Corebridge maintains structural resilience with gross margins consistently hovering around 80%, despite GAAP operating margins experiencing extreme fluctuations such as the -121.8% reported in 2025Q1.
| Sales/Revenue | 6.22B | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 4.84B | 2.34B | 2.12B | 1.78B | 1.34B | 14.05B | -3.31B | -3.01B |
| Gross Margin % | 77.72% | 80.89% | 79.31% | 75.41% | 71.58% | 63.57% | -21.95% | -22.78% |
| Gross Profit Growth % | - | 10.03% | 19.39% | 32.27% | -90.43% | 524.95% | - | - |
| Operating Expenses | 4.42B | 2.88B | -679M | 839M | -9.15B | 3.92B | 8.8B | 7.68B |
| OpEx % of Revenue | - | 99.62% | -25.35% | 35.57% | -486.75% | 17.75% | 58.44% | 58.18% |
| Selling, General & Admin | 1.49B | 2B | 2.09B | 2.36B | 2.32B | 0 | 2.03B | 1.98B |
| SG&A % of Revenue | - | 69.3% | 78.04% | 100.04% | 123.63% | - | 13.46% | 14.95% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 418M | -541M | 2.8B | 940M | 10.49B | 10.13B | -5.33B | -4.98B |
| Operating Margin % | 6.72% | -18.73% | 104.67% | 39.85% | 558.33% | 45.83% | -35.41% | -37.73% |
| Operating Income Growth % | - | -119.3% | 198.19% | -91.04% | 3.59% | 289.89% | - | - |
| EBITDA | 1.01B | 15M | 3B | 1.31B | 11.08B | 10.69B | -5.01B | -4.69B |
| EBITDA Margin % | 16.22% | 0.52% | 111.87% | 55.36% | 589.46% | 48.37% | -33.25% | -35.5% |
| EBITDA Growth % | -11.72% | -99.5% | 129.4% | -88.21% | 3.62% | 313.44% | - | - |
| D&A (Non-Cash Add-back) | 467M | 556M | 193M | 366M | 585M | 562M | 325M | 294M |
| EBIT | 946M | 11M | 3.36B | 1.52B | 11.03B | 10.52B | 1.34B | 694M |
| Net Interest Income | 1.65B | 2.34B | 2.12B | 1.78B | 1.34B | -389M | -490M | -555M |
| Interest Income | 2.18B | 2.89B | 2.68B | 2.36B | 1.88B | 0 | 0 | 0 |
| Interest Expense | 528M | 552M | 554M | 580M | 534M | 389M | 490M | 555M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 418M | -541M | 2.8B | 940M | 10.49B | 10.13B | 851M | 139M |
| Pretax Margin % | 6.72% | -18.73% | 104.67% | 39.85% | 558.33% | 45.83% | 5.65% | 1.05% |
| Income Tax | 212M | -151M | 600M | -96M | 2.01B | 1.84B | -15M | -168M |
| Effective Tax Rate % | 50.72% | 27.91% | 21.41% | -10.21% | 19.18% | 18.2% | -1.76% | -120.86% |
| Net Income | 245M | -366M | 2.23B | 1.1B | 8.16B | 7.36B | 642M | 50M |
| Net Margin % | 3.94% | -12.67% | 83.27% | 46.8% | 434.22% | 33.28% | 4.26% | 0.38% |
| Net Income Growth % | -64.39% | -116.41% | 101.99% | -86.47% | 10.93% | 1045.64% | - | - |
| Net Income (Continuing) | 206M | -390M | 2.2B | 1.04B | 8.48B | 8.28B | 866M | 307M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 736M | 759M | 864M | 869M | 939M | 1.84B | 2.6B | 0 |
| EPS (Diluted) | 0.52 | -0.68 | 3.72 | 1.71 | 12.60 | 11.40 | 1.00 | 0.48 |
| EPS Growth % | -53.78% | -118.28% | 117.54% | -86.43% | 10.53% | 1040% | - | - |
| EPS (Basic) | - | -0.68 | 3.73 | 1.72 | 12.63 | 11.40 | 1.00 | 0.48 |
| Diluted Shares Outstanding | 473.5M | 539.3M | 599.2M | 645.2M | 647.4M | 645M | 645M | 645M |
| Basic Shares Outstanding | 473.5M | 539.3M | 598M | 643.3M | 646.1M | 645M | 645M | 645M |
| Dividend Payout Ratio | - | - | 24.39% | 155.98% | 10.74% | 21.44% | 73.52% | 3248% |
Accounting volatility from LDTI
As reported in financial statements, Corebridge maintains a robust gross margin profile, consistently hovering around 80% over the last ten quarters, which suggests that the underlying insurance product pricing remains structurally sound despite significant fluctuations in GAAP operating margins driven by non-cash actuarial adjustments and market-related hedging impacts.
The stability of the gross margin indicates that the company's core underwriting and fee-based retirement business retains significant pricing power. However, the extreme variance in operating margins, which swung from -121.8% in 2025Q1 to 134.9% in 2025Q4, highlights that GAAP profitability is currently dominated by accounting noise rather than operational efficiency. Investors should monitor whether these swings continue to obscure the true cash-generating capacity of the retirement franchise.
Based on recent SEC filings, Corebridge's net income exhibits extreme volatility, with quarterly results ranging from a $2.2 billion profit in 2024Q4 to a $1.3 billion loss in 2023Q4, largely reflecting the impact of LDTI accounting standards and mark-to-market adjustments on hedging instruments.
The reported net income figures appear to be heavily influenced by non-economic accounting changes that do not necessarily reflect the company's long-term solvency or dividend-paying capacity. Analysts should look past these GAAP distortions to focus on adjusted operating earnings, as the current net margin profile is likely a poor proxy for the underlying health of the business. The lack of stock-based compensation expense suggests a simplified compensation structure, though this warrants further investigation into potential hidden costs.
According to historical income statement data, Corebridge continues to carry a substantial SG&A burden, with quarterly expenses frequently exceeding $500 million, which suggests that the company is still in the process of rightsizing its cost structure following its separation from its former parent organization.
The persistent level of SG&A spending relative to revenue indicates that the company has not yet achieved the full benefits of its standalone operational model. While the partnership with BlackRock may eventually lower overhead, the current expense discipline appears insufficient to offset the volatility in the top line. Investors should watch for evidence of operating leverage as the company matures into its independent status.
As indicated by the provided financial data, the company's negative net margins in multiple periods may lead short-sellers to question the sustainability of its capital return program, particularly if statutory capital levels are pressured by the same market factors driving GAAP losses in the insurance segments.
While the 403(b) franchise provides a stable fee base, the reliance on spread-based income in the Individual Retirement segment leaves the company vulnerable to sustained interest rate shifts or market downturns. The market's current valuation may be ignoring the risk that persistent accounting volatility could lead to a permanent impairment of investor confidence. Further investigation into the sensitivity of the company's hedging program is necessary to determine if these losses are truly temporary.
Quick answers to the most common questions about buying CRBG stock.
Corebridge Financial, Inc. (CRBG) reported a net loss of $366.0M for the fiscal year ending 2025.
Corebridge Financial, Inc. (CRBG) reported an operating income of $-541.0M, resulting in an operating profit margin of -18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Corebridge Financial, Inc. (CRBG) generated $2.34B in gross profit for the year, representing a gross profit margin of 80.9%. This demonstrates the company's core pricing power and production efficiency.