Revenue growth remains highly sensitive to lumpy institutional transactions, as demonstrated by the 29.1% revenue surge in 2025Q4 followed by a 7.7% contraction in 2025Q3.
| 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 | 76.94B | 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 % | 6.14% | 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 | 55.09B | 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 % | 71.6% | 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 | 21.85B | 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 % | 28.4% | 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 | 17.04B | 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 % | 22.14% | 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 | 0 | 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 % | 93.74% | 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 | 4.81B | 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 % | 6.26% | 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 | 5.88B | 5.72B | 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 % | 7.64% | 7.42% | 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 | 1.07B | 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 | -1.07B | -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 | 4.81B | 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 % | 6.26% | 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 | 1.2B | 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 % | 24.91% | 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 | 3.62B | 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 % | 4.7% | 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 % | -19.65% | -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) | 5.52 | 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 % | -16.1% | -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 |
Legacy block volatility
As reported in recent financial statements, MetLife experienced significant top-line fluctuations, including a 29.1% revenue surge in 2025Q4 followed by a 7.7% contraction in 2025Q3, suggesting that the company's premium growth trajectory remains highly sensitive to lumpy institutional transactions rather than consistent organic expansion across its core segments.
The erratic revenue growth profile appears to be heavily influenced by the timing of large-scale Pension Risk Transfer deals. Investors should monitor whether these episodic spikes in volume can be sustained without compromising the underwriting discipline required for long-term profitability.
Based on the provided quarterly data, MetLife maintained a combined ratio fluctuating between 89.1% and 95.3%, indicating that the firm consistently achieved underwriting profitability despite a notable loss ratio spike to 82.6% in 2025Q3, which warrants further investigation into potential inflationary pressures on medical service costs.
The ability to keep the combined ratio below the 100% threshold suggests that MetLife's pricing power in the Group Benefits segment remains intact. However, the volatility in the loss ratio implies that actuarial assumptions may be facing challenges from shifting macroeconomic conditions and rising healthcare utilization rates.
According to recent SEC filings, the implementation of LDTI accounting standards has introduced new complexities into MetLife's earnings reporting, as evidenced by the 35.9% EPS growth in 2026Q1 following a period of significant volatility, making historical year-over-year margin comparisons less reliable for assessing true operational performance.
The transition to quarterly updates of discount rates for long-duration liabilities appears to be a primary driver of recent earnings swings. Analysts should be cautious in interpreting these figures as pure operational improvements, as they may reflect accounting adjustments rather than fundamental shifts in the underlying insurance business.
As indicated by the performance of the MetLife Holdings segment, the presence of legacy long-term care and variable annuity blocks continues to introduce significant earnings noise, potentially masking the steady growth and capital-light fee generation of the company's core institutional asset management and group benefits franchises.
The persistent volatility in net income, which dropped to $607 million in 2023Q4 before recovering, suggests that the run-off blocks remain a drag on valuation. Investors should monitor whether management's capital allocation strategy effectively ring-fences these legacy liabilities to prevent them from eroding the capital buffer of the core business.
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.