Combined ratio swung from 66.9% in 2024Q4 to 193.0% in 2025Q3 and back to 129.7% in 2026Q2, suggesting headline margins are being driven by episodic reserve and hedging adjustments rather than stable underwriting economics.
Equitable Holdings, Inc. (EQH) annual income statement — 11-year revenue, gross profit & net income 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 |
|---|
| Revenue | 13.05B | 11.66B | 12.44B | 10.53B | 12.64B | 7.61B | 12.41B | 9.62B | 12.07B | 12.46B | 11.76B | 10.08B |
| Revenue Growth % | 15.07% | -6.21% | 18.13% | -16.74% | 66.06% | -38.67% | 29.07% | -20.3% | -3.14% | 5.93% | 16.71% | - |
| Medical Costs & Claims | 1.58B | 2.43B | 5.84B | 5.34B | 5.07B | 291M | 9.51B | 7.49B | 5.46B | 6.95B | 6.09B | 5.75B |
| Medical Cost Ratio % | 12.09% | 20.86% | 46.93% | 50.68% | 40.06% | 3.82% | 76.62% | 77.84% | 45.23% | 55.74% | 51.76% | 57.07% |
| Gross Profit | 11.47B | 9.23B | 6.6B | 5.19B | 7.58B | 7.32B | 2.9B | 2.13B | 6.61B | 5.51B | 5.67B | 4.33B |
| Gross Margin % | 87.91% | 79.14% | 53.07% | 49.32% | 59.94% | 96.18% | 23.38% | 22.16% | 54.77% | 44.26% | 48.24% | 42.93% |
| Gross Profit Growth % | - | 39.88% | 27.12% | -31.49% | 3.5% | 152.26% | 36.16% | -67.75% | 19.85% | -2.82% | 31.15% | - |
| Operating Expenses | 9.34B | 10.43B | 4.49B | 4.45B | 4.59B | 4.71B | 4B | 4.19B | 4.12B | 4.21B | 3.65B | 3.89B |
| OpEx / Revenue % | 71.62% | 89.37% | 36.09% | 42.31% | 36.28% | 61.91% | 32.19% | 43.58% | 34.14% | 33.78% | 31.01% | 38.56% |
| Depreciation & Amortization | 683M | 872M | 868M | 812M | 636M | 519M | 1.76B | 675M | 296M | 399M | 758M | 9M |
| Combined Ratio % | 83.7% | 110.23% | 83.03% | 92.99% | 76.34% | 65.73% | 108.8% | 121.42% | 79.37% | 89.52% | 82.77% | 95.62% |
| Operating Income | 2.13B | -1.19B | 2.11B | 738M | 2.99B | 2.61B | -1.09B | -2.06B | 2.49B | 1.31B | 2.03B | 441M |
| Operating Margin % | 16.3% | -10.23% | 16.97% | 7.01% | 23.66% | 34.27% | -8.8% | -21.42% | 20.63% | 10.48% | 17.23% | 4.38% |
| Operating Income Growth % | - | -156.51% | 186.04% | -75.33% | 14.68% | 338.7% | 46.94% | -182.73% | 90.66% | -35.57% | 359.64% | - |
| EBITDA | 2.86B | -321M | 2.98B | 1.55B | 3.63B | 3.13B | 664M | -1.39B | 2.79B | 1.71B | 2.79B | 450M |
| EBITDA Margin % | 21.95% | -2.75% | 23.95% | 14.72% | 28.69% | 41.08% | 5.35% | -14.4% | 23.08% | 13.68% | 23.68% | 4.46% |
| Interest Expense | 220M | 224M | 226M | 228M | 201M | 244M | 200M | 221M | 231M | 160M | 174M | 136M |
| Non-Operating Income | -220M | -224M | -226M | -228M | -201M | -244M | -200M | -221M | -231M | -160M | -174M | -136M |
| Pretax Income | 2.13B | -1.19B | 2.11B | 738M | 2.99B | 2.61B | -1.09B | -2.06B | 2.49B | 1.31B | 2.03B | 441M |
| Pretax Margin % | 16.3% | -10.23% | 16.97% | 7.01% | 23.66% | 34.27% | -8.8% | -21.42% | 20.63% | 10.48% | 17.23% | 4.38% |
| Income Tax | 251M | -156M | 288M | -905M | 598M | 439M | -744M | -593M | 301M | 49M | 378M | -217M |
| Effective Tax Rate % | 11.81% | 13.08% | 13.64% | -122.63% | 19.99% | 16.83% | 68.07% | 28.79% | 12.09% | 3.75% | 18.65% | -49.21% |
| Net Income | 1.5B | -1.38B | 1.31B | 1.3B | 2.15B | 1.75B | -648M | -1.76B | 1.85B | 834M | 1.25B | 333M |
| Net Margin % | 11.53% | -11.83% | 10.51% | 12.37% | 17.03% | 23.05% | -5.22% | -18.34% | 15.37% | 6.69% | 10.66% | 3.3% |
| Net Income Growth % | 316.09% | -205.59% | 0.38% | -39.53% | 22.68% | 370.83% | 63.27% | -195.09% | 122.42% | -33.49% | 276.58% | - |
| EPS (Diluted) | 5.50 | -4.83 | 3.78 | 3.48 | 5.46 | 4.02 | -1.56 | -3.51 | 3.27 | 1.49 | 2.24 | 0.59 |
| EPS Growth % | 289.13% | -227.78% | 8.62% | -36.26% | 35.82% | 357.69% | 55.56% | -207.34% | 119.46% | -33.48% | 279.66% | - |
| EPS (Basic) | - | -4.83 | 3.82 | 3.49 | 5.49 | 4.02 | -1.56 | -3.51 | 3.27 | 1.49 | 2.24 | 0.59 |
| Diluted Shares Outstanding | 273.4M | 298.1M | 324.8M | 351.6M | 379.9M | 417.4M | 450.4M | 493.6M | 556.5M | 561M | 561M | 561M |
Quick answers to the most common questions about buying EQH stock.
