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Insurance - Life · Financial Services · Fiscal year ends Dec 31
Brighthouse Financial reported revenue of $6.8B in the fiscal year ended Dec 2025, up 43.2% from the year before. Operating income was $626M, an operating margin of 9.3%, and net income was $433M. It held more cash than debt (net cash $2.2B).
Ranks among the 19 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,976 | 6,873 | 4,117 | 4,724 | 6,766 |
| Operating incomederived: pre-tax income + interest | 2,172 | 4,885 | −1,321 | 574 | 626 |
| Interest expense | 163 | 153 | 153 | 152 | 152 |
| Pre-tax income | 2,009 | 4,732 | −1,474 | 422 | 474 |
| Income tax | 361 | 848 | −367 | 29.0 | 36.0 |
| Net income | 1,643 | 3,879 | −1,112 | 388 | 433 |
| Diluted EPS | 18.39 | 51.30 | −18.39 | 4.64 | 5.71 |
| Diluted shares | 84.5 | 73.6 | 66.0 | 61.6 | 57.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4,474 | 4,115 | 3,851 | 5,045 | 5,387 |
| Total assets | 262,257 | 224,847 | 236,340 | 238,537 | 241,800 |
| Long-term debt | 3,157 | 3,156 | 3,156 | 3,155 | 3,155 |
| Total liabilities | 253,807 | 219,249 | 231,332 | 233,513 | 234,967 |
| Shareholders' equity | 16,142 | 5,533 | 4,943 | 4,959 | 6,768 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 641 | −1,228 | −137 | −290 | 259 |
| Stock-based compensation | 23.0 | 22.0 | 29.0 | 23.0 | 42.0 |
| Share buybacks | 499 | 488 | 250 | 250 | 102 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.1% | −40.1% | 14.7% | 43.2% |
| Operating income growth (YoY) | – | 124.9% | −127.0% | – | 9.1% |
| EPS growth (YoY) | – | 179.0% | −135.8% | – | 23.1% |
| Operating margin | 43.6% | 71.1% | −32.1% | 12.2% | 9.3% |
| Net margin | 33.0% | 56.4% | −27.0% | 8.2% | 6.4% |
| Return on equityBlank when equity is negative | 10.2% | 70.1% | −22.5% | 7.8% | 6.4% |
| Cash conversion (CFO ÷ net income) | 0.39x | −0.32x | 0.12x | −0.75x | 0.60x |
| Interest cover | 13.3x | 31.9x | −8.63x | 3.78x | 4.12x |
| Debt ÷ equity | 0.20x | 0.57x | 0.64x | 0.64x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,317 | −959 | −695 | −1,890 | −2,232 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.