Detailed financial statements for Corebridge Financial, Inc. (CRBG): 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.
Corebridge Financial, Inc. is a prominent financial services company primarily operating within the United States, dedicated to offering a broad spectrum of retirement and insurance solutions. Its business operations are strategically organized across four key segments: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets.
Analysis Summary
Corebridge Financial, Inc. reported revenue of $2.89B in the most recent fiscal year, growing at a 5-year CAGR of -28.1%.
Trailing-twelve-month margins: gross margin 86.7%, operating margin 11.5%, net margin 9.6%. Free cash flow grew at -9.5% CAGR over 5 years.
At the current price of $34.84, CRBG trades at a P/E of 19.90 and an ROE of -2.77%. Market capitalisation stands at $15.5B, placing it among large-cap names.
Balance sheet quality for CRBG: current ratio of 2.8, net cash position of $55.63B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.03B | $13.21B | $15.06B | $22.10B | $1.88B | $2.36B | $2.68B | $2.89B |
| Cost of Revenue | 0 | $10.51B | $11.59B | $8.05B | $534.0M | $580.0M | $554.0M | $552.0M |
| Gross Profit | $15.03B | -$3.01B | -$3.31B | $14.05B | $1.34B | $1.78B | $2.12B | $2.34B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.80B | $1.98B | $2.03B | 0 | $2.32B | $2.36B | $2.09B | $2.00B |
| Operating Expenses | $3.36B | $7.68B | $8.80B | $3.92B | -$9.15B | $839.0M | -$679.0M | $2.88B |
| Operating Income | $4.40B | -$4.98B | -$5.33B | $10.13B | $10.49B | $940.0M | $2.80B | -$541.0M |
| EBITDA | -$308.0M | $988.0M | $1.67B | $11.08B | $11.61B | $1.89B | $3.55B | $567.0M |
| Interest Expense | 0 | $555.0M | $490.0M | $389.0M | $534.0M | $580.0M | $554.0M | $552.0M |
| Pre-tax Income | -$166.0M | $139.0M | $851.0M | $10.13B | $10.49B | $940.0M | $2.80B | -$541.0M |
| Income Tax | -$132.0M | -$168.0M | -$15.0M | $1.84B | $2.01B | -$96.0M | $600.0M | -$151.0M |
| Net Income | -$80.0M | $50.0M | $642.0M | $7.36B | $8.16B | $1.10B | $2.23B | -$366.0M |
| EPS | $-0.12 | $0.48 | $1.00 | $11.40 | $12.63 | $1.72 | $3.73 | $-0.68 |
| EPS (Diluted) | $-0.12 | $0.48 | $1.00 | $11.40 | $12.60 | $1.71 | $3.72 | $-0.68 |
| Shares Outstanding (Diluted) | $645.0M | $645.0M | $645.0M | $645.0M | $647.4M | $645.2M | $599.2M | $539.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $724.0M | $720.0M | $4.04B | $3.91B |
| Gross Profit | $589.0M | $588.0M | $3.06B | $3.91B |
| Operating Income | -$42.0M | $971.0M | $97.0M | $52.0M |
| EBITDA | $292.0M | $1.28B | $393.0M | $431.0M |
| Net Income | $144.0M | $814.0M | -$53.0M | $2.0M |
| EPS | $0.27 | $1.59 | $-0.11 | $-0.04 |
| EPS (Diluted) | $0.27 | $1.59 | $-0.11 | $-0.04 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $654.0M | $537.0M | $552.0M | $612.0M | $806.0M | $447.0M |
| Short-term Investments | $207.18B | $204.04B | $161.19B | $170.86B | $63.11B | $66.09B |
| Receivables | $860.0M | $884.0M | $916.0M | $594.0M | $713.0M | $648.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $50.84B | $48.04B | $162.66B | $172.07B | $64.63B | $67.19B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $8.06B | $10.56B | $10.01B | $10.29B | 0 |
| Total Assets | $410.15B | $416.21B | $360.32B | $379.27B | $389.40B | $413.55B |
| Accounts Payable | $36.79B | $35.14B | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $8.32B | $1.50B | $250.0M | $1.10B | 0 |
| Total Current Liabilities | $36.79B | $43.46B | $1.50B | $250.0M | $1.10B | $23.65B |
| Long-term Debt | $11.25B | $7.36B | $13.83B | $11.62B | $11.29B | $10.91B |
| Total Liabilities | $370.32B | $387.28B | $350.00B | $366.63B | $377.07B | $399.59B |
| Retained Earnings | 0 | $8.86B | $18.21B | $17.57B | $19.26B | $18.37B |
| Total Equity | $37.23B | $27.09B | $9.38B | $11.77B | $11.46B | $13.20B |
