Analyst Consensus ?
ConsensusHold25 ratings
Bullish520.0%
Neutral1456.0%
Bearish624.0%
Principal Financial Group, Inc. · PFG · FY2026 Q3 · Calendar Q4 2026
Principal Financial: Retirement Growth Offsets Flow Pressure
The supplied analysis supports a balanced view: retirement growth, international pension expansion, and private-market and ETF initiatives provide operating support, but active-equity outflows and Beam integration costs remain important offsets. The next test is whether strategic growth areas can outpace flow pressure as Beam moves toward 2027 repapering.
Reported After market closeNASDAQFinancial Services
$23.58B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.22
Consensus $2.43
EPS surprise
-8.6%
Reported versus consensus
Reported revenue
$4.27B
Consensus $4.27B
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.3%
Event window
SPY move
+0.5%
Same window
Abnormal move
-0.3%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
PFGSPY benchmark
Ask FN2 about PFG FY2026 Q3
Transcript, numbers and history already loaded
Why did PFG rise 0.3% after missing EPS estimates in FY2026 Q3?What changed in PFG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PFG after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Beam Benefits closed earlier than anticipated and added a digital-first SMB platform, but the acquisition produced a short-term earnings drag. Principal also sold its Chile annuity business, launched the Principal Equity Premium Income ETF, and continued to face active-equity outflows while expanding private markets and ETFs.
Guidance delta
The supplied analysis characterizes guidance sentiment as maintained; no increase or reduction was identified.
Key takeaways
- Retirement remained the clearest operating growth driver, with recurring deposits, roll-ins, and participant activity supporting momentum.
- Beam Benefits broadens Principal’s digital SMB platform but created a near-term earnings drag; management plans policy repapering in 2027.
- Active-equity outflows remain a counterweight, while private markets and ETFs provide areas of positive flow and product expansion.
- The supplied analysis describes a strong capital position and continued shareholder distributions, alongside an increased dividend.
Management priorities
- Expand the retirement ecosystem through participant growth, roll-ins, and retirement-income solutions.
- Integrate Beam Benefits and repaper policies in 2027 to remove the earnings drag.
- Build private-market, infrastructure-debt, ETF, and active-ETF capabilities.
- Continue international pension and multi-asset distribution, including partnerships.
- Maintain disciplined capital deployment while supporting buybacks and dividend growth.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$112.34Current
$64Low
$97.23Average
$128High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 $112.34. 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 | -0.3% | Oct 20, 2026 |
| Barclays | Analyst unavailable | $86 | $109.7 | -23.4% | Oct 7, 2026 |
| Piper Sandler | Analyst unavailable | $128 | $114.77 | +13.9% | Sep 28, 2026 |
| UBS | Analyst unavailable | $120 | $114.02 | +6.8% | Sep 10, 2026 |
| Raymond James | Analyst unavailable | $121 | $114.92 | +7.7% | Aug 17, 2026 |
| Wells Fargo | Wes Carmichael | $113 | $109.57 | +0.6% | Jul 22, 2026 |
| Atlantic Equities | Analyst unavailable | $94 | $113.09 | -16.3% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $98 | $111.67 | -12.8% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $92 | $112.55 | -18.1% | Jul 7, 2026 |
| Piper Sandler | John Barnidge | $125 | $112.36 | +11.3% | Jun 24, 2026 |
| Morgan Stanley | Analyst unavailable | $107 | $103.3 | -4.8% | May 21, 2026 |
| Raymond James | Wilma Burdis | $111 | $101.85 | -1.2% | May 19, 2026 |
| Evercore ISI | Analyst unavailable | $108 | $99.34 | -3.9% | Apr 27, 2026 |
| Barclays | Alex Scott | $87 | $97 | -22.6% | Apr 24, 2026 |
| UBS | Michael Ward | $94 | $92.32 | -16.3% | Apr 9, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $90.2 | -24.3% | Jan 13, 2026 |
| UBS | Michael Ward | $92 | $92.36 | -18.1% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $85 | $90.88 | -24.3% | Jan 8, 2026 |
| Piper Sandler | Analyst unavailable | $100 | $89.24 | -11.0% | Dec 23, 2025 |
| Morgan Stanley | Analyst unavailable | $93 | $90.5 | -17.2% | Dec 15, 2025 |
| Morgan Stanley | Bob Huang | $81 | $79.14 | -27.9% | Oct 23, 2025 |
| Evercore ISI | Analyst unavailable | $94 | $81.77 | -16.3% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $83 | $83.57 | -26.1% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $80 | $83.41 | -28.8% | Oct 7, 2025 |
| Piper Sandler | Analyst unavailable | $94 | $83.41 | -16.3% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $77 | $77.65 | -31.5% | Aug 18, 2025 |
| Wells Fargo | Elyse Greenspan | $69 | $78.3 | -38.6% | Jan 14, 2025 |
| Bank of America Securities | Joshua Shanker | $91 | $87.51 | -19.0% | Oct 10, 2024 |
| Barclays | Alex Scott | $74 | $81.14 | -34.1% | Sep 4, 2024 |
| Morgan Stanley | Bob Huang | $83 | $77.67 | -26.1% | Aug 19, 2024 |
| RBC Capital | Mark Dwelle | $87 | $81.44 | -22.6% | Jul 29, 2024 |
| Jefferies | Suneet Kamath | $76 | $87.46 | -32.3% | Jul 18, 2024 |
| Jefferies | Suneet Kamath | $78 | $79.46 | -30.6% | Jun 28, 2024 |
| Piper Sandler | John Barnidge | $85 | $84.56 | -24.3% | May 17, 2024 |
| Piper Sandler | John Barnidge | $90 | $84.6 | -19.9% | Apr 5, 2024 |
| Morgan Stanley | Bob Huang | $75 | $78.69 | -33.2% | Feb 15, 2024 |
| Goldman Sachs | Alex Scott | $64 | $69.38 | -43.0% | Dec 2, 2021 |
| Credit Suisse | Andrew Kligerman | $82 | $61.5 | -27.0% | Jul 5, 2021 |
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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
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- NUEFY2026 Q3 · October 26, 2026-0.7% EPS+5.9% move
- WELLFY2026 Q3 · October 26, 2026-15.8% EPS-5.3% move
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- 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
Get the PFG recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-27T16:12:33.910988+00:00
- FN2 earnings calendar · 2026-10-27T01:23:15.065758+00:00
- Polygon adjusted daily market bars · 2026-10-27T17:00:46.232996+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T17:00:46.230347+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 2026-10-27. For educational purposes only; not investment advice.