Quarterly revenue has been volatile, with growth swinging from a 76.6% jump in 2024Q4 to a 25.4% gain in 2026Q3, while the loss ratio improved from 64.9% to 46.1% over the period, suggesting underwriting discipline has strengthened.
Principal Financial Group, Inc. (PFG) annual income statement — 26-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 |
|---|
| Revenue | 16.63B | 15.63B | 16.13B | 13.67B | 17.54B | 14.43B | 14.74B | 16.22B | 14.24B | 14.09B | 12.39B | 11.96B | 10.48B | 9.29B | 9.22B | 8.67B | 9.2B | 8.85B | 9.94B | 10.91B | 9.87B | 9.01B | 8.3B | 7.99B | 7.63B | 7.8B | 8.21B |
| Revenue Growth % | 5.24% | -3.11% | 18.02% | -22.07% | 21.54% | -2.13% | -9.13% | 13.94% | 1.02% | 13.71% | 3.59% | 14.19% | 12.79% | 0.81% | 6.28% | -5.73% | 3.94% | -10.94% | -8.9% | 10.47% | 9.61% | 8.48% | 3.9% | 4.73% | -2.15% | -4.96% | - |
| Medical Costs & Claims | 8.37B | 8.56B | 8.77B | 7.77B | 6.49B | 7.35B | 8.28B | 9.91B | 8.19B | 7.82B | 6.91B | 6.7B | 5.23B | 4.68B | 5.12B | 4.62B | 5.2B | 5.33B | 6.22B | 6.44B | 5.69B | 5.28B | 4.96B | 4.86B | 5.22B | 5.8B | 0 |
| Medical Cost Ratio % | 50.31% | 54.81% | 54.41% | 56.83% | 37.02% | 50.96% | 56.18% | 61.06% | 57.54% | 55.51% | 55.78% | 55.98% | 49.93% | 50.42% | 55.6% | 53.24% | 56.58% | 60.28% | 62.6% | 59% | 57.66% | 58.65% | 59.73% | 60.83% | 68.36% | 74.32% | 0% |
| Gross Profit | 8.26B | 7.06B | 7.35B | 5.9B | 11.04B | 7.08B | 6.46B | 6.32B | 6.04B | 6.27B | 5.48B | 5.27B | 5.25B | 4.61B | 4.09B | 4.05B | 3.99B | 3.51B | 3.72B | 4.47B | 4.18B | 3.72B | 3.34B | 3.13B | 2.41B | 2B | 8.21B |
| Gross Margin % | 49.69% | 45.19% | 45.59% | 43.17% | 62.98% | 49.04% | 43.82% | 38.94% | 42.46% | 44.49% | 44.22% | 44.02% | 50.07% | 49.58% | 44.4% | 46.76% | 43.42% | 39.72% | 37.4% | 41% | 42.34% | 41.35% | 40.27% | 39.17% | 31.64% | 25.68% | 100% |
| Gross Profit Growth % | - | -3.98% | 24.63% | -46.58% | 56.08% | 9.53% | 2.28% | 4.49% | -3.6% | 14.41% | 4.07% | 0.38% | 13.91% | 12.58% | 0.92% | 1.51% | 13.64% | -5.42% | -16.89% | 6.95% | 12.24% | 11.38% | 6.82% | 29.69% | 20.55% | -75.59% | - |
| Operating Expenses | 5.77B | 5.64B | 5.46B | 5.16B | 5.06B | 5.16B | 4.77B | 4.62B | 4.26B | 4.02B | 3.89B | 3.84B | 3.75B | 3.48B | 3.13B | 3.18B | 3.21B | 2.77B | 3.25B | 3.4B | 2.85B | 2.6B | 2.46B | 3.59B | 2.94B | 2.57B | 0 |
| OpEx / Revenue % | 34.69% | 36.13% | 33.88% | 37.77% | 28.84% | 35.8% | 32.33% | 28.5% | 29.92% | 28.51% | 31.38% | 32.06% | 35.81% | 37.48% | 33.98% | 36.69% | 34.88% | 31.29% | 32.76% | 31.16% | 28.86% | 28.87% | 29.66% | 44.91% | 38.52% | 33% | 0% |
| Depreciation & Amortization | 689.7M | 251.4M | 256.2M | 272.7M | 295.9M | 275.3M | 251.9M | 226.8M | 205.1M | 195.7M | 186.6M | 193M | 169.5M | 153.9M | 132.1M | 119.9M | 164.7M | 138.5M | 145M | 130.2M | 101.3M | 101.6M | 321.6M | 255.8M | 249.3M | 476.3M | 549.5M |
| Combined Ratio % | 85% | 90.94% | 88.28% | 94.59% | 65.86% | 86.76% | 88.51% | 89.56% | 87.47% | 84.02% | 87.16% | 88.04% | 85.73% | 87.9% | 89.58% | 89.93% | 91.46% | 91.57% | 95.36% | 90.17% | 86.52% | 87.52% | 89.38% | 105.74% | 106.89% | 107.32% | 0% |
| Operating Income | 2.49B | 1.42B | 1.89B | 738.8M | 5.99B | 1.91B | 1.69B | 1.69B | 1.78B | 2.25B | 1.59B | 1.43B | 1.49B | 1.12B | 960M | 872.8M | 785.7M | 745.8M | 461.3M | 1.07B | 1.33B | 1.12B | 881.6M | -458.4M | -525.7M | -570.6M | 8.21B |
| Operating Margin % | 15% | 9.06% | 11.72% | 5.41% | 34.14% | 13.24% | 11.49% | 10.44% | 12.53% | 15.98% | 12.84% | 11.96% | 14.27% | 12.1% | 10.42% | 10.07% | 8.54% | 8.43% | 4.64% | 9.83% | 13.48% | 12.48% | 10.62% | -5.74% | -6.89% | -7.32% | 100% |