| Total Debt | $11.25B | $15.68B | $15.33B | $11.87B | $12.39B | $10.91B |
| Net Debt | -$196.58B | -$188.90B | -$146.42B | -$159.60B | -$51.52B | -$55.63B |
| Working Capital | $14.05B | $4.58B | $161.16B | $171.82B | $63.53B | $43.54B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $316.0M | $447.0M | $373.0M | $353.0M |
| Total Assets | $411.29B | $413.55B | $381.40B | $415.79B |
| Total Liabilities | $396.97B | $399.59B | $369.86B | $404.42B |
| Total Equity | $13.54B | $13.20B | $10.80B | $10.65B |
| Total Debt | $11.02B | $10.91B | $10.92B | $10.87B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$80.0M | $307.0M | $866.0M | $9.17B | $8.48B | $1.04B | $2.20B | -$390.0M |
| Depreciation & Amortization | $92.0M | $294.0M | $325.0M | $413.0M | $585.0M | $366.0M | $193.0M | $556.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$1.70B | $2.02B | $2.96B | -$759.0M | -$6.13B | $801.0M | -$1.22B | -$1.06B |
| Operating Cash Flow | $3.21B | $2.44B | $3.33B | $2.40B | $2.62B | $3.36B | $2.15B | $2.02B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $16.0M | -$77.0M | 0 | $1.08B | -$107.0M | $742.0M | $577.0M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$498.0M | -$1.79B | -$2.12B |
| Dividends Paid | -$2.66B | -$1.62B | -$472.0M | -$1.58B | -$876.0M | -$1.72B | -$544.0M | -$511.0M |
| Free Cash Flow | $3.21B | $2.44B | $3.33B | $2.40B | $2.62B | $3.36B | $2.15B | $2.02B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $24.0M | $1.88B | -$9.0M | -$44.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $24.0M | $1.88B | -$9.0M | -$44.0M |
| Dividends Paid | -$128.0M | -$119.0M | -$114.0M | -$130.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -12.1% | +14.0% | +46.7% | -91.5% | +25.5% | +13.5% | +7.9% | |
| Net Income Growth (YoY) | +162.5% | +1,184.0% | +1,045.6% | +10.9% | -86.5% | +102.0% | -116.4% | |
| EPS Growth (YoY) | +500.0% | +108.3% | +1,040.0% | +10.8% | -86.4% | +116.9% | -118.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.4% | -0.3% | -7.1% | -10.0% | |
| FCF Growth (YoY) | -23.8% | +36.1% | -27.7% | +9.0% | +28.1% | -35.9% | -6.0% | |
| Gross Margin | 100.0% | -22.8% | -21.9% | 63.6% | 71.6% | 75.4% | 79.3% | 80.9% |
| Operating Margin | 29.3% | -37.7% | -35.4% | 45.8% | 558.3% | 39.8% | 104.7% | -18.7% |
| EBITDA Margin | -2.0% | 7.5% | 11.1% | 50.1% | 617.9% | 79.9% | 132.6% | 19.6% |
| Net Margin | -0.5% | 0.4% | 4.3% | 33.3% | 434.2% | 46.8% | 83.3% | -12.7% |
| FCF Margin | 21.3% | 18.5% | 22.1% | 10.9% | 139.5% | 142.3% | 80.3% | 70.0% |
| Effective Tax Rate | 79.5% | -120.9% | -1.8% | 18.2% | 19.2% | -10.2% | 21.4% | 27.9% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.97 | $3.79 | $5.16 | $3.73 | $4.05 | $5.20 | $3.59 | $3.75 |
| Dividends Per Share | $4.12 | $2.52 | $0.73 | $2.44 | $1.35 | $2.67 | $0.91 | $0.95 |
| Shares Outstanding (Basic) | $645.0M | $645.0M | $645.0M | $645.0M | $646.1M | $643.3M | $598.0M | $539.3M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -2.77% |
| Return on Invested Capital | -0.10% |
| Return on Assets | -0.09% |
| Gross Margin | 86.71% |
| Operating Margin | 11.47% |
| Net Margin | 9.65% |
Financial Health
| Debt / Equity | 1.02 |
| Current Ratio | 6.25 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -172.75 | 43.19 | 20.73 | 1.82 | 1.59 | 12.59 | 8.02 | -44.37 |
| P/B | 0.00 | 0.00 | 0.36 | 0.49 | 1.38 | 1.18 | 1.56 | 1.23 |
| P/S | 0.89 | 1.01 | 0.89 | 0.61 | 6.90 | 5.91 | 6.68 | 5.63 |
| Gross Margin | 100.0% | -22.8% | -21.9% | 63.6% | 71.6% | 75.4% | 79.3% | 80.9% |
| Operating Margin | 29.3% | -37.7% | -35.4% | 45.8% | 558.3% | 39.8% | 104.7% | -18.7% |
| Net Margin | -0.5% | 0.4% | 4.3% | 33.3% | 434.2% | 46.8% | 83.3% | -12.7% |
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Explore sector: Financial Services · Asset Management
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