Corebridge Financial (CRBG) Q2 FY2024 earnings: revenue $3.7 billion, down 35.6% on the year

Corebridge Financial, Inc. (CRBG) reported revenue of $3.7 billion for Q2 FY2024, the quarter ended 30 June 2024, down 35.6% on the same quarter a year earlier. Net income was $365 million, down 52.7% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2024.

Revenue$3.7 billiondown 35.6%

Net income$365 milliondown 52.7%

Diluted EPS$0.59

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	3,710	5,836	n/a	n/a
Selling, general and administrative	532	572	n/a	n/a
Operating income	456	1,016	n/a	n/a
Operating margin	12.3%	17.4%	n/a
Interest expense	138	138	n/a	n/a
Pre-tax income	456	1,016	n/a	n/a
Income tax	115	189	n/a	n/a
Effective tax rate	25.2%	18.6%	n/a
Net income	365	878	n/a	n/a
Net margin	9.8%	15.0%	n/a
Diluted EPS	$0.59	$1.41	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	-9.0	598	n/a	n/a
Cash from investing	-1,319	-2,645	n/a	n/a
Cash from financing	1,556	1,844	n/a	n/a
Depreciation and amortisation	32.0	64.0	n/a	n/a
Buybacks	436	243	n/a	n/a
Dividends paid	139	143	n/a	n/a
Dividend per share	$0.23	$0.23	n/a	n/a
Diluted shares, weighted	613m	625m	n/a	n/a
Shares outstanding at period end	600m	615m	n/a	n/a

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

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	10,996	11,576	n/a	n/a
Non-controlling interest	816	810	n/a	n/a
Short-term borrowings	250	250	n/a	n/a
Other liabilities	370,430	372,952	n/a	n/a
Total liabilities and equity	382,492	385,588	n/a	n/a
Securities held for sale or to maturity	167,320	168,826	n/a	n/a
Loans	48,663	47,830	n/a	n/a
Cash and equivalents	653	426	n/a	n/a
Other assets	165,856	168,506	n/a	n/a
Total assets	382,492	385,588	n/a	n/a

Quarterly results, the last 12 quarters

	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	5,505	3,354	5,836	3,710	2,599	6,619	3,572	2,726	5,416	6,731	3,964	3,914
SG&A	611	563	572	532	475	494	526	517	481	n/a	468	466
Operating income	2,461	-1,763	1,016	456	-1,594	2,925	-862	-608	-42.0	971	97.0	52.0
Operating margin	45%	-53%	17%	12%	-61%	44%	-24%	-22%	-1%	14%	2%	1%
Interest expense	135	139	138	138	133	145	148	137	135	132	131	131
Pre-tax income	2,461	-1,763	1,016	456	-1,594	2,925	-862	-608	-42.0	971	97.0	52.0
Tax rate	16%	n/a	19%	25%	n/a	24%	n/a	n/a	n/a	18%	163%	96%
Net income	2,101	-1,309	878	365	-1,184	2,171	-664	-660	144	814	-53.0	2.0
Net margin	38%	-39%	15%	10%	-46%	33%	-19%	-24%	3%	12%	-1%	0%
Diluted EPS	$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	1,018	767	598	-9.0	83.0	1,479	375	-259	24.0	1,881	-9.0	-44.0
Buybacks	46.0	252	243	436	715	398	321	311	380	1,106	1,250	300
Dividends paid	146	876	143	139	133	129	133	131	128	119	114	112
Shares outstanding	633m	622m	615m	600m	574m	561m	553m	543m	532m	496m	457m	446m
Filing	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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 30 June 2024, filed 1 August 2024, accession 0001889539-24-000030: the filing on EDGAR. All of Corebridge Financial, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install