Revenue growth remains highly inconsistent, evidenced by a dramatic swing from a 131.4% surge in 2024Q3 to a 42.5% contraction in 2025Q1.
| 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 |
|---|
| Revenue | 61.82B | 60.77B | 70.67B | 54.27B | 56.99B | 71.15B | 57.03B | 64.8B | 62.99B | 59.69B | 58.79B | 57.12B | 54.1B | 41.46B | 84.85B | 49.09B | 38.22B | 32.57B | 29.22B | 34.4B | 32.27B | 31.35B | 27.81B | 27.3B | 26.07B | 26.41B |
| Revenue Growth % | 1.92% | -14.01% | 30.24% | -4.77% | -19.91% | 24.76% | -11.99% | 2.87% | 5.53% | 1.53% | 2.93% | 5.57% | 30.5% | -51.13% | 72.86% | 28.44% | 17.35% | 11.45% | -15.06% | 6.61% | 2.94% | 12.71% | 1.89% | 4.71% | -1.3% | - |
| Medical Costs & Claims | 42.77B | 35.22B | 53.16B | 36.71B | 45.1B | 42.87B | 41.82B | 44.03B | 44.87B | 39.2B | 39.27B | 36.23B | 37.82B | 30.08B | 70.87B | 30.79B | 23.58B | 20.83B | 18.87B | 17.97B | 2.92B | 2.7B | 17.71B | 31.28B | 15.89B | 15B |
| Medical Cost Ratio % | 69.18% | 57.96% | 75.21% | 67.65% | 79.14% | 60.25% | 73.33% | 67.95% | 71.24% | 65.66% | 66.79% | 63.42% | 69.91% | 72.56% | 83.53% | 62.73% | 61.7% | 63.96% | 64.57% | 52.24% | 9.04% | 8.61% | 63.69% | 114.59% | 60.95% | 56.79% |
| Gross Profit | 19.05B | 25.55B | 17.52B | 17.55B | 11.89B | 28.28B | 15.21B | 20.77B | 18.12B | 20.5B | 19.52B | 20.89B | 16.28B | 11.38B | 13.98B | 18.29B | 14.64B | 11.74B | 10.35B | 16.43B | 29.35B | 28.65B | 10.1B | -3.98B | 10.18B | 11.41B |
| Gross Margin % | 30.82% | 42.04% | 24.79% | 32.35% | 20.86% | 39.75% | 26.67% | 32.05% | 28.76% | 34.34% | 33.21% | 36.58% | 30.09% | 27.44% | 16.47% | 37.27% | 38.3% | 36.04% | 35.43% | 47.76% | 90.96% | 91.39% | 36.31% | -14.59% | 39.05% | 43.21% |
| Gross Profit Growth % | - | 45.84% | -0.21% | 47.65% | -57.96% | 85.91% | -26.75% | 14.62% | -11.6% | 4.99% | -6.56% | 28.32% | 43.11% | -18.61% | -23.58% | 24.96% | 24.73% | 13.36% | -36.99% | -44.02% | 2.45% | 183.7% | 353.59% | -139.12% | -10.8% | - |
| Operating Expenses | 14B | 20.77B | 14.31B | 14.48B | 13.78B | 17.45B | 15.54B | 15.68B | 13.29B | 14.01B | 13.82B | 13.12B | 14.52B | 13.06B | 13.27B | 13.33B | 10.5B | 10.18B | 11.49B | 11.74B | 24.96B | 24.37B | 6.83B | -5.86B | 10.1B | 9.12B |
| OpEx / Revenue % | 22.64% | 34.17% | 20.25% | 26.69% | 24.18% | 24.52% | 27.24% | 24.2% | 21.09% | 23.47% | 23.5% | 22.98% | 26.84% | 31.5% | 15.64% | 27.15% | 27.47% | 31.27% | 39.33% | 34.14% | 77.34% | 77.76% | 24.56% | -21.46% | 38.73% | 34.53% |
| Depreciation & Amortization | 289M | 128M | 383M | -70M | 117M | 206M | 457M | 460M | 161M | 222M | 318M | 113M | 631M | 411M | 302M | 290M | -104M | 175M | 717M | 272M | 350M | 501M | 537M | 714M | 559M | 446M |
| Combined Ratio % | 91.82% | 92.13% | 95.46% | 94.34% | 103.32% | 84.77% | 100.57% | 92.15% | 92.33% | 89.13% | 90.3% | 86.4% | 96.75% | 104.06% | 99.17% | 89.89% | 89.17% | 95.23% | 103.9% | 86.38% | 86.38% | 86.37% | 88.26% | 93.12% | 99.69% | 91.32% |
| Operating Income | 5.05B | 4.79B | 3.21B | 3.07B | -1.89B | 10.84B | -323M | 5.08B | 4.83B | 6.49B | 5.71B | 7.77B | 1.76B | -1.68B | 708M | 4.96B | 4.14B | 1.55B | -1.14B | 4.69B | 4.39B | 4.27B | 3.27B | 1.88B | 82M | 2.29B |
| Operating Margin % | 8.17% | 7.87% | 4.54% | 5.66% | -3.32% | 15.23% | -0.57% | 7.85% | 7.67% | 10.87% | 9.7% | 13.6% | 3.25% | -4.06% | 0.83% | 10.11% | 10.83% | 4.77% | -3.9% | 13.62% | 13.62% | 13.63% | 11.74% | 6.88% | 0.31% | 8.68% |
