Detailed financial statements for Equitable Holdings, Inc. (EQH): 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.
Equitable Holdings, Inc. operates as a global, diversified financial services enterprise, delivering its offerings through four primary divisions. The Individual Retirement segment focuses on providing variable annuity products predominantly to high-net-worth individuals.
Analysis Summary
Equitable Holdings, Inc. reported revenue of $11.66B in the most recent fiscal year, growing at a 5-year CAGR of -1.2%.
Trailing-twelve-month margins: gross margin 72.7%, operating margin -5.7%, net margin -8.7%.
At the current price of $54.00, EQH has negative trailing earnings (P/E not meaningful) and an ROE of 8.46%. Market capitalisation stands at $14.7B, placing it among large-cap names.
Balance sheet quality for EQH: current ratio of 0.6, net cash position of $46.17B. 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.76B | $12.46B | $12.07B | $9.62B | $12.41B | $7.61B | $12.64B | $10.53B | $12.44B | $11.66B |
| Cost of Revenue | $6.09B | $6.95B | $5.46B | $7.49B | $9.51B | $291.0M | $5.07B | $5.34B | $5.84B | $2.43B |
| Gross Profit | $5.67B | $5.51B | $6.61B | $2.13B | $2.90B | $7.32B | $7.58B | $5.19B | $6.60B | $9.23B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.97B | $1.98B | $2.08B | $2.08B | $2.10B | $2.36B | $2.20B | $2.33B | $2.44B | 0 |
| Operating Expenses | $3.65B | $4.21B | $4.12B | $4.19B | $4.00B | $4.71B | $4.59B | $4.45B | $4.49B | $10.43B |
| Operating Income | $2.03B | $1.31B | $2.49B | -$2.06B | -$1.09B | $2.61B | $2.99B | $738.0M | $2.11B | -$1.19B |
| EBITDA | $2.96B | $1.86B | $3.02B | -$1.16B | $864.0M | $3.37B | $3.83B | $1.78B | $3.20B | -$97.0M |
| Interest Expense | $174.0M | $160.0M | $231.0M | $221.0M | $200.0M | $244.0M | $201.0M | $228.0M | $226.0M | $224.0M |
| Pre-tax Income | $2.03B | $1.31B | $2.49B | -$2.06B | -$1.09B | $2.61B | $2.99B | $738.0M | $2.11B | -$1.19B |
| Income Tax | $378.0M | $49.0M | $301.0M | -$593.0M | -$744.0M | $439.0M | $598.0M | -$905.0M | $288.0M | -$156.0M |
| Net Income | $1.25B | $834.0M | $1.85B | -$1.76B | -$648.0M | $1.75B | $2.15B | $1.30B | $1.31B | -$1.38B |
| EPS | $2.24 | $1.49 | $3.27 | $-3.51 | $-1.56 | $4.02 | $5.49 | $3.49 | $3.82 | $-4.83 |
| EPS (Diluted) | $2.24 | $1.49 | $3.27 | $-3.51 | $-1.56 | $4.02 | $5.46 | $3.48 | $3.78 | $-4.83 |
| Shares Outstanding (Diluted) | $561.0M | $561.0M | $556.5M | $493.6M | $450.4M | $417.4M | $379.9M | $351.6M | $324.8M | $298.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.45B | $3.28B | $4.23B | $1.66B |
| Gross Profit | -$246.0M | $2.89B | $3.84B | $1.24B |
| Operating Income | -$1.35B | $344.0M | $887.0M | -$493.0M |
| EBITDA | -$1.07B | $611.0M | $1.17B | -$223.0M |
| Net Income | -$1.31B | $215.0M | $621.0M | -$453.0M |
| EPS | $-4.47 | $0.71 | $2.16 | $-1.67 |
| EPS (Diluted) | $-4.47 | $0.70 | $2.14 | $-1.67 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.65B | $4.81B | $4.47B | $4.41B | $6.18B | $5.19B | $4.28B | $8.24B | $6.96B | $12.46B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $78.22B | $63.36B | $72.58B | $84.62B | $40.27B |
