Genworth Financial (GNW) FY2025 results: revenue $7.3 billion, up 0.1% on the year
Genworth Financial Inc. (GNW) reported revenue of $7.3 billion for fiscal 2025, the year ended 31 December 2025, up 0.1% on the year before. Net income was $223 million, down 25.4%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$7.3 billion
+0.1% on the year
FY2018FY2025
Operating margin
5.9%
8.2% a year earlier
FY2018FY2025
Net income
$223 million
-25.4% on the year
FY2018FY2025
Diluted EPS
$0.54
-20.6% 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 new.
Net income and adjusted operating income: Full-year 2025 net income available to common stockholders was $223M, or $0.54 per diluted share; adjusted operating income was $144M, or $0.35. Fourth-quarter net income was $2M and adjusted operating income $8M.
Two new reportable segments: From the fourth quarter the company reports Enact, mainly private mortgage insurance, and Closed Block, covering legacy long-term care, life and annuity products. Prior periods were updated.
Enact adjusted income and reserve release: Enact adjusted operating income was $146M, up from $134M in the third quarter and $137M a year earlier. Pre-tax net reserve release was $60M, versus $45M last quarter; loss ratio was 7%.
Long-term care adverse experience: Long-term care adjusted loss was $159M. Unfavorable actual-versus-expected variances of $124M pre-tax came mainly from higher claims and lower terminations, plus $47M of unfavorable assumption updates.
RBC ratio declined on partnership growth: Estimated GLIC consolidated RBC ratio was 300%, down from 306% a year earlier, as required capital rose with the growing limited partnership portfolio.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
327
88.0
597
+271.6%
Cash from investing
518
861
1,261
-39.8%
Cash from financing
-857
-1,115
-1,443
Depreciation and amortisation
231
249
264
-7.2%
Share-based compensation
58.0
51.0
49.0
+13.7%
Buybacks
247
189
296
+30.7%
Diluted shares, weighted
414m
439m
475m
-5.8%
Shares outstanding at period end
392m
421m
447m
-7.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
8,750
8,444
7,480
+3.6%
Non-controlling interest
1,017
937
855
+8.5%
Debt
1,513
1,518
1,584
-0.3%
Other liabilities
76,803
75,972
80,898
+1.1%
Total liabilities and equity
88,083
86,871
90,817
+1.4%
Intangible assets
n/a
197
198
Securities held for sale or to maturity
45,762
44,902
46,781
+1.9%
Cash and equivalents
2,036
2,048
2,215
-0.6%
Other assets
40,285
39,724
41,623
+1.4%
Total assets
88,083
86,871
90,817
+1.4%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.