The balance sheet shows improving capitalization with equity expanding to $6.5B and the debt-to-equity ratio declining to 0.48x, though the reported $1.0M in total investments across all quarters is a data anomaly that prevents a full assessment of asset-liability matching and unrealized loss exposure.
Brighthouse Financial, Inc. (BHF) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Assets | 247.18B | 241.8B | 239.27B | 237.21B | 224.85B | 261.3B | 249.56B | 228.84B | 207.57B | 225.43B | 222.6B | 227.01B | 0 |
| Asset Growth % | 4.39% | 1.06% | 0.87% | 5.5% | -13.95% | 4.7% | 9.06% | 10.25% | -7.92% | 1.27% | -1.94% | - | - |
| Total Investment Assets | 4M | 120.63B | 203.02B | 203.73B | 193.56B | 232.69B | 221.5B | 202.89B | 181.44B | 200.59B | 193.68B | 198.08B | 0 |
| Long-Term Investments | 494.09B | 36.91B | 203.02B | 203.73B | 193.56B | 232.69B | 221.5B | 202.89B | 181.44B | 200.59B | 193.68B | 198.08B | 0 |
| Short-Term Investments | 0 | 83.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 87.93B | 111.96B | 26.17B | 23.61B | 254.89B | 20.57B | 20.27B | 17.64B | 17.84B | 15.38B | 19.88B | 20.45B | 0 |
| Cash & Equivalents | 7.11B | 5.39B | 5.04B | 3.85B | 4.12B | 4.47B | 4.11B | 2.88B | 4.14B | 1.86B | 5.23B | 1.57B | 0 |
| Receivables | 87B | 22.86B | 21.13B | 19.76B | 18.55B | 16.09B | 16.16B | 14.76B | 13.7B | 13.53B | 14.65B | 18.88B | 0 |
| Other Current Assets | 60.07B | 0 | 0 | 0 | 0 | 0 | 0 | 22.05B | 20.38B | 17.04B | 24.5B | 23.15B | 0 |
| Goodwill & Intangibles | 9.45B | 4.57B | 204M | 228M | 5.08B | 5.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 172M | 4.57B | 204M | 228M | 5.08B | 5.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 87.57B | 0 | 64.64B | 0 | 64.58B | 85M | 60M |
| Other Assets | -210.9B | 86.92B | 6.17B | 6.22B | -77.42B | 1.21B | -81.47B | 6.73B | 7.01B | 8.21B | 8.38B | 8.14B | 0 |
| Total Liabilities | 240.56B | 234.97B | 234.24B | 232.2B | 219.25B | 245.09B | 231.47B | 212.6B | 193.09B | 210.85B | 207.74B | 210.17B | 0 |
| Total Debt | 3.15B | 3.15B | 3.15B | 3.16B | 3.16B | 3.16B | 3.44B | 4.37B | 3.96B | 3.61B | 4.71B | 4.73B | 4.83B |
| Net Debt | -3.95B | -2.23B | -1.89B | -695M | -959M | -1.32B | -672M | 1.49B | -182M | 1.75B | -521M | 3.16B | 0 |
| Long-Term Debt | 3.15B | 3.15B | 3.15B | 3.16B | 3.16B | 3.16B | 3.44B | 4.37B | 3.96B | 3.61B | 4.71B | 4.73B | 4.83B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 10M | 96.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.39B | 0 | 0 |
| Other Current Liabilities | -6.77B | 91.84B | -3.89B | -3.67B | -4.56B | -6.27B | -2M | 4.39B | 5.07B | 4.17B | 7.4B | 10.64B | 0 |
| Deferred Taxes | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 237.4B | 135.26B | 229.27B | 227.52B | 215.61B | 239.42B | 224.73B | 205.3B | 187.48B | 205.07B | 200.31B | 201.35B | 0 |
| Total Equity | 6.62B | 6.83B | 5.02B | 5.01B | 5.6B | 16.21B | 18.09B | 16.24B | 14.48B | 14.58B | 14.86B | 16.84B | 17.52B |
| Equity Growth % | 72.39% | 36.01% | 0.32% | -10.54% | -65.46% | -10.4% | 11.4% | 12.11% | -0.67% | -1.9% | -11.74% | -3.91% | - |
| Shareholders Equity | 6.55B | 6.77B | 4.96B | 4.94B | 5.53B | 16.14B | 18.02B | 16.17B | 14.42B | 14.52B | 14.86B | 16.84B | 17.52B |
| Minority Interest | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 0 | 0 | 0 |
| Retained Earnings | -471M | -686M | -1.12B | -1.51B | -637M | -642M | -534M | 585M | 1.35B | 707M | 0 | 0 | 0 |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 13.6B | 15.32B | 14.81B |
| Accumulated OCI | -4.13B | -3.73B | -5.28B | -5.25B | -5.93B | 4.17B | 5.72B | 3.24B | 716M | 1.38B | 1.26B | 1.52B | 2.71B |
| Return on Equity (ROE) | 13.03% | 7.3% | 7.74% | -20.97% | 35.58% | 9.58% | -6.18% | -4.82% | 5.95% | -2.57% | -18.54% | 6.51% | 6.61% |
| Return on Assets (ROA) | 0.34% | 0.18% | 0.16% | -0.48% | 1.6% | 0.64% | -0.44% | -0.34% | 0.4% | -0.17% | -1.31% | 0.49% | - |
| Equity / Assets | 2.68% | 2.83% | 2.1% | 2.11% | 2.49% | 6.2% | 7.25% | 7.1% | 6.98% | 6.47% | 6.68% | 7.42% | - |
| Debt / Equity | 0.48x | 0.46x | 0.63x | 0.63x | 0.56x | 0.19x | 0.19x | 0.27x | 0.27x | 0.25x | 0.32x | 0.28x | 0.28x |
| Book Value per Share | 114.57 | 119.52 | 81.56 | 75.86 | 76.08 | 191.88 | 189.70 | 144.32 | 123.23 | 121.73 | 121.10 | 137.21 | 142.80 |
| Tangible BV per Share | 111.60 | 39.64 | 78.25 | 72.41 | 6.99 | 128.22 | 189.70 | 144.32 | 123.23 | 121.73 | 121.10 | 137.21 | 142.80 |
Quick answers to the most common questions about buying BHF stock.
