F&G Annuities & Life, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data F&G Annuities & Life, 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

	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	3,974	2,349	4,500	5,744	5,731
Interest expense	29	29	97	132	164
Pre-tax income	1,552	793	-35		323
Income tax	320	158	23	136	52
Income from continuing operations	1,232	793	-35	778	323
Net income to minority interests		0	0	3	6
Net income	1,240	635	-58	639	265
EPS, basic	11.81	5.52	-0.47	4.98	1.89
EPS, diluted	11.81	5.52	-0.47	4.88	1.88
Shares, basic (weighted)	105	115	124	125	131
Shares, diluted (weighted)	105	115	124	131	132
Dividend per share		0.20	0.81	0.85	0.91

Balance sheet

	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,533	960	1,563	2,264	1,486
Property, plant and equipment	13	13
Lease right-of-use assets	8	8
Goodwill	1,756	1,749	1,749	2,179	2,180
Intangible assets	2,234	3,429	200	562	551
Total assets	48,730	54,628	70,202	84,931	98,430
Total liabilities	44,245	52,223	67,099	80,855	93,513
Total debt	977	1,114	1,754	2,171	2,237
Paid-in capital	2,750	3,162	3,185	3,464	3,764
Retained earnings	1,001	2,061	1,926	2,440	2,568
Treasury stock		0	-18	-30	-40
Other comprehensive income	734	-2,818	-1,990	-1,923	-1,488
Shareholders' equity	5,034	2,405	3,103	3,951	4,804
Minority interests			0	125	113
Total equity	5,034	2,405	3,103	4,076	4,917
Total liabilities and equity	48,730	54,628	70,202	84,931	98,430
Shares outstanding	105	126	126	127	136

Cash flow statement

	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	1,240	635	-58	642	271
Depreciation and amortization	271	324	412	569	665
Stock-based compensation	9	12	23	29	31
Deferred income tax	193	189	-4	71	99
Cash from operations	1,871	3,171	5,834	5,999	4,681
Purchases of investments	-14,556	-12,426	-13,326	-16,922	-22,498
Sales and maturities of investments	9,280	5,429	5,279	11,260	14,294
Cash from investing	-6,862	-9,370	-8,918	-7,953	-8,429
Debt repaid		0	0	-250	-300
Stock issued	0	0	0	0	269
Share buybacks	0	0	-18	-12	-10
Dividends paid	0	0	-101	-121	-137
Cash from financing	5,635	5,626	3,687	2,655	2,970
Net change in cash	644	-573	603	701	-778
Interest paid	30	34	84	127	156
Income taxes paid	44	-72	4	8	9

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 $22.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	6.9%	Net income / revenue.
Operating cash flow margin	71.5%	Cash from operations / revenue.
Return on equity (ROE)	9.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	11.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-58.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-61.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-30.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-22.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	65.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	21.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.8%	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	4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.49x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.2%	Total debt / total assets.
Liabilities / assets	95.5%	Total liabilities / total assets.
Net debt	$136.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.22	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	$46.67	Revenue / diluted weighted shares.
Operating cash flow per share	$33.35	Cash from operations / diluted weighted shares.
Book value per share	$35.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.98	Tangible book value / shares outstanding.
Cash per share	$16.06	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.90B	Share price x shares outstanding.
Enterprise value	$3.03B	Market cap + total debt - cash - short-term investments.
P/E	6.93x	Market cap / net income. Only when net income is positive.
P/S	0.48x	Market cap / revenue.
P/B	0.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.17x	Market cap / tangible book value, when positive.
P/OCF	0.67x	Market cap / cash from operations, when positive.
EV/Sales	0.50x	Enterprise value / revenue.
Earnings yield	14.4%	Net income / market cap (the inverse of P/E).
Dividend yield	5.1%	Dividends paid over the period / market cap.
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.

What was F&G Annuities & Life, Inc.'s revenue in fiscal 2025?

F&G Annuities & Life, Inc. reported revenue of $5.73B for fiscal 2025, 0.2% lower than the year before.

Was F&G Annuities & Life, Inc. profitable in fiscal 2025?

Yes. Net income was $265.0M, a net margin of 4.6%.

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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