Equitable

EQH · NYSE · Financials · Financials, fiscal 2016 to 2025

EQH · Last close · October 26, 2026

$53.58

Equitable's revenue fell 6.1% to $11.7 billion in fiscal 2025. Its net margin was −11.8%, down from 10.3% a year earlier. It paid out $1.8 billion in dividends and buybacks. The diluted share count fell 8.2%.

EQUITABLE HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001333986-26-000012 Updated October 18, 2026

Revenue

$11.7B

6.1%

Net margin

−11.8%

22.1 pts

Net income

−$1.4B

$1.3B a year earlier

Free cash flow

—

Return on equity

—

Market cap

$14.9B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 6.4% a year and net income 0.3% a year, as buybacks cut the share count by 42%. Equitable then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Equitable's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Equitable yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Equitable's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Equitable's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Equitable's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $53.58
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Equitable's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	5,188	4,281	8,239	6,964	12,462
Debt incl. finance leases	3,931	4,081	4,074	3,833	3,860
Net debt (negative means net cash)	−1,257	−200	−4,165	−3,131	−8,602
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	11.7x	15.9x	4.1x	9.6x	−3.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $4,863 of Equitable shares on the open market, and 8 insiders sold $28.5 million, $25.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 21, 2026	Bertram L ScottDirector	Sold	2,780	$54.35	$151,093	Form 4
Sep 17, 2026	Craig C MacKayDirector	Sold	2,000	$54.28	$108,560	Form 4
Sep 4, 2026	Nick LaneSee Remarks	Sold	14,923	$53.24	$794,501	Form 4
Sep 4, 2026	Arlene Isaacs-LoweDirector	Sold	1,000	$52.83	$52,830	Form 4
Aug 17, 2026	Jeffrey J HurdChief Operating Officer	Sold plan	14,359	$51.98	$746,432	Form 4
Aug 11, 2026	Craig C MacKayDirector	Sold	2,200	$51.37	$113,014	Form 4
Aug 10, 2026	William James Eckert IVChief Accounting Officer	Sold	947	$52.88	$50,077	Form 4
Aug 6, 2026	Charles G.T. StonehillDirector	Sold	7,500	$51.54	$386,550	Form 4
Aug 6, 2026	Bertram L ScottDirector	Sold	1,466	$51.15	$74,986	Form 4
Jul 20, 2026	Mark PearsonPresident and CEO, Director	Sold plan	39,700	$48.54	$1.9 million	Form 4
Jul 15, 2026	Jeffrey J HurdChief Operating Officer	Sold plan	14,358	$48.86	$701,578	Form 4
Jun 18, 2026	Mark PearsonPresident and CEO, Director	Sold plan	39,700	$45.29	$1.8 million	Form 4

The latest 12 of 38 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—
Accruals ratio	0.6%	−0.2%	−0.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Equitable side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Equitable	FY25	−6.1%	—	—	—	—	—
Cincinnati Financial	FY25	11.4%	—	24.5%	17.1%	−0.3x	—	Compare
Intercontinental Exchange	FY25	7.5%	39.0%	33.9%	7.7%	3.1x	8	Compare
Fidelity National Information Services	FY25	5.4%	16.3%	23.0%	5.1%	3.4x	5	Compare
Assurant	FY25	7.9%	—	12.5%	17.5%	−0.0x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11,763	12,460	12,069	9,619	12,415	7,614	12,644	10,460	12,425	11,665
Revenue growth	—	5.9%	−3.1%	−20.3%	29.1%	−38.7%	66.1%	−17.3%	18.8%	−6.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1,254	834	1,855	−1,764	−648	1,755	2,153	1,283	1,280	−1,380
Diluted EPS (US$)	2.24	1.49	3.33	−3.57	−1.56	3.98	5.46	3.42	3.69	−4.83
Diluted shares (millions)	561	561	556	494	450	421	380	352	325	298
Cash flow
Cash from operations	−236	−243	61	−216	−61	−193	−250	−208	2,006	714
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	1,050	0	157	285	297	296	294	301	302	314
Share buybacks	0	0	648	1,350	430	1,637	849	919	1,014	1,450
Acquisitions	21	130	0	0	0	0	40	0	0	0
Stock-based compensation	213	247	228	276	252	274	328	294	313	262
Balance sheet at fiscal year end
Cash and short-term investments	5,654	4,814	4,469	4,405	6,179	5,188	4,281	8,239	6,964	12,462
Debt incl. finance leases	—	—	—	—	—	3,931	4,081	4,074	3,833	3,860
Total assets	—	235,615	220,797	249,818	275,397	292,262	252,702	276,695	295,727	317,990
Total liabilities	—	218,471	205,178	234,406	258,077	278,699	249,106	271,550	292,179	316,202
Shareholders' equity	14,549	13,421	13,866	13,456	15,576	11,519	1,401	2,636	1,565	−74
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	10.7%	6.7%	15.4%	−18.3%	−5.2%	23.1%	17.0%	12.3%	10.3%	−11.8%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	—	13.6%	−12.9%	−4.5%	—	—	—	—	—
Return on assets	—	—	0.8%	−0.8%	−0.2%	0.6%	0.8%	0.5%	0.5%	−0.5%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Equitable's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Equitable.