Equitable (NYSE:EQH) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Company ParticipantsAlex Scott - CFAErik Bass - Head of Investor RelationsMark Pearson - CEO and PresidentNick Lane - PresidentOnur Erzan - PresidentRobin Raju - CFOTom Gallagher - Senior Managing DirectorConference Call ParticipantsJimmy Bhullar - Equity Research AnalystJoel Hurwitz - Equity Research AnalystMichael Ward - Equity Research AnalystSuneet Kamath - Research AnalystWes Carmichael - CFA and Senior AnalystYaron Kinar - Managi ...

Equitable (NYSE:EQH) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Company ParticipantsAlex Scott - CFAErik Bass - Head of Investor RelationsMark Pearson - CEO and PresidentNick Lane - PresidentOnur Erzan - PresidentRobin Raju - CFOTom Gallagher - Senior Managing DirectorConference Call ParticipantsJimmy Bhullar - Equity Research AnalystJoel Hurwitz - Equity Research AnalystMichael Ward - Equity Research AnalystSuneet Kamath - Research AnalystWes Carmichael - CFA and Senior AnalystYaron Kinar - Managi ...

Equitable (NYSE:EQH) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Speaker8Hello, everyone. Thank you for joining us, and welcome to the Equitable Holdings full year and fourth quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Eric Bass, Head of Investor Relations. Please go ahead.Speaker1 ...

Equitable Holdings Full Year and Fourth Quarter 2025 Earnings Results February 4, 2026 Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are gen ...

Core Insights - Equitable Holdings, Inc. reported a revenue of $3.74 billion for the quarter ended December 2025, reflecting a decrease of 5.4% year-over-year and a surprise of -7.2% compared to the Zacks Consensus Estimate of $4.03 billion. The EPS was $1.76, up from $1.57 in the same quarter last year, resulting in a positive surprise of +0.64% over the consensus estimate of $1.75 [1][3]. Financial Performance Metrics - Retirement net flows were reported at $1.26 billion, below the average estimate of $1.48 billion from two analysts [4]. - Total asset value in the Retirement segment at the end of the period was $163.86 billion, compared to the average estimate of $177.11 billion from two analysts [4]. - Wealth Management advisory net new assets reached $2.15 billion, exceeding the average estimate of $1.89 billion from two analysts [4]. - Total Wealth Management ending assets were $122.01 billion, slightly below the average estimate of $122.15 billion [4]. - Retirement segment revenues were $1.67 billion, slightly above the average estimate of $1.66 billion from three analysts, representing a year-over-year increase of +70.4% [4]. - Revenue from Retirement investment management, service fees, and other income was $186 million, slightly above the average estimate of $185.87 million, with a year-over-year increase of +97.9% [4]. - Policy charges, fee income, and premiums in the Retirement segment generated $435 million, significantly lower than the average estimate of $810.18 million [4]. - Retirement net derivative losses were reported at -$9 million, worse than the average estimate of -$2.03 million, but showed a year-over-year change of +80% [4]. - Net investment income in the Retirement segment was $1.16 billion, matching the average estimate and reflecting a year-over-year increase of +74.3% [4]. - Policy charges, fee income, and premiums in the Retirement segment were $328 million, exceeding the average estimate of $312.96 million, with a year-over-year increase of +47.1% [4]. - Corporate and Other segment revenues were $557 million, significantly below the average estimate of $845.64 million, but represented a year-over-year increase of +148.7% [4]. - Wealth Management segment revenues were $548 million, surpassing the average estimate of $523.73 million, with a year-over-year increase of +13.9% [4].