| Operating Income Growth % | - | -25.06% | 155.77% | -87.66% | 213.31% | 12.84% | 0.01% | -5.11% | -20.77% | 41.5% | 11.25% | -4.29% | 33% | 17.08% | 9.99% | 11.09% | 5.35% | 61.67% | -56.98% | -19.45% | 18.41% | 27.53% | 292.32% | 12.8% | 7.87% | -106.95% | - |
| EBITDA | 3.18B | 1.67B | 2.15B | 1.01B | 6.28B | 2.19B | 1.95B | 1.92B | 1.99B | 2.45B | 1.78B | 1.62B | 1.66B | 1.28B | 1.09B | 992.7M | 950.4M | 884.3M | 606.3M | 1.2B | 1.43B | 1.23B | 1.2B | -202.6M | -276.4M | -94.3M | 8.75B |
| EBITDA Margin % | 19.14% | 10.67% | 13.31% | 7.4% | 35.83% | 15.15% | 13.2% | 11.84% | 13.97% | 17.37% | 14.35% | 13.57% | 15.89% | 13.76% | 11.85% | 11.45% | 10.33% | 9.99% | 6.1% | 11.03% | 14.51% | 13.61% | 14.49% | -2.54% | -3.62% | -1.21% | 106.7% |
| Interest Expense | 10M | 2.2M | 2.6M | 1.9M | 1.2M | 1M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | -2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 2.45B | 1.42B | 1.89B | 738.8M | 5.99B | 1.91B | 1.69B | 1.69B | 1.78B | 2.25B | 1.59B | 1.43B | 1.49B | 1.12B | 960M | 872.8M | 785.7M | 745.8M | 461.3M | 1.07B | 1.33B | 1.12B | 881.6M | 820.6M | 371.5M | 333.2M | 8.21B |
| Pretax Margin % | 14.75% | 9.06% | 11.72% | 5.41% | 34.14% | 13.24% | 11.49% | 10.44% | 12.53% | 15.98% | 12.84% | 11.96% | 14.27% | 12.1% | 10.42% | 10.07% | 8.54% | 8.43% | 4.64% | 9.83% | 13.48% | 12.48% | 10.62% | 10.27% | 4.87% | 4.27% | 100% |
| Income Tax | 487M | 160.5M | 291.7M | 68.7M | 1.19B | 283.9M | 265M | 249.2M | 230.7M | -72.3M | 229.9M | 177.6M | 318.5M | 187.9M | 134.6M | 198.3M | 104.9M | 100.1M | -4.5M | 208.1M | 295.9M | 232.4M | 179.1M | 177M | -74.9M | 83.4M | 0 |
| Effective Tax Rate % | 19.86% | 11.33% | 15.44% | 9.3% | 19.87% | 14.86% | 15.65% | 14.72% | 12.93% | -3.21% | 14.44% | 12.41% | 21.31% | 16.72% | 14.02% | 22.72% | 13.35% | 13.42% | -0.98% | 19.41% | 22.23% | 20.67% | 20.32% | 21.57% | -20.16% | 25.03% | 0% |
| Net Income | 1.97B | 1.19B | 1.57B | 623.2M | 4.76B | 1.58B | 1.4B | 1.39B | 1.55B | 2.31B | 1.32B | 1.23B | 1.14B | 912.7M | 806.6M | 638.3M | 662.9M | 622.7M | 458.1M | 860.3M | 1.06B | 919M | 825.6M | 746.3M | 142.3M | 358.8M | 620.2M |
| Net Margin % | 11.82% | 7.58% | 9.74% | 4.56% | 27.13% | 10.95% | 9.47% | 8.59% | 10.86% | 16.39% | 10.62% | 10.31% | 10.92% | 9.83% | 8.75% | 7.36% | 7.21% | 7.04% | 4.61% | 7.89% | 10.78% | 10.2% | 9.94% | 9.34% | 1.86% | 4.6% | 7.56% |
| Net Income Growth % | 24.89% | -24.56% | 152.09% | -86.9% | 201.03% | 13.21% | 0.11% | -9.85% | -33.06% | 75.5% | 6.69% | 7.86% | 25.35% | 13.15% | 26.37% | -3.71% | 6.46% | 35.93% | -46.75% | -19.17% | 15.81% | 11.31% | 10.63% | 424.46% | -60.34% | -42.15% | - |
| EPS (Diluted) | 9.06 | 5.25 | 6.68 | 2.55 | 18.63 | 5.79 | 5.05 | 4.96 | 5.35 | 7.88 | 4.50 | 4.06 | 3.65 | 2.95 | 2.58 | 1.91 | 2.06 | 1.97 | 1.63 | 3.09 | 3.74 | 3.11 | 2.62 | 2.28 | 0.41 | 0.99 | 1.72 |
| EPS Growth % | 31.2% | -21.41% | 161.96% | -86.31% | 221.76% | 14.65% | 1.81% | -7.29% | -32.11% | 75.11% | 10.84% | 11.23% | 23.73% | 14.34% | 35.08% | -7.28% | 4.57% | 20.86% | -47.25% | -17.38% | 20.26% | 18.7% | 14.91% | 456.1% | -58.59% | -42.44% | - |
| EPS (Basic) | - | 5.32 | 6.77 | 2.58 | 18.94 | 5.87 | 5.08 | 5.00 | 5.41 | 8.00 | 4.55 | 4.11 | 3.70 | 2.99 | 2.60 | 1.92 | 2.08 | 1.98 | 1.64 | 3.12 | 3.78 | 3.13 | 2.64 | 2.29 | 0.41 | 0.99 | 1.72 |
| Diluted Shares Outstanding | 216.9M | 225.7M | 226.23M | 244.6M | 255.3M | 272.9M | 276.6M | 281M | 288.8M | 293.2M | 292.7M | 298M | 299.01M | 298.2M | 300.4M | 317.6M | 323M | 298.9M | 261.1M | 268.1M | 275.5M | 289.81M | 315.11M | 327.32M | 347.07M | 362.42M | 360.6M |
Quick answers to the most common questions about buying PFG stock.
For fiscal year 2025, Principal Financial Group, Inc. (PFG) reported total revenue of $15.63B. This represents a 90.4% increase compared to $8.21B in 2000.
