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Equitable (EQH) investor relations material
Equitable Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record assets under management (AUM) of $1.1 trillion, up 7% year-over-year, driven by strong organic growth and positive net flows across core businesses.
Reported a net loss of $1.3 billion, primarily due to a one-time impact from a major life reinsurance transaction with RGA.
Non-GAAP operating earnings were $455 million ($1.48 per share); adjusted for notable items, $510 million ($1.67 per share), up 2% year-over-year.
Deployed $1.5 billion in capital, including $757 million in buybacks/dividends, $500 million in debt repayment, and ~$200 million in growth investments.
Announced acquisition of Stifel Independent Advisors, adding over 110 advisors and ~$9 billion in client assets, expected to close in 1H 2026.
Financial highlights
Net inflows: $1.1 billion in Retirement, $2.2 billion in Wealth Management, and $1.7 billion in Asset Management (excluding reinsurance impact); Private Markets AUM up 17% year-over-year.
Non-GAAP operating earnings were $455 million, or $1.48 per share, down 6% year-over-year; adjusted EPS was $1.67, up 2% year-over-year after notable items.
Book value per share (excluding AOCI): $18.23; with AB at fair value: $33.59.
Adjusted debt to capital ratio: 24.5%, improved from 35.3%.
Cash and liquid assets at quarter end: $0.8 billion, above the $500 million minimum target.
Outlook and guidance
Management remains confident in achieving 2027 financial targets, including 12%-15% EPS CAGR, $2 billion annual cash generation, $150 million in net expense savings, and $110 million in incremental general account investment income.
Full-year payout ratio expected at the upper end of 60%-70% target range.
Full-year consolidated tax rate projected in the high teens for 2025, returning to 20% in 2026.
Alternative investments expected to deliver 8-12% annual returns over time.
Management expects continued volatility due to market conditions, interest rates, and the impact of recent reinsurance and novation transactions.
Quantify RGA reinsurance impact on AB net flows
What is the AUM of Stifel Independent Advisors?
Why did Retirement operating earnings decline?
Sidecar strategy: future scope and capital allocation
RILA market: impact of competition on terms?
Private credit underwriting process and risk mitigation
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Q4 20255 Feb, 2026
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Frequently asked questions
Equitable Holdings Inc provides financial services through its subsidiaries, including life insurance, annuities, asset management, and retirement planning. The company serves individuals and institutions through advisory and investment solutions. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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