EQH: Record AUM and stronger cash outlook, with risks to monitor

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.