Equitable
EQH · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
Equitable reported revenue of $11.7B in the fiscal year ended Dec 2025, down 6.1% from the year before. Net income was −$1.4B. It held more cash than debt (net cash $8.6B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.6B | $12.6B | $10.5B | $12.4B | $11.7B |
| Interest expense | $244M | $201M | $228M | – | – |
| Pre-tax income | $2.6B | $3B | $714M | $2.1B | −$1.2B |
| Income tax | $439M | $594M | −$910M | $280M | −$156M |
| Net income | $1.8B | $2.1B | $1.3B | $1.3B | −$1.4B |
| Diluted EPS | 3.98 | 5.42 | 3.42 | 3.69 | −4.83 |
| Diluted shares | 421M | 380M | 352M | 325M | 298M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.2B | $4.3B | $8.2B | $7B | $12.5B |
| Total assets | $292B | $253B | $277B | $296B | $318B |
| Short-term debt | $92M | $759M | $254M | $0 | $25M |
| Long-term debt | $3.8B | $3.3B | $3.8B | $3.8B | $3.8B |
| Total liabilities | $279B | $249B | $272B | $292B | $316B |
| Shareholders' equity | $11.5B | $1.4B | $2.6B | $1.6B | −$74M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$193M | −$250M | −$208M | $2B | $714M |
| Stock-based compensation | $274M | $328M | $294M | $313M | $262M |
| Acquisitions | $0 | −$40M | $0 | $0 | – |
| Share buybacks | $1.6B | $849M | $919M | $1B | $1.5B |
| Dividends paid | $296M | $294M | $301M | $302M | $314M |
| Dividend per share | 0.71 | 0.78 | 0.86 | 0.94 | 1.05 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.1% | −17.3% | 18.8% | −6.1% |
| EPS growth (YoY) | – | 36.2% | −36.9% | 7.9% | −230.9% |
| Net margin | 23.0% | 16.9% | 12.3% | 10.3% | −11.8% |
| Return on equityBlank when equity is negative | 15.2% | 152.7% | 48.7% | 81.8% | – |
| Cash conversion (CFO ÷ net income) | −0.11x | −0.12x | −0.16x | 1.57x | −0.52x |
| Debt ÷ equity | 0.34x | 2.91x | 1.55x | 2.45x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.3B | −$200M | −$4.2B | −$3.1B | −$8.6B |
Recent filings
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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.