Revenue growth remains highly erratic, characterized by a 133.4% surge in 2024Q3 followed by a 42.7% contraction in 2025Q1, indicating significant sensitivity to market-driven fluctuations.
| 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 |
|---|
| Revenue | 62.83B | 60.77B | 70.41B | 53.98B | 56.88B | 70.93B | 57.03B | 64.81B | 62.99B | 59.69B | 58.78B | 57.12B | 54.1B | 41.46B | 84.85B |
| Revenue Growth % | 4.08% | -13.68% | 30.43% | -5.1% | -19.81% | 24.37% | -12% | 2.88% | 5.53% | 1.55% | 2.91% | 5.57% | 30.5% | -51.13% | - |
| Medical Costs & Claims | 27.08B | 35.22B | 47.12B | 30.93B | 40.82B | 38.46B | 35.06B | 36.82B | 39.4B | 33.79B | 33.63B | 30.63B | 31.59B | 26.73B | 65.13B |
| Medical Cost Ratio % | 43.11% | 57.96% | 66.93% | 57.3% | 71.76% | 54.22% | 61.47% | 56.81% | 62.55% | 56.62% | 57.22% | 53.62% | 58.38% | 64.48% | 76.76% |
| Gross Profit | 20.22B | 25.55B | 23.29B | 23.05B | 16.07B | 32.48B | 21.97B | 27.99B | 23.59B | 25.89B | 25.15B | 26.49B | 22.52B | 14.73B | 19.72B |
| Gross Margin % | 32.18% | 42.04% | 33.07% | 42.7% | 28.24% | 45.78% | 38.53% | 43.19% | 37.45% | 43.38% | 42.78% | 46.38% | 41.62% | 35.52% | 23.24% |
| Gross Profit Growth % | - | 9.72% | 1.03% | 43.47% | -50.53% | 47.79% | -21.49% | 18.65% | -8.91% | 2.97% | -5.08% | 17.65% | 52.89% | -25.3% | - |
| Operating Expenses | 16.38B | 20.77B | 19.93B | 19.93B | 18.02B | 23.01B | 22.2B | 22.8B | 18.68B | 19.36B | 19.39B | 18.71B | 20.74B | 16.35B | 18.95B |
| OpEx / Revenue % | 26.08% | 34.17% | 28.31% | 36.92% | 31.68% | 32.44% | 38.93% | 35.18% | 29.65% | 32.43% | 32.99% | 32.75% | 38.34% | 39.44% | 22.33% |
| Depreciation & Amortization | 289M | 128M | 383M | -70M | 117M | 204M | 457M | 460M | 161M | 222M | 318M | 113M | 631M | 411M | 302M |
| Combined Ratio % | 69.18% | 92.13% | 95.24% | 94.22% | 103.44% | 86.65% | 100.4% | 92% | 92.21% | 89.05% | 90.21% | 86.37% | 96.72% | 103.92% | 99.09% |
| Operating Income | 3.83B | 4.79B | 3.35B | 3.12B | -1.95B | 9.47B | -227M | 5.18B | 4.91B | 6.54B | 5.75B | 7.78B | 1.77B | -1.63B | 768M |
| Operating Margin % | 6.1% | 7.87% | 4.76% | 5.78% | -3.44% | 13.35% | -0.4% | 8% | 7.79% | 10.95% | 9.79% | 13.63% | 3.28% | -3.92% | 0.91% |
| Operating Income Growth % | - | 42.71% | 7.43% | 259.72% | -120.64% | 4270.93% | -104.38% | 5.6% | -24.88% | 13.59% | -26.08% | 338.54% | 209.23% | -311.59% | - |
| EBITDA | 4.12B | 4.91B | 3.74B | 3.05B | -1.84B | 9.67B | 230M | 5.64B | 5.07B | 6.76B | 6.07B | 7.9B | 2.41B | -1.21B | 1.07B |
| EBITDA Margin % | 6.56% | 8.08% | 5.31% | 5.65% | -3.23% | 13.64% | 0.4% | 8.71% | 8.05% | 11.32% | 10.33% | 13.83% | 4.45% | -2.93% | 1.26% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 3.83B | 4.79B | 3.35B | 3.12B | -1.95B | 9.47B | -227M | 5.18B | 4.91B | 6.54B | 5.75B | 7.78B | 1.77B | -1.63B | 768M |
| Pretax Margin % | 6.1% | 7.87% | 4.76% | 5.78% | -3.44% | 13.35% | -0.4% | 8% | 7.79% | 10.95% | 9.79% | 13.63% | 3.28% | -3.92% | 0.91% |
| Income Tax | 246.58M | 1.05B | 507M | 613M | -279M | 1.67B | -81M | 947M | 822M | -1.44B | 1.33B | 2.07B | 349M | -1.06B | 213M |
| Effective Tax Rate % | 6.43% | 22.01% | 15.12% | 19.64% | 14.28% | 17.68% | 35.68% | 18.26% | 16.74% | -22% | 23.2% | 26.62% | 19.66% | 65.11% | 27.73% |
| Net Income | 3.47B | 3.58B | 2.73B | 2.49B | -1.65B | 7.72B | -374M | 4.19B | 4.07B | 7.86B | 4.37B | 5.64B | 1.38B | -667M | 520M |
| Net Margin % | 5.52% | 5.88% | 3.87% | 4.61% | -2.9% | 10.89% | -0.66% | 6.46% | 6.47% | 13.17% | 7.43% | 9.88% | 2.55% | -1.61% | 0.61% |
| Net Income Growth % | 50.96% | 31.13% | 9.61% | 251.06% | -121.32% | 2165.24% | -108.93% | 2.75% | -48.19% | 80.01% | -22.58% | 308.54% | 307.05% | -228.27% | - |
| EPS (Diluted) | 9.92 | 9.99 | 7.50 | 6.74 | -4.49 | 22.40 | -1.00 | 10.11 | 9.50 | 17.86 | 9.71 | 12.17 | 2.89 | -1.45 | 1.09 |
| EPS Growth % | 933.33% | 33.2% | 11.28% | 250.11% | -120.04% | 2340% | -109.89% | 6.42% | -46.81% | 83.93% | -20.21% | 321.11% | 299.31% | -233.03% | - |
