Corebridge Financial (CRBG) Q1 FY2022 earnings: revenue $7.2 billion

Corebridge Financial, Inc. (CRBG) reported revenue of $7.2 billion for Q1 FY2022, the quarter ended 31 March 2022. Net income was $3.4 billion, and diluted earnings per share $5.22. The figures are the company's own, from the 10-Q it filed with the SEC on 11 May 2023.

Revenue

$7.2 billion

+31.1% on the quarter

Q3 FY2021Q1 FY2022

Operating margin

59.4%

Q3 FY2021Q1 FY2022

Net income

$3.4 billion

+137.0% on the quarter

Q3 FY2021Q1 FY2022

Diluted EPS

$5.22

+137.3% on the quarter

Q3 FY2021Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q3 FY2021	A year earlier	On the quarter
Revenue	7,240	5,521	n/a	+31.1%
Selling, general and administrative	586	521	n/a	+12.5%
Operating income	4,300	1,953	n/a	+120.2%
Operating margin	59.4%	35.4%	n/a
Interest expense	81.0	83.0	n/a	-2.4%
Pre-tax income	4,300	1,953	n/a	+120.2%
Income tax	859	381	n/a	+125.5%
Effective tax rate	20.0%	19.5%	n/a
Net income	3,366	1,420	n/a	+137.0%
Net margin	46.5%	25.7%	n/a
Diluted EPS	$5.22	$2.20	n/a	+137.3%

$ million except per share.

Free 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

$ million	Q1 FY2022	Q3 FY2021	A year earlier	On the quarter
Operating cash flow	-3.0	n/a	n/a
Cash from investing	-1,246	n/a	n/a
Cash from financing	1,250	n/a	n/a
Depreciation and amortisation	157	n/a	n/a
Dividends paid	290	n/a	n/a
Diluted shares, weighted	645m	n/a	n/a
Shares outstanding at period end	648m	645m	n/a	+0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2022	Q3 FY2021	A year earlier	On the quarter	On the year	Last 8 quarters
Shareholders' equity	21,593	38,929	n/a	-44.5%
Cash and equivalents	600	566	n/a	+6.0%

Questions

What was Corebridge Financial's revenue in Q1 FY2022?

Corebridge Financial (CRBG) reported revenue of $7.2 billion for Q1 FY2022, the quarter ended 31 March 2022.

How much did Corebridge Financial earn in Q1 FY2022?

Net income for Q1 FY2022 was $3.4 billion, and diluted earnings per share $5.22.

When did Corebridge Financial report Q1 FY2022 results?

Corebridge Financial filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 11 May 2023.

Quarterly results, the last 19 quarters

	Q3 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,521	7,240	6,790	6,538	4,129	4,262	5,757	5,505	3,354	5,836	3,710	2,599	6,619	3,572	2,726	5,416	6,731	3,964	3,914
SG&A	521	586	577	578	582	582	604	611	563	572	532	475	494	526	517	481	n/a	468	466
Operating income	1,953	4,300	3,326	3,172	-1,647	-669	911	2,461	-1,763	1,016	456	-1,594	2,925	-862	-608	-42.0	971	97.0	52.0
Operating margin	35%	59%	49%	49%	-40%	-16%	16%	45%	-53%	17%	12%	-61%	44%	-24%	-22%	-1%	14%	2%	1%
Interest expense	83.0	81.0	127	149	177	172	134	135	139	138	138	133	145	148	137	135	132	131	131
Pre-tax income	1,953	4,300	3,326	3,172	-307	-669	911	2,461	-1,763	1,016	456	-1,594	2,925	-862	-608	-42.0	971	97.0	52.0
Tax rate	20%	20%	20%	20%	n/a	n/a	18%	16%	n/a	19%	25%	n/a	24%	n/a	n/a	n/a	18%	163%	96%
Net income	1,420	3,366	2,594	2,406	-162	-459	771	2,101	-1,309	878	365	-1,184	2,171	-664	-660	144	814	-53.0	2.0
Net margin	26%	46%	38%	37%	-4%	-11%	13%	38%	-39%	15%	10%	-46%	33%	-19%	-24%	3%	12%	-1%	0%
Diluted EPS	$2.20	$5.22	$4.02	$3.72	-$0.28	-$0.70	$1.18	$3.28	-$2.07	$1.41	$0.59	-$2.02	$3.80	-$1.19	-$1.20	$0.27	$1.59	-$0.11	-$0.04
Operating cash flow	n/a	-3.0	538	1,667	493	301	1,271	1,018	767	598	-9.0	83.0	1,479	375	-259	24.0	1,881	-9.0	-44.0
Buybacks	n/a	n/a	n/a	0.0	n/a	0.0	200	46.0	252	243	436	715	398	321	311	380	1,106	1,250	300
Dividends paid	n/a	290	290	0.0	296	149	551	146	876	143	139	133	129	133	131	128	119	114	112
Shares outstanding	645m	648m	636m	645m	645m	648m	636m	633m	622m	615m	600m	574m	561m	553m	543m	532m	496m	457m	446m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 11 May 2023: the filing.