Detailed financial statements for Sun Life Financial Inc. (SLF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Sun Life Financial Inc. operates as a global financial institution, delivering a wide range of insurance, wealth management, and asset accumulation services to both individual and corporate clients worldwide. Its offerings encompass diverse life insurance products, including term and whole life policies, in addition to personal health, dental, critical illness, long-term care, and disability coverage.
Analysis Summary
Sun Life Financial Inc. reported revenue of 42.17B CAD in the most recent fiscal year, growing at a 5-year CAGR of -0.5%. Net income reached 3.74B CAD, with a 6.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 36.6%, operating margin 11.2%, net margin 8.8%. Free cash flow grew at 7.1% CAGR over 5 years.
At $81.81 (closing price, October 29, 2026), SLF trades at a P/E of 19.31 and an ROE of 13.89%. Market capitalisation stands at $45.5B, placing it among large-cap names.
Balance sheet quality for SLF: current ratio of 2.8, net cash position of 10.67B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 13.60B CAD represents 363% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 28.57B CAD | 29.33B CAD | 26.97B CAD | 39.68B CAD | 43.34B CAD | 35.69B CAD | 3.43B CAD | 36.35B CAD | 34.48B CAD | 42.17B CAD |
| Cost of Revenue | 18.14B CAD | 19.05B CAD | 16.11B CAD | 28.50B CAD | 30.98B CAD | 20.98B CAD | -642.0M CAD | 32.04B CAD | 29.64B CAD | 0 |
| Gross Profit | 10.44B CAD | 10.28B CAD | 10.86B CAD | 11.17B CAD | 12.35B CAD | 14.71B CAD | 4.07B CAD | 4.31B CAD | 4.84B CAD | 42.17B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 3.39B CAD | 3.67B CAD | 3.71B CAD | 4.09B CAD | 4.45B CAD | 5.10B CAD | 5.11B CAD | 0 | 0 | 0 |
| Operating Expenses | 6.99B CAD | 7.49B CAD | 7.35B CAD | 7.94B CAD | 9.07B CAD | 9.61B CAD | 445.0M CAD | 383.0M CAD | 501.0M CAD | 37.38B CAD |
| Operating Income | 3.44B CAD | 2.79B CAD | 3.51B CAD | 3.23B CAD | 3.29B CAD | 5.10B CAD | 3.63B CAD | 3.93B CAD | 4.34B CAD | 4.79B CAD |
| EBITDA | 3.96B CAD | 3.30B CAD | 4.04B CAD | 3.94B CAD | 4.05B CAD | 5.86B CAD | 4.60B CAD | 4.48B CAD | 5.00B CAD | 5.32B CAD |
| Interest Expense | 316.0M CAD | 303.0M CAD | 305.0M CAD | 333.0M CAD | 355.0M CAD | 327.0M CAD | 328.3M CAD | 552.0M CAD | 664.0M CAD | 525.6M CAD |
| Pre-tax Income | 3.44B CAD | 2.79B CAD | 3.51B CAD | 3.23B CAD | 3.29B CAD | 5.10B CAD | 3.63B CAD | 3.93B CAD | 4.34B CAD | 4.79B CAD |
| Income Tax | 619.0M CAD | 302.0M CAD | 597.0M CAD | 286.0M CAD | 495.0M CAD | 727.0M CAD | 546.0M CAD | 461.0M CAD | 1.04B CAD | 1.02B CAD |
