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Insurance - Life · Financial Services · Fiscal year ends Dec 31
Jackson Financial reported revenue of $6.7B in the fiscal year ended Dec 2025, up 104.3% from the year before. Operating income was $3.9B, an operating margin of 58.1%, and net income was $27M. It held more cash than debt (net cash $3.7B).
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 | 6,360 | 9,848 | 3,083 | 3,271 | 6,683 |
| Operating incomederived: revenue − total costs | 3,521 | 7,416 | 534 | 446 | 3,886 |
| Interest expense | 37.0 | 98.0 | 109 | 101 | 100 |
| Pre-tax income | 4,047 | 7,734 | 958 | 1,022 | −114 |
| Income tax | 666 | 1,505 | 4.0 | 46.0 | −186 |
| Net income | 3,417 | 6,186 | 934 | 946 | 27.0 |
| Diluted EPS | 36.17 | 69.75 | 10.76 | 11.74 | −0.24 |
| Diluted shares | 94.5 | 88.7 | 83.6 | 76.8 | 71.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,623 | 4,298 | 2,688 | 3,767 | 5,704 |
| Total assets | 375,559 | 314,983 | 330,255 | 338,450 | 352,586 |
| Short-term debt | – | 311 | 970 | – | – |
| Long-term debt | 2,649 | 2,635 | 2,037 | 2,034 | 2,030 |
| Total liabilities | 364,485 | 305,605 | 319,921 | 328,468 | 342,244 |
| Shareholders' equity | 10,394 | 8,646 | 10,170 | 9,764 | 9,953 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5,682 | 5,206 | 5,310 | 5,793 | 5,758 |
| Depreciation & amortisation | 11.0 | – | – | – | – |
| Stock-based compensation | 129 | 131 | 107 | 191 | 132 |
| Share buybacks | 211 | 321 | 306 | 442 | 669 |
| Dividends paid | 50.0 | 186 | 201 | 211 | 223 |
| Dividend per share | 0.50 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 54.8% | −68.7% | 6.1% | 104.3% |
| Operating income growth (YoY) | – | 110.6% | −92.8% | −16.5% | 771.3% |
| EPS growth (YoY) | – | 92.8% | −84.6% | 9.1% | −102.0% |
| Operating margin | 55.4% | 75.3% | 17.3% | 13.6% | 58.1% |
| Net margin | 53.7% | 62.8% | 30.3% | 28.9% | 0.4% |
| Return on equityBlank when equity is negative | 32.9% | 71.5% | 9.2% | 9.7% | 0.3% |
| Cash conversion (CFO ÷ net income) | 1.66x | 0.84x | 5.69x | 6.12x | 213x |
| Interest cover | 95.2x | 75.7x | 4.90x | 4.42x | 38.9x |
| Debt ÷ equity | 0.25x | 0.34x | 0.30x | 0.21x | 0.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 26.0 | −1,352 | 319 | −1,733 | −3,674 |
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.