Jackson Financial (JXN) FY2025 results: revenue $6.7 billion, up 104.3% on the year
Jackson Financial Inc. (JXN) reported revenue of $6.7 billion for fiscal 2025, the year ended 31 December 2025, up 104.3% on the year before. Net income was $27 million, down 97.1%, and diluted earnings per share $-0.24. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$6.7 billion
+104.3% on the year
FY2019FY2025
Operating margin
58.1%
13.6% a year earlier
FY2019FY2025
Net income
$27 million
-97.1% on the year
FY2019FY2025
Diluted EPS
-$0.24
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 1 new.
Fourth-quarter adjusted earnings reached $6.61 per share: Adjusted operating earnings were $455 million, or $6.61 per diluted share, against $4.65 a year earlier. Management cited higher spread income from RILA and Institutional AUM growth, a favorable actuarial update and a lower share count.
Full-year net loss to common shareholders: The company reported a full-year 2025 net loss to common shareholders of $(17) million, or $(0.24) per diluted share, compared with net income of $902 million, or $11.74 per diluted share, in 2024.
Full-year adjusted earnings rose to $22.67: Adjusted operating earnings were $1.6 billion, or $22.67 per diluted share, against $1.4 billion, or $18.79, in 2024. Management attributed the rise to higher spread income, a favorable actuarial update and a reduced share count.
Record RILA sales in the quarter: RILA sales rose 53% year over year in the quarter. Full-year RILA sales of $6.9 billion were up 22%.
Record full-year Institutional sales: Full-year Institutional sales rose 77% from 2024, which management linked to demand for spread lending and its opportunistic sales strategy.
$ 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
5,758
5,793
5,310
-0.6%
Cash from investing
-7,756
-7,090
-592
Cash from financing
3,935
2,373
-6,328
+65.8%
Share-based compensation
132
191
107
-30.9%
Buybacks
669
442
306
+51.4%
Dividends paid
223
211
201
+5.7%
Diluted shares, weighted
71m
77m
84m
-7.3%
Shares outstanding at period end
67m
73m
79m
-8.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
9,953
9,764
10,170
+1.9%
Non-controlling interest
389
218
164
+78.4%
Short-term borrowings
n/a
n/a
970
Debt
2,030
2,034
2,037
-0.2%
Other liabilities
340,214
326,434
316,914
+4.2%
Total liabilities and equity
352,586
338,450
330,255
+4.2%
Securities held for sale or to maturity
47,321
40,289
40,422
+17.5%
Loans
10,211
9,911
10,563
+3.0%
Cash and equivalents
5,704
3,767
2,688
+51.4%
Other assets
289,350
284,483
276,582
+1.7%
Total assets
352,586
338,450
330,255
+4.2%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.