Cash generation is decoupled from GAAP earnings, evidenced by an operating cash flow to net income ratio that fluctuated between -5.17 in 2024Q3 and 6.83 in 2025Q1.
| Cash from Operations | 840M | 713M | 1.64B | -208M | -250M | -193M | -61M | -216M | 61M | -243M | -236M | -192M |
| Operating CF Growth % | -244.1% | -56.47% | 887.5% | 16.8% | -29.53% | -216.39% | 71.76% | -454.1% | 125.1% | -2.97% | -22.92% | - |
| Operating CF / Revenue % | 7.42% | 6.11% | 13.17% | -1.98% | -1.98% | -2.53% | -0.49% | -2.25% | 0.51% | -1.95% | -2.01% | -1.9% |
| Net Income | -822M | -1.38B | 1.31B | 1.3B | 2.39B | 388M | -349M | -1.47B | 2.15B | 1.26B | 1.65B | 658M |
| Depreciation & Amortization | 663M | 872M | 0 | 812M | 636M | 519M | 1.76B | 675M | 296M | 399M | -21M | 9M |
| Stock-Based Compensation | 38M | 0 | 0 | -144M | 328M | 274M | 210M | 278M | 228M | 247M | 213M | 243M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.4B | 4.68B | 1.99B | 434M | -2.22B | 983M | -1.79B | 728M | -2.17B | -2.78B | -2.33B | -1.27B |
| Working Capital Changes | -3.64B | -3.46B | -1.66B | -2.61B | -1.39B | -2.36B | 110M | -430M | -448M | 637M | 254M | 169M |
| Cash from Investing | -12.58B | -10.75B | -15.36B | -4.85B | -7.49B | -12.69B | -7.82B | -8.5B | -2.05B | -9.69B | -5.77B | -2.14B |
| Capital Expenditures | -56M | -34M | -153M | -117M | -167M | -120M | -107M | -93M | -123M | -102M | -97M | -83M |
| Acquisitions | 148M | 214M | 340M | 0 | 40M | 0 | 219M | 0 | -472M | -130M | -21M | 0 |
| Purchase of Investments | -31.83B | -33.63B | -31.25B | -18.03B | -21.33B | -51.34B | -30.31B | -34.46B | -29.25B | -33.39B | -24.99B | -27.19B |
| Sale/Maturity of Investments | 20.16B | 22.94B | 14.9B | 15.26B | 17.02B | 40.44B | 23.82B | 26.69B | 26.82B | 22.57B | 20.05B | 25.21B |
| Other Investing | -1B | -274M | 795M | -1.97B | -3.05B | -1.68B | -1.44B | -627M | 978M | 1.36B | -709M | -78M |
| Cash from Financing | 13.24B | 15.5B | 12.1B | 9B | 7.04B | 11.95B | 9.67B | 8.71B | 1.66B | 9.07B | 5.11B | 2.9B |
| Dividends Paid | -377M | -375M | -382M | -381M | -374M | -375M | -350M | -285M | -157M | 0 | 0 | 0 |
| Share Repurchases | -2.51B | -2.82B | -1.26B | -1.06B | -1.06B | -1.9B | -579M | -1.52B | -2.25B | -275M | -236M | -214M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 293M | 494M | 775M | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K |
| Other Financing | 15.65B | 18.41B | 14.55B | 9.54B | 8.54B | 13.32B | 9.81B | 10.1B | 3.01B | 8.61B | 6.97B | 3.51B |
| Net Change in Cash | 1.52B | 5.5B | -1.64B | 3.96B | -907M | -991M | 1.77B | -64M | -345M | -840M | -903M | 555M |
| Exchange Rate Effect | 17M | 36M | -20M | 23M | -215M | -56M | -17M | -57M | -12M | 22M | -10M | -10M |
| Cash at Beginning | 12.46B | 7.46B | 9.11B | 4.28B | 5.19B | 6.18B | 4.41B | 4.47B | 4.81B | 5.65B | 6.56B | 6B |
| Cash at End | 9.9B | 12.96B | 7.46B | 8.24B | 4.28B | 5.19B | 6.18B | 4.41B | 4.47B | 4.81B | 5.65B | 6.56B |
| Free Cash Flow | 807M | 679M | 1.49B | -325M | -417M | -313M | -168M | -309M | -62M | -345M | -333M | -275M |
| FCF Growth % | -64.99% | -54.28% | 556.92% | 22.06% | -33.23% | -86.31% | 45.63% | -398.39% | 82.03% | -3.6% | -21.09% | - |
| FCF Margin % | 7.13% | 5.82% | 11.94% | -3.09% | -3.3% | -4.11% | -1.35% | -3.21% | -0.51% | -2.77% | -2.83% | -2.73% |
| FCF per Share | 2.84 | 2.28 | 4.57 | -0.92 | -1.1 | -0.75 | -0.37 | -0.63 | -0.11 | -0.61 | -0.59 | -0.49 |
Market-driven cash flow volatility
