Equitable Holdings, Inc. · EQH · FY2026 Q2 · Calendar Q3 2026
Equitable’s Q2 growth and merger plans offset by hedge-related loss
Strong organic growth and rising assets support Equitable’s earnings trajectory, but the investment case depends on realizing merger benefits while managing hedge-driven volatility and regulatory execution.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management said shareholder approval for the Corebridge merger was secured and the transaction remained on track for year-end closing. The quarter also brought record AUM, strong net flows, and private-markets AUM of $91 billion; management noted that hedge-portfolio impacts drove a net loss.
Guidance delta
Guidance sentiment was maintained. Management reiterated targets of $1.8 billion in 2026 cash flow generation and $2 billion in 2027, while describing plans to close the merger by year-end and begin day-one operations in January.
Key takeaways
- Non-GAAP EPS grew 24% year over year, with record $1.2 trillion AUM and strong net flows across retirement, wealth management and asset management.
- Corebridge shareholder approval advances the planned merger, with management emphasizing distribution, scale and synergy opportunities.
- Hedge-portfolio impacts drove a net loss, highlighting the difference between operating growth and reported results.
Management priorities
- Complete the Corebridge merger and execute integration and distribution plans.
- Grow retirement and advisory flows while improving advisor productivity.
- Expand private-markets assets and move additional assets to AllianceBernstein.
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Try FN2 freeCompany context
Snapshot as of publicationEquitable Holdings, Inc. operates as a global, diversified financial services enterprise, delivering its offerings through four primary divisions. The Individual Retirement segment focuses on providing variable annuity products predominantly to high-net-worth individuals. Its Group Retirement segment supplies tax-advantaged investment and retirement plans to a variety of organizations, including educational institutions, municipalities, non-profit entities, and small to mid-sized businesses.…
Historical context
All EQH earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| APO Apollo Global Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -4.4% | Apollo posts record Q3 earnings; maintains 2027 growth outlook |
| EQH-PA Equitable Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +14.5% | — | Equitable Holdings: EPS Growth, Corebridge Synergies in Focus |
| 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
- FANGFY2026 Q3 · November 2, 2026+2.4% EPS-3.7% move
- RRXFY2026 Q3 · November 3, 2026+41.1% EPS+11.8% move
- UDRFY2026 Q3 · November 2, 2026+340.8% EPS+0.1% move
- VNOMFY2026 Q3 · November 2, 2026+3.9% EPS-2.6% move
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T22:13:00.284868+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-11-04T00:30:49.479115+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T00:30:49.476391+00:00
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.