Principal Financial
PFG · NasdaqAccident & Health Insurance · Fiscal year ends Dec 31
Principal Financial reported revenue of $15.6B in the fiscal year ended Dec 2025, down 3.1% from the year before. Net income was $1.2B. It held more cash than debt (net cash $477M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $14.4B | $17.5B | $13.7B | $16.1B | $15.6B |
| Income tax | $284M | $1.2B | $69M | $292M | $161M |
| Net income | $1.6B | $4.8B | $623M | $1.6B | $1.2B |
| Diluted EPS | 5.79 | 18.63 | 2.55 | 6.68 | 5.25 |
| Diluted shares | 273M | 255M | 245M | 235M | 226M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $4.8B | $4.7B | $4.2B | $4.4B |
| Goodwill | $1.6B | $1.6B | $1.6B | $1.5B | $1.6B |
| Total assets | $305B | $291B | $305B | $314B | $341B |
| Short-term debt | $80M | $81M | $61M | $153M | $28M |
| Long-term debt | $4.3B | $4B | $3.9B | $4B | $3.9B |
| Total liabilities | $288B | $281B | $294B | $302B | $329B |
| Shareholders' equity | $16.1B | $10B | $10.9B | $11.1B | $11.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $3.2B | $3.8B | $4.6B | $4.5B |
| Depreciation & amortisation | $208M | $230M | $203M | $256M | $251M |
| Stock-based compensation | $96M | $91M | $99M | $109M | $110M |
| Acquisitions | – | – | – | $27M | – |
| Share buybacks | $937M | $1.7B | $740M | $1B | $903M |
| Dividends paid | $654M | $642M | $626M | $658M | $684M |
| Dividend per share | – | 2.56 | 2.60 | 2.85 | 3.08 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.5% | −22.1% | 18.0% | −3.1% |
| EPS growth (YoY) | – | 221.8% | −86.3% | 162.0% | −21.4% |
| Net margin | 11.0% | 27.1% | 4.6% | 9.7% | 7.6% |
| Return on equityBlank when equity is negative | 9.8% | 47.7% | 5.7% | 14.2% | 10.0% |
| Cash conversion (CFO ÷ net income) | 2.06x | 0.67x | 6.09x | 2.93x | 3.83x |
| Debt ÷ equity | 0.27x | 0.41x | 0.37x | 0.37x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2B | −$770M | −$716M | −$104M | −$477M |
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.