Detailed financial statements for Brighthouse Financial, Inc. (BHF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Brighthouse Financial, Inc. is a financial services firm specializing in annuity and life insurance offerings across the United States. Its operations are organized into three distinct business units: Annuities, Life, and Run-off. The Annuities division delivers a range of annuity products, including variable, fixed, index-linked, and income options.
Analysis Summary
Brighthouse Financial, Inc. reported revenue of $6.21B in the most recent fiscal year, growing at a 5-year CAGR of -5.6%.
Trailing-twelve-month margins: gross margin 56.1%, operating margin 15.5%, net margin 13.2%.
At $45.41 (closing price, October 29, 2026), BHF trades at a P/E of 3.58 and an ROE of 13.17%. Market capitalisation stands at $2.6B.
Balance sheet quality for BHF: current ratio of 1.2, net cash position of $85.95B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$102.0M represents -24% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.06B | $6.84B | $8.67B | $6.33B | $8.27B | $3.58B | $6.63B | $3.95B | $4.37B | $6.21B |
| Cost of Revenue | $5.44B | $4.97B | $5.40B | $5.12B | $7.57B | $518.0M | $56.0M | $3.61B | $2.36B | $1.80B |
| Gross Profit | -$2.38B | $1.87B | $3.27B | $1.21B | $697.0M | $3.07B | $6.57B | $336.0M | $2.01B | $4.41B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $501.0M | $463.0M | $534.0M | $620.0M | $627.0M | $665.0M | $647.0M | $730.0M | $693.0M | 0 |
| Operating Expenses | $2.33B | $2.48B | $2.28B | $2.26B | $2.12B | $1.06B | $1.84B | $1.81B | $1.59B | $3.93B |
| Operating Income | -$4.71B | -$615.0M | $989.0M | -$1.05B | -$1.42B | $2.01B | $4.73B | -$1.47B | $422.0M | $474.0M |
| EBITDA | -$4.51B | -$445.0M | $1.17B | -$861.0M | -$1.24B | $2.17B | $4.88B | -$1.32B | $574.0M | $626.0M |
| Interest Expense | $175.0M | $153.0M | $158.0M | $191.0M | $184.0M | $163.0M | $153.0M | $153.0M | $152.0M | $152.0M |
| Pre-tax Income | -$4.71B | -$615.0M | $989.0M | -$1.05B | -$1.42B | $2.01B | $4.73B | -$1.47B | $422.0M | $474.0M |
| Income Tax | -$1.77B | -$237.0M | $119.0M | -$317.0M | -$363.0M | $361.0M | $848.0M | -$367.0M | $29.0M | $36.0M |
| Net Income | -$2.94B | -$378.0M | $865.0M | -$740.0M | -$1.06B | $1.64B | $3.88B | -$1.11B | $388.0M | $433.0M |
| EPS | $-24.54 | $-3.16 | $7.36 | $-6.53 | $-11.59 | $18.55 | $51.73 | $-18.65 | $4.64 | $5.79 |
| EPS (Diluted) | $-23.95 | $-3.16 | $7.36 | $-6.53 | $-11.59 | $18.39 | $51.30 | $-18.39 | $4.64 | $5.79 |
| Shares Outstanding (Diluted) | 122.7 M | 119.8 M | 117.5 M | 112.5 M | 95.4 M | 84.5 M | 73.6 M | 66.0 M | 61.6 M | 57.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.71B | $1.56B | $1.40B | $1.62B |
| Gross Profit | $872.0M | $859.0M | $761.0M | $1.03B |
| Operating Income | $585.0M | $150.0M | -$986.0M | $1.23B |
| EBITDA | $623.0M | $188.0M | -$948.0M | $1.26B |
| Net Income | $479.0M | $137.0M | -$766.0M | $981.0M |
| EPS | $7.93 | $1.96 | $-13.72 | $16.56 |
