Revenue growth remains highly erratic, swinging from a 51.3% contraction in 2025Q3 to a 75.1% expansion in 2025Q1, reflecting significant sensitivity to equity market performance.
| Revenue | 11.32B | 11.66B | 12.44B | 10.53B | 12.64B | 7.61B | 12.41B | 9.62B | 12.07B | 12.46B | 11.76B | 10.08B |
| Revenue Growth % | -19.2% | -6.21% | 18.13% | -16.74% | 66.06% | -38.67% | 29.07% | -20.3% | -3.14% | 5.93% | 16.71% | - |
| Medical Costs & Claims | 4.13B | 2.43B | 5.84B | 5.34B | 5.07B | 291M | 9.51B | 7.49B | 5.46B | 6.95B | 6.09B | 5.75B |
| Medical Cost Ratio % | 36.45% | 20.86% | 46.93% | 50.68% | 40.06% | 3.82% | 76.62% | 77.84% | 45.23% | 55.74% | 51.76% | 57.07% |
| Gross Profit | 7.19B | 9.23B | 6.6B | 5.19B | 7.58B | 7.32B | 2.9B | 2.13B | 6.61B | 5.51B | 5.67B | 4.33B |
| Gross Margin % | 63.55% | 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 | 7.67B | 10.43B | 4.49B | 4.45B | 4.59B | 4.71B | 4B | 4.19B | 4.12B | 4.21B | 3.65B | 3.89B |
| OpEx / Revenue % | 67.79% | 89.37% | 36.09% | 42.31% | 36.28% | 61.91% | 32.19% | 43.58% | 34.14% | 33.78% | 31.01% | 38.56% |
| Depreciation & Amortization | 883M | 872M | 860M | 812M | 636M | 519M | 1.76B | 675M | 296M | 399M | 758M | 9M |
| Combined Ratio % | 104.24% | 110.23% | 83.03% | 92.99% | 76.34% | 65.73% | 108.8% | 121.42% | 79.37% | 89.52% | 82.77% | 95.62% |
| Operating Income | -480M | -1.19B | 2.11B | 738M | 2.99B | 2.61B | -1.09B | -2.06B | 2.49B | 1.31B | 2.03B | 441M |
| Operating Margin % | -4.24% | -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 | 403M | -321M | 2.97B | 1.55B | 3.63B | 3.13B | 664M | -1.39B | 2.79B | 1.71B | 2.79B | 450M |
| EBITDA Margin % | 3.56% | -2.75% | 23.89% | 14.72% | 28.69% | 41.08% | 5.35% | -14.4% | 23.08% | 13.68% | 23.68% | 4.46% |
| Interest Expense | 231M | 224M | 226M | 228M | 201M | 244M | 200M | 221M | 231M | 160M | 174M | 136M |
| Non-Operating Income | -231M | -224M | -226M | -228M | -201M | -244M | -200M | -221M | -231M | -160M | -174M | -136M |
| Pretax Income | -480M | -1.19B | 2.11B | 738M | 2.99B | 2.61B | -1.09B | -2.06B | 2.49B | 1.31B | 2.03B | 441M |
| Pretax Margin % | -4.24% | -10.23% | 16.97% | 7.01% | 23.66% | 34.27% | -8.8% | -21.42% | 20.63% | 10.48% | 17.23% | 4.38% |
| Income Tax | -24M | -156M | 288M | -905M | 598M | 439M | -744M | -593M | 301M | 49M | 378M | -217M |
| Effective Tax Rate % | 5% | 13.08% | 13.64% | -122.63% | 19.99% | 16.83% | 68.07% | 28.79% | 12.09% | 3.75% | 18.65% | -49.21% |
| Net Income | -822M | -1.38B | 1.31B | 1.3B | 2.15B | 1.75B | -648M | -1.76B | 1.85B | 834M | 1.25B | 333M |
| Net Margin % | -7.26% | -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 % | -165.34% | -205.59% | 0.38% | -39.53% | 22.68% | 370.83% | 63.27% | -195.09% | 122.42% | -33.49% | 276.58% | - |
| EPS (Diluted) | -2.90 | -4.83 | 3.78 | 3.48 | 5.46 | -1.24 | -1.56 | -3.51 | 3.27 | 1.49 | 2.24 | 0.59 |
| EPS Growth % | -176.96% | -227.78% | 8.62% | -36.26% | 540.32% | 20.51% | 55.56% | -207.34% | 119.46% | -33.48% | 279.66% | - |
| EPS (Basic) | - | -4.83 | 3.82 | 3.49 | 5.49 | -1.24 | -1.56 | -3.51 | 3.27 | 1.49 | 2.24 | 0.59 |
| Diluted Shares Outstanding | 283.8M | 298.1M | 324.8M | 351.6M | 379.9M | 417.4M | 450.4M | 493.6M | 556.5M | 561M | 561M | 561M |
Earnings volatility from hedging
As reported in recent financial statements, Equitable Holdings experienced significant combined ratio fluctuations, peaking at 193.0% in 2025Q3, which suggests that the firm's underwriting profitability is currently susceptible to extreme market-driven noise rather than consistent operational efficiency across its core insurance and retirement product segments.
The wide variance in the combined ratio, ranging from 66.9% to 193.0% over the last ten quarters, indicates that GAAP-based underwriting metrics are heavily distorted by non-operating items. Investors should monitor whether the firm can maintain a sub-100% combined ratio consistently, as the current volatility likely masks the underlying performance of the career-agent distribution model.
Based on reported figures, EQH's top-line trajectory has been erratic, with quarterly revenue growth swinging from a 51.3% contraction in 2025Q3 to a 75.1% expansion in 2025Q1, reflecting the company's high sensitivity to equity market performance and the resulting impact on fee-based asset management income.
The sharp revenue swings suggest that the firm's reliance on asset-based fees through AllianceBernstein and variable annuity products creates a pro-cyclical revenue profile. This trajectory warrants further investigation into whether the firm's pivot toward capital-light products is successfully decoupling its long-term growth from broader equity market volatility.
According to recent SEC filings, the company's net income has demonstrated extreme instability, shifting from a $1.3 billion loss in 2025Q3 to a $621 million profit by 2026Q1, which highlights the profound impact of market-related hedging and accounting adjustments on the firm's reported bottom line.
These inflection points appear to be driven more by the mechanics of the hedging program and LDTI accounting standards than by fundamental changes in insurance operations. Analysts should interpret these earnings swings with caution, as they may not accurately reflect the cash-generating capacity of the underlying business segments.
As indicated by the provided data, the disconnect between operating income and net income, particularly during periods like 2025Q3, suggests that headline earnings may be an unreliable proxy for the firm's actual economic value creation due to the heavy influence of non-cash charges and hedging volatility.
The persistent gap between GAAP results and operational reality suggests that the firm's financial reporting is prone to significant noise that complicates valuation. Investors should monitor whether management can provide clearer non-GAAP disclosures that effectively strip out these market-related distortions to reveal the true health of the core insurance and asset management franchises.
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.