| Operating Income Growth % | - | 49.11% | 4.46% | 262.37% | -117.46% | 3454.49% | -106.35% | 5.19% | -25.48% | 13.71% | -26.57% | 341.67% | 204.45% | -337.85% | -85.74% | 19.9% | 166.75% | 236.26% | -124.31% | 6.65% | 2.81% | 30.86% | 74% | 2189.02% | -96.42% | - |
| EBITDA | 5.38B | 4.91B | 3.59B | 3B | -1.77B | 11.04B | 134M | 5.54B | 5B | 6.71B | 6.02B | 7.88B | 2.39B | -1.27B | 1.01B | 5.25B | 4.04B | 1.73B | -422M | 4.96B | 4.74B | 4.78B | 3.8B | 2.59B | 641M | 2.74B |
| EBITDA Margin % | 8.71% | 8.08% | 5.08% | 5.53% | -3.11% | 15.52% | 0.23% | 8.56% | 7.93% | 11.24% | 10.24% | 13.8% | 4.42% | -3.07% | 1.19% | 10.7% | 10.56% | 5.3% | -1.44% | 14.41% | 14.7% | 15.23% | 13.67% | 9.49% | 2.46% | 10.37% |
| Interest Expense | 1.07B | 2.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32B | 1.33B | 1.93B | 1.42B | 0 | 1.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.83B | 1.85B | 0 |
| Non-Operating Income | -45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.91B | -1.83B | 0 |
| Pretax Income | 4.57B | 4.79B | 3.35B | 3.12B | -1.95B | 10.93B | -227M | 5.08B | 4.83B | 6.49B | 5.71B | 7.77B | 1.76B | -1.68B | 708M | 4.96B | 4.14B | 1.55B | -1.14B | 4.69B | 4.39B | 4.27B | 3.27B | 1.88B | 82M | -227M |
| Pretax Margin % | 7.39% | 7.87% | 4.74% | 5.75% | -3.43% | 15.37% | -0.4% | 7.85% | 7.67% | 10.87% | 9.7% | 13.6% | 3.25% | -4.06% | 0.83% | 10.11% | 10.83% | 4.77% | -3.9% | 13.62% | 13.62% | 13.63% | 11.74% | 6.88% | 0.31% | -0.86% |
| Income Tax | 975M | 1.05B | 507M | 613M | -279M | 2B | -81M | 947M | 822M | -1.44B | 1.33B | 2.07B | 349M | -1.06B | 213M | 1.51B | 1.24B | -54M | -487M | 1.25B | 1.25B | 803M | 931M | 621M | -188M | -57M |
| Effective Tax Rate % | 21.34% | 22.01% | 15.12% | 19.64% | 14.28% | 18.25% | 35.68% | 18.62% | 17% | -22.17% | 23.4% | 26.67% | 19.84% | 62.83% | 30.08% | 30.52% | 30.02% | -3.48% | 42.76% | 26.57% | 28.33% | 18.79% | 28.51% | 33.08% | -229.27% | 25.11% |
| Net Income | 3.48B | 3.58B | 2.73B | 2.49B | -1.65B | 8.87B | -374M | 4.19B | 4.07B | 7.86B | 4.37B | 5.64B | 1.38B | -667M | 520M | 3.63B | 3B | 3.12B | -1.12B | 3.7B | 3.43B | 3.54B | 2.26B | 1.26B | 194M | -154M |
| Net Margin % | 5.62% | 5.88% | 3.86% | 4.58% | -2.89% | 12.46% | -0.66% | 6.46% | 6.47% | 13.17% | 7.43% | 9.88% | 2.55% | -1.61% | 0.61% | 7.4% | 7.85% | 9.59% | -3.82% | 10.77% | 10.62% | 11.29% | 8.11% | 4.63% | 0.74% | -0.58% |
| Net Income Growth % | 51.35% | 31.13% | 9.61% | 251.06% | -118.57% | 2471.12% | -108.93% | 2.75% | -48.19% | 80.01% | -22.58% | 308.54% | 307.05% | -228.27% | -85.68% | 21.03% | -3.94% | 379.68% | -130.16% | 8.05% | -3.16% | 56.91% | 78.48% | 551.55% | 225.97% | - |
| EPS (Diluted) | 9.95 | 10.22 | 7.50 | 6.74 | -4.49 | 19.51 | -1.00 | 10.11 | 9.50 | 17.86 | 9.71 | 12.17 | 2.89 | -1.47 | 1.06 | 7.04 | 5.75 | 7.63 | -2.50 | 7.61 | 6.50 | 6.34 | 3.31 | 1.98 | 0.34 | -0.27 |
| EPS Growth % | 54.91% | 36.27% | 11.28% | 250.11% | -123.01% | 2051% | -109.89% | 6.42% | -46.81% | 83.93% | -20.21% | 321.11% | 296.6% | -238.68% | -84.94% | 22.43% | -24.64% | 405.2% | -132.85% | 17.08% | 2.52% | 91.54% | 67.17% | 482.35% | 225.93% | - |
| EPS (Basic) | - | 10.16 | 7.54 | 6.76 | -4.49 | 22.56 | -1.00 | 10.23 | 9.64 | 18.19 | 9.85 | 12.37 | 2.94 | -1.47 | 1.07 | 7.04 | 5.82 | 7.68 | -2.50 | 7.75 | 6.63 | 6.45 | 3.38 | 1.99 | 0.34 | -0.27 |
