Equitable Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Equitable Holdings, 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

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,763	12,460	12,069	9,619	12,415	7,614	12,644	10,460	12,425	11,665
Interest expense	174	160	231	221	200	244	201	228	241	248
Pre-tax income	2,027	1,306	2,490	-2,060	-1,093	2,609	2,992	714	2,076	-1,193
Income tax	378	49	301	-593	-744	439	598	-910	280	-156
Net income to minority interests	395	423	334	297	299	415	241	341	516	343
Net income	1,254	834	1,855	-1,764	-648	1,755	2,153	1,283	1,280	-1,380
EPS, basic	2.72	1.81	4.05	-4.34	-1.90	4.02	5.49	3.44	3.74	-4.83
EPS, diluted	2.72	1.81	4.05	-4.34	-1.90	3.98	5.46	3.42	3.69	-4.83
Shares, basic (weighted)	461	461	458	406	370	417	378	350	321	298
Shares, diluted (weighted)	461	461	458	406	370	421	380	352	325	298
Dividend per share		0.00	0.32	0.71	0.80	0.71	0.78	0.86	0.94	1.05

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,654	4,814	4,469	4,405	6,179	5,188	4,281	8,239	6,964	12,462
Lease right-of-use assets				687	691	637	520	516	618	631
Goodwill	4,939	4,570	4,570
Total assets		235,615	220,779	249,818	275,397	292,262	252,702	276,695	295,727	317,990
Short-term debt		1,857	546	0	0	92	759	254	0	25
Long-term debt						3,839	3,322	3,820	3,833	3,835
Total liabilities		218,471	205,224	234,406	258,077	278,699	249,106	271,550	292,179	316,202
Total debt		2,408	4,955	4,111	4,115	3,839	3,322	3,820	3,833	3,835
Paid-in capital		1,299	1,908	1,920	1,985	1,919	2,299	2,328	2,336	1,932
Retained earnings		12,225	13,937	11,744	10,699	8,880	9,825	10,250	10,627	8,366
Treasury stock		0	-640	-1,832	-2,245	-2,850	-3,297	-3,712	-4,198	-5,165
Other comprehensive income		-108	-1,408	844	3,863	2,004	-8,992	-7,797	-8,712	-6,280
Shareholders' equity		13,421	13,802	13,456	15,576	11,519	1,401	2,636	1,565	-74
Minority interests		3,097	1,566	1,591	1,601	1,576	1,740	1,739	1,858	1,540
Total equity	16,518	16,411	15,368	15,047	17,177	11,920	3,168	4,375	3,423	1,466
Total liabilities and equity		235,615	220,779	249,818	275,397	292,262	252,702	276,695	295,727	317,990
Shares outstanding		461	435	381	362	391	365	334	310	283

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,649	1,257	2,189	-1,467	-349	2,170	2,394	1,624	1,796	-1,037
Depreciation and amortization			296	675
Stock-based compensation	213	247	228	276	252	274	328	294	313	262
Deferred income tax	209	168	809	-664	-749	310	593	-939	138	-1,048
Cash from operations	-236	-243	61	-216	-61	-193	-250	-208	2,006	714
Acquisitions	-21	-130	0	0	0	0	40	0	0
Purchases of investments	-4,090	-4,897	-12,794	-29,610	-28,197	-43,344	-18,502	-12,031	-21,058	-25,955
Sales and maturities of investments		8,213	8,523	8,972	12,903	27,363	11,932	6,790	2,884	7,875
Cash from investing	-5,768	-9,689	-2,049	-8,496	-7,823	-12,689	-7,487	-4,851	-15,855	-10,968
Debt issued	0	0	4,057	0	0	0	0	497	0	495
Debt repaid		0	0	-300	0	-280	0	0	-565	-500
Share buybacks	0	0	-648	-1,350	-430	-1,637	-849	-919	-1,014	-1,450
Dividends paid	-1,050	0	-157	-285	-297	-296	-294	-301	-302	-314
Cash from financing	5,111	9,070	1,655	8,705	9,674	11,948	7,045	9,000	12,441	15,716
Exchange rate effect	-10	22	-12	8	23	-18	-56	23	-20	36
Net change in cash	-903	-840	-345	1	1,813	-952	-748	3,964	-1,428	5,498
Interest paid	119	119	178	273	215	215	263	344	318	293
Income taxes paid	31	31	57	-506	-173	305	89	265	-38	576

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 $53.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-5.7%	Pre-tax income / revenue.
Net margin	-8.7%	Net income / revenue.
Operating cash flow margin	12.8%	Cash from operations / revenue.
Return on assets (ROA)	-0.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-207.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-230.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-64.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	11.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-104.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	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	2.9%	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	-8.2%	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	-7.8%	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	-4.2%	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 / assets	1.1%	Total debt / total assets.
Liabilities / assets	99.6%	Total liabilities / total assets.
Net debt	-$13.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	-$785.0M	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	-$3.33	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	$38.14	Revenue / diluted weighted shares.
Operating cash flow per share	$4.88	Cash from operations / diluted weighted shares.
Book value per share	-$2.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.87	Tangible book value / shares outstanding.
Cash per share	$62.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$14.70B	Share price x shares outstanding.
Enterprise value	$1.36B	Market cap + total debt - cash - short-term investments.
P/S	1.38x	Market cap / revenue.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	0.13x	Enterprise value / revenue.
Earnings yield	-6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.

What was Equitable Holdings, Inc.'s revenue in fiscal 2025?

Equitable Holdings, Inc. reported revenue of $11.67B for fiscal 2025, 6.1% lower than the year before.

Was Equitable Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.38B.

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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