Equitable reports mixed results but looks ahead to a stronger 2026

Equitable Holdings reported mixed financial results for full-year 2025 and the fourth quarter, with the company posting a full-year loss but returning to profitability in the final quarter of the year.

The company reported a full-year net loss of $1.4 billion, or $(4.83) per share; fourth quarter net income of $215 million, or $0.70 per share

When it comes to non-GAAP, earnings were solid. Equitable generated $1.7 billion in non-GAAP earnings or $5.64 per share, for 2025, slightly below 2024 levels, while Q4 non-GAAP earnings rose to $513 million, or $1.73 per share, up from $1.55 per share a year earlier.

Despite these mixed results, the company revealed a lot of optimism for 2026 and a continued focus on retirement, asset management, and wealth management, which are the company’s three growth pillars.

In Other News:

Commercial real estate lending with AB: Equitable has plans to expand commercial real estate lending through its partnership with AllianceBernstein L.P or AB. AB is making investments to enhance its platform and will onboard more than $10 billion of Equitable’s commercial mortgage portfolio in the second half of 2026.

Elevated mortality claims: Equitable expects EPS growth to improve in 2026 and get the company back on track. The RGA transactions reduced its net mortality exposure by 75%. They believe that even if the 2025 experience were to recur, the bottom line impact would be materially reduced.

Wealth management: There has been a 12% growth in wealth planning and Equitable is very encouraged by its organic growth rate from existing advisors. They hired a veteran to bring on new advisors and are very intentional about who they recruit. Equitable has recruited 1.4 billion in assets for 2025.

Quarterly Snapshot:

• Equitable generated $1.6 billion in organic cash in 2025 and expects to climb to $1.8 billion in 2026.
• The company made strong progress on strategic priorities, reinsuring 75% of its in-force individual life block with RGA, executing its first Bermuda reinsurance transaction, and accelerating growth across Wealth Management and AB Private Markets.
• The Retirement segment saw first-year premiums increase 11% to $6.0 billion, though net inflows of $1.3 billion were lower than a year earlier.
• Equitable reduced shares outstanding by 9% for the full year, including $500 million of incremental share repurchases.

Management Perspective:

Mark Pearson, President and Chief Executive Officer of Equitable Holdings emphasized the company’s commitment to refining its business mix to focus on three growth engines: retirement, asset management, and wealth management.

“These are very attractive and growing markets and they’re integral to our mission of helping clients secure financial wellbeing and live long fulfilling lives,” said Pearson.

He then explained how Equitable’s integrated positioning along with its reinsurance transaction with RGA will create a more valuable company.  “Our business has solid momentum going into 2026,” Pearson added.

By The Numbers:

• Total Revenue: $3.27 billion for 2025 ($3.61 billion in 2024) and $11.6 billion in Q4 2025 ($12.42 billion in Q4 2024)
• Net Income: -$1.4 billion, or $(4.83) per share for 2025 and $215 million, or $0.70 per share for Q4 2025
• Earnings Per Share (EPS): Non-GAAP earnings $1.7 billion or $5.64 per share for 2025 ($5.92 in 2024) and $513 million or $1.73 per share for Q4 2025 ($1.55 in 2024)
• Share Repurchases: $1.8 billion in 2025, including $354 million in Q4 2025 and $500 million of additional share repurchases after the life reinsurance transaction
• Stock Price Movement: Shares dipped slightly as of Wednesday afternoon to $44.80

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Anna Baluch is a finance reporter and writer with more than a decade of experience. Contact her at [email protected]