| Diluted Shares Outstanding | 349.4M | 349.92M | 359.3M | 364.6M | 372.3M | 390.1M | 395.8M | 410.9M | 426.2M | 436M | 429.57M | 463.6M | 456.83M | 468.39M | 451.06M | 488.7M | 475.4M | 448.2M | 429.7M | 468.3M | 494M | 520.9M | 531.2M | 548.4M | 577.98M | 580.83M |
Foreign exchange and mortality volatility
As reported in recent financial statements, Prudential's revenue trajectory remains highly inconsistent, fluctuating from a 131.4% surge in 2024Q3 to a 42.5% contraction in 2025Q1, reflecting significant sensitivity to market-driven investment income and the ongoing rebalancing of the firm's core insurance and annuity product portfolios.
The erratic top-line performance suggests that Prudential's revenue is heavily influenced by external market factors rather than steady organic premium growth. Investors should monitor whether the recent stabilization in 2026Q1 at 6.3% growth indicates a successful pivot toward more predictable, fee-based revenue streams.
Based on reported figures, the combined ratio has largely hovered between 90% and 95% over the last ten quarters, with a notable exception in 2024Q4 when the ratio spiked to 101.2%, signaling a temporary period of underwriting loss that warrants further investigation into mortality experience.
While the company generally maintains underwriting profitability, the narrow margin between the loss ratio and the 100% threshold leaves little room for operational error. The recent improvement to a 90.8% combined ratio in 2026Q1 suggests that management is successfully containing claims costs, though this remains sensitive to actuarial assumption updates.
According to recent SEC filings, the wind-down of the Assurance IQ segment marks a critical inflection point, as the company moves away from failed insurtech experiments to refocus on its core institutional and high-net-worth channels, which historically provide more stable, long-term earnings contributions to the firm.
This strategic reversal appears to be an admission that the previous capital-intensive acquisition strategy did not yield the expected synergies. The market may view this as a positive return to discipline, provided that future capital allocation remains focused on the firm's proven strengths in asset management and international distribution.
As indicated by historical data, Prudential's heavy reliance on the Japanese market creates significant earnings volatility due to Yen/USD exchange rate fluctuations, which may obscure the underlying operational health of the international segment when viewed through the lens of consolidated, dollar-denominated financial reporting metrics.
The persistent weakness of the Yen may continue to act as a structural headwind for headline growth, regardless of local-currency performance. Analysts should be cautious in interpreting consolidated net income, as foreign currency translation effects can create artificial swings that do not necessarily reflect the durability of the Life Planner moat.
Quick answers to the most common questions about buying PRU stock.
For fiscal year 2025, Prudential Financial, Inc. (PRU) reported total revenue of $60.77B. This represents a 130.1% increase compared to $26.41B in 2001.
Prudential Financial, Inc. (PRU) 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. (PRU) 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. (PRU) 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.