Principal Financial Group, Inc. (PFG) is profitable, generating $1.19B in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Principal Financial Group, Inc. (PFG) reported an operating income of $1.42B, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Principal Financial Group, Inc. (PFG) generated $7.06B in gross profit for the year, representing a gross profit margin of 45.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Underwriting Profitability Dependence
Metrics are mathematically derived from official filings.
Top-Line Momentum Turning Erratic
Based on reported quarterly figures, PFG's revenue swung from a 76.6% year-over-year jump in 2024Q4 to a 25.4% gain in 2026Q3, indicating that top-line growth remains highly uneven and difficult to extrapolate from any single period.
Quarterly revenue has moved between roughly $3.0B and $4.8B across the ten periods shown, a pattern more consistent with market-sensitive fee and premium timing than with steady organic expansion. The sharp swings suggest that reported growth may be influenced by market valuations and the timing of block transactions, so investors should monitor whether the recent acceleration reflects durable retirement inflows or temporary factors.
Underwriting Discipline Improving Since 2024
As reported in the quarterly income data, PFG's loss ratio fell from 64.9% in 2024Q3 to 46.1% in 2026Q1, and the combined ratio held at 81.8% in 2026Q3, a level that points to underwriting profit.
A combined ratio below 100% indicates the insurance book is covering claims and expenses without relying on investment income, and the recent readings are consistently in that range after the 2024Q3 breach above 100%. The improvement in loss ratio is more meaningful than the headline margin, though the data does not disclose the drivers, so the sustainability of this trend warrants further investigation.
Reserve Quality Cannot Be Fully Verified
Based on PFG's reported figures, the quarterly data does not disclose prior-year reserve development, leaving it unclear whether recent underwriting improvement reflects current pricing or favorable reserve releases.
Because prior-year development is not visible in the supplied data, the quality of reported underwriting gains cannot be independently assessed. Investors should treat the favorable loss ratio trend as provisional until reserve adequacy and any releases are confirmed in the detailed filings.
Investment Income Contribution Not Disclosed
The supplied income data reports no investment income or investment yield figures for PFG across the ten quarters, so the contribution of portfolio earnings to total profitability cannot be measured from this dataset.
Without a visible investment income line, it is not possible to determine how much of net income depends on portfolio yield versus underwriting or fee activity. This data gap limits conclusions about rate sensitivity and equity market exposure, and analysts should consult the full filings before drawing conclusions on spread-driven earnings.
Earnings Rebound May Not Persist
Net income swung from a loss of $220.0M in 2024Q3 to $631.9M in 2026Q3, but quarterly EPS growth figures are volatile, and the most recent period may reflect favorable timing rather than a structurally higher earnings base.
The strongest challenge to the reported recovery is that the earnings trajectory has been highly uneven, with EPS growth moving from -118.6% to 198.9% across recent quarters, which suggests sensitivity to market-related and accounting items. Investors should monitor whether margin strength holds across additional quarters before treating the 2026 run-rate as representative of normalized earnings power.