Revenue growth has been erratic, with a 9.9% year-over-year increase in Q2 2026 but a 7.7% decline in Q3 2025, while the combined ratio remained stable at 94.5% in Q2 2026, indicating consistent underwriting profitability.
MetLife, Inc. (MET) annual income statement — 28-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Revenue | 78.65B | 77.08B | 69.94B | 67.71B | 67.97B | 63.37B | 67.89B | 69.62B | 67.94B | 62.31B | 60.53B | 61.34B | 73.32B | 68.2B | 66.28B | 70.24B | 52.25B | 41.06B | 50.98B | 47.16B | 48.25B | 44.63B | 38.7B | 35.09B | 32.48B | 30.58B | 30.65B | 24.75B | 26.52B |
| Revenue Growth % | 8.96% | 10.22% | 3.29% | -0.38% | 7.26% | -6.66% | -2.49% | 2.47% | 9.04% | 2.94% | -1.33% | -16.33% | 7.5% | 2.89% | -5.64% | 34.44% | 27.25% | -19.47% | 8.11% | -2.27% | 8.12% | 15.32% | 10.29% | 8.05% | 6.19% | -0.22% | 23.84% | -6.7% | - |
| Medical Costs & Claims | 58.55B | 49.06B | 50.94B | 50.42B | 49.03B | 46.53B | 52.42B | 53.43B | 52.04B | 48.85B | 46.57B | 45.17B | 51.56B | 50.74B | 50.51B | 46.43B | 37.73B | 33.19B | 32.23B | 33.36B | 35.41B | 32.9B | 28.75B | 26.36B | 24.47B | 23.19B | 19.83B | 0 | 0 |
| Medical Cost Ratio % | 74.45% | 63.64% | 72.83% | 74.47% | 72.14% | 73.43% | 77.21% | 76.75% | 76.6% | 78.39% | 76.94% | 73.64% | 70.33% | 74.4% | 76.21% | 66.1% | 72.22% | 80.83% | 63.21% | 70.74% | 73.39% | 73.73% | 74.29% | 75.11% | 75.36% | 75.82% | 64.69% | 0% | 0% |
| Gross Profit | 20.1B | 28.02B | 19B | 17.29B | 18.94B | 16.84B | 15.47B | 16.19B | 15.9B | 13.46B | 13.96B | 16.17B | 21.75B | 17.46B | 15.77B | 23.81B | 14.51B | 7.87B | 18.76B | 13.8B | 12.84B | 11.73B | 9.95B | 8.73B | 8B | 7.39B | 10.82B | 24.75B | 26.52B |
| Gross Margin % | 25.55% | 36.36% | 27.17% | 25.53% | 27.86% | 26.57% | 22.79% | 23.25% | 23.4% | 21.61% | 23.06% | 26.36% | 29.67% | 25.6% | 23.79% | 33.9% | 27.78% | 19.17% | 36.79% | 29.26% | 26.61% | 26.27% | 25.71% | 24.89% | 24.64% | 24.18% | 35.31% | 100% | 100% |
| Gross Profit Growth % | - | 47.5% | 9.89% | -8.7% | 12.48% | 8.83% | -4.45% | 1.82% | 18.11% | -3.53% | -13.69% | -25.67% | 24.6% | 10.7% | -33.77% | 64.08% | 84.35% | -58.04% | 35.93% | 7.47% | 9.51% | 17.84% | 13.93% | 9.13% | 8.24% | -31.67% | -56.28% | -6.7% | - |
| Operating Expenses | 15.23B | 23.36B | 13.38B | 15.13B | 12.57B | 8.32B | 8.54B | 9.39B | 9.59B | 9.93B | 9.67B | 10.52B | 12.95B | 13.41B | 14.33B | 14.63B | 10.78B | 12.21B | 13.7B | 8.04B | 8.67B | 7.43B | 6.39B | 6.39B | 6.6B | 6.92B | 9.63B | 23.7B | 24.55B |
| OpEx / Revenue % | 19.36% | 30.31% | 19.13% | 22.34% | 18.5% | 13.13% | 12.58% | 13.49% | 14.12% | 15.93% | 15.98% | 17.14% | 17.66% | 19.66% | 21.62% | 20.82% | 20.64% | 29.73% | 26.87% | 17.04% | 17.97% | 16.66% | 16.51% | 18.2% | 20.31% | 22.63% | 31.42% | 95.77% | 92.55% |
