Brighthouse Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Brighthouse Financial, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,018	6,842	8,965	6,554	8,503	4,976	6,873	4,117	4,724	6,766
Operating expenses	2,284	2,483	2,575	2,491	2,353	2,449	2,085	1,977	1,946	1,958
Interest expense	133	135	158	191	184	163	153	153	152	152
Pre-tax income	-4,705	-615	989	-1,052	-1,419	2,009	4,732	-1,474	422	474
Income tax	-1,766	-237	119	-317	-363	361	848	-367	29	36
Net income to minority interests	0	0	5	5	5	5	5	5	5	5
Net income	-2,939	-378	865	-740	-1,061	1,643	3,879	-1,112	388	433
EPS, basic	-24.54	-3.16	7.24	-6.76	-11.58	18.54	51.73	-18.39	4.67	5.75
EPS, diluted	-24.54	-3.16	7.21	-6.76	-11.58	18.39	51.30	-18.39	4.64	5.71
Shares, basic (weighted)	120	120	119	113	95.4	83.8	73	66	61.2	57.5
Shares, diluted (weighted)	120	120	120	113	95.4	84.5	73.6	66	61.6	57.9

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,228	1,857	4,145	2,877	4,108	4,474	4,115	3,851	5,045	5,387
Short-term investments	1,288	312	0	1,958	3,242	1,841	1,081	1,169	1,868	1,197
Intangible assets	120	105	91	78
Total assets	221,930	224,192	206,294	227,259	247,869	262,257	224,847	236,340	238,537	241,800
Total liabilities	207,068	209,612	191,811	211,022	229,781	253,807	219,249	231,332	233,513	234,967
Total debt	1,910	3,612	3,963	4,365	3,436	3,157	3,156	3,156	3,155	3,155
Paid-in capital	0	12,432	12,473	12,908	13,878	14,154	14,075	14,004	13,927	13,870
Retained earnings	0	406	1,346	585	-534	-4,274	-395	-1,507	-1,119	-686
Treasury stock		0	-118	-562	-1,038	-1,543	-2,042	-2,309	-2,572	-2,688
Other comprehensive income	1,265	1,676	716	3,240	5,716	47	-6,106	-5,246	-5,278	-3,729
Shareholders' equity	14,862	14,515	14,418	16,172	18,023	16,142	5,533	4,943	4,959	6,768
Minority interests	0	65	65	65	65	65	65	65	65	65
Total equity	14,862	14,580	14,483	16,237	18,088	8,450	5,598	5,008	5,024	6,833
Total liabilities and equity	221,930	224,192	206,294	227,259	247,869	262,257	224,847	236,340	238,537	241,800
Shares outstanding	0.1	120	118	106	88.2	77.9	68.3	63.5	58.6	57.2

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2,939	-378	870	-735	-1,056	1,648	3,884	-1,107	393	438
Stock-based compensation				21	21	23	22	29	23	42
Deferred income tax	-1,461	-667	285	-285
Cash from operations	3,736	3,396	3,062	1,828	888	641	-1,228	-137	-290	259
Purchases of investments	-39,687	-18,782	-16,460	-16,915	-14,401	-21,158	-15,799	-8,866	-11,998	-12,355
Sales and maturities of investments			11,251	9,259	3,218	6,329	6,640	2,301	3,520	1,665
Cash from investing	4,674	-3,915	-4,538	-7,341	-5,843	-12,238	-8,276	-3,196	-2,194	751
Debt issued	0	3,588	375	1,000	615	400	0	0
Debt repaid	-26	-13	-9	-602	-1,552	-680	-3	-2	-2	-2
Share buybacks	0	0	-105	-442	-473	-499	-488	-250	-250	-102
Dividends paid	-556	0
Cash from financing	-4,752	-2,852	3,764	4,245	6,186	11,963	9,145	3,069	3,678	-668
Exchange rate effect	0	0
Net change in cash	3,658	-3,371	2,288	-1,268	1,231	366	-359	-264	1,194	342
Interest paid	186	155	159	187	186	160	152	151	151	151
Income taxes paid	189	-637	-895	16	-100	103	44	7	13	12

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $53.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	14.7%	Pre-tax income / revenue.
Net margin	12.5%	Net income / revenue.
Operating cash flow margin	-8.1%	Cash from operations / revenue.
Effective tax rate	14.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	43.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-51.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	23.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-51.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-21.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	36.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-17.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-9.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.3%	Total debt / total assets.
Liabilities / assets	97.3%	Total liabilities / total assets.
Net debt	-$3.95B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$6.55B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.03x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$14.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$115.04	Revenue / diluted weighted shares.
Operating cash flow per share	-$9.30	Cash from operations / diluted weighted shares.
Book value per share	$113.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$113.90	Tangible book value / shares outstanding.
Cash per share	$123.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.06B	Share price x shares outstanding.
Enterprise value	-$889.1M	Market cap + total debt - cash - short-term investments.
P/E	3.68x	Market cap / net income. Only when net income is positive.
P/S	0.46x	Market cap / revenue.
P/B	0.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.47x	Market cap / tangible book value, when positive.
Earnings yield	27.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Brighthouse Financial, Inc.'s revenue in fiscal 2025?

Brighthouse Financial, Inc. reported revenue of $6.77B for fiscal 2025, 43.2% higher than the year before.

Was Brighthouse Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $433.0M, a net margin of 6.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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