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BHF

Brighthouse Financial, Inc.

BHF

Brighthouse Financial, Inc. • NASDAQ
$65.58 ▲ 0.26% (+0.17)
Market Cap $3.75 B
52w High $66.33
52w Low $42.07
Dividend Yield 0%
P/E 4.62
Volume 313.14K
Outstanding Shares 57.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.708B ▲ $287M ▼ $479M ▲ 28.044% ▲ $7.93 ▲ $623M ▲
Q2-2025 $790M ▼ $401M ▼ $85M ▲ 10.759% ▲ $1.05 ▲ $131M ▲
Q1-2025 $2.32B ▲ $423M ▲ $-268M ▼ -11.552% ▼ $-5.04 ▼ $-316M ▼
Q4-2024 $1.077B ▼ $351M ▼ $671M ▲ 62.303% ▲ $11.02 ▲ $872M ▲
Q3-2024 $1.963B $437M $176M 8.966% $2.48 $226M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $88.143B ▲ $244.679B ▲ $238.251B ▲ $6.363B ▲
Q2-2025 $87.545B ▲ $242.645B ▲ $236.907B ▲ $5.673B ▲
Q1-2025 $86.876B ▼ $234.681B ▼ $229.377B ▼ $5.239B ▲
Q4-2024 $86.968B ▼ $238.537B ▼ $233.513B ▼ $4.959B ▼
Q3-2024 $90.74B $245.156B $239.566B $5.525B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-268M ▼ $117M ▲ $1.372B ▲ $-423M ▼ $1.066B ▲ $117M ▲
Q2-2025 $268M ▲ $-1M ▼ $112M ▼ $762M ▲ $873M ▲ $-1M ▼
Q1-2025 $-268M ▼ $146M ▲ $563M ▲ $-1.087B ▼ $-378M ▲ $146M ▲
Q4-2024 $0 ▼ $-118M ▼ $-357M ▼ $-110M ▼ $-585M ▼ $-118M ▼
Q3-2024 $459M $24M $-130M $1.295B $1.189B $24M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Accident and Health Insurance Product Line
Accident and Health Insurance Product Line
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Investment Product
Investment Product
 $0 ▲$590.00M ▲$580.00M ▼$560.00M ▼
Life Insurance Product Line
Life Insurance Product Line
 $0 ▲$280.00M ▲$280.00M ▲$270.00M ▼
Variable Annuity
Variable Annuity
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Brighthouse’s income statement shows a business that can swing sharply between strong profits and sizable losses. Reported revenue and earnings have been very volatile from year to year, which is common for a life insurer with complex products and hedging, but still important to note. After a loss in the prior year, the most recent year shows a clear rebound back into solid profitability, helped by better operating performance and cost discipline. Historically, the company has shown it can earn good money in favorable conditions, but results remain sensitive to markets, interest rates, and actuarial assumptions, so reported earnings are not smooth or easily predictable.

Balance Sheet

Balance Sheet The balance sheet is large and fairly stable in overall size, consistent with a mature life insurer managing a big investment portfolio to back long-term policy promises. Debt levels have been steady and modest relative to total assets, which suggests financial leverage from borrowings is controlled. However, common equity is quite small compared with total assets and has declined a lot from earlier years, likely reflecting market-driven valuation changes, assumption updates, and share buybacks. That thinner capital cushion means the company is more exposed to market swings and regulatory capital requirements, making risk management and hedging quality especially important.

Cash Flow

Cash Flow Cash generation has been choppy rather than consistently strong. Operating cash flow has been negative in several of the last years, including the most recent ones, with only a couple of years showing clearly positive inflows. There is essentially no traditional capital spending, which fits a capital-light financial business, so free cash flow looks very similar to operating cash flow. For life insurers, accounting cash flow can be noisy because of investment purchases, hedging, and reserve movements, but the pattern here points to a business where cash availability and capital management need close monitoring rather than one throwing off steady surplus cash year after year.

Competitive Edge

Competitive Edge Brighthouse holds a meaningful but not dominant position in the U.S. annuity and life insurance market, with a clear tilt toward retirement-focused products. Its strengths include a disciplined approach to risk and expenses, a streamlined product set, and a broad network of independent advisors and distribution partners. The company has carved out a strong niche in registered index-linked annuities through its Shield Level Annuities, which helps differentiate it in a crowded field. Its partnership with BlackRock on the LifePath Paycheck solution gives it a foothold in the growing in-plan retirement income space, which could become an important long-term channel. Overall, the moat rests more on product specialization, risk expertise, and distribution relationships than on brand power or size, and the business remains exposed to intense pricing competition and market-driven volatility.

Innovation and R&D

Innovation and R&D Innovation at Brighthouse is focused less on cutting-edge consumer apps and more on product design, risk engineering, and advisor-facing technology. The company has rolled out specialized offerings like Shield Level Annuities, SmartCare (combining life insurance with long-term care benefits), and SmartGuard Plus (index-linked universal life with income features), all aimed at addressing retirement income, market volatility, and long-term care needs in targeted ways. On the technology side, tools like the Digital Desk streamline the annuity sales process for advisors, reflecting a push for efficiency and easier distribution rather than flashy front-end experiences. A dedicated technology leadership role and ongoing digital transformation efforts support the goal of being a low-cost, operationally efficient producer. Looking ahead, further refinements to hedging strategies, reinsurance structures, and in-plan retirement solutions with partners like BlackRock are key areas where innovation could materially affect profitability and growth.

Summary

Brighthouse Financial is a specialized life and annuity provider with a clear focus on retirement income solutions and risk-managed products. Financial results have been highly volatile, reflecting both the nature of its products and the impact of market conditions and hedging strategies, though the latest year shows a notable recovery and tighter cost control. The balance sheet is large and stable in total size, with manageable debt but a relatively thin equity base that heightens sensitivity to market moves and regulatory capital metrics. Cash flows are uneven, underlining the importance of careful capital and liquidity management. Competitively, the company benefits from focused product lines, strong independent distribution, and a differentiated position in index-linked annuities, augmented by a strategic partnership with BlackRock in workplace retirement plans. Innovation is steady and pragmatic, centered on product features, advisor tools, and risk and capital efficiency rather than headline-grabbing tech. The main opportunities lie in the aging population and growing demand for retirement income solutions, while key risks revolve around earnings volatility, market and interest-rate exposure, and ongoing execution on risk and capital strategies.

NEWS

November 17, 2025 · 8:00 AM UTC

Brighthouse Financial Announces Preferred Stock Dividends and Related Depositary Share Distributions

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November 10, 2025 · 11:43 AM UTC

Brighthouse Financial Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Brighthouse Financial, Inc. - BHF

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November 6, 2025 · 7:16 PM UTC

Brighthouse Financial Announces Third Quarter 2025 Results

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November 6, 2025 · 5:30 PM UTC

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Brighthouse Financial, Inc. (NASDAQ: BHF)

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November 6, 2025 · 2:04 PM UTC

BHF Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Brighthouse Financial, Inc. is Fair to Shareholders

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