Equitable (EQH) Q1 2026 earnings summary

Executive summary

• Announced an all-stock merger with Corebridge, aiming to create a diversified financial services leader with $1.5 trillion in AUMA and over 12 million customers, expected to close by year-end 2026 and be immediately accretive to EPS and cash generation.

• Q1 2026 non-GAAP operating EPS was $1.62, or $1.68 adjusted, up 25% year-over-year, driven by organic growth, improved mortality, and lower share count.

• Net income for Q1 2026 was $621 million ($2.14 per share), up significantly from $63 million in Q1 2025, reflecting lower policyholder benefits and operating expenses, and higher net investment income.

• Integration planning for the merger is underway, with high confidence in achieving at least $500 million in expense synergies and 10%+ EPS accretion by 2028.

• Strong organic growth in Retirement (net inflows $1.3 billion, RILA sales up 14%) and Wealth Management (advisory net inflows $2.0 billion, productivity up 11%).

Financial highlights

• Assets under management/administration reached $1.1 