Revenue growth remains erratic, highlighted by a 116.14% year-over-year fluctuation that appears driven by accounting noise rather than organic premium expansion.
| Revenue | 5.76B | 6.68B | 3.09B | 3.17B | 9.72B | 5.5B | 4.64B | 3.49B | 13.69B |
| Revenue Growth % | -19.77% | 116.14% | -2.31% | -67.44% | 76.63% | 18.52% | 33.08% | -74.51% | - |
| Medical Costs & Claims | -370M | 971M | 702M | 698M | 812M | 511M | 5.84B | 3.2B | 0 |
| Medical Cost Ratio % | -6.43% | 14.53% | 22.7% | 22.05% | 8.35% | 9.29% | 125.82% | 91.6% | 0% |
| Gross Profit | 3.22B | 5.71B | 2.39B | 2.47B | 8.91B | 4.99B | -1.2B | 293M | 13.69B |
| Gross Margin % | 56.01% | 85.47% | 77.3% | 77.95% | 91.65% | 90.71% | -25.82% | 8.4% | 100% |
| Gross Profit Growth % | - | 139% | -3.12% | -72.31% | 78.45% | 516.35% | -509.22% | -97.86% | - |
| Operating Expenses | 3.32B | 5.83B | 1.37B | 1.51B | 1.17B | 647M | 1.29B | 1.1B | -11.43B |
| OpEx / Revenue % | 57.7% | 87.18% | 44.24% | 47.68% | 12.08% | 11.76% | 27.83% | 31.64% | -83.5% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 11M | 10.8M | 11M | 10.8M |
| Combined Ratio % | 51.27% | 101.71% | 66.95% | 69.73% | 20.43% | 21.04% | 153.65% | 123.24% | -83.5% |
| Operating Income | -512M | -114M | 1.02B | 958M | 7.73B | 4.34B | -2.49B | -811M | 2.26B |
| Operating Margin % | -8.9% | -1.71% | 33.05% | 30.27% | 79.57% | 78.96% | -53.65% | -23.24% | 16.5% |
| Operating Income Growth % | - | -111.15% | 6.68% | -87.61% | 78% | 274.43% | -207.15% | -135.9% | - |
| EBITDA | -437M | -14M | 1.12B | 1.07B | 7.83B | 4.36B | -2.48B | -800M | 2.27B |
| EBITDA Margin % | -7.59% | -0.21% | 36.32% | 33.71% | 80.58% | 79.16% | -53.42% | -22.93% | 16.58% |
| Interest Expense | 100M | 100M | 101M | 109M | 113M | 37M | 88M | 99M | 86.2M |
| Non-Operating Income | -75M | -100M | -101M | -109M | -98M | -37M | -88M | -99M | 9.61B |
| Pretax Income | -512M | -114M | 1.02B | 958M | 7.73B | 4.34B | -2.49B | -811M | 2.39B |
| Pretax Margin % | -8.9% | -1.71% | 33.05% | 30.27% | 79.57% | 78.96% | -53.65% | -23.24% | 17.48% |
| Income Tax | -167M | -186M | 46M | 4M | 1.5B | 666M | -854M | -369M | 338.3M |
| Effective Tax Rate % | 32.62% | 163.16% | 4.5% | 0.42% | 19.46% | 15.33% | 34.28% | 45.5% | 14.14% |
| Net Income | -384M | 27M | 946M | 934M | 6.19B | 3.42B | -1.63B | -497M | 1.99B |
| Net Margin % | -6.67% | 0.4% | 30.6% | 29.51% | 63.64% | 62.09% | -35.19% | -14.24% | 14.51% |
| Net Income Growth % | -402.36% | -97.15% | 1.28% | -84.9% | 81.04% | 309.12% | -228.77% | -125.03% | - |
| EPS (Diluted) | -5.46 | -0.24 | 11.70 | 10.76 | 69.75 | 35.89 | -17.29 | -5.26 | 21.02 |
| EPS Growth % | -607.63% | -102.05% | 8.74% | -84.57% | 94.34% | 307.58% | -228.71% | -125.02% | - |
| EPS (Basic) | - | -0.24 | 11.86 | 10.36 | 72.34 | 35.89 | -17.29 | -5.26 | 21.02 |
| Diluted Shares Outstanding | 70.28M | 70.28M | 76.81M | 83.58M | 88.69M | 88.69M | 94.46M | 94.46M | 94.46M |
Derivative hedging volatility exposure
As evidenced by the erratic combined ratio, which swung from 3.2% in 2023Q4 to 127.7% in 2024Q3, Jackson Financial's underwriting profitability remains highly sensitive to market-driven adjustments rather than consistent operational performance, according to the company's recent quarterly financial disclosures.
The extreme variance in the combined ratio suggests that traditional insurance metrics are heavily distorted by the company's complex hedging program. Investors should monitor whether the underlying insurance business can maintain profitability independent of these large, non-recurring derivative gains and losses.
Based on reported figures, the company experienced a 116.14% year-over-year revenue growth, yet this headline figure appears to be driven by mark-to-market accounting noise rather than organic premium expansion, warranting caution when interpreting the firm's true top-line trajectory.
The significant fluctuations in quarterly revenue, including negative figures in 2025Q2 and 2024Q1, indicate that Jackson's income statement is heavily influenced by equity market performance. This suggests that the firm's growth profile is more closely tied to capital market cycles than to the steady accumulation of new annuity premiums.
As reported in financial statements, the frequent swings between net losses and significant profits, such as the $795 million net income in 2024Q1 followed by a $469 million loss in 2024Q3, suggest that GAAP earnings may not accurately reflect the company's economic health.
The disconnect between derivative accounting and liability valuation creates a persistent risk of misinterpreting the firm's operational success. Analysts should prioritize adjusted operating earnings to determine if the core annuity business is generating sustainable cash flow or if it remains overly reliant on favorable market conditions.
According to recent SEC filings, the maintenance of $5.7 billion in cash and equivalents provides a substantial liquidity cushion, which appears intended to stabilize the firm's balance sheet against the inherent volatility of its variable annuity hedging program.
This significant cash position suggests management is prioritizing capital preservation to support its dividend and repurchase commitments. However, the negative operating margins observed in recent periods indicate that this liquidity may be necessary to absorb ongoing hedging costs rather than serving as excess capital for growth.
Quick answers to the most common questions about buying JXN-PA stock.
For fiscal year 2025, Jackson Financial Inc. (JXN-PA) reported total revenue of $6.68B. This represents a 51.2% decline compared to $13.69B in 2018.
Jackson Financial Inc. (JXN-PA) is profitable, generating $27.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Jackson Financial Inc. (JXN-PA) reported an operating income of $-114.0M, resulting in an operating profit margin of -1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Jackson Financial Inc. (JXN-PA) generated $5.71B in gross profit for the year, representing a gross profit margin of 85.5%. This demonstrates the company's core pricing power and production efficiency.