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BHFAP

Brighthouse Financial, Inc.

BHFAP

Brighthouse Financial, Inc. • NASDAQ
$16.49 ▲ 1.66% (+0.27)
Market Cap $2.73 B
52w High $24.02
52w Low $14.02
Dividend Yield 1.65%
P/E 1.31
Volume 31.54K
Outstanding Shares 165.80M

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 Q2-2024Q3-2024Q1-2025Q3-2025
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 ▲$560.00M ▼
Life Insurance Product Line
Life Insurance Product Line
 $0 ▲$0 ▲$280.00M ▲$270.00M ▼
Variable Annuity
Variable Annuity
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings for Brighthouse have been quite volatile over the past few years, which is common in life insurance but still important to note. Revenue and profit have swung sharply with market conditions and assumption changes, creating years of strong profit followed by years of notable loss. The most recent year shows a solid rebound from the prior year’s weakness, suggesting better underwriting or more favorable markets. However, the pattern over five years points to a business that can be profitable but is far from smooth or predictable, and results may continue to move around with interest rates and equity markets.

Balance Sheet

Balance Sheet The balance sheet looks broadly stable in terms of total assets, with no dramatic expansion or contraction over the past several years. Debt has remained fairly steady and small relative to total assets, which is a positive sign for financial flexibility. Equity, however, is quite thin compared with the size of the balance sheet, which is typical for insurers but means that book value can move around a lot when markets or assumptions change. Overall, the company appears adequately capitalized for its model, but it operates with the kind of leverage that is normal yet inherently sensitive in this sector.

Cash Flow

Cash Flow Cash generation has been uneven and does not always move in the same direction as reported earnings. Operating cash flow has dipped into negative territory in several years, including recently, even when accounting profits looked healthy. For an insurer, this can reflect timing differences, investment flows, and reserve movements, but it still signals that headline profit does not always translate cleanly into cash. The lack of meaningful capital spending keeps free cash flow close to operating cash flow, so the key watchpoint is the consistency and quality of underlying cash inflows from policies and investments.

Competitive Edge

Competitive Edge Brighthouse holds a meaningful position in the U.S. annuity and life insurance market, with particular strength in indexed and buffered annuities aimed at retirement income and downside protection. Its focus on a lean, simpler product set and reliance on independent financial advisors gives it broad reach without the cost of a captive sales force. Strong financial strength ratings and large scale help build trust with both advisors and policyholders. At the same time, it competes in a crowded space against large insurers and asset managers, and its results remain highly exposed to interest rates, equity markets, and regulatory changes affecting retirement and insurance products.

Innovation and R&D

Innovation and R&D Innovation at Brighthouse is mostly about product design and digital enablement rather than traditional lab-style research. The company has built a differentiated lineup of hybrid life and long-term care products, indexed life policies with income features, and registered index-linked annuities that blend growth potential with downside buffers. It is also investing in digital tools like the Brighthouse Digital Desk to make it easier for advisors to illustrate, sell, and service products, which can be a quiet but meaningful competitive edge. Future innovation is likely to come from incremental enhancements—new riders, index options, and digital capabilities—rather than radical shifts, with an emphasis on capital-light, retirement-focused solutions.

Summary

Brighthouse Financial combines a focused product strategy in annuities and life insurance with a relatively lean, advisor-centric operating model. Financial results show that the company can generate strong profits, but they are uneven and tightly linked to external markets and actuarial assumptions, which adds uncertainty. The balance sheet is typical for a large insurer—large asset base, modest direct debt, and a thin equity cushion—making risk management and capital discipline crucial. Cash flow patterns underscore that this is a complex, long-duration business where accounting profit does not always mirror cash in the door. Strategically, the firm’s strengths lie in its specialized retirement offerings, recognized brand, and growing digital capabilities, while key risks center on earnings volatility, market sensitivity, and intense competition in retirement and protection products.

NEWS

November 17, 2025 · 8:00 AM UTC

Brighthouse Financial Announces Preferred Stock Dividends and Related Depositary Share Distributions

Read more