| Depreciation & Amortization | 0 | 753M | 714M | 718M | 673M | 694M | 619M | 630M | 628M | 795M | 652M | 693M | 713M | 714M | 596M | 679M | 585M | 520M | 375M | 457M | -224M | 352M | 334M | 478M | 498M | 481M | -83M | 0 | 0 |
| Combined Ratio % | 93.81% | 93.95% | 91.96% | 96.81% | 90.64% | 86.56% | 89.8% | 90.24% | 90.72% | 94.32% | 92.93% | 90.79% | 87.99% | 94.06% | 97.82% | 86.93% | 92.86% | 110.56% | 90.07% | 87.78% | 91.36% | 90.38% | 90.79% | 93.31% | 95.67% | 98.45% | 96.11% | 95.77% | 92.55% |
| Operating Income | 4.87B | 4.66B | 5.62B | 2.16B | 6.36B | 8.52B | 6.93B | 6.79B | 6.31B | 3.54B | 4.28B | 5.65B | 8.8B | 4.05B | 1.44B | 9.18B | 3.73B | -4.33B | 5.06B | 5.76B | 4.17B | 4.29B | 3.56B | 2.35B | 1.41B | 474M | 1.19B | 1.05B | 1.98B |
| Operating Margin % | 6.19% | 6.05% | 8.04% | 3.19% | 9.36% | 13.44% | 10.2% | 9.76% | 9.28% | 5.68% | 7.07% | 9.21% | 12.01% | 5.94% | 2.18% | 13.07% | 7.14% | -10.56% | 9.93% | 12.22% | 8.64% | 9.62% | 9.21% | 6.69% | 4.33% | 1.55% | 3.89% | 4.23% | 7.45% |
| Operating Income Growth % | - | -17.09% | 160.04% | -66.03% | -25.29% | 22.97% | 1.94% | 7.74% | 78.37% | -17.4% | -24.24% | -35.81% | 117.28% | 181% | -84.3% | 146.29% | 186.04% | -185.64% | -12.17% | 38.24% | -2.91% | 20.49% | 51.88% | 66.86% | 196.62% | -60.23% | 13.85% | -46.99% | - |
| EBITDA | 5.96B | 5.41B | 6.34B | 2.88B | 7.04B | 9.21B | 7.55B | 7.42B | 6.93B | 4.33B | 4.93B | 6.34B | 9.52B | 4.77B | 2.04B | 9.86B | 4.31B | -3.81B | 5.44B | 6.22B | 3.94B | 4.64B | 3.9B | 2.82B | 1.9B | 955M | 1.11B | 1.05B | 1.98B |
| EBITDA Margin % | 7.58% | 7.02% | 9.06% | 4.25% | 10.35% | 14.54% | 11.12% | 10.67% | 10.21% | 6.95% | 8.15% | 10.34% | 12.98% | 6.99% | 3.07% | 14.04% | 8.26% | -9.29% | 10.66% | 13.19% | 8.17% | 10.41% | 10.07% | 8.05% | 5.86% | 3.12% | 3.62% | 4.23% | 7.45% |
| Interest Expense | 1.09B | 1.06B | 1.04B | 1.04B | 938M | 920M | 913M | 955M | 1.12B | 1.13B | 1.16B | 1.17B | 1.22B | 1.28B | 1.36B | 1.72B | 1.69B | 876M | 720M | 600M | 900M | 659M | 408M | 478M | 403M | 332M | 0 | 0 | 0 |
| Non-Operating Income | -1.09B | -1.06B | -1.04B | -1.04B | -938M | -920M | -913M | -955M | -1.12B | -1.13B | -1.16B | -1.17B | -1.22B | -1.28B | -1.36B | -1.72B | -1.69B | -876M | -720M | -600M | -953M | -659M | -408M | -478M | -403M | -332M | 0 | 0 | 0 |
| Pretax Income | 4.87B | 4.66B | 5.62B | 2.16B | 6.36B | 8.52B | 6.93B | 6.79B | 6.31B | 3.54B | 4.28B | 5.65B | 8.8B | 4.05B | 1.44B | 9.18B | 3.73B | -4.33B | 5.06B | 5.76B | 4.17B | 4.29B | 3.56B | 2.35B | 1.41B | 474M | 1.19B | 1.05B | 1.98B |
