Equitable Holdings, Inc. · EQH-PA · FY2025 Q4 · Calendar Q1 2026
EQH: Record AUM and stronger cash outlook, with risks to monitor
Equitable’s record AUM, net inflows and higher cash-generation outlook support the growth case in the supplied analysis. The quarter also came in below EPS and revenue estimates, while credit quality, mortality exposure and spread compression remain material counterpoints.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management described the outlook as raised, projecting organic cash generation of $1.8 billion in 2026 and $2 billion by 2027, after $1.6 billion in 2025. The transcript analysis also cites an RGA reinsurance transaction that reduced mortality exposure and released capital. In the reported quarter, EPS was $1.73 versus $1.75 estimated, and revenue was $3.277 billion versus $3.950 billion estimated.
Guidance delta
Management’s outlook was characterized as raised: organic cash generation is projected at $1.8 billion for 2026 and $2 billion by 2027, compared with $1.6 billion in 2025. No more specific prior guidance comparison was provided.
Key takeaways
- AUM reached a record $1.1 trillion, up 10% year over year, according to the call analysis.
- Wealth Management recorded $8.4 billion in net inflows, described as 13% organic growth; planner count increased 12%.
- The RGA reinsurance transaction reduced mortality exposure by 75% and released $2 billion of capital, as summarized in the transcript analysis.
- Reported EPS of $1.73 and revenue of $3.277 billion were below estimates of $1.75 and $3.950 billion, respectively.
Management priorities
- Increase Equitable’s ownership stake in AllianceBernstein and fund further investments.
- Complete the Stifel Independent Advisors acquisition.
- Invest in the FCA Re sidecar.
- Onboard more than $10 billion of commercial mortgage loans in the second half of 2026.
- Expand FABN issuance when attractive IRR opportunities are available.
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 16, 2023 |
| Barclays | Overweight | Overweight | Maintain | Oct 9, 2023 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 5, 2023 |
| Jefferies | Hold | Hold | Maintain | Sep 13, 2023 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 10, 2023 |
| UBS | Buy | Buy | Maintain | May 15, 2023 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | May 8, 2023 |
| Truist Securities | Buy | Buy | Maintain | May 7, 2023 |
| RBC Capital | Perform | Sector Perform | Maintain | May 5, 2023 |
| Raymond James | Perform | Market Perform | Maintain | Feb 8, 2023 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 5, 2022 |
| Citigroup | Buy | Buy | Maintain | Jun 20, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 13, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 12, 2020 |
| B of A Securities | Buy | Buy | Maintain | Jan 22, 2020 |
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Start freeCompany context
Snapshot as of publicationEquitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Individual Retirement segment offers a suite of variable annuity products primarily to affluent and high net worth individuals. The Group Retirement segment provides tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities, and not-for-profit entities, as well as small and medium-sized businesses.…
Historical context
All EQH-PA earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AIZ Assurant, Inc. | FY2026 Q3 · Calendar Q4 2026 | +29.5% | +4.2% | Assurant raises FY2026 outlook as Lifestyle and Housing earnings grow |
| AIZN Assurant, Inc. 5.25% Subordinat | FY2026 Q3 · Calendar Q4 2026 | +36.0% | +0.5% | Assurant posts record Q3 as Connected Living drives growth |
| PGR The Progressive Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -0.3% | Progressive’s Q3 growth is broad, while acquisition efficiency remains in focus |
| APOS Apollo Global Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | -5.5% | -0.5% | Apollo posts record Q3 fee earnings as investment shifts widen |
| APO Apollo Global Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | -5.5% | -4.9% | Apollo Posts Record Q3 Earnings, Reaffirms 2027 Growth Targets |
| EQH Equitable Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.8% | EQH reports Q3 EPS growth and strong retirement inflows as merger work advances |
Latest beats and misses
Who reports nextBeat on EPS
- AIZFY2026 Q3 · November 3, 2026+29.5% EPS+4.2% move
- AIZNFY2026 Q3 · November 3, 2026+36.0% EPS+0.5% move
- SMCIFY2027 Q1 · November 3, 2026+47.2% EPS-4.2% move
- XYZFY2026 Q3 · November 3, 2026+9.7% EPS+14.9% move
- AMGNFY2026 Q3 · November 3, 2026+11.4% EPS+1.6% move
- SWKSFY2026 Q4 · November 3, 2026+0.8% EPS-6.9% move
Missed on EPS
- CHTFY2026 Q3 · November 4, 2026-55.7% EPS+0.9% move
- TOSTFY2026 Q3 · November 3, 2026-20.1% EPS+5.9% move
- CPNGFY2026 Q3 · November 3, 2026-90.3% EPS+13.3% move
- TLNFY2026 Q3 · November 3, 2026-65.4% EPS+7.3% move
- APOSFY2026 Q3 · November 3, 2026-5.5% EPS-0.5% move
- TRIFY2026 Q3 · November 3, 2026-9.0% EPS-9.9% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-04. For educational purposes only; not investment advice.