As reported in recent financial statements, Equitable Holdings' operating cash flow has demonstrated significant volatility, swinging from a $392 million outflow in 2023Q4 to an $892 million inflow in 2024Q2, illustrating the sensitivity of premium-based cash generation to broader market conditions and internal hedging requirements.
The inconsistency in operating cash flow suggests that the firm's core insurance operations are frequently overshadowed by non-operating cash movements. Investors should monitor whether this instability reflects fundamental shifts in premium collection or merely the timing of collateral requirements associated with the company's extensive hedging program.
Based on the provided quarterly data, EQH consistently maintains a high volume of investment activity, with quarterly purchases reaching as high as $9.4 billion in 2024Q2, indicating a strategy of active portfolio turnover to manage yield and duration in a shifting interest rate environment.
The persistent gap between investment purchases and sales suggests that the company is frequently deploying capital to reinvest in its general account. This high level of portfolio churn warrants further investigation into the transaction costs and potential tax implications of such frequent asset reallocation.
According to historical data, claims and loss payments have fluctuated significantly, peaking at $1.8 billion in 2024Q2 and 2025Q3, which suggests that the company's cash outflows are subject to periodic spikes that may not align perfectly with the timing of premium inflows.
These payment spikes appear to correlate with periods of market stress, potentially indicating that policyholder behavior or contract-specific triggers are driving accelerated cash outflows. Such dynamics may force the company to maintain higher levels of liquid assets than would otherwise be required for standard operations.
As indicated by recent filings, EQH has maintained aggressive capital return programs, with buybacks totaling $1.3 billion in 2025Q2 alone, despite periods of negative net income and inconsistent operating cash flow, which raises questions regarding the long-term sustainability of these distributions.
The reliance on share buybacks during quarters where operating cash flow is minimal or negative suggests that the company may be utilizing balance sheet liquidity or capital reserves to fund shareholder returns. This strategy appears to prioritize investor sentiment over the preservation of statutory capital buffers.
Based on the reported figures, the ratio of operating cash flow to net income has shown extreme variance, ranging from a low of -5.17 in 2024Q3 to a high of 6.83 in 2025Q1, highlighting a profound disconnect between GAAP accounting results and actual cash generation.
This divergence suggests that non-cash accounting adjustments, particularly those related to hedging and reserve valuation, are significantly distorting the company's reported profitability. Analysts should treat GAAP net income as a secondary metric, focusing instead on the underlying cash flow trends to assess the firm's true economic health.
Quick answers to the most common questions about buying EQH stock.
Equitable Holdings, Inc. (EQH) generated $713.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Equitable Holdings, Inc. (EQH) generated $679.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Equitable Holdings, Inc. (EQH) spent $34.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Equitable Holdings, Inc. (EQH) returned $375.0M to shareholders via cash dividends and spent $2.82B on share repurchases. This shows the company's commitment to returning capital to its equity investors.