For fiscal year 2025, Equitable Holdings, Inc. (EQH) reported total revenue of $11.66B. This represents a 15.7% increase compared to $10.08B in 2015.
Equitable Holdings, Inc. (EQH) reported a net loss of $1.38B for the fiscal year ending 2025.
Equitable Holdings, Inc. (EQH) reported an operating income of $-1193.0M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Equitable Holdings, Inc. (EQH) generated $9.23B in gross profit for the year, representing a gross profit margin of 79.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Corebridge merger execution against contracting revenue
Metrics are mathematically derived from official filings.
Revenue Contraction Masks Earnings Beat
Trailing twelve-month revenue at EQH declined roughly 6.2% year over year to about $10.6B, with quarterly top-line growth collapsing from -51.3% in 2025Q3 to -29.8% in 2026Q2, implying that recent profitability strength is not being driven by premium or fee volume expansion.
The revenue path is exceptionally volatile — quarters have alternated between -51.3%, +75.1%, -9.5% and -29.8% — which in an insurance carrier typically signals that the top line reflects market-marking, hedging settlements, and segment mix shifts rather than a stable underwriting cycle. Management's maintained guidance despite the 2026Q2 earnings beat suggests they may not expect top-line recovery to support the current earnings run rate, and investors should monitor whether continued contraction eventually constrains fee-based earnings from the AB and Group Retirement businesses that anchor the franchise.
Underwriting Volatility Distorts Period Earnings
EQH's reported combined ratio swung from 66.9% in 2024Q4 to 193.0% in 2025Q3 and back to 79.0% in 2026Q1 before re-spiking to 129.7% in 2026Q2, indicating that headline underwriting profitability is being driven by episodic reserve, hedging, and market-related adjustments rather than stable pricing economics.
A loss ratio that moves between 9.3% and 117.0% within a single year is not consistent with a conventional commercial or personal lines book, and appears to reflect the accounting volatility associated with long-duration life and annuity liabilities, DAC unlocking, and LDTI remeasurement. The persistence of combined ratios below 100% in most quarters suggests the underlying franchise may still generate underwriting profit, but the recurring breaches above 100% warrant investigation into whether the reported figures adequately capture the true cost of the legacy variable annuity and protection blocks.
Beat Versus Reported Losses Demands Reconciliation
Non-GAAP operating EPS of $1.70 in 2026Q2 exceeded the $1.61 consensus by about 5.6%, yet the same period reported a -$453.0M net loss and a 129.7% combined ratio, suggesting that the headline beat may rest largely on items excluded from statutory results.
The divergence between 24% adjusted EPS growth and a deeply negative GAAP net margin of -11.8% implies that non-cash charges, hedging movements, or merger-related items are weighing heavily on the reported result, which means the quality of the beat depends on whether those exclusions reflect genuine noise or recurring economic costs. Investors should weigh this against the reported -10.2% TTM operating margin and -51.5% ROE, since a persistent pattern in which only adjusted measures are positive would undermine the case that current earnings power is sustainable.
2025Q3 Loss Cluster Anchors Downside Case
In 2025Q3, EQH recorded $1.7B of claims and benefits against $1.4B of revenue — a 117.0% loss ratio and 193.0% combined ratio — producing a $1.3B net loss that equaled roughly 90% of the combined net income generated across the four preceding quarters.
This quarter appears to be the single most material inflection in the observed history, and its magnitude suggests the reported earnings stream remains exposed to large, lumpy charges that can erase multiple periods of accumulated profit at once. Given the disclosed concentration in variable annuity guarantees and general account credit exposure, the market should treat the 2025Q3 episode not as an anomaly but as evidence of a fat-tailed earnings distribution that makes any single quarter's profitability an unreliable indicator of normalized performance.
Elevated Leverage Amplifies Earnings Swings
According to reported figures, EQH carries a Debt/Equity ratio of 3.67 alongside a -51.5% trailing return on equity, suggesting that capital structure may be amplifying the impact of reserve and market-driven losses on book value at a moment when capital is also being committed to the Corebridge merger.
In life insurance, balance sheet leverage is structurally normal because liabilities are long-dated, but the combination of a highly volatile income statement and an equity base that is being eroded by GAAP losses implies less tolerance for adverse reserve development or sustained low-rate spread compression. The elevated leverage appears to constrain management's ability to simultaneously fund merger integration, absorb any commercial real estate impairments in the general account, and maintain the capital return program that has historically anchored the equity story — a tension investors should monitor through subsequent reporting periods.