| Receivables | 0 | 0 | 0 | 0 | 0 | $17.47B | $11.59B | $12.24B | $11.86B | $24.87B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $29.76B | $30.75B | $30.59B | $22.60B | $24.77B | $28.75B | $20.32B | $94.04B | $104.08B | $78.50B |
| Property, Plant & Equipment | 0 | 0 | 0 | $687.0M | $691.0M | $637.0M | $520.0M | 0 | 0 | 0 |
| Goodwill | $4.94B | $4.57B | $4.57B | $4.58B | $4.60B | $4.61B | $5.13B | 0 | 0 | 0 |
| Intangible Assets | $487.0M | $416.0M | $388.0M | $360.0M | $331.0M | $316.0M | $571.0M | $12.14B | $12.54B | $12.83B |
| Total Assets | $216.65B | $235.62B | $220.80B | $249.82B | $275.40B | $292.26B | $252.70B | $276.81B | $295.72B | $317.99B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | $6.26B | $5.57B | $4.88B | $4.12B | $4.85B |
| Short-term Debt | $4.85B | $4.84B | $1.12B | 0 | 0 | $92.0M | $759.0M | $254.0M | 0 | $25.0M |
| Total Current Liabilities | $12.14B | $11.86B | $8.14B | $13.79B | $18.17B | $16.69B | $6.34B | $100.96B | $115.89B | $138.87B |
| Long-term Debt | $3.25B | $3.08B | $4.41B | $4.11B | $4.43B | $5.03B | $4.47B | $5.38B | $5.95B | $6.54B |
| Total Liabilities | $201.69B | $218.47B | $205.18B | $234.41B | $258.08B | $278.70B | $249.11B | $271.66B | $292.17B | $316.20B |
| Retained Earnings | $11.44B | $12.22B | $13.99B | $11.74B | $10.70B | $8.88B | $9.82B | $10.24B | $10.65B | $8.37B |
| Total Equity | $11.46B | $13.42B | $13.87B | $13.46B | $15.58B | $11.52B | $1.40B | $2.65B | $1.58B | -$74.0M |
| Total Debt | $8.10B | $7.92B | $5.53B | $4.99B | $5.28B | $5.89B | $5.85B | $5.63B | $5.95B | $6.56B |
| Net Debt | -$7.27B | -$11.07B | -$14.96B | -$6.44B | -$6.45B | -$77.51B | -$61.79B | -$75.19B | -$85.64B | -$46.17B |
| Working Capital | $17.62B | $18.89B | $22.45B | $8.81B | $6.60B | $12.06B | $13.97B | -$6.92B | -$11.81B | -$60.36B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $13.60B | $12.46B | $9.90B | $17.18B |
| Total Assets | $314.41B | $317.99B | $310.38B | $334.66B |
| Total Liabilities | $312.46B | $316.20B | $308.13B | $333.43B |
| Total Equity | $148.0M | -$74.0M | $273.0M | -$785.0M |
| Total Debt | $6.36B | $6.56B | $6.93B | $3.84B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.65B | $1.26B | $2.15B | -$1.47B | -$349.0M | $388.0M | $2.39B | $1.30B | $1.31B | -$1.38B |
| Depreciation & Amortization | -$21.0M | $399.0M | $296.0M | $675.0M | $1.76B | $519.0M | $636.0M | $812.0M | 0 | $872.0M |
| Stock-based Compensation | $213.0M | $247.0M | $228.0M | $278.0M | $210.0M | $274.0M | $328.0M | -$144.0M | 0 | 0 |
| Change in Working Capital | $254.0M | $637.0M | -$448.0M | -$430.0M | $110.0M | -$2.36B | -$1.39B | -$2.61B | -$1.66B | -$3.46B |
| Operating Cash Flow | -$236.0M | -$243.0M | $61.0M | -$216.0M | -$61.0M | -$193.0M | -$250.0M | -$208.0M | $1.64B | $713.0M |
| Capital Expenditure | -$97.0M | -$102.0M | -$123.0M | -$93.0M | -$107.0M | -$120.0M | -$167.0M | -$117.0M | -$153.0M | -$34.0M |
| Acquisitions | -$21.0M | -$130.0M | -$472.0M | 0 | $219.0M | 0 | $40.0M | 0 | $340.0M | $214.0M |
| Stock Repurchased | -$236.0M | -$275.0M | -$2.25B | -$1.52B | -$579.0M | -$1.90B | -$1.06B | -$1.06B | -$1.26B | -$2.82B |