| Net Income | 2.83B CAD | 2.49B CAD | 2.91B CAD | 2.94B CAD | 2.78B CAD | 4.37B CAD | 3.02B CAD | 3.34B CAD | 3.17B CAD | 3.74B CAD |
| EPS | $4.05 | $3.51 | $4.81 | $4.42 | $4.11 | $6.73 | $4.90 | $5.24 | $5.29 | $6.16 |
| EPS (Diluted) | $4.03 | $3.49 | $4.77 | $4.39 | $4.08 | $6.68 | $4.89 | $5.24 | $5.27 | $6.15 |
| Shares Outstanding (Diluted) | 619.0 M | 615.8 M | 611.0 M | 597.0 M | 589.0 M | 590.0 M | 589.0 M | 589.0 M | 581.0 M | 572.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 12.40B CAD | 8.92B CAD | 8.80B CAD | 13.93B CAD |
| Gross Profit | 1.58B CAD | 8.92B CAD | 3.54B CAD | 1.49B CAD |
| Operating Income | 1.45B CAD | 1.13B CAD | 837.0M CAD | 1.36B CAD |
| EBITDA | 1.62B CAD | 1.26B CAD | 837.0M CAD | 1.49B CAD |
| Net Income | 1.17B CAD | 792.4M CAD | 537.4M CAD | 1.08B CAD |
| EPS | $1.97 | $1.30 | $0.82 | $1.82 |
| EPS (Diluted) | $1.97 | $1.29 | $0.82 | $1.81 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.70B CAD | 8.89B CAD | 7.30B CAD | 6.71B CAD | 10.65B CAD | 12.28B CAD | 9.38B CAD | 11.17B CAD | 10.13B CAD | 9.69B CAD |
| Short-term Investments | 1.94B CAD | 0 | 2.21B CAD | 16.89B CAD | 14.39B CAD | 6.04B CAD | 18.39B CAD | 16.38B CAD | 17.67B CAD | 19.78B CAD |
| Receivables | 0 | 0 | 0 | 1.96B CAD | 1.81B CAD | 0 | 2.40B CAD | 2.41B CAD | 2.75B CAD | 11.18B CAD |
| Inventory | -12.59B CAD | -12.15B CAD | -12.84B CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 11.44B CAD | 10.99B CAD | 11.52B CAD | 0 | 0 | 14.55B CAD | 0 | 0 | 0 | 41.57B CAD |
| Property, Plant & Equipment | 659.0M CAD | 624.0M CAD | 621.0M CAD | 1.40B CAD | 1.39B CAD | 1.31B CAD | 1.36B CAD | 1.45B CAD | 1.40B CAD | 1.44B CAD |
| Goodwill | 5.32B CAD | 5.18B CAD | 5.41B CAD | 5.83B CAD | 6.07B CAD | 6.52B CAD | 8.71B CAD | 8.97B CAD | 9.46B CAD | 9.53B CAD |
| Intangible Assets | 1.70B CAD | 1.67B CAD | 1.78B CAD | 2.08B CAD | 2.48B CAD | 3.37B CAD | 4.72B CAD | 5.17B CAD | 5.06B CAD | 5.30B CAD |
| Total Assets | 258.24B CAD | 269.11B CAD | 271.83B CAD | 297.20B CAD | 323.01B CAD | 345.37B CAD | 323.61B CAD | 333.24B CAD | 370.72B CAD | 398.45B CAD |
| Accounts Payable | 2.74B CAD | 1.97B CAD | 2.04B CAD | 1.83B CAD | 2.44B CAD | 1.87B CAD | 2.35B CAD | 2.49B CAD | 2.56B CAD | 2.14B CAD |
| Short-term Debt | 189.0M CAD | 0 | 104.0M CAD | 103.0M CAD | 344.0M CAD | 574.0M CAD | 2.35B CAD | 2.33B CAD | 2.30B CAD | 1.83B CAD |
| Total Current Liabilities | 2.93B CAD | 2.11B CAD | 2.15B CAD | 0 | 0 | 2.44B CAD | 0 | 0 | 0 | 14.95B CAD |
| Long-term Debt | 7.44B CAD | 6.87B CAD | 6.59B CAD | 8.04B CAD | 7.59B CAD | 9.63B CAD | 12.25B CAD | 12.08B CAD | 13.62B CAD | 16.03B CAD |
| Total Liabilities | 235.87B CAD | 246.14B CAD | 247.26B CAD | 272.69B CAD | 297.15B CAD | 317.30B CAD | 300.72B CAD | 309.04B CAD | 344.59B CAD | 372.96B CAD |
