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BHFAO

Brighthouse Financial, Inc.

BHFAO

Brighthouse Financial, Inc. • NASDAQ
$17.01 ▲ 2.29% (+0.38)
Market Cap $972.48 M
52w High $25.07
52w Low $14.19
Dividend Yield 1.69%
P/E 1.35
Volume 47.11K
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 Q2-2024Q3-2024Q1-2025Q2-2025
Accident and Health Insurance Product Line
Accident and Health Insurance Product Line
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Investment Product
Investment Product
 $0 ▲$0 ▲$590.00M ▲$580.00M ▼
Life Insurance Product Line
Life Insurance Product Line
 $0 ▲$0 ▲$280.00M ▲$280.00M ▲
Variable Annuity
Variable Annuity
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Brighthouse’s earnings profile is very uneven. Reported revenue and profit swing sharply from year to year, which is common for life insurers that are sensitive to markets, interest rates, and accounting assumptions. After a deep loss in the prior year, the latest year shows a solid return to profitability with healthier operating margins and positive net income. Over five years, the company has shown that it can be strongly profitable in good conditions but can also post sizeable losses when markets move against it. This makes headline earnings harder to interpret and suggests that underlying economics may be better (or worse) than any single year’s results imply.

Balance Sheet

Balance Sheet The balance sheet is large and fairly stable, as you’d expect for a major life insurer managing long‑dated policies and investments. Total assets have inched up over time, while financial debt has stayed relatively modest compared with the overall asset base. Reported equity, however, has shrunk meaningfully from earlier years, which likely reflects a mix of market-driven valuation changes, interest‑rate effects, and capital returns. That leaves the company operating with a thinner capital cushion on paper, even though regulatory capital can differ from accounting equity. Overall, it looks like a typical insurance balance sheet with substantial investment assets, manageable direct debt, and sensitivity to market conditions.

Cash Flow

Cash Flow Cash flow is choppy and not especially strong on a reported basis. Operating cash flow has been negative in several recent years and positive in others, reflecting the complexity of insurance cash movements, premium timing, and claim payments rather than factory-style cash generation. With almost no traditional capital spending, free cash flow largely mirrors operating cash flow, so there is not much in the way of discretionary investment outlays. The pattern suggests Brighthouse’s ability to generate steady, predictable cash is less clear from the statements alone and is tied closely to how its insurance liabilities and investment portfolio evolve over time.

Competitive Edge

Competitive Edge Brighthouse holds a solid niche in the U.S. annuity and life insurance market, with particular strength in registered index‑linked annuities where it is seen as a leader. Its wide distribution network through hundreds of firms gives it broad access to financial advisors, which is a major advantage in a business where advisor recommendations drive sales. The legacy connection to MetLife supports brand trust, and management emphasizes disciplined risk and capital management. On the other hand, it competes against much larger, more diversified insurers and asset managers, and its results remain exposed to equity markets, interest rates, and regulatory changes, all of which can affect demand and profitability.

Innovation and R&D

Innovation and R&D The company is not a cutting‑edge tech developer, but it is using digital tools in a practical way to make life easier for advisors and clients. The Brighthouse Digital Desk streamlines education, illustrations, and applications, reducing friction in selling complex annuity products. Product innovation is a clearer strength: Shield Level annuities, SecureKey fixed indexed annuities, and the SmartCare hybrid life/long‑term care offering show a focus on simple, outcome‑oriented designs that address real retirement and healthcare concerns. Partnerships, such as working with BlackRock on institutional retirement income solutions, indicate a willingness to innovate through collaboration rather than building everything internally.

Summary

Brighthouse Financial is a sizable, specialized life and annuity insurer with lumpy reported results but evidence of stronger underlying franchises in certain product lines. Recent years show a rebound from losses to solid profitability, though volatility in earnings and cash flows remains a key feature, not a bug, of its business model. The balance sheet looks broadly consistent with a large insurer—heavy on investments, modest direct debt, but with accounting equity that has trended down and is sensitive to market moves. Competitively, Brighthouse benefits from strong advisor relationships, a recognized brand, and leadership in indexed and hybrid annuity products, all supported by targeted digital tools. The main opportunities lie in aging demographics, demand for retirement income, and institutional partnerships, while the main risks stem from market swings, interest‑rate shifts, and the inherent complexity of long‑term insurance promises and their accounting. Overall, it is a focused player in its niche, with meaningful strengths but also considerable earnings and cash‑flow uncertainty that observers need to keep in mind.