METLIFE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data METLIFE 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	60,787	62,308	67,941	69,620	67,842	68,696	68,770	66,905	70,986	77,084
Selling and marketing	5,741	5,387	5,707	6,001	5,596	5,463	5,265	5,819	6,018	6,791
General and administrative	1,007	1,129	910	901	761	670	669	828	481	560
Operating expenses	13,749	13,621	13,714	13,689	13,150	12,018	11,859	12,710	13,017	13,860
Operating income							5,978	5,723	5,996	6,137
Interest expense	874	841	827	656	632	647	655	740	738	724
Pre-tax income	4,281	3,536	6,307	6,795	6,927	8,518	6,364	2,162	5,622	4,661
Income tax	693	-1,470	1,179	886	1,509	1,642	1,062	560	1,178	1,258
Income from continuing operations	3,481	4,893	4,982	5,721
Net income to minority interests	4	10	5	10	11	21	18	24	18	24
Net income	850	4,010	5,123	5,899	5,407	6,855	5,284	1,578	4,426	3,379
EBITDA							6,096	5,835	6,120	6,254
EPS, basic	0.71	3.82	5.18	6.38	5.99	7.71	6.35	1.82	5.98	4.74
EPS, diluted	0.70	3.79	5.14	6.34	5.94	7.65	6.30	1.81	5.94	4.71
Shares, basic (weighted)	1,052	1,022	961	896	867	863	803	758	706	669
Shares, diluted (weighted)	1,059	1,031	969	902	873	869	809	762	711	673
Dividend per share	1.65	1.67	1.74	1.82	1.90	1.90	1.98	2.06	2.16	2.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12,651	12,701	15,821	16,598	19,795	20,047	20,195	20,639	20,068	22,032
Short-term investments	6,523	4,870	3,937	3,850	3,904	7,176	4,935	6,045	5,156	3,601
Lease right-of-use assets				1,488	1,314	1,110	961	1,061	928	984
Goodwill	9,220	9,590	9,422	9,308	10,112	9,535	9,297	9,236	8,901	9,613
Intangible assets	509	459	384	335	1,099	972	876	794	710	636
Total assets	898,764	719,892	687,538	740,463	795,146	759,708	663,072	687,584	677,457	745,166
Deferred revenue					2,113
Short-term debt	242	477	268	235	393	341	175	119	465	355
Total liabilities	831,062	661,022	634,580	674,081	720,329	691,959	632,947	657,331	649,754	716,245
Total debt	16,671	16,157	13,092	13,696	14,991	14,274	14,822	15,667	15,551	14,822
Paid-in capital	30,944	31,111	32,474	32,680	33,812	33,511	33,616	33,690	33,791	32,858
Retained earnings	34,683	26,527	28,926	33,078	36,491	41,197	40,332	40,146	42,626	44,290
Treasury stock	-3,474	-6,401	-10,393	-12,678	-13,829	-18,157	-21,458	-24,591	-27,798	-30,678
Other comprehensive income	5,366	7,427	1,722	13,052	18,072	-2,451	-22,621	-19,242	-21,186	-18,084
Shareholders' equity	67,531	58,676	52,741	66,144	74,558	67,482	29,881	30,015	27,445	28,398
Minority interests	171	194	217	238	259	267	244	238	258	282
Total equity	67,702	58,870	52,958	66,382	74,817	50,013	30,125	30,253	27,703	28,680
Total liabilities and equity	898,764	719,892	687,538	740,463	795,146	759,708	663,072	687,584	677,457	745,166
Shares outstanding	1,047	997	916	875	853	826	779	731	689	655

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	854	4,020	5,128	5,909	5,418	6,876	5,302	1,602	4,444	3,403
Depreciation and amortization	206	207	191	207	194	123	118	112	124	117
Stock-based compensation	147	128	86	150	127	173	184	171	168	131
Deferred income tax	-458	-2,120	443	221	329	747	-216	-1,107	-766	7
Cash from operations	14,774	12,283	11,738	13,786	11,639	12,347	13,044	13,721	14,598	17,092
Acquisitions	0	-211	0	-32	-1,684	0	-35	0	0	-738
Purchases of investments	-146,397	-105,683	-105,401	-87,455	-89,633	-97,368	-82,956	-63,460	-65,667	-77,614
Sales and maturities of investments				51,052	40,809	54,612	67,754	40,625	28,690	29,702
Cash from investing	-5,850	-16,876	-5,634	-17,586	-18,569	-11,187	-2,620	-10,246	-11,493	-15,607
Debt issued	0	3,657	24	1,382	1,124	29	1,013	1,989	1,568	743
Debt repaid	-1,279	-1,073	-1,871	-906
Stock issued	0	116	54	125	89	119	48	11	40	14
Share buybacks	-372	-2,927	-3,992	-2,285	-1,151	-4,303	-3,326	-3,103	-3,207	-2,883
Dividends paid	-1,736	-1,717	-1,678	-1,643	-1,657	-1,647	-1,598	-1,566	-1,527	-1,509
Cash from financing	-3,497	-906	-2,801	4,568	10,729	-1,126	-9,948	-2,940	-3,131	163
Exchange rate effect	-302	323	-183
Net change in cash	5,125	-5,176	3,120	777	3,962	-444	79	444	-571	1,964
Interest paid	1,202	1,118	1,130	964	891	914	905	989	1,037	1,041
Income taxes paid	672	1,530	1,935	1,099	787	1,102	1,056	1,833	1,600	1,564

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 $97.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	8.3%	Operating income / revenue.
EBITDA margin	8.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.1%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
Operating cash flow margin	19.6%	Cash from operations / revenue.
Effective tax rate	24.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	60.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	2.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-23.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-20.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.3%	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	3.4%	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	3.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.7%	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	-17.6%	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	10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.0%	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	-1.3%	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	-5.3%	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	-5.9%	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	-5.1%	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
Liabilities / assets	96.3%	Total liabilities / total assets.
Interest coverage	6.02x	Operating income / interest expense.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$17.91B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.61	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	$122.74	Revenue / diluted weighted shares.
Operating cash flow per share	$24.05	Cash from operations / diluted weighted shares.
Book value per share	$43.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.08	Tangible book value / shares outstanding.
Cash per share	$42.83	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$62.09B	Share price x shares outstanding.
Enterprise value	$34.77B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	2.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.47x	Market cap / tangible book value, when positive.
P/OCF	3.99x	Market cap / cash from operations, when positive.
EV/Sales	0.44x	Enterprise value / revenue.
EV/EBIT	5.30x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.19x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.

What was METLIFE INC's revenue in fiscal 2025?

METLIFE INC reported revenue of $77.08B for fiscal 2025, 8.6% higher than the year before.

Was METLIFE INC profitable in fiscal 2025?

Yes. Net income was $3.38B, a net margin of 4.4%.

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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