分组1 - Equitable Holdings, Inc. reported quarterly earnings of $1.76 per share, exceeding the Zacks Consensus Estimate of $1.75 per share, and up from $1.57 per share a year ago, representing an earnings surprise of +0.64% [1] - The company posted revenues of $3.74 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 7.2%, and down from $3.95 billion year-over-year [2] - Equitable Holdings has underperformed the market, with shares down about 6.2% since the beginning of the year, while the S&P 500 has gained 1.1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.81 on revenues of $4.13 billion, and for the current fiscal year, it is $7.88 on revenues of $16.83 billion [7] - The Zacks Industry Rank for Insurance - Multi line is currently in the bottom 38% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Performance - Net income attributable to Holdings decreased by 75.9% to $215 million for Q4 2025, compared to $892 million in Q4 2024[7] - Non-GAAP Operating Earnings for Q4 2025 were $513 million, a slight decrease of 0.4% from $515 million in Q4 2024[7] - The company reported a diluted earnings per common share of $(4.47) for Q4 2025, down 74.5% from $2.74 in Q4 2024[7] - Non-GAAP operating earnings for the year ended December 31, 2025, were $1,741 million, down from $2,004 million in 2024, reflecting a decrease of 13.1%[15] - For the year ended December 31, 2025, consolidated operating earnings were $1,741 million, a decrease from $2,004 million in 2024, representing a decline of 13.1%[21] Equity and Capital - Total equity attributable to Holdings' common shareholders fell by 104.7% to $(1,142) million as of December 31, 2025, from $58 million a year earlier[7] - Total capital returned to common shareholders in 2025 was $1,764 million, an increase from $1,316 million in 2024[7] - The debt to capital ratio (ex. AOCI) increased to 38.3% as of December 31, 2025, up from 27.2% a year earlier[7] - Total equity attributable to Holdings decreased from $10,277 million in December 2024 to $9,968 million in March 2025, a decline of 3.0%[18] - Total equity attributable to Holdings decreased to $5,138 million as of December 31, 2025[74] Revenue and Income - Total revenues decreased by 9.3% year-over-year to $3,277 million for the three months ended December 31, 2025, compared to $3,615 million for the same period in 2024[11] - Total revenues for the consolidated segments amounted to $3,741 million for the three months ended December 31, 2025, compared to $3,948 million in the same period of 2024, a decrease of 5.2%[20] - Total revenues for the year ended December 31, 2025, increased by 13.0% to $6,204 million compared to $5,492 million for the year ended December 31, 2024[29] - Policy charges and fee income fell by 31.8% to $435 million for the three months ended December 31, 2025, down from $638 million in the prior year[11] - Policy charges, fee income, and premiums totaled $3,214 million in 2025, compared to $3,667 million in 2024, showing a decrease of 12.3%[21] Investment Income - Net investment income increased by 7.7% to $1,288 million for the three months ended December 31, 2025, compared to $1,196 million for the same period in 2024[11] - Net investment income for the consolidated segments was $1,311 million for the three months ended December 31, 2025, up from $1,228 million in the same period of 2024, an increase of 6.8%[20] - Net investment income for 2025 was $5,283 million, up from $4,850 million in 2024, indicating an increase of 8.9%[21] - Net investment income improved significantly to $48 million for the year ended December 31, 2025, compared to $27 million for the previous year, marking a 77.8% increase[33] Assets and Liabilities - Total assets rose to $318,312 million as of December 31, 2025, from $295,727 million as of December 31, 2024, reflecting a growth of 7.6%[16] - Total liabilities grew to $316,524 million as of December 31, 2025, up from $292,179 million as of December 31, 2024, marking an increase of 8.3%[16] - The account value balance at the end of the period for the General Account reached $98,909 million, up from $79,376 million at the beginning of the period, reflecting a growth of 24.7%[31] - The total asset value at the end of the period was $176,166 million, an increase from $152,213 million, representing a growth of 15.8%[31] Shareholder Metrics - Weighted-average diluted shares outstanding decreased by 8.2% to 289.1 million in Q4 2025 from 324.8 million in Q4 2024[7] - The ending common shares outstanding decreased from 309.9 million in March 2025 to 283.3 million in December 2025, a reduction of 8.6%[18] - Non-GAAP Operating ROE (TTM) improved to 25.6% for the year ended December 31, 2025, compared to 22.4% a year earlier[7] - Non-GAAP Operating Earnings per common share for the year ended December 31, 2025, was $5.64, down from $5.92 in the previous year, reflecting a decrease of approximately 5%[67] Market Performance - The S&P 500 index value increased from 5,882 in Q4 2024 to 6,846 in Q4 2025, representing a growth of 16.4%[22] - The company’s total AUM/A increased from $1,020.5 billion in Q4 2024 to $1,120.6 billion in Q4 2025, a rise of 9.8%[22] - Total assets under management (AUM) increased to $866.9 billion by December 31, 2025, up from $792.2 billion, indicating a growth of 9.4%[33] Segment Performance - Operating earnings for the Asset Retirement segment reached $410 million for the three months ended December 31, 2025, compared to $385 million in the same period of 2024, representing a 6.5% increase[20] - Operating earnings for the Wealth Management segment were $160 million for the three months ended December 31, 2025, compared to $161 million in the same period of 2024, a slight decrease of 0.6%[20] - Operating earnings for the Corporate and Other segment for the three months ended December 31, 2025, were a loss of $123 million, a 57.7% decrease compared to the previous quarter and a 131.3% decline year-over-year[44] Flow and Premiums - Total first year premiums and deposits for the year ended December 31, 2025, reached $22,361 million, up from $20,922 million in 2024, marking an increase of 6.9%[30] - Total renewal premiums and deposits for the year ended December 31, 2025, were $2,659 million, compared to $2,579 million in 2024, representing a growth of 3.1%[30] - The net flows for the Asset Management segment were negative at $(11.3) billion for the year ended December 31, 2025, compared to $(2.2) billion in the previous year[33] Ratings and Credit - Equitable Financial Life Insurance Company and its subsidiary received an A rating from A.M. Best and A+ from S&P[95] - Equitable Holdings, Inc. has a credit rating of bbb+ from S&P and Baa1 from Moody's[95]

Group 1 - Equitable Holdings (NYSE:EQH) is recognized as one of the best financial pure plays under $100, with a bullish rating initiated by Mizuho Securities analyst Yaron Kinar, who set a price target of $66, indicating over 37% upside potential from current levels [1] - Kinar's positive outlook is attributed to a strong preference for life insurance businesses, where Equitable Holdings has a significant presence through a comprehensive suite of products, including Variable Universal Life, Indexed Universal Life, Term Life insurance, and Annuities [2] - As of December 30, Equitable Holdings received coverage from 8 analysts, with 6 assigning Buy ratings and 2 giving Hold ratings, leading to a median 1-year price target of $63, which implies nearly 31% upside from the current market price [3] Group 2 - Equitable Holdings is a leading financial services firm in the United States, providing retirement plans, wealth management, insurance, and protection services, along with a diverse array of products [4]

Core Viewpoint - Equitable Holdings (EQH) has shown modest performance over the past year, with a gain of approximately 4% [1] Group 1: Company Performance - The company is actively repurchasing stock and has undergone significant business transformation through a large reinsurance transaction [1] - Mixed results have been observed throughout the year, indicating variability in performance metrics [1] Group 2: Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1]

Core Viewpoint - Equitable Holdings (EQH) has shown modest performance over the past year, with a gain of approximately 4% [1] Group 1: Company Performance - The company is actively repurchasing stock and has undergone a significant reinsurance transaction to transform its business [1] - Mixed results have been observed throughout the year, indicating variability in performance metrics [1] Group 2: Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1] - The focus is on achieving outsized returns with a favorable risk/reward profile [1]