Equitable Holdings, Inc. · EQH-PA · FY2026 Q1 · Calendar Q2 2026
Equitable starts 2026 with earnings growth and a pending Corebridge combination
Equitable’s Q1 results and retirement-product inflows support a constructive operating picture, while the pending Corebridge merger offers a path to greater scale and cost synergies. Whether those benefits translate into durable growth depends on integration, spread trends, and execution against management’s stated targets.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Q1 2026 non-GAAP EPS rose 25% year over year, with reported EPS of $1.62 versus $1.61 estimated and revenue of $4.23 billion versus $3.94 billion estimated. Retirement products recorded $1.3 billion of net inflows. Management maintained its outlook and emphasized the pending Corebridge merger, including a target of at least $500 million in expense synergies.
Guidance delta
Maintained. The transcript analysis says management reaffirmed its 12%–15% EPS growth target and $1.8 billion 2026 cash-flow goal; no upward or downward change was indicated.
Key takeaways
- Q1 EPS growth and retirement inflows point to ongoing operating momentum.
- Management says the Corebridge combination is expected to be immediately accretive and targets at least $500 million in expense synergies.
- Management reaffirmed its EPS-growth and 2026 cash-flow targets.
- Combined balance-sheet strength was described as approximately 475% NAIC RBC and $1.2 billion in liquidity.
Management priorities
- Integrate Corebridge and develop a detailed expense-synergy roadmap.
- Expand distribution through third-party networks and the combined platform.
- Develop additional fixed and indexed annuity and indexed universal life products after the merger.
- Use excess capital for growth initiatives and buybacks, subject to the stated timing and payout framework.
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Try FN2 freeEarnings History
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 |
|---|---|---|---|---|
| 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 |
| PS Pershing Square Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.5% | +0.1% | Pershing Square emphasizes insurance buildout and new fund plans |
| APOS Apollo Global Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.5% | Apollo posted record Q3 fee and spread earnings while funding a larger private-markets buildout |
| CRBG Corebridge Financial, Inc. | FY2026 Q3 · Calendar Q4 2026 | -0.8% | +2.5% | Corebridge’s operating earnings grew, while revenue fell short of consensus |
Latest beats and misses
Who reports nextBeat on EPS
- DTFY2027 Q2 · November 3, 2026+10.0% EPS-14.7% move
- TEVAFY2026 Q3 · November 3, 2026+19.4% EPS+3.0% move
- DOCNFY2026 Q3 · November 3, 2026+41.8% EPS+0.8% move
- YUMFY2026 Q3 · November 3, 2026+3.3% EPS-0.4% move
- SHOPFY2026 Q3 · November 3, 2026+6.2% EPS-8.7% move
- DDFY2026 Q3 · November 3, 2026+11.8% EPS+8.6% move
Missed on EPS
- APOFY2026 Q3 · November 3, 2026-5.5% EPS-4.9% move
- FMSFY2026 Q3 · November 3, 2026-1.7% EPS-3.9% move
- PSFY2026 Q3 · November 2, 2026-1.5% EPS+0.1% move
- DOCFY2026 Q3 · November 2, 2026-68.5% EPS+0.4% move
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% 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.