| Dividends Paid | 0 | 0 | -$157.0M | -$285.0M | -$350.0M | -$375.0M | -$374.0M | -$381.0M | -$382.0M | -$375.0M |
| Free Cash Flow | -$333.0M | -$345.0M | -$62.0M | -$309.0M | -$168.0M | -$313.0M | -$417.0M | -$325.0M | $1.49B | $679.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $369.0M | -$80.0M | $499.0M | $643.0M |
| Capital Expenditure | -$33.0M | $16.0M | -$9.0M | -$10.0M |
| Free Cash Flow | $336.0M | -$64.0M | $490.0M | $633.0M |
| Dividends Paid | -$97.0M | -$90.0M | -$90.0M | -$96.0M |
| Stock-based Compensation | $16.0M | 0 | $22.0M | $38.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.9% | -3.1% | -20.3% | +29.1% | -38.7% | +66.1% | -16.7% | +18.1% | -6.2% | |
| Net Income Growth (YoY) | -33.5% | +122.4% | -195.1% | +63.3% | +370.8% | +22.7% | -39.5% | +0.4% | -205.6% | |
| EPS Growth (YoY) | -33.5% | +119.5% | -207.3% | +55.6% | +357.7% | +36.6% | -36.4% | +9.5% | -226.4% | |
| Shares Change (YoY) | +0.0% | -0.8% | -11.3% | -8.8% | -7.3% | -9.0% | -7.4% | -7.6% | -8.2% | |
| FCF Growth (YoY) | -3.6% | +82.0% | -398.4% | +45.6% | -86.3% | -33.2% | +22.1% | +556.9% | -54.3% | |
| Gross Margin | 48.2% | 44.3% | 54.8% | 22.2% | 23.4% | 96.2% | 59.9% | 49.3% | 53.1% | 79.1% |
| Operating Margin | 17.2% | 10.5% | 20.6% | -21.4% | -8.8% | 34.3% | 23.7% | 7.0% | 17.0% | -10.2% |
| EBITDA Margin | 25.2% | 15.0% | 25.0% | -12.1% | 7.0% | 44.3% | 30.3% | 16.9% | 25.7% | -0.8% |
| Net Margin | 10.7% | 6.7% | 15.4% | -18.3% | -5.2% | 23.0% | 17.0% | 12.4% | 10.5% | -11.8% |
| FCF Margin | -2.8% | -2.8% | -0.5% | -3.2% | -1.4% | -4.1% | -3.3% | -3.1% | 11.9% | 5.8% |
| Effective Tax Rate | 18.6% | 3.8% | 12.1% | 28.8% | 68.1% | 16.8% | 20.0% | -122.6% | 13.6% | 13.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.59 | $-0.61 | $-0.11 | $-0.63 | $-0.37 | $-0.75 | $-1.10 | $-0.92 | $4.57 | $2.28 |
| Dividends Per Share | $0.00 | $0.00 | $0.28 | $0.58 | $0.78 | $0.90 | $0.98 | $1.08 | $1.18 | $1.26 |
| Shares Outstanding (Basic) | $561.0M | $561.0M | $556.4M | $493.6M | $450.4M | $417.4M | $377.6M | $350.1M | $321.2M | $298.1M |
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 | 845.66% |
| Return on Invested Capital | -0.16% |
| Return on Assets | -0.28% |
| Gross Margin | 72.67% |
| Operating Margin | -5.75% |
| Net Margin | -8.72% |
Financial Health
| Debt / Equity | -4.89 |
| Current Ratio | 10.10 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.14 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.08 | 13.65 | 5.09 | -7.06 | -16.40 | 8.16 | 5.23 | 9.54 | 12.35 | -9.87 |
| P/B | 1.00 | 0.85 | 0.67 | 0.91 | 0.74 | 1.19 | 7.74 | 4.40 | 9.56 | -191.95 |
| P/S | 0.97 | 0.92 | 0.77 | 1.27 | 0.93 | 1.80 | 0.86 | 1.11 | 1.22 | 1.22 |
| Gross Margin | 48.2% | 44.3% | 54.8% | 22.2% | 23.4% | 96.2% | 59.9% | 49.3% | 53.1% | 79.1% |
| Operating Margin | 17.2% | 10.5% | 20.6% | -21.4% | -8.8% | 34.3% | 23.7% | 7.0% | 17.0% | -10.2% |
| Net Margin | 10.7% | 6.7% | 15.4% | -18.3% | -5.2% | 23.0% | 17.0% | 12.4% | 10.5% | -11.8% |
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Explore sector: Financial Services · Asset Management
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