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EQH

Equitable Holdings, Inc.

EQH

Equitable Holdings, Inc. • NYSE
$46.69 ▼ -0.28% (-0.13)
Market Cap $14.23 B
52w High $56.61
52w Low $41.39
Dividend Yield 1.05%
P/E -17.49
Volume 1.21M
Outstanding Shares 304.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.45B ▼ $1.102B ▲ $-1.309B ▼ -90.276% ▼ $-4.47 ▼ $-1.068B ▼
Q2-2025 $2.362B ▼ $1.08B ▼ $-349M ▼ -14.776% ▼ $-1.21 ▼ $-82M ▼
Q1-2025 $4.576B ▲ $3.746B ▲ $63M ▼ 1.377% ▼ $0.16 ▼ $442M ▼
Q4-2024 $3.621B ▲ $1.238B ▲ $899M ▲ 24.827% ▲ $2.8 ▲ $1.469B ▲
Q3-2024 $3.076B $955M $-134M -4.356% $-0.47 $247M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $42.943B ▼ $314.409B ▲ $312.461B ▲ $148M ▼
Q2-2025 $43.473B ▲ $303.088B ▲ $300.125B ▲ $1.149B ▼
Q1-2025 $34.156B ▼ $287.366B ▼ $282.872B ▼ $2.401B ▲
Q4-2024 $83.605B ▲ $295.866B ▼ $292.298B ▼ $1.585B ▼
Q3-2024 $33.005B $298.989B $292.791B $3.22B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.215B ▼ $369M ▲ $-4.768B ▼ $3.052B ▼ $-1.353B ▼ $336M ▲
Q2-2025 $-349M ▼ $52M ▼ $-2.437B ▼ $8.861B ▲ $6.504B ▲ $45M ▼
Q1-2025 $63M ▼ $430M ▲ $-1.107B ▲ $2.136B ▼ $1.472B ▲ $420M ▲
Q4-2024 $1.015B ▲ $400M ▼ $-5.536B ▼ $2.549B ▲ $-2.615B ▼ $374M ▼
Q3-2024 $-134M $683M $-2.392B $1.583B $-105M $655M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Investment Advice
Investment Advice
 $120.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has moved around quite a bit over the last five years, which is typical for a market‑sensitive insurer, but the overall direction is constructive. After some choppy years, the most recent period shows higher revenue and noticeably stronger profitability. Margins have improved: operating profit and underlying earnings have recovered well from the 2020 downturn and are now comfortably positive. However, earnings have not been on a straight upward path; there was a particularly strong year followed by a step down and then stabilization. That pattern suggests the business can be very profitable, but results are still quite exposed to markets, interest rates, and one‑off items. Overall, the income statement shows a business that has regained its footing, is generating healthy profits, but still carries the kind of earnings volatility that comes with variable annuities, asset management fees, and market‑linked products.

Balance Sheet

Balance Sheet The balance sheet is large and complex, as expected for a diversified insurer with investment and asset‑management operations. Total assets have grown over time, reflecting both business growth and market movements in the investment portfolio. Reported shareholders’ equity has fallen sharply compared with several years ago, even though the company remains profitable. For insurers, this is often driven by interest‑rate and market valuation swings, as well as heavy capital returns to shareholders, rather than day‑to‑day operating weakness. Still, a thinner equity cushion on the balance sheet means leverage looks higher and leaves less room for adverse shocks based purely on reported book value. Debt has increased moderately but not dramatically, and cash balances are steady in the context of the overall size of the firm. The picture is of a balance sheet that is functioning normally for a modern life insurer—asset‑heavy, sensitive to rates, and actively managed—yet investors will want to stay alert to capital strength, regulatory capital ratios, and the impact of further buybacks or rate moves on reported equity.

Cash Flow

Cash Flow Cash generation has been the weaker part of the story until very recently. For several years, operating cash flow and free cash flow were slightly negative, which is not unusual in insurance but can still be a point of concern when it persists. The latest year shows a clear improvement, with operating and free cash flow turning meaningfully positive while investment in technology and other capital spending remains modest. That shift indicates better conversion of accounting earnings into actual cash, at least in the most recent period. Because insurance cash flows are heavily influenced by investment flows, reserve movements, and product mix, it’s hard to treat one year as a new permanent trend. Still, the recent improvement is a notable positive compared with the prior pattern of mild cash outflows.

Competitive Edge

Competitive Edge Equitable benefits from several durable advantages. It has a long‑standing brand, a history stretching back more than a century, and a reputation that matters in an industry built on trust and long‑term promises. Its distribution network is a major strength: thousands of in‑house advisors plus hundreds of external partnerships give it access to a very wide pool of clients. The company’s leadership position in retirement plans for K‑12 educators, especially in the 403(b) space, provides a defensible niche where it has deep expertise and relationships. The asset‑management arm, AllianceBernstein, adds diversification and fee‑based revenue, while scale across the group supports product development and technology investment. The main competitive risks are intense industry rivalry, fee pressure in asset management, and the ongoing need to differentiate in annuities and retirement solutions where many large players compete.

Innovation and R&D

Innovation and R&D Equitable appears to be leaning into technology more aggressively than a traditional, slow‑moving insurer. Its EB360 platform and related tools are digitizing employee benefits onboarding, cutting paperwork, and shortening implementation timelines for brokers and employers. The company is also applying artificial intelligence to labor‑intensive tasks, such as reading complex RFPs and generating quotes, which should reduce costs and speed up responses. For advisors and clients, Equitable has assembled a modern toolkit—planning software, visual mapping tools, and mobile apps—that can make advice more interactive and accessible. On the product side, its leadership in buffered annuities and tailored solutions for educators shows a willingness to innovate within insurance rather than simply copy standard products. Future innovation is likely to focus on expanding these structured annuity offerings, deepening digital capabilities, and growing private‑markets and wealth‑management solutions via AllianceBernstein—all areas that could enhance differentiation if execution remains strong.

Summary

Equitable today looks like a mature insurer and asset‑manager platform that has largely put the 2020 stress period behind it. Profitability has recovered and is currently solid, even if it remains sensitive to markets and rates. The balance sheet is typical for a life insurer—large, complex, and rate‑sensitive—with reported equity now quite thin, reflecting both market marks and heavy capital returns. The recent turn in cash flow toward clear positive territory is an encouraging development after several years of mild outflows, but it will need a few more periods of consistency to be considered a fully established trend. Strategically, the company’s strengths lie in its powerful distribution network, entrenched position in educator retirement plans, and its differentiated annuity and retirement‑income products, supported by the scale and diversification of AllianceBernstein. Its active investment in digital tools and AI suggests it is not standing still in a rapidly evolving financial‑services landscape. Key things to watch going forward include: how stable earnings remain through market cycles, how management balances capital returns with maintaining robust capital levels, the sustainability of the improved cash generation, and whether its technology and product innovations continue to translate into durable growth and a stronger competitive edge.

NEWS

November 12, 2025 · 4:15 PM UTC

Equitable Holdings Declares Common and Preferred Stock Dividends

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November 4, 2025 · 4:15 PM UTC

Equitable Holdings Reports Third Quarter 2025 Results

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October 27, 2025 · 8:30 AM UTC

Equitable Announces Acquisition of Stifel Independent Advisors

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October 21, 2025 · 9:00 AM UTC

Eight in 10 Small Business Owners Say Financial Professionals Drive Smarter Decisions

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October 9, 2025 · 4:15 PM UTC

Nick Chan Appointed Head of M&A for Equitable Holdings

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