Analyst Consensus ?
ConsensusHold25 ratings
Bullish520.0%
Neutral1456.0%
Bearish624.0%
Principal Financial Group, Inc. · PFG · FY2025 Q4 · Calendar Q1 2026
Principal Financial raises 2026 outlook as retirement and private markets grow
The latest call supports a constructive operating thesis: management paired broad-based 2025 margin and EPS growth with a higher 2026 outlook, while retirement deposits and private-market demand remained key growth drivers. The main test is whether those gains persist as performance fees, dental claims, FX and free-cash-flow conversion introduce variability.
Reported After market closeNASDAQFinancial Services
$24.40B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.19
Consensus $2.23
EPS surprise
-1.8%
Reported versus consensus
Reported revenue
$4.46B
Consensus $4.12B
Revenue surprise
+8.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
-2.1%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-5.8%
Up to 20 sessions
PFGSPY benchmark
Ask FN2 about PFG FY2025 Q4
Transcript, numbers and history already loaded
Why did PFG fall 2.4% after missing EPS estimates in FY2025 Q4?What changed in PFG's guidance and outlook in FY2025 Q4?Give me the bull and bear case for PFG after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the outlook moved from maintained to raised. Management added a 2026 framework of 9–12% EPS growth, 15–17% ROE and higher margin targets, while highlighting $35 billion of retirement-ecosystem deposits, 50% private-market sales growth and $1.5 billion of shareholder returns.
Guidance delta
Management raised its outlook, targeting 9–12% EPS growth and 15–17% ROE for 2026, alongside higher margin goals.
Key takeaways
- Management reported 12% 2025 non-GAAP EPS growth and margin expansion across the enterprise.
- Retirement-platform deposits reached $35 billion, while WSRS recurring deposits increased 5%.
- Private-market sales in global asset management rose 50%; AUM reached $781 billion.
- The company returned $1.5 billion to shareholders through buybacks and dividends.
- The 2026 framework combines higher margin targets with continued capital deployment and strategic expansion.
Management priorities
- Grow retirement-platform deposits and participant engagement.
- Expand private-market offerings in Europe and Saudi Arabia.
- Launch a private-wealth product in France and broaden cross-sell initiatives.
- Continue share repurchases and dividend growth.
- Complete the Chile runoff annuities divestiture in 2026.
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Beat
Miss
Match
Analyst 52W Price Targets
$111.96Current
$64Low
$96.81Average
$128High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 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 |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Sep 28, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 10, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 28, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jul 28, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 22, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 13, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 10, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jul 7, 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 $111.96. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $128 | $114.77 | +14.3% | Sep 28, 2026 |
| UBS | Analyst unavailable | $120 | $114.02 | +7.2% | Sep 10, 2026 |
| Raymond James | Analyst unavailable | $121 | $114.92 | +8.1% | Aug 17, 2026 |
| Wells Fargo | Wes Carmichael | $113 | $109.57 | +0.9% | Jul 22, 2026 |
| Atlantic Equities | Analyst unavailable | $94 | $113.09 | -16.0% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $98 | $111.67 | -12.5% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $92 | $112.55 | -17.8% | Jul 7, 2026 |
| Piper Sandler | John Barnidge | $125 | $112.36 | +11.6% | Jun 24, 2026 |
| Morgan Stanley | Analyst unavailable | $107 | $103.3 | -4.4% | May 21, 2026 |
| Raymond James | Wilma Burdis | $111 | $101.85 | -0.9% | May 19, 2026 |
| Evercore ISI | Analyst unavailable | $108 | $99.34 | -3.5% | Apr 27, 2026 |
| Barclays | Alex Scott | $87 | $97 | -22.3% | Apr 24, 2026 |
| UBS | Michael Ward | $94 | $92.32 | -16.0% | Apr 9, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $90.2 | -24.1% | Jan 13, 2026 |
| UBS | Michael Ward | $92 | $92.36 | -17.8% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $85 | $90.88 | -24.1% | Jan 8, 2026 |
| Piper Sandler | Analyst unavailable | $100 | $89.24 | -10.7% | Dec 23, 2025 |
| Morgan Stanley | Analyst unavailable | $93 | $90.5 | -16.9% | Dec 15, 2025 |
| Morgan Stanley | Bob Huang | $81 | $79.14 | -27.7% | Oct 23, 2025 |
| Evercore ISI | Analyst unavailable | $94 | $81.77 | -16.0% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $83 | $83.57 | -25.9% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $80 | $83.41 | -28.5% | Oct 7, 2025 |
| Piper Sandler | Analyst unavailable | $94 | $83.41 | -16.0% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $77 | $77.65 | -31.2% | Aug 18, 2025 |
| Wells Fargo | Elyse Greenspan | $69 | $78.3 | -38.4% | Jan 14, 2025 |
| Bank of America Securities | Joshua Shanker | $91 | $87.51 | -18.7% | Oct 10, 2024 |
| Barclays | Alex Scott | $74 | $81.14 | -33.9% | Sep 4, 2024 |
| Morgan Stanley | Bob Huang | $83 | $77.67 | -25.9% | Aug 19, 2024 |
| RBC Capital | Mark Dwelle | $87 | $81.44 | -22.3% | Jul 29, 2024 |
| Jefferies | Suneet Kamath | $76 | $87.46 | -32.1% | Jul 18, 2024 |
| Jefferies | Suneet Kamath | $78 | $79.46 | -30.3% | Jun 28, 2024 |
| Piper Sandler | John Barnidge | $85 | $84.56 | -24.1% | May 17, 2024 |
| Piper Sandler | John Barnidge | $90 | $84.6 | -19.6% | Apr 5, 2024 |
| Morgan Stanley | Bob Huang | $75 | $78.69 | -33.0% | Feb 15, 2024 |
| Goldman Sachs | Alex Scott | $64 | $69.38 | -42.8% | Dec 2, 2021 |
| Credit Suisse | Andrew Kligerman | $82 | $61.5 | -26.8% | 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| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
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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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-30T18:16:14.447401+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T18:16:14.444326+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 2026-09-30. For educational purposes only; not investment advice.