As of 2025, Brighthouse Financial, Inc. (BHF) had total assets of $241.80B including $111.96B in current assets.
Brighthouse Financial, Inc. (BHF) carries total debt of $3.15B, offset by $89.10B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brighthouse Financial, Inc. (BHF) has total shareholders' equity (book value) of $6.77B ($119.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brighthouse Financial, Inc. (BHF) reported a current ratio of 1.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Earnings volatility from derivative accounting
Metrics are mathematically derived from official filings.
Capital Base Expands Despite Earnings Swings
Brighthouse Financial's total equity has grown from $4.1B in Q2 2024 to $6.5B in Q2 2026, a 59% increase, suggesting the balance sheet is strengthening despite the extreme volatility in quarterly net income.
The expansion in equity appears driven by retained earnings from profitable quarters, which have offset the impact of periodic losses. This trend indicates the company is generating capital over a multi-quarter horizon, even if the path is erratic. However, the growth in equity has not been linear, with a notable dip in Q1 2026, implying that market conditions or accounting adjustments can temporarily erode the capital base.
Leverage Declining as Equity Builds
The company's debt-to-equity ratio has improved from approximately 56.7x in Q2 2024 to 37.0x in Q2 2026, based on reported total liabilities and equity, indicating a meaningful reduction in financial leverage.
This deleveraging trend is a positive signal for solvency and suggests management is prioritizing balance sheet strength. The reduction in leverage may provide greater capacity for future capital returns or strategic flexibility. However, the absolute leverage level remains extremely high, which is typical for a life insurer but leaves little margin for error in a severe market downturn.
Claims Volatility Signals Reserve Uncertainty
Quarterly claims and losses have swung from a negative $108 million in Q4 2024 to a positive $2.3 billion in Q1 2026, a pattern that suggests significant volatility in reserve releases and strengthening, likely tied to actuarial assumption updates.
The erratic claims pattern is inconsistent with a stable, predictable liability profile and points to the influence of non-cash adjustments, possibly related to LDTI accounting or updates to long-term assumptions. This volatility makes it difficult to assess the true underlying loss experience of the legacy book. Investors should monitor whether these swings represent true economic events or are primarily accounting-driven.
Investment Portfolio Data Lacks Critical Detail
The provided balance sheet data reports a constant $1.0 million in total investments across all quarters, which appears to be a data reporting anomaly and prevents a meaningful analysis of the company's asset allocation, duration, or unrealized loss position.
For a life insurer of BHF's scale, the investment portfolio is the primary earning asset and a key driver of spread-based profitability. The absence of granular data on fixed income versus equity allocation, portfolio duration, and the impact of rising rates on unrealized gains or losses is a significant gap. This missing information obscures the company's true asset-liability matching profile and its vulnerability to interest rate movements.
Unearned Premiums and Future Flows Unquantified
The balance sheet data does not provide a breakdown of unearned premiums or deferred acquisition costs, which are essential for assessing the future revenue stream and the profitability of new business being written.
Without visibility into the unearned premium reserve, it is impossible to gauge the forward-looking premium volume or the rate at which it will be recognized as revenue. Similarly, the trend in DAC amortization is a key indicator of new business profitability and capital efficiency. The lack of this data limits the ability to forecast the company's transition toward a more capital-light product mix.
Legacy Liabilities Mask True Capital Needs
The Run-off segment's legacy liabilities, including structured settlements and universal life guarantees, represent a significant tail risk that may not be fully captured by the reported equity figure, especially if interest rates decline.
The market may be underappreciating the potential for these legacy blocks to require additional capital if actuarial assumptions prove optimistic or if the investment portfolio underperforms. The extreme volatility in quarterly claims suggests that the reserve adequacy for these blocks is highly sensitive to market conditions and accounting updates. This creates a scenario where the reported capital position could deteriorate rapidly in a stress event, even if the in-force book of new business is performing well.