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PFG

Principal Financial Group, Inc.

PFG

Principal Financial Group, Inc. • NASDAQ
$84.82 ▲ 0.26% (+0.22)
Market Cap $19.08 B
52w High $90.31
52w Low $68.39
Dividend Yield 3.02%
P/E 12.44
Volume 521.27K
Outstanding Shares 224.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.682B ▲ $1.404B ▲ $213.8M ▼ 5.807% ▼ $0.95 ▼ $248.4M ▼
Q2-2025 $3.671B ▼ $1.318B ▼ $406.2M ▲ 11.064% ▲ $1.81 ▲ $503.1M ▲
Q1-2025 $3.696B ▼ $1.41B ▲ $48.1M ▼ 1.301% ▼ $0.21 ▼ $28.9M ▼
Q4-2024 $4.752B ▲ $1.396B ▲ $905.4M ▲ 19.053% ▲ $4 ▲ $1.112B ▲
Q3-2024 $3.012B $1.351B $-220M -7.305% $-0.95 $-293.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.994B ▲ $334.492B ▲ $322.364B ▲ $11.665B ▲
Q2-2025 $30.939B ▲ $323.104B ▲ $311.245B ▲ $11.415B ▲
Q1-2025 $3.876B ▼ $313.003B ▼ $301.408B ▼ $11.217B ▲
Q4-2024 $29.937B ▼ $313.664B ▼ $302.195B ▼ $11.086B ▼
Q3-2024 $30.707B $322.858B $311.264B $11.237B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $0 $811.9M ▼ $-249.7M ▲ $-778.9M ▼ $-216.7M ▲ $788.7M ▼
Q1-2025 $0 $977.3M ▼ $-952.7M ▲ $-360.8M ▼ $-336.2M ▲ $960.9M ▼
Q4-2024 $0 ▲ $1.459B ▲ $-3.77B ▼ $348.8M ▲ $-1.963B ▼ $1.442B ▲
Q3-2024 $-220M ▼ $1.128B ▼ $2.4M ▲ $227.5M ▲ $1.358B ▲ $1.111B ▼
Q2-2024 $353.1M $1.432B $-288.8M $-494.7M $648.2M $1.414B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Benefits and Protection
Benefits and Protection
 $0 ▲$0 ▲$1.21Bn ▲$1.25Bn ▲
Corporate
Corporate
 $50.00M ▲$120.00M ▲$80.00M ▼$80.00M ▲
Principal Asset Management
Principal Asset Management
 $80.00M ▲$2.56Bn ▲$690.00M ▼$700.00M ▲
Segment Retirement and Investor Services
Segment Retirement and Investor Services
 $1.69Bn ▲$2.16Bn ▲$2.08Bn ▼$1.72Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Principal’s revenue has grown again after a softer patch, suggesting the core business is expanding steadily. Profitability, however, has been more uneven. A very strong year earlier in the period was followed by a sharp drop and then a solid recovery more recently. This pattern is typical for an investment‑heavy insurer and asset manager, where market swings and one‑time items can move earnings around. The latest year shows healthier profits and margins than the prior year, but results still look less exceptional than the earlier peak. Overall, the income statement reflects a stable franchise with earnings that can be volatile from year to year, but with a generally improving trend recently.

Balance Sheet

Balance Sheet The balance sheet looks large and steady, with total assets holding fairly constant over the last several years. Debt levels have remained quite stable, indicating no major leveraging up of the business. Shareholders’ equity, however, has trended down from earlier years. For a company like this, that can reflect share buybacks, dividends, and market-related swings in investment values rather than purely operating weakness, but it still means a thinner capital cushion than before. Cash on hand is modest relative to total assets, which is normal for an insurer that invests premiums, but it does mean the company relies heavily on its investment portfolio and ongoing cash generation rather than on big cash balances.

Cash Flow

Cash Flow Cash generation has been a relative bright spot. Operating cash flow has been consistently positive and has generally crept higher over time. Free cash flow is very close to operating cash flow because the business requires only modest spending on physical assets. This pattern suggests that, despite earnings volatility, the underlying franchise converts a good share of its business activity into cash. That gives management room to fund dividends, buybacks, and growth initiatives without relying too heavily on new borrowing. The main risk is that cash flows remain tied to capital markets and insurance experience, so they could weaken in a more stressed environment.

Competitive Edge

Competitive Edge Principal operates as a diversified financial services and insurance group with a strong presence in retirement, asset management, and benefits. Its scale, brand, and breadth of offerings give it meaningful competitive weight, especially when serving employers. A key strength is its focus on small and mid‑sized businesses, a segment many larger rivals historically under‑serve. Long‑term relationships, integrated retirement and benefits packages, and the prior acquisition of a large retirement business help deepen its position there. On the other hand, the firm still faces intense competition from global insurers, asset managers, and low‑cost investment platforms, along with ongoing regulatory and fee pressures.

Innovation and R&D

Innovation and R&D Principal is leaning heavily into technology to reinforce its moat. It has moved much of its infrastructure to the cloud, uses data analytics and artificial intelligence to improve service and risk management, and deploys digital tools like chatbots and post‑call analytics to refine the customer experience. The company has also partnered with fintech firms to offer more sophisticated, customizable portfolios, including direct indexing and specialized retirement solutions. Its emphasis on sustainable and ESG‑oriented investments aligns with evolving client demand and regulation. The upside is greater differentiation and efficiency; the trade‑off is higher execution risk, technology complexity, and greater exposure to cyber and data‑quality issues if not managed carefully.

Summary

Financially, Principal shows a stable underlying business with improving recent earnings after a bumpy period and consistently strong cash generation. The balance sheet is large and steady, with manageable debt but a thinner equity base than in the past, likely influenced by capital returns and market movements. Strategically, the company’s edge comes from its scale, its deep focus on small and mid‑sized employers, and its diversified mix of retirement, asset management, and benefits offerings. Its ongoing digital transformation and fintech partnerships aim to sharpen this edge and support more personalized, tech‑enabled solutions. Overall, Principal looks like a mature financial services group using technology and specialization to defend and slowly grow its franchise, while navigating the usual industry risks of market volatility, regulation, and intense competition.

NEWS

November 19, 2025 · 9:00 AM UTC

U.S. Businesses Lean on Talent and Tech to Power Growth Amid Rising Costs

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November 3, 2025 · 10:00 AM UTC

Principal® joins the Council for Disability Income Awareness

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November 3, 2025 · 8:00 AM UTC

Apollo Funds Complete Acquisition of Stream Data Centers

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October 27, 2025 · 4:15 PM UTC

Principal Financial Group Announces Third Quarter 2025 Results

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October 20, 2025 · 8:00 AM UTC

Progress in Global Financial Inclusion Stalls after Two Years of Significant Improvement, According to the 2025 Research Study from Principal®

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