| EPS (Diluted) | $7.89 | $1.94 | $-13.72 | $16.56 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.23B | $1.86B | $4.14B | $2.88B | $4.11B | $4.47B | $4.12B | $3.85B | $5.04B | $5.39B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $83.72B |
| Receivables | $14.65B | $13.53B | $13.70B | $14.76B | $16.16B | $16.09B | $18.55B | $19.76B | $21.13B | $22.86B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $19.88B | $15.38B | $17.84B | $17.64B | $20.27B | $20.57B | $254.89B | $23.61B | $26.17B | $111.96B |
| Property, Plant & Equipment | $64.58B | 0 | $64.64B | 0 | $87.57B | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $5.38B | $5.08B | $228.0M | $204.0M | $4.57B |
| Total Assets | $222.60B | $225.43B | $207.57B | $228.84B | $249.56B | $261.30B | $224.85B | $237.21B | $239.27B | $241.80B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $2.0M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $96.55B |
| Long-term Debt | $4.71B | $3.61B | $3.96B | $4.37B | $3.44B | $3.16B | $3.16B | $3.16B | $3.15B | $3.15B |
| Total Liabilities | $207.74B | $210.85B | $193.09B | $212.60B | $231.47B | $245.09B | $219.25B | $232.20B | $234.24B | $234.97B |
| Retained Earnings | 0 | $707.0M | $1.35B | $585.0M | -$534.0M | -$642.0M | -$637.0M | -$1.51B | -$1.12B | -$686.0M |
| Total Equity | $14.86B | $14.52B | $14.42B | $16.17B | $18.02B | $16.14B | $5.53B | $4.94B | $4.96B | $6.77B |
| Total Debt | $4.71B | $3.61B | $3.96B | $4.37B | $3.44B | $3.16B | $3.16B | $3.16B | $3.15B | $3.15B |
| Net Debt | -$521.0M | $1.75B | -$182.0M | $1.49B | -$672.0M | -$1.32B | -$233.18B | -$695.0M | -$1.89B | -$85.95B |
| Working Capital | $19.88B | $15.38B | $17.84B | $17.64B | $20.27B | $20.57B | $254.89B | $23.61B | $26.17B | $15.41B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.61B | $5.39B | $4.91B | $7.11B |
| Total Assets | $243.70B | $241.80B | $236.80B | $247.18B |
| Total Liabilities | $237.27B | $234.97B | $231.18B | $240.56B |
| Total Equity | $6.36B | $6.77B | $5.56B | $6.55B |
| Total Debt | $3.15B | $3.15B | $3.15B | $3.15B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$2.94B | -$378.0M | $870.0M | -$735.0M | -$1.06B | -$103.0M | $10.0M | -$1.11B | $388.0M | $433.0M |
| Depreciation & Amortization | $17.0M | $17.0M | $18.0M | 0 | 0 | 0 | -$233.0M | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $40.0M | $21.0M | $21.0M | $23.0M | $22.0M | 0 | 0 | 0 |
| Change in Working Capital | $2.05B | $3.71B | $4.99B | $2.78B | $4.41B | $2.13B | $537.0M | -$1.25B | -$101.0M | 0 |
| Operating Cash Flow | $3.74B | $3.40B | $3.06B | $1.83B | $888.0M | $746.0M | -$1.23B | -$137.0M | -$290.0M | -$102.0M |
| Capital Expenditure | $1.34B | -$1.50B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $214.0M | $1.0M | -$83.0M | -$161.0M | -$404.0M | -$566.0M | -$562.0M | 0 | $38.0M | 0 |
| Stock Repurchased | -$634.0M | -$668.0M | -$105.0M | -$442.0M | -$473.0M | -$499.0M | -$488.0M | -$250.0M | -$250.0M | -$102.0M |
| Dividends Paid | 0 | -$1.80B | 0 | -$21.0M | -$44.0M | -$89.0M | -$104.0M | -$102.0M | -$102.0M | -$102.0M |
