) +54%	(5 738) -159%	(564) +90%	2 N/A	(786) N/A	(2 136) -172%	(3 979) -86%	(4 080) -3%	(408) +90%	(196) +52%	(103) +47%	(20) +81%	(56) -180%
Financing Cash Flow
Net Issuance of Common Stock	(375)	(372)	(360)	(501)	(488)	(484)	457	779	778	751	135	61	79	119	134	253	253	543	256	240	254	(23)	(22)	(20)	(26)	(23)	(11)	1 257	1 253	1 253	1 244	(389)	(409)	(405)	(407)	(56)	(23)	(25)	(26)	26	263	257	457	670	439	449	1 454	988	961	1 144	(76)	115	153	(68)	(185)	(122)	(159)	(202)	(242)	(236)	(120)	147	304	263	149	(35)	(41)	(30)	(11)	(2 013)	(1 994)	(2 027)	(2 029)	(39)	(39)	18	23	67	1 597	1 603	1 625	1 581	52	43	(2)	(20)	(64)	(75)	(56)	(69)	(71)	(26)	(126)	(410)	(414)	(1 354)
Net Issuance of Debt	192	194	161	(60)	530	545	1 581	1 116	522	317	(921)	(477)	(470)	(297)	(180)	(157)	(168)	179	(302)	79	82	862	2 833	3 444	3 296	836	(979)	(1 462)	(1 405)	1	475	369	388	345	498	246	234	194	(76)	(6)	23	(177)	(155)	(410)	(380)	477	464	842	611	(90)	(88)	(446)	(433)	(465)	(506)	(137)	(116)	(60)	(31)	683	432	317	363	(337)	133	409	428	434	269	175	229	(259)	(320)	144	2 623	3 751	3 683	3 123	(10)	(768)	343	366	832	1 297	64	(852)	(813)	(1 408)	(1 178)	(265)	(131)	(60)	0	0	(689)	(551)
Cash Paid for Dividends	(334)	(349)	(363)	(379)	(394)	(407)	(455)	(500)	(542)	(584)	(604)	(627)	(661)	(695)	(724)	(755)	(784)	(816)	(849)	(878)	(909)	(938)	(970)	(1 002)	(1 036)	(1 070)	(1 099)	(1 130)	(1 163)	(1 195)	(1 213)	(1 234)	(1 237)	(1 243)	(1 250)	(1 251)	(1 255)	(1 257)	(1 260)	(1 265)	(1 267)	(1 271)	(1 276)	(1 283)	(1 291)	(1 296)	(1 314)	(1 330)	(1 341)	(1 352)	(1 352)	(1 350)	(1 371)	(1 391)	(1 407)	(1 424)	(1 441)	(1 459)	(1 476)	(1 492)	(1 512)	(1 531)	(1 557)	(1 582)	(1 606)	(1 631)	(1 650)	(1 671)	(1 694)	(1 693)	(1 692)	(1 692)	(1 691)	(1 714)	(1 736)	(1 759)	(1 758)	(1 759)	(1 760)	(1 811)	(1 861)	(1 909)	(1 958)	(1 956)	(1 984)	(2 012)	(2 039)	(2 067)	(2 100)	(2 133)	(2 166)	(2 199)	(2 249)	(2 298)	(2 345)	(2 413)
Other	0	0	0	345	339	339	339	(5)	1	0	(4)	(9)	0	(9)	(10)	(6)	0	(12)	331	(6)	0	0	663	0	0	0	(500)	(219)	(21)	(21)	(521)	(4)	(7)	(7)	(7)	(9)	(6)	(6)	(6)	0	(5)	(5)	(9)	(14)	1 229	1 228	0	(7)	(8)	(11)	(11)	(4)	0	0	0	0	0	0	0	0	0	(5)	(3)	(3)	0	2	0	0	0	(3)	(3)	(3)	0	0	0	0	0	0	(13)	(16)	(18)	(19)	(6)	(4)	(2)	(1)	(1)	0	0	0	0	0	0	0	(4)	(4)