| Pretax Margin % | 6.19% | 6.05% | 8.04% | 3.19% | 9.36% | 13.44% | 10.2% | 9.76% | 9.28% | 5.68% | 7.07% | 9.21% | 12.01% | 5.94% | 2.18% | 13.07% | 7.14% | -10.56% | 9.93% | 12.22% | 8.64% | 9.62% | 9.21% | 6.69% | 4.33% | 1.55% | 3.89% | 4.23% | 7.45% |
| Income Tax | 1.21B | 1.26B | 1.18B | 560M | 1.06B | 1.64B | 1.51B | 886M | 1.18B | -1.47B | 693M | 1.59B | 2.46B | 661M | 128M | 2.79B | 1.11B | -2.02B | 1.58B | 1.66B | 1.1B | 1.22B | 991M | 580M | 490M | 204M | 421M | 0 | 0 |
| Effective Tax Rate % | 24.85% | 26.99% | 20.95% | 25.9% | 16.69% | 19.28% | 21.78% | 13.04% | 18.69% | -41.57% | 16.19% | 28.14% | 28% | 16.31% | 8.88% | 30.41% | 29.77% | 46.49% | 31.22% | 28.81% | 26.32% | 28.46% | 27.81% | 24.72% | 34.85% | 43.04% | 35.32% | 0% | 0% |
| Net Income | 3.63B | 3.38B | 4.43B | 1.58B | 5.28B | 6.86B | 5.41B | 5.9B | 5.12B | 4.01B | 850M | 5.37B | 6.31B | 3.37B | 1.32B | 6.42B | 2.67B | -2.25B | 3.21B | 4.32B | 6.29B | 4.71B | 2.76B | 2.22B | 1.6B | 473M | 953M | 617M | 1.34B |
| Net Margin % | 4.61% | 4.38% | 6.33% | 2.33% | 7.77% | 10.82% | 7.96% | 8.47% | 7.54% | 6.44% | 1.4% | 8.76% | 8.61% | 4.94% | 2% | 9.14% | 5.1% | -5.47% | 6.29% | 9.15% | 13.04% | 10.56% | 7.13% | 6.32% | 4.94% | 1.55% | 3.11% | 2.49% | 5.06% |
| Net Income Growth % | -15.42% | -23.66% | 180.48% | -70.14% | -22.92% | 26.78% | -8.34% | 15.15% | 27.76% | 371.76% | -84.18% | -14.84% | 87.32% | 154.38% | -79.39% | 140.83% | 218.74% | -169.99% | -25.67% | -31.4% | 33.5% | 70.92% | 24.4% | 38.13% | 239.32% | -50.37% | 54.46% | -54.06% | - |
| EPS (Diluted) | 5.53 | 4.80 | 5.94 | 1.81 | 6.30 | 7.65 | 5.68 | 6.06 | 4.91 | 3.74 | 0.67 | 4.57 | 5.42 | 2.91 | 1.12 | 5.76 | 3.00 | -2.93 | 4.14 | 5.48 | 7.99 | 6.16 | 3.65 | 2.94 | 2.20 | 0.62 | 1.49 | 0.79 | 1.72 |
| EPS Growth % | -11.69% | -19.19% | 228.18% | -71.27% | -17.65% | 34.68% | -6.27% | 23.42% | 31.28% | 458.21% | -85.34% | -15.68% | 86.25% | 159.82% | -80.56% | 92% | 202.39% | -170.77% | -24.45% | -31.41% | 29.71% | 68.77% | 24.15% | 33.64% | 254.84% | -58.39% | 88.61% | -54.07% | - |
| EPS (Basic) | - | 4.80 | 5.98 | 1.82 | 6.35 | 7.70 | 5.72 | 6.10 | 4.95 | 3.74 | 0.68 | 3.48 | 5.48 | 2.93 | 1.12 | 5.81 | 3.02 | -2.93 | 4.19 | 5.62 | 8.09 | 6.21 | 3.67 | 2.97 | 2.28 | 0.64 | 1.52 | 0.79 | 1.72 |
| Diluted Shares Outstanding | 655.7M | 664.96M | 711.1M | 762.43M | 808.9M | 869.4M | 913.2M | 944.4M | 1.01B | 1.04B | 1.1B | 1.13B | 1.13B | 1.12B | 1.09B | 1.06B | 985.84M | 818.46M | 744.79M | 762.26M | 770.7M | 755.03M | 754.98M | 746.94M | 729.55M | 762.9M | 639.6M | 782.39M | 782.39M |
Quick answers to the most common questions about buying MET stock.