| EPS (Basic) | - | 10.05 | 7.54 | 6.76 | -4.49 | 22.56 | -1.00 | 10.23 | 9.64 | 18.19 | 9.85 | 12.37 | 2.94 | -1.47 | 1.10 |
| Diluted Shares Outstanding | 349.4M | 353.7M | 360.27M | 364.6M | 372.3M | 390.1M | 395.8M | 410.9M | 426.2M | 436M | 446.6M | 460.4M | 469.5M | 465.1M | 470.1M |
Market volatility and interest sensitivity
As reported in recent financial statements, Prudential's revenue trajectory has exhibited significant volatility, swinging from a 133.4% surge in 2024Q3 to a 42.7% contraction in 2025Q1, suggesting that the company's top-line performance remains highly sensitive to market-driven fluctuations and periodic adjustments in its core business segments.
The erratic revenue growth figures indicate that Prudential's top line is heavily influenced by non-recurring items or market-sensitive adjustments rather than steady organic premium expansion. Investors should monitor whether the recent stabilization in 2026Q1 reflects a sustainable recovery or merely a temporary pause in the broader cyclical contraction observed over the last ten quarters.
Based on the provided quarterly data, Prudential has maintained a combined ratio generally below the 100% threshold, with a notable 88.8% reported in 2023Q4, suggesting that the firm has successfully managed its underwriting discipline despite periodic spikes in loss ratios during more volatile reporting periods.
The combined ratio's ability to stay under 100% implies that the core insurance operations are generating an underwriting profit, which provides a necessary buffer against investment market volatility. However, the fluctuation in loss ratios, which reached as high as 72.0% in 2024Q3, warrants further investigation into whether these spikes are driven by specific catastrophic events or broader shifts in mortality and morbidity experience.
According to the company's historical income statements, the reliance on investment income appears to be a central pillar of Prudential's profitability, as the firm's net income frequently diverges from operating income, highlighting the significant impact of the general account's performance on the overall bottom line.
The integration of PGIM with the general account suggests that investment returns are not merely passive but are a core component of the firm's competitive strategy. Analysts should consider that any prolonged downturn in asset valuations, particularly within the commercial real estate portfolio, may disproportionately impact net income given the firm's structural dependence on these investment yields.
As indicated by the significant variance between operating income and net income, such as the 2024Q4 period where operating income was negative while net income remained near break-even, the quality of Prudential's reported earnings appears susceptible to accounting adjustments and non-cash market-driven fluctuations.
The discrepancy between operating and net income suggests that investors should exercise caution when relying on headline EPS figures, as they may be distorted by LDTI accounting standards and unrealized gains or losses. This volatility may indicate that the underlying cash-generating capacity of the business is less stable than the headline net income figures might otherwise suggest.
Quick answers to the most common questions about buying PRS stock.
For fiscal year 2025, Prudential Financial, Inc. 5.62 (PRS) reported total revenue of $60.77B. This represents a 28.4% decline compared to $84.85B in 2012.
Prudential Financial, Inc. 5.62 (PRS) is profitable, generating $3.58B in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Prudential Financial, Inc. 5.62 (PRS) reported an operating income of $4.79B, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Prudential Financial, Inc. 5.62 (PRS) generated $25.55B in gross profit for the year, representing a gross profit margin of 42.0%. This demonstrates the company's core pricing power and production efficiency.