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Equitable Holdings (EQH) FY2025 results: revenue $11.7 billion, down 6.2% on the year

Equitable Holdings, Inc. (EQH) reported revenue of $11.7 billion for fiscal 2025, the year ended 31 December 2025, down 6.2% on the year before. Net income was -$1.4 billion, and diluted earnings per share $-4.83. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$11.7 billion
-6.2% on the year
FY2018FY2025
Operating margin
-10.2%
16.8% a year earlier
FY2018FY2025
Net income
-$1.4 billion
FY2018FY2025
Diluted EPS
-$4.83
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new, 4 kept.

  • Full-year net loss on large charges: Full-year net loss attributable to Holdings was $1.4 billion, or $(4.83) per share, against net income of $1.3 billion in 2024. Non-GAAP operating earnings were $1.7 billion, or $5.64 per share.
  • Fourth-quarter earnings close to prior year: Fourth-quarter Non-GAAP operating earnings were $513 million, or $1.73 per share, against $515 million a year earlier. Adjusted for notable items they were $523 million, or $1.76 per share.
  • Asset Management outflows continued: Asset Management recorded $4.7 billion of fourth-quarter net outflows, $3.5 billion in Retail and $2.0 billion in Institutional, partly offset by $0.8 billion of Private Wealth inflows. Operating earnings were $160 million.
  • Full-year flows split by segment: Full-year net inflows were $5.9 billion in Retirement and $8.4 billion in Wealth Management advisory. Asset Management had net outflows of $11.3 billion for the year.
  • Expense savings reached $120 million: Run-rate expense savings reached $120 million through year end against a $150 million target for 2027.
Read the Q4 FY2025 earnings call summary

From this 10-K

Equitable Holdings is a holding company for three businesses: Equitable, an insurer selling retirement, income and protection products in the United States; AllianceBernstein (AB), a global asset manager; and Equitable Advisors, a wealth management firm. Its history goes back to 1859, and it had $1.1 trillion of assets under management and administration at December 31, 2025. The company describes its model as making retirement products, managing the money and distributing both through its own advisors. It reports three segments, Retirement, Asset Management and Wealth Management, plus a Corporate and Other category.

Equitable Holdings, Inc., the 10-K for 2025

Equitable Holdings is a holding company for three businesses: Equitable, an insurer selling retirement, income and protection products in the United States; AllianceBernstein (AB), a global asset manager; and Equitable Advisors, a wealth management firm. Its history goes back to 1859, and it had $1.1 trillion of assets under management and administration at December 31, 2025. The company describes its model as making retirement products, managing the money and distributing both through its own advisors. It reports three segments, Retirement, Asset Management and Wealth Management, plus a Corporate and Other category.

Retirement

The Retirement segment sells individual annuities, workplace retirement savings plans and institutional savings products. Individual annuities are sold mainly to affluent and high net worth savers, through Equitable Advisors and through banks, broker-dealers, investment advisers and insurance partners. Its main product is the registered indexed-linked annuity, sold under the Structured Capital Strategies brand, in which returns follow an index up to a cap and a buffer reduces losses. It also sells traditional variable annuities under the RC brand and Investment Edge, an investment-only variable annuity. In the workplace it serves 403(b), 457(b) and 401(k) plans for schools, municipalities, not-for-profits and small and medium-sized businesses, with contributions coming through payroll deductions. For institutions it provides guaranteed lifetime income inside target date funds, including AB's Lifetime Income Strategy and BlackRock's LifePath Paycheck, and synthetic guaranteed investment contracts inside stable value funds.

Asset Management

The company owns an approximate 68% economic interest in AB and, as its general partner, controls it. AB Holding is a master limited partnership listed on the NYSE. AB had approximately $866.9 billion in assets under management at the end of 2025, 41% in equities, 36% in fixed income and 23% in multi-asset solutions, alternatives and other assets. It sells through three channels: institutions such as pension plans, endowments, insurers and central banks; retail investors through mutual funds and other products; and private wealth clients. It is generally paid fees calculated as a percentage of the assets it manages. Equitable itself is AB's largest client.

Wealth Management

Equitable Advisors had 4,582 financial advisors at the end of 2025, supported through more than 80 branch locations. They offer brokerage, discretionary and non-discretionary advisory accounts, life insurance and annuities from Equitable and other providers, and financial planning. The firm competes with broker-dealers, wire houses, banks and other advisers for both clients and advisors.

Corporate and Other

This category holds the individual life insurance business, including universal, indexed universal and variable universal life, the employee benefits business, a legacy variable annuity block, the Closed Block and run-off group pension and health businesses.

People

At December 31, 2025 the company had approximately 8,000 full-time employees, approximately 4,500 of them at AB.

From Equitable Holdings' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 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
Revenue11,66512,43710,460-6.2%
Operating income-1,1932,088714
Operating margin-10.2%16.8%6.8%
Interest expensen/an/a228
Pre-tax income-1,1932,076714
Income tax-156280-910
Effective tax raten/a13.5%-127.5%
Net income-1,3801,2801,283
Net margin-11.8%10.3%12.3%
Diluted EPS-$4.83$3.78$3.48
$ 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 flow7142,006-208-64.4%
Cash from investing-10,968-15,855-4,851
Cash from financing15,71612,4419,000+26.3%
Share-based compensation262313294-16.3%
Buybacks1,4501,014919+43.0%
Dividends paid314302301+4.0%
Dividend per share$1.05$0.94$0.86+11.7%
Diluted shares, weighted298m325m352m-8.2%
Shares outstanding at period end283m310m334m-8.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity-74.01,5652,636
Non-controlling interest1,5401,8581,739-17.1%
Redeemable equity322125770+157.6%
Debt3,8603,8334,074+0.7%
Other liabilities312,342288,485267,595+8.3%
Total liabilities and equity317,990295,866276,814+7.5%
Securities held for sale or to maturity77,16276,64167,030+0.7%
Loans22,66820,07218,171+12.9%
Cash and equivalents12,4626,9648,239+78.9%
Other assets205,698192,189183,374+7.0%
Total assets317,990295,866276,814+7.5%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.