Metlife (MET) Q2 FY2026 earnings: revenue $19.2 billion, up 10.5% on the year

Metlife Inc. (MET) reported revenue of $19.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.5% on the same quarter a year earlier. Net income was $736 million, up 1.0% on the year, and diluted earnings per share $1.09. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$19.2 billion

+10.5% on the year · +0.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

8.4%

8.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$736 million

+1.0% on the year · -37.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.09

+5.8% on the year · -37.4% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Adjusted earnings rose 15 percent: Adjusted earnings reached $1.6 billion, up 15 percent reported and 14 percent in constant currency. Management attributed the increase to favorable underwriting and broad-based volume growth.
Group Benefits earnings up 25 percent: Group Benefits adjusted earnings were $503 million, up 25 percent, reflecting favorable underwriting and volume growth. Adjusted premiums excluding participating contracts were $5.1 billion, up 4 percent.
Asia earnings up 21 percent: Asia adjusted earnings were $420 million, up 21 percent reported and 25 percent in constant currency, on stronger equity markets, higher variable investment income and volume growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	19,154	19,074	17,340	+0.4%	+10.5%
Operating income	1,604	1,631	1,393	-1.7%	+15.1%
Operating margin	8.4%	8.6%	8.0%
Pre-tax income	1,035	1,507	980	-31.3%	+5.6%
Income tax	256	345	245	-25.8%	+4.5%
Effective tax rate	24.7%	22.9%	25.0%
Net income	736	1,185	729	-37.9%	+1.0%
Net margin	3.8%	6.2%	4.2%
Diluted EPS	$1.09	$1.74	$1.03	-37.4%	+5.8%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,228	2,687	2,187	-17.1%	+1.9%
Cash from investing	-8,871	-5,455	-2,981
Cash from financing	3,216	3,559	1,449	-9.6%	+121.9%
Buybacks	722	755	510	-4.4%	+41.6%
Dividends paid	383	372	382	+3.0%	+0.3%
Dividend per share	$0.59	$0.57	$0.57	+4.4%	+4.4%
Diluted shares, weighted	647m	656m	675m	-1.3%	-4.2%
Shares outstanding at period end	638m	646m	667m	-1.3%	-4.4%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	27,441	27,324	27,685	+0.4%	-0.9%
Non-controlling interest	300	271	242	+10.7%	+24.0%
Redeemable equity	220	206	n/a	+6.8%
Short-term borrowings	460	404	379	+13.9%	+21.4%
Debt	14,244	14,445	15,374	-1.4%	-7.4%
Other liabilities	716,707	700,561	658,790	+2.3%	+8.8%
Total liabilities and equity	759,372	743,211	702,470	+2.2%	+8.1%
Goodwill	9,536	9,565	9,142	-0.3%	+4.3%
Investments	8,016	4,948	5,300	+62.0%	+51.2%
Trading assets	14,809	13,435	11,694	+10.2%	+26.6%
Cash and equivalents	19,301	22,687	22,178	-14.9%	-13.0%
Other assets	707,710	692,576	654,156	+2.2%	+8.2%
Total assets	759,372	743,211	702,470	+2.2%	+8.1%

Questions

What was Metlife's revenue in Q2 FY2026?

Metlife (MET) reported revenue of $19.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.5% on the same quarter a year earlier.

How much did Metlife earn in Q2 FY2026?

Net income for Q2 FY2026 was $736 million, up 1.0% on the year, and diluted earnings per share $1.09.

When did Metlife report Q2 FY2026 results?

Metlife filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 20 quarters

	Q4 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	Q3 FY2026
Revenue	20,089	15,405	15,474	22,270	15,608	15,388	16,623	15,866	19,028	16,057	17,823	18,440	18,666	18,569	17,340	17,361	23,814	19,074	19,154	20,522
Operating income	1,306	1,935	988	1,402	2,026	257	430	534	941	1,401	1,662	1,442	1,491	1,415	1,393	1,650	1,679	1,631	1,604	1,826
Operating margin	7%	13%	6%	6%	13%	2%	3%	3%	5%	9%	9%	8%	8%	8%	8%	10%	7%	9%	8%	9%
Pre-tax income	1,306	1,935	988	1,415	1,727	257	430	534	941	1,045	1,202	1,994	1,381	1,354	980	1,210	1,117	1,507	1,035	3,000
Tax rate	7%	15%	7%	18%	22%	67%	5%	7%	35%	16%	21%	33%	8%	30%	25%	25%	27%	23%	25%	20%
Net income	1,205	1,634	910	1,162	1,578	80.0	402	489	607	867	946	1,342	1,271	945	729	896	809	1,185	736	2,397
Net margin	6%	11%	6%	5%	10%	1%	2%	3%	3%	5%	5%	7%	7%	5%	4%	5%	3%	6%	4%	12%
Diluted EPS	$1.38	$1.89	$1.08	$1.37	$1.96	$0.02	$0.48	$0.56	$0.77	$1.10	$1.28	$1.81	$1.75	$1.28	$1.03	$1.22	$1.18	$1.74	$1.09	$3.67
Operating cash flow	5,340	2,040	4,438	4,278	2,534	2,026	3,038	3,475	5,182	2,328	3,490	4,169	4,611	4,262	2,187	3,567	7,076	2,687	2,228	2,000
Buybacks	1,176	940	1,116	674	596	780	672	792	859	1,172	855	774	406	1,411	510	502	460	755	722	651
Dividends paid	405	397	408	400	393	389	399	392	386	377	389	383	378	374	382	378	375	372	383	379
Shares outstanding	826m	815m	798m	787m	779m	769m	757m	744m	731m	716m	704m	694m	689m	673m	667m	661m	655m	646m	638m	631m
Filing	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	10-Q	10-K	10-Q	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 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 30 June 2026, filed 6 August 2026: the filing.