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BHFAL

Brighthouse Financial, Inc.

BHFAL

Brighthouse Financial, Inc. • NASDAQ
$17.26 ▲ 0.52% (+0.09)
Market Cap $2.43 B
52w High $24.82
52w Low $16.90
Dividend Yield 1.17%
P/E -3.55
Volume 34.42K
Outstanding Shares 140.93M

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

Five-Year Company Overview

Income Statement

Income Statement Brighthouse’s earnings pattern is choppy, which is typical for a life insurer with market‑linked products but still worth noting. Revenue and profits swing meaningfully from year to year, reflecting the impact of interest rates, equity markets, and assumption changes more than simple sales growth. The company has shown that it can earn solid profits in good years, but it has also posted notable losses in weaker ones. Overall, the trend suggests a business that is fundamentally profitable but exposed to market volatility and accounting swings, resulting in very uneven reported earnings and per‑share results.

Balance Sheet

Balance Sheet The balance sheet is large and highly levered, as is normal for an insurer, with a big investment portfolio backing long‑term policy promises. Debt levels have stayed fairly stable over the last few years, but the equity cushion has shrunk compared with earlier periods, leaving a thinner buffer against shocks. Cash on hand is a small slice of total assets but has been reasonably steady. The picture is of a capital‑intensive, balance‑sheet‑driven business that must manage risk carefully because there is less room for large negative surprises than in the past.

Cash Flow

Cash Flow Cash generation has been inconsistent, with operating cash flow negative in most recent years after being positive earlier in the period. Because this is a financial company, traditional capital spending is minimal, so free cash flow essentially mirrors operating cash flow. The pattern suggests that actual cash movements—premium inflows, benefit payments, hedging, and investment activity—can differ quite a bit from reported accounting earnings. Investors would likely view this as a business where cash performance needs to be watched closely over time, not just in a single year.

Competitive Edge

Competitive Edge Brighthouse occupies a focused niche within U.S. life insurance and annuities, emphasizing retirement income and market‑linked products rather than a broad suite of financial services. Its main edge lies in relationships with independent financial advisors and other distribution partners, rather than a captive sales force. This keeps fixed costs lower and gives access to a wide pool of end customers. The product lineup—especially structured annuities and protection‑oriented life products—directly targets retirement concerns like income stability and downside protection. However, the company competes in a crowded, mature market against large, well‑capitalized insurers, so maintaining advisor loyalty and pricing discipline is critical.

Innovation and R&D

Innovation and R&D Innovation is centered on product design and advisor tools rather than on direct‑to‑consumer apps. The firm has created differentiated offerings like indexed and registered index‑linked annuities with features that help lock in gains, as well as hybrid life and long‑term‑care products with flexible benefit structures and broader geographic coverage. It also builds digital platforms, such as the Brighthouse Digital Desk, to make it easier for advisors to illustrate, sell, and administer policies. Strategic partnerships—most notably with BlackRock for retirement plan solutions—extend its reach into workplace and institutional markets. Overall, the company is innovating within its specialty rather than trying to reinvent the entire insurance model.

Summary

Brighthouse Financial is a specialized life and annuity company with a focused strategy around retirement protection, advisor‑centric distribution, and product innovation. Financial results are inherently volatile, driven by market conditions and complex insurance accounting, with a track record that mixes strong profit years with periods of losses and negative operating cash flow. The balance sheet is large but carries a relatively thin equity layer, which increases the importance of disciplined risk, capital, and investment management. On the positive side, Brighthouse has carved out a clear position with independent advisors, offers distinct product features, and is pushing into new channels through partnerships and more capital‑efficient products. The main trade‑off is between those strategic strengths and the ongoing exposure to market swings, interest‑rate shifts, and the need to carefully manage a leveraged, promise‑heavy business model.