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Equitable
Equitable (EQH) investor relations material
Equitable Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record AUM/A of $1.1 trillion, up 10% year-over-year, and organic cash generation of $1.6 billion in 2025, expected to rise to ~$1.8 billion in 2026 and $2 billion by 2027.
Returned $1.8 billion to shareholders in 2025, including $500 million in share repurchases post-life reinsurance transaction, with a payout ratio of 68% excluding incremental buybacks.
Completed RGA life reinsurance deal, freeing $2 billion in capital and reducing mortality exposure by 75%.
Achieved $120 million in run-rate expense savings toward $150 million 2027 target.
On track to meet 2027 financial targets, with momentum in all business segments.
Financial highlights
Full-year Non-GAAP operating EPS was $5.64, or $6.21 adjusted for notable items; fourth quarter Non-GAAP operating earnings were $513 million ($1.73 per share).
Net income for the year was a loss of $1.4 billion, or $(4.83) per share, but Q4 net income was $215 million.
Adjusted book value per share ex-AOCI and with AB at market value was $33.84; book value per share ex-AOCI was $18.14 at year-end.
Adjusted debt-to-capital ratio at 25%, improved from 36% year-over-year.
Year-end holding company cash was $1.1 billion, above the $500 million minimum target.
Outlook and guidance
2026 organic cash generation expected to rise to ~$1.8 billion; on track for $2 billion in 2027.
2026 EPS growth (excluding notable items) expected to exceed 12%-15% target.
Retirement pre-tax earnings to grow mid to high single digits; wealth management to see double-digit earnings growth; asset management performance fees expected at $80-$100 million in 2026.
Total company tax rate forecast at ~20% for 2026.
Payout ratios expected to remain at the upper end of the 60-70% target range.
RGA transaction's full impact on earnings
Drivers of Asset Management net outflows
Explain significant equity value decline
Private credit portfolio quality assessment
EPS growth vs. 2027 targets update
RILA market share strategy given competition
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Next Equitable earnings date
Q1 202629 Apr, 2026
Equitable
Next Equitable earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Equitable Holdings Inc provides financial services through its subsidiaries, including life insurance, annuities, asset management, and retirement planning. The company serves individuals and institutions through advisory and investment solutions. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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