Cash from Financing Activities	(517) N/A	(527) -2%	(562) -7%	(595) -6%	(13) +98%	(7) +46%	1 922 N/A	1 390 -28%	759 -45%	485 -36%	(1 394) N/A	(1 052) +25%	(1 061) -1%	(882) +17%	(780) +12%	(665) +15%	(705) -6%	(106) +85%	(564) -432%	(565) 0%	(579) -2%	(99) +83%	2 504 N/A	2 422 -3%	2 234 -8%	(257) N/A	(2 589) -907%	(1 554) +40%	(1 336) +14%	38 N/A	(15) N/A	(1 258) -8 287%	(1 265) -1%	(1 310) -4%	(1 166) +11%	(1 070) +8%	(1 050) +2%	(1 094) -4%	(1 368) -25%	(1 245) +9%	(986) +21%	(1 196) -21%	(983) +18%	(1 037) -5%	(3) +100%	858 N/A	599 -30%	493 -18%	(1 014) N/A	(1 546) -52%	(1 527) +1%	(1 685) -10%	(1 655) +2%	(1 924) -16%	(2 098) -9%	(1 683) +20%	(1 716) -2%	(1 721) 0%	(1 749) -2%	(1 045) +40%	(1 200) -15%	(1 072) +11%	(893) +17%	(1 659) -86%	(1 327) +20%	(1 255) +5%	(1 263) -1%	(1 267) 0%	(1 436) -13%	(3 534) -146%	(3 460) +2%	(3 981) -15%	(4 043) -2%	(1 609) +60%	848 N/A	2 010 +137%	1 948 -3%	1 431 -27%	(186) N/A	(992) -433%	89 N/A	19 -79%	(1 080) N/A	(620) +43%	(1 924) -210%	(2 885) -50%	(2 917) -1%	(3 550) -22%	(3 334) +6%	(2 467) +26%	(2 368) +4%	(2 285) +4%	(2 435) -7%	(2 708) -11%	(3 452) -27%	(4 322) -25%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	(47)	(73)	(145)	(313)	(286)	(230)	(148)	51	280	234	58	(88)	(359)	(175)	(36)	(36)	157	16	57	(87)	(292)	(555)	(519)	(212)	(215)	25	(27)	(5)	24	16	24	(79)	(8)	(11)	49	100	190	300	160	168	78	66	158	289	299	73	(15)	(154)	(198)	(71)	2	(80)	(28)	104	52	56	166	(6)	(53)	(20)	(130)	173	112	108	(100)	(418)	(310)	(189)	(40)	(144)	12	250	281	474	273	47	(40)	22	201	118	534	535	180	298	(137)
Net Change in Cash	(181) N/A	309 N/A	740 +139%	75 -90%	283 +277%	274 -3%	2 130 +677%	1 549 -27%	1 299 -16%	1 141 -12%	(1 189) N/A	11 N/A	539 +4 800%	490 -9%	979 +100%	489 -50%	(130) N/A	360 N/A	19 -95%	98 +416%	(5) N/A	899 N/A	(314) N/A	567 N/A	720 +27%	(868) N/A	330 N/A	(826) N/A	(460) +44%	90 N/A	(287) N/A	577 N/A	258 -55%	(439) N/A	(381) +13%	(1 587) -317%	(1 167) +26%	(1 188) -2%	(711) +40%	216 N/A	(449) N/A	9 N/A	(83) N/A	(161) -94%	463 N/A	1 049 +127%	925 -12%	896 -3%	1 112 +24%	321 -71%	630 +96%	(293) N/A	1 N/A	(421) N/A	287 N/A	315 +10%	(274) N/A	380 N/A	(653) N/A	446 N/A	119 -73%	330 +177%	46 -86%	292 +535%	553 +89%	396 -28%	776 +96%	617 -20%	886 +44%	41 -95%	(29) N/A	460 N/A	1 154 +151%	2 034 +76%	1 519 -25%	3 318 +118%	(19) N/A	839 N/A	1 518 +81%	(1 871) N/A	3 641 N/A	1 216 -67%	1 746 +44%	1 215 -30%	(2 591) N/A	(495) +81%	(1 310) -165%	827 N/A	1 042 +26%	1 153 +11%	1 561 +35%	2 592 +66%	2 235 -14%	1 650 -26%	1 849 +12%	(1 807) N/A

Income Statement Balance Sheet Cash Flow Statement

Great-West Lifeco Inc
TSX:GWO

Cash Flow Statement

Cash Flow Statement
Great-West Lifeco Inc

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Great-West Lifeco Inc TSX:GWO

Cash Flow Statement

Cash Flow Statement Great-West Lifeco Inc

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Great-West Lifeco Inc
TSX:GWO

Cash Flow Statement
Great-West Lifeco Inc