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EQH-PA

Equitable Holdings, Inc.

EQH-PA

Equitable Holdings, Inc. • NYSE
$20.02 ▲ 0.13% (+0.03)
Market Cap $6.08 B
52w High $22.88
52w Low $18.41
Dividend Yield 1.31%
P/E 5.27
Volume 42.04K
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 Q1-2022Q2-2022Q3-2022Q4-2022
Investment Advice
Investment Advice
 $30.00M ▲$30.00M ▲$40.00M ▲$30.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Equitable’s earnings profile shows a business that is profitable but exposed to market ups and downs. Revenue has moved around over the past few years, reflecting swings in markets, interest rates, and policyholder behavior, but has recently trended higher. Profitability has improved compared with the early pandemic period: operating profit and net income have both been solid in the last couple of years after an earlier loss. That said, the pattern is not smooth, which is typical for an insurer with meaningful exposure to investment markets and retirement products. Overall, the income statement points to a mature franchise that can generate healthy earnings, but with notable year‑to‑year volatility rather than a perfectly steady trajectory.

Balance Sheet

Balance Sheet The balance sheet is large and consistent with a sizable, diversified insurer. Total assets have grown over time, underlining scale and reach. Cash on hand has been reasonably stable, suggesting the company maintains a working liquidity buffer rather than hoarding excess cash. Debt has edged up but remains modest relative to the overall asset base, typical for a financial institution that uses leverage as part of its business model. The more striking feature is the sharp reduction in reported equity over the period, which likely reflects a mix of capital returns to shareholders and market-driven valuation changes in the investment portfolio. That thinner equity layer means results and capital ratios can be more sensitive to shocks, even if regulatory capital is managed separately from these accounting figures.

Cash Flow

Cash Flow Cash generation has been a weaker spot in the story. For several years, operating cash flow hovered around break-even or slightly negative, which is not unusual in insurance due to the timing of premiums, claims, and investment flows but still worth noting. In the most recent year, operating cash flow turned clearly positive, and free cash flow improved with it, as capital spending remains very light. This shift suggests better alignment between reported earnings and actual cash generation, but the track record is short. Investors should treat cash flows as inherently lumpy in this business and watch whether the recent improvement can be sustained through different market environments.

Competitive Edge

Competitive Edge Equitable sits in a strong competitive niche as a diversified retirement and protection platform backed by a global asset manager, AllianceBernstein. Its integrated model across individual retirement, group retirement, and protection solutions lets it serve clients through multiple life stages and capture more of the value chain. A wide distribution network—both in-house advisors and third‑party intermediaries—broadens reach and reduces dependence on any single channel. The company emphasizes disciplined risk management, important in complex annuity and life insurance products. On the flip side, it competes against many large, well-capitalized insurers and asset managers, and its results remain sensitive to equity markets, interest rates, and regulatory changes, so its moat is meaningful but not unassailable.

Innovation and R&D

Innovation and R&D Instead of traditional lab-style R&D, Equitable’s innovation is focused on digital capabilities, product design, and data-driven processes. It is using artificial intelligence to speed up group insurance quotes and has built API-based tools to automate benefits setup, all wrapped into its EB360 digital platform for brokers and employers. This kind of process innovation aims to lower costs, reduce errors, and make it easier for partners to do business with the company. Historically, Equitable has been an early mover in variable annuities and more recently in registered index-linked annuities, showing a willingness to experiment with new product structures. Looking forward, it is leaning into themes like annuities in retirement plans under the SECURE Act, digital engagement for younger investors, and ESG-linked financing. Overall, the company appears to invest steadily in technology and product innovation as a core part of its strategy, even if it does not label it as formal R&D.

Summary

Equitable Holdings presents as a mature, market-sensitive financial services group with a solid earnings base, improving recent profitability, and a very large but capital-efficient balance sheet. Its main strengths are scale, an integrated retirement and protection platform, a broad distribution network, and a credible history of product and digital innovation. Key watchpoints include the thin reported equity cushion, historically patchy cash flow, and ongoing exposure to market swings and regulatory shifts. If it continues to execute on technology upgrades, product differentiation, and disciplined risk management, it can sustain its competitive role in the retirement and insurance ecosystem—but outcomes will likely remain cyclical rather than perfectly smooth over time.