| Free Cash Flow | $5.08B | $1.90B | $3.06B | $1.83B | $888.0M | $746.0M | -$1.23B | -$137.0M | -$290.0M | -$102.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $117.0M | -$364.0M | -$221.0M | -$431.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $117.0M | -$364.0M | -$221.0M | -$431.0M |
| Dividends Paid | -$26.0M | -$25.0M | -$26.0M | -$25.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +123.7% | +26.7% | -27.0% | +30.6% | -56.6% | +84.9% | -40.4% | +10.6% | +42.2% | |
| Net Income Growth (YoY) | +87.1% | +328.8% | -185.5% | -43.4% | +254.9% | +136.1% | -128.7% | +134.9% | +11.6% | |
| EPS Growth (YoY) | +87.1% | +332.9% | -188.7% | -77.5% | +260.1% | +178.9% | -136.1% | +124.9% | +24.8% | |
| Shares Change (YoY) | -2.4% | -1.9% | -4.3% | -15.3% | -11.4% | -12.9% | -10.3% | -6.7% | -7.2% | |
| FCF Growth (YoY) | -62.6% | +61.2% | -40.3% | -51.4% | -16.0% | -264.6% | +88.8% | -111.7% | +64.8% | |
| Gross Margin | -77.8% | 27.3% | 37.7% | 19.2% | 8.4% | 85.6% | 99.2% | 8.5% | 46.1% | 70.9% |
| Operating Margin | -153.8% | -9.0% | 11.4% | -16.6% | -17.2% | 56.0% | 71.4% | -37.3% | 9.7% | 7.6% |
| EBITDA Margin | -147.5% | -6.5% | 13.4% | -13.6% | -14.9% | 60.6% | 73.7% | -33.4% | 13.1% | 10.1% |
| Net Margin | -96.1% | -5.5% | 10.0% | -11.7% | -12.8% | 45.8% | 58.5% | -28.2% | 8.9% | 7.0% |
| FCF Margin | 165.9% | 27.8% | 35.3% | 28.9% | 10.7% | 20.8% | -18.5% | -3.5% | -6.6% | -1.6% |
| Effective Tax Rate | 37.5% | 38.5% | 12.0% | 30.1% | 25.6% | 18.0% | 17.9% | 24.9% | 6.9% | 7.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $41.35 | $15.86 | $26.05 | $16.25 | $9.31 | $8.83 | $-16.69 | $-2.08 | $-4.71 | $-1.78 |
| Dividends Per Share | $0.00 | $15.01 | $0.00 | $0.19 | $0.46 | $1.05 | $1.41 | $1.55 | $1.66 | $1.78 |
| Shares Outstanding (Basic) | 119.8 M | 119.6 M | 117.5 M | 112.5 M | 95.4 M | 77.9 M | 73.0 M | 63.5 M | 61.6 M | 57.2 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 13.17% |
| Return on Invested Capital | 0.93% |
| Return on Assets | 0.34% |
| Gross Margin | 56.06% |
| Operating Margin | 15.52% |
| Net Margin | 13.22% |
Financial Health
| Debt / Equity | 0.48 |
| Current Ratio | 8,792.80 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.85 | -18.56 | 4.14 | -6.01 | -3.12 | 2.79 | 0.99 | -2.84 | 10.35 | 11.19 |
| P/B | 0.56 | 0.48 | 0.25 | 0.27 | 0.19 | 0.25 | 0.68 | 0.68 | 0.60 | 0.55 |
| P/S | 2.74 | 1.03 | 0.41 | 0.70 | 0.42 | 1.13 | 0.56 | 0.85 | 0.68 | 0.60 |
| Gross Margin | -77.8% | 27.3% | 37.7% | 19.2% | 8.4% | 85.6% | 99.2% | 8.5% | 46.1% | 70.9% |
| Operating Margin | -153.8% | -9.0% | 11.4% | -16.6% | -17.2% | 56.0% | 71.4% | -37.3% | 9.7% | 7.6% |
| Net Margin | -96.1% | -5.5% | 10.0% | -11.7% | -12.8% | 45.8% | 58.5% | -28.2% | 8.9% | 7.0% |
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Explore sector: Financial Services · Insurance - Life
More sections of BHF: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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