Analyst Consensus ?
ConsensusHold25 ratings
Bullish520.0%
Neutral1456.0%
Bearish624.0%
Principal Financial Group, Inc. · PFG · FY2024 Q4 · Calendar Q1 2025
Principal Financial Group Reaffirms 2025 Targets Amid Platform Expansion
The supplied analysis supports a constructive but qualified view: earnings growth and diversified retirement and asset-management platforms provide support, while withdrawals, market sensitivity and Specialty Benefits margins remain key tests.
Reported After market closeNASDAQFinancial Services
$23.24B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.02
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.14B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+2.9%
Event window
SPY move
-0.9%
Same window
Abnormal move
+3.8%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+1.6%
Up to 20 sessions
PFGSPY benchmark
Ask FN2 about PFG FY2024 Q4
Transcript, numbers and history already loaded
What drove PFG's +2.9% move after FY2024 Q4 earnings?What changed in PFG's guidance and outlook in FY2024 Q4?Give me the bull and bear case for PFG after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current event adds a reaffirmed 2025 framework, 11% 2024 EPS growth, planned expansion in private credit and infrastructure debt, and continued emphasis on retirement and global asset-management platforms. The main watch items remain participant outflows, real-estate-related investment-income volatility and dental underwriting.
Guidance delta
Management reaffirmed 2025 targets of 9%–12% EPS growth, 75%–85% free capital flow conversion and 14%–16% ROE; guidance sentiment remained maintained.
Key takeaways
- 2024 EPS growth reached 11%, at the upper end of the stated guidance range.
- Management highlighted retirement, SMB and global asset management as core growth platforms.
- New private-credit and infrastructure-debt capabilities broaden the alternatives offering.
- Underwriting discipline remains a focus as Specialty Benefits faces modest dental-margin pressure.
Management priorities
- Scale personalized and passive target-date offerings
- Launch private credit REIT and infrastructure debt capabilities
- Expand retirement, pension-risk-transfer and SMB platforms
- Maintain shareholder returns through dividends and planned repurchases
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$108.56Current
$64Low
$97.23Average
$128High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 20, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 15, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 9, 2026 |
| Barclays | Underweight | Underweight | Maintain | Oct 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 28, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 10, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 28, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jul 28, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 10, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 6, 2026 |
| Raymond James | Outperform | Strong Buy | Downgrade | May 19, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jan 21, 2025 |
| Citigroup | Sell | Sell | Maintain | Jul 23, 2024 |
| Goldman Sachs | Sell | Sell | Maintain | Jan 9, 2023 |
| Credit Suisse | Underperform | Neutral | Downgrade | Dec 8, 2022 |
| Wolfe Research | Perform | Peer Perform | Maintain | Jan 21, 2022 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 3, 2016 |
| Bank of America | Neutral | Buy | Downgrade | Jun 29, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Dec 4, 2015 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 12, 2015 |
| Atlantic Equities | Overweight | Overweight | Maintain | Dec 3, 2014 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 13, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Apr 28, 2014 |
| Evercore Partners | Equal Weight | Underweight | Upgrade | Apr 11, 2014 |
| Scotiabank | Sector Underperform | Sector Perform | Downgrade | Nov 22, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $108.56. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Wesley Carmichael | $112 | $106.86 | +3.2% | Oct 20, 2026 |
| Barclays | Analyst unavailable | $86 | $109.7 | -20.8% | Oct 7, 2026 |
| Piper Sandler | Analyst unavailable | $128 | $114.77 | +17.9% | Sep 28, 2026 |
| UBS | Analyst unavailable | $120 | $114.02 | +10.5% | Sep 10, 2026 |
| Raymond James | Analyst unavailable | $121 | $114.92 | +11.5% | Aug 17, 2026 |
| Wells Fargo | Wes Carmichael | $113 | $109.57 | +4.1% | Jul 22, 2026 |
| Atlantic Equities | Analyst unavailable | $94 | $113.09 | -13.4% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $98 | $111.67 | -9.7% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $92 | $112.55 | -15.3% | Jul 7, 2026 |
| Piper Sandler | John Barnidge | $125 | $112.36 | +15.1% | Jun 24, 2026 |
| Morgan Stanley | Analyst unavailable | $107 | $103.3 | -1.4% | May 21, 2026 |
| Raymond James | Wilma Burdis | $111 | $101.85 | +2.2% | May 19, 2026 |
| Evercore ISI | Analyst unavailable | $108 | $99.34 | -0.5% | Apr 27, 2026 |
| Barclays | Alex Scott | $87 | $97 | -19.9% | Apr 24, 2026 |
| UBS | Michael Ward | $94 | $92.32 | -13.4% | Apr 9, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $90.2 | -21.7% | Jan 13, 2026 |
| UBS | Michael Ward | $92 | $92.36 | -15.3% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $85 | $90.88 | -21.7% | Jan 8, 2026 |
| Piper Sandler | Analyst unavailable | $100 | $89.24 | -7.9% | Dec 23, 2025 |
| Morgan Stanley | Analyst unavailable | $93 | $90.5 | -14.3% | Dec 15, 2025 |
| Morgan Stanley | Bob Huang | $81 | $79.14 | -25.4% | Oct 23, 2025 |
| Evercore ISI | Analyst unavailable | $94 | $81.77 | -13.4% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $83 | $83.57 | -23.5% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $80 | $83.41 | -26.3% | Oct 7, 2025 |
| Piper Sandler | Analyst unavailable | $94 | $83.41 | -13.4% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $77 | $77.65 | -29.1% | Aug 18, 2025 |
| Wells Fargo | Elyse Greenspan | $69 | $78.3 | -36.4% | Jan 14, 2025 |
| Bank of America Securities | Joshua Shanker | $91 | $87.51 | -16.2% | Oct 10, 2024 |
| Barclays | Alex Scott | $74 | $81.14 | -31.8% | Sep 4, 2024 |
| Morgan Stanley | Bob Huang | $83 | $77.67 | -23.5% | Aug 19, 2024 |
| RBC Capital | Mark Dwelle | $87 | $81.44 | -19.9% | Jul 29, 2024 |
| Jefferies | Suneet Kamath | $76 | $87.46 | -30.0% | Jul 18, 2024 |
| Jefferies | Suneet Kamath | $78 | $79.46 | -28.2% | Jun 28, 2024 |
| Piper Sandler | John Barnidge | $85 | $84.56 | -21.7% | May 17, 2024 |
| Piper Sandler | John Barnidge | $90 | $84.6 | -17.1% | Apr 5, 2024 |
| Morgan Stanley | Bob Huang | $75 | $78.69 | -30.9% | Feb 15, 2024 |
| Goldman Sachs | Alex Scott | $64 | $69.38 | -41.0% | Dec 2, 2021 |
| Credit Suisse | Andrew Kligerman | $82 | $61.5 | -24.5% | Jul 5, 2021 |
Track every rating change on PFG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPrincipal Financial Group, Inc. engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through the following segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. The Retirement and Income Solutions Segment offers a comprehensive portfolio of products and services for retirement savings along with select products for retirement income. The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The Benefits and Protection segment includes selling individual life insurance products. The company was founded by Edward A. Temple in 1879 and is headquartered in Des Moines, IA.
Historical context
All PFG earningsFinancial Services peers this season
Latest reports in the same sector
Latest beats and misses
Who reports nextBeat on EPS
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- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the PFG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-23T00:02:36.799981+00:00
- Polygon adjusted daily market bars · 2026-10-25T04:50:42.660503+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T04:50:42.657542+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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 2026-10-25. For educational purposes only; not investment advice.