For fiscal year 2025, MetLife, Inc. (MET) reported total revenue of $77.08B. This represents a 190.6% increase compared to $26.52B in 1998.
MetLife, Inc. (MET) is profitable, generating $3.38B in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
MetLife, Inc. (MET) reported an operating income of $4.66B, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
MetLife, Inc. (MET) generated $28.02B in gross profit for the year, representing a gross profit margin of 36.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reported EPS miss and CRE exposure
Metrics are mathematically derived from official filings.
Premium Growth Shows Mixed Signals
Revenue growth has been erratic, with a 9.9% year-over-year increase in Q2 2026 but a 7.7% decline in Q3 2025, according to recent SEC filings.
The volatility in revenue growth suggests sensitivity to market conditions and one-time items, such as pension risk transfer deals. While the U.S. Group Benefits segment likely provides a stable base, the uneven growth pattern may indicate that the company is not consistently expanding its core premium base. Investors should monitor whether the recent uptick in Q2 2026 is sustainable or a temporary boost from non-recurring transactions.
Underwriting Profitability Remains Stable
The combined ratio has hovered between 89.1% and 95.3% over the past ten quarters, with Q2 2026 at 94.5%, as reported in financial statements.
The combined ratio consistently below 100% indicates that MetLife is generating underwriting profits, though the margin is thin. The loss ratio spiked to 85.2% in Q2 2026, up from 73.6% in the prior year quarter, which may reflect higher claims in group benefits or adverse development. However, the expense ratio appears to have been managed effectively, keeping the combined ratio within a narrow band. This stability suggests disciplined underwriting, but the elevated loss ratio warrants monitoring for potential margin compression.
Reserve Releases May Support Earnings
Prior-year reserve releases appear to have contributed to earnings, as evidenced by the low loss ratios in Q1 2026 and Q4 2025, based on reported figures.
The loss ratio of 62.8% in Q1 2026 is unusually low, suggesting favorable reserve development from prior years. This may be inflating current earnings and masking underlying underwriting trends. If reserve releases are not sustainable, future earnings could be pressured. Investors should examine the composition of reserve releases and whether they are a recurring source of profitability or a one-time benefit.
Investment Income Contribution Unclear
Investment income data is not disclosed in the provided income statement, but the large general account suggests it is a significant earnings driver, according to company intelligence.
The absence of investment income figures in the data limits a full assessment of its contribution. However, given MetLife's $400B+ general account, investment income is likely a major component of total revenue. The net investment spread is a critical metric, and in a rising rate environment, it may be widening, which could support earnings. Investors should monitor the yield on the portfolio relative to crediting rates to gauge the sustainability of investment income.
Q2 2026: Strong Adjusted EPS, Reported Miss
Adjusted EPS rose 20% year-over-year in Q2 2026, but reported EPS of $2.43 missed consensus by $0.10, according to recent earnings releases.
The divergence between adjusted and reported earnings suggests that non-operating items, such as investment volatility or market risk benefits, negatively impacted GAAP results. This may indicate that the underlying business is performing well, but the reported figures are being distorted by factors outside management's control. The gap between adjusted and reported earnings warrants close attention, as it could signal a trend if it persists.
Reported Earnings Quality Questioned
The persistent gap between adjusted and reported EPS, with Q2 2026 missing consensus, raises concerns about earnings quality, as per financial disclosures.
The reported EPS miss in Q2 2026, despite strong adjusted results, suggests that the company's GAAP earnings are being negatively impacted by items that may not be fully transparent. This could be due to derivative losses, market risk benefits, or other non-operating charges. If these items continue to weigh on reported earnings, investors may question the reliability of the adjusted metrics. Additionally, the lack of forward guidance from management adds uncertainty, making it difficult to assess whether this is a one-off or a trend.