| Retained Earnings | 9.36B CAD | 11.41B CAD | 11.27B CAD | 11.32B CAD | 12.29B CAD | 14.71B CAD | 11.73B CAD | 12.16B CAD | 12.60B CAD | 12.93B CAD |
| Total Equity | 21.96B CAD | 22.32B CAD | 23.71B CAD | 24.49B CAD | 25.84B CAD | 26.31B CAD | 22.80B CAD | 24.04B CAD | 26.05B CAD | 25.23B CAD |
| Total Debt | 7.63B CAD | 4.74B CAD | 6.70B CAD | 9.04B CAD | 8.80B CAD | 10.21B CAD | 15.55B CAD | 15.40B CAD | 16.87B CAD | 18.79B CAD |
| Net Debt | -1.01B CAD | -4.15B CAD | -2.81B CAD | -14.55B CAD | -16.24B CAD | -2.07B CAD | -12.21B CAD | -12.16B CAD | -10.93B CAD | -10.67B CAD |
| Working Capital | 8.52B CAD | 8.88B CAD | 9.38B CAD | 0 | 0 | 12.11B CAD | 0 | 0 | 0 | 26.62B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 8.75B CAD | 9.69B CAD | 8.79B CAD | 8.89B CAD |
| Total Assets | 394.93B CAD | 398.45B CAD | 398.31B CAD | 425.33B CAD |
| Total Liabilities | 368.94B CAD | 372.96B CAD | 372.36B CAD | 398.57B CAD |
| Total Equity | 25.70B CAD | 25.23B CAD | 25.75B CAD | 26.56B CAD |
| Total Debt | 7.38B CAD | 18.79B CAD | 8.37B CAD | 9.12B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 3.44B CAD | 2.79B CAD | 3.51B CAD | 2.71B CAD | 1.96B CAD | 5.10B CAD | 3.92B CAD | 2.39B CAD | 4.34B CAD | 3.55B CAD |
| Depreciation & Amortization | 203.0M CAD | 209.0M CAD | 226.0M CAD | 378.0M CAD | 406.0M CAD | 438.0M CAD | 528.0M CAD | 0 | 0 | 0 |
| Stock-based Compensation | 362.0M CAD | 476.0M CAD | 346.0M CAD | 549.0M CAD | 0 | 0 | 395.0M CAD | 0 | 0 | 0 |
| Change in Working Capital | 5.50B CAD | 6.19B CAD | 378.0M CAD | 11.40B CAD | 13.48B CAD | 2.50B CAD | -12.16B CAD | 5.36B CAD | 2.39B CAD | 3.56B CAD |
| Operating Cash Flow | 3.67B CAD | 1.98B CAD | 3.83B CAD | 2.47B CAD | 9.79B CAD | -1.86B CAD | 4.31B CAD | 7.82B CAD | 2.53B CAD | 13.75B CAD |
| Capital Expenditure | -131.0M CAD | -182.0M CAD | -85.0M CAD | -114.0M CAD | -124.0M CAD | -81.0M CAD | 3.69B CAD | -129.8M CAD | -143.0M CAD | -144.9M CAD |
| Acquisitions | -1.68B CAD | -182.0M CAD | -64.0M CAD | -167.0M CAD | -372.1M CAD | -441.0M CAD | -2.70B CAD | -146.4M CAD | -17.0M CAD | -53.0M CAD |
| Stock Repurchased | -950.0M CAD | -175.0M CAD | -641.0M CAD | -592.0M CAD | -157.0M CAD | -1.02B CAD | 0 | -140.3M CAD | -855.0M CAD | -1.71B CAD |
| Dividends Paid | -1.07B CAD | -1.16B CAD | -1.23B CAD | -1.32B CAD | -1.07B CAD | -1.43B CAD | -1.67B CAD | -1.42B CAD | -1.96B CAD | -2.06B CAD |
| Free Cash Flow | 3.54B CAD | 1.80B CAD | 3.75B CAD | 2.36B CAD | 9.66B CAD | -1.94B CAD | 8.00B CAD | 7.69B CAD | 2.39B CAD | 13.60B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.18B CAD | 5.33B CAD | 4.13B CAD | 116.0M CAD |
| Capital Expenditure | -36.0M CAD | -46.0M CAD | -23.1M CAD | -26.0M CAD |
| Free Cash Flow | 1.14B CAD | 5.28B CAD | 4.11B CAD | 90.0M CAD |
| Dividends Paid | -507.0M CAD | -544.6M CAD | -521.3M CAD | -563.0M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.7% | -8.1% | +47.1% | +9.2% | -17.6% | -90.4% | +960.2% | -5.1% | +22.3% | |
| Net Income Growth (YoY) | -12.0% | +17.2% | +1.0% | -5.5% | +57.1% | -30.8% | +10.5% | -5.1% | +18.0% | |
| EPS Growth (YoY) | -13.3% | +37.0% | -8.1% | -7.0% | +63.7% | -27.2% | +6.9% | +1.0% | +16.4% | |
| Shares Change (YoY) | -0.5% | -0.8% | -2.3% | -1.3% | +0.2% | -0.2% | +0.0% | -1.4% | -1.4% | |
| FCF Growth (YoY) | -49.1% | +108.0% | -37.0% | +309.4% | -120.1% | +512.7% | -3.9% | -68.9% | +469.4% | |
| Gross Margin | 36.5% | 35.1% | 40.3% | 28.2% | 28.5% | 41.2% | 118.7% | 11.9% | 14.0% | 100.0% |
| Operating Margin | 12.1% | 9.5% | 13.0% | 8.1% | 7.6% | 14.3% | 105.7% | 10.8% | 12.6% | 11.4% |
| EBITDA Margin | 13.9% | 11.3% | 15.0% | 9.9% | 9.3% | 16.4% | 134.1% | 12.3% | 14.5% | 12.6% |
| Net Margin | 9.9% | 8.5% | 10.8% | 7.4% | 6.4% | 12.2% | 88.2% | 9.2% | 9.2% | 8.9% |
| FCF Margin | 12.4% | 6.1% | 13.9% | 5.9% | 22.3% | -5.4% | 233.2% | 21.1% | 6.9% | 32.3% |
| Effective Tax Rate | 18.0% | 10.8% | 17.0% | 8.8% | 15.1% | 14.3% | 15.1% | 11.7% | 24.0% | 21.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.71 | $2.93 | $6.14 | $3.95 | $16.40 | $-3.28 | $13.58 | $13.05 | $4.11 | $23.75 |
| Dividends Per Share | $1.74 | $1.88 | $2.01 | $2.21 | $1.81 | $2.42 | $2.84 | $2.41 | $3.38 | $3.60 |
| Shares Outstanding (Basic) | 613.0 M | 613.0 M | 606.0 M | 592.0 M | 585.0 M | 586.0 M | 586.0 M | 589.0 M | 578.0 M | 572.6 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 13.89% |
| Return on Invested Capital | 0.85% |
| Return on Assets | 0.84% |
| Gross Margin | 36.56% |
| Operating Margin | 11.21% |
| Net Margin | 8.81% |
Financial Health
| Debt / Equity | 0.34 |
| Current Ratio | 27.38 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.74 | 14.74 | 9.42 | 13.38 | 13.80 | 10.46 | 12.83 | 13.10 | 16.13 | 13.90 |
| P/B | 1.44 | 1.42 | 1.16 | 1.43 | 1.28 | 1.57 | 1.62 | 1.68 | 1.89 | 1.94 |
| P/S | 1.11 | 1.08 | 1.02 | 0.88 | 0.77 | 1.16 | 10.74 | 1.11 | 1.43 | 1.16 |
| Gross Margin | 36.5% | 35.1% | 40.3% | 28.2% | 28.5% | 41.2% | 118.7% | 11.9% | 14.0% | 100.0% |
| Operating Margin | 12.1% | 9.5% | 13.0% | 8.1% | 7.6% | 14.3% | 105.7% | 10.8% | 12.6% | 11.4% |
| Net Margin | 9.9% | 8.5% | 10.8% | 7.4% | 6.4% | 12.2% | 88.2% | 9.2% | 9.2% | 8.9% |
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Explore sector: Financial Services · Insurance - Diversified
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