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Dec 31, 2025
Equitable Holdings Q4 2025 Earnings Report
Equitable Holdings reported its full year and fourth quarter 2025 results, highlighting significant progress in becoming a more capital-light company.
Key Takeaways
Equitable Holdings reported a net income of $215 million for the fourth quarter of 2025, with non-GAAP operating earnings of $513 million. The company saw strong organic growth in Retirement and Wealth Management, ending the year with a record $1.1 trillion in assets under management and administration.
Organic cash generation reached $1.6 billion in 2025, with an expectation to increase to approximately $1.8 billion in 2026.
Full year net loss was $1.4 billion, while fourth quarter net income was $215 million.
Non-GAAP operating earnings for the fourth quarter were $513 million, or $1.73 per share.
The company returned $1.8 billion to shareholders in 2025, including $354 million in the fourth quarter.
Revenue by Segment
Forward Guidance
Equitable Holdings anticipates accelerated Non-GAAP earnings per share growth in 2026, targeting a 12-15% EPS CAGR for 2023-2027. Cash generation is projected to increase to approximately $1.8 billion in 2026, aiming for $2 billion by 2027.
Positive Outlook
- Non-GAAP EPS growth expected to accelerate in 2026.
- Targeted 12-15% EPS CAGR for 2023-2027.
- Cash generation projected to increase from $1.6 billion in 2025 to approximately $1.8 billion in 2026.
- On track to reach $2 billion in cash generation by 2027.
- Strong cash flows allow consistent capital return to shareholders, with payout ratios at the upper end of the 60-70% target range.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Reliance on normal market conditions, including 6% equity return, 2% dividend yield, and interest rates following the forward curve, for financial guidance.
- Potential impacts from geopolitical conflicts, changes in tariffs and trade barriers, and continued shutdown of the U.S. government.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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