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Brighthouse Financial (BHF) FY2025 results: revenue $6.8 billion, up 43.2% on the year

Brighthouse Financial, Inc. (BHF) reported revenue of $6.8 billion for fiscal 2025, the year ended 31 December 2025, up 43.2% on the year before. Net income was $433 million, up 11.6%, and diluted earnings per share $5.71. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$6.8 billion
+43.2% on the year
FY2018FY2025
Operating margin
7.0%
8.9% a year earlier
FY2018FY2025
Net income
$433 million
+11.6% on the year
FY2018FY2025
Diluted EPS
$5.71
+23.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Quarterly net income and per-share result: Net income available to shareholders was $112 million, or $1.93 per diluted share, against $646 million, or $10.79, in the fourth quarter of 2024.
  • Adjusted earnings before notable items: Adjusted earnings, less notable items, were $227 million, or $3.93 per diluted share, against $352 million, or $5.88, a year earlier. Adjusted earnings were $214 million, or $3.70 per share.
  • Run-off swung to an adjusted loss: Run-off recorded an adjusted loss of $58 million, against an adjusted loss of $27 million a year earlier. The quarter included a $7 million unfavorable notable item.
  • Full-year annuity sales reached $10.3 billion: Full-year 2025 annuity sales were $10.3 billion, up 3% year over year, with record Shield Level Annuity sales.
  • Corporate expenses rose: Corporate expenses were $234 million pre-tax, up from $210 million a year earlier and $205 million in the third quarter. Full-year corporate expenses totaled $880 million, against $820 million in 2024.
Read the Q4 FY2025 earnings call summary

From this 10-K

Brighthouse Financial sells annuities and life insurance in the U.S., with over 2.0 million annuity contracts and insurance policies in force at December 31, 2025. It sells through multiple independent distribution channels and a network of distribution partners. It does business mainly through three insurance subsidiaries: Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY and New England Life Insurance Company, which does not currently write new business.

Brighthouse Financial, Inc., the 10-K for 2025

Brighthouse Financial sells annuities and life insurance in the U.S., with over 2.0 million annuity contracts and insurance policies in force at December 31, 2025. It sells through multiple independent distribution channels and a network of distribution partners. It does business mainly through three insurance subsidiaries: Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY and New England Life Insurance Company, which does not currently write new business.

Annuities

Annuities are the main business. Shield Annuities, which the company calls its flagship suite, are registered index-linked annuities: the holder takes part in the returns of a specified market index up to a stated level, while being protected from a portion of declines. Fixed deferred annuities credit interest at rates the company sets, or by reference to an index for fixed index annuities, with credited rates guaranteed for at least one year. Income annuities exchange part of a customer's retirement savings for a steady stream of income for a set period or for life, either straight away or deferred. Variable annuities let holders invest in portfolios held in a separate account, with optional guaranteed minimum living or death benefits for an extra fee. Since 2014 new sales have been mainly Shield Annuities, fixed annuities and variable annuities with simplified living benefits.

Life insurance and the run-off book

The Life segment covers term, whole, universal and variable life insurance. Term life pays a fixed death benefit for a guaranteed level premium over a set period. The Run-off segment holds products the company no longer actively sells and manages separately, including ULSG policies, structured settlements, pension risk transfer contracts and certain company-owned life insurance. Corporate & Other holds funding agreements, capital not allocated to the other segments and long-term care business that is reinsured through 100% quota share reinsurance agreements.

How it sells

Products reach customers through a network of over 400 distribution partners, and the company has built independent distribution relationships since 2001. Annuities are sold through national and regional broker-dealers, banks, independent financial planners and independent marketing organizations. Life insurance goes through broker-dealers, general agencies, financial advisors, brokerage general agencies, banks and online marketplaces. The company also reinsures part of its risks with outside reinsurers, including Munich American Reassurance Company, Swiss Re, SCOR and General Re Life.

The Aquarian merger

On November 6, 2025 the company signed a merger agreement under which it would become a wholly-owned subsidiary of Aquarian Parent. Stockholders adopted the merger agreement on February 12, 2026, and the Hart-Scott Rodino waiting period has expired. The filing states that the merger is expected to close in 2026, subject to conditions including insurance regulatory approvals. Brighthouse was separated from MetLife, and a tax receivables agreement with MetLife from that separation would be accelerated when the merger closes.

People

At December 31, 2025 the company had approximately 1,400 employees.

From Brighthouse Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,7664,7244,117+43.2%
Operating income474422-1,474+12.3%
Operating margin7.0%8.9%-35.8%
Interest expense1521521530.0%
Pre-tax income474422-1,474+12.3%
Income tax36.029.0-367+24.1%
Effective tax rate7.6%6.9%n/a
Net income433388-1,112+11.6%
Net margin6.4%8.2%-27.0%
Diluted EPS$5.71$4.64-$18.39+23.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow259-290-137
Cash from investing751-2,194-3,196
Cash from financing-6683,6783,069
Share-based compensation42.023.029.0+82.6%
Buybacks102250250-59.2%
Diluted shares, weighted58m62m66m-5.9%
Shares outstanding at period end57m59m64m-2.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,7684,9594,943+36.5%
Non-controlling interest65.065.065.00.0%
Debt3,1553,1553,1560.0%
Other liabilities231,812230,358228,176+0.6%
Total liabilities and equity241,800238,537236,340+1.4%
Investments1,1971,8681,169-35.9%
Cash and equivalents5,3875,0453,851+6.8%
Other assets235,216231,624231,320+1.6%
Total assets241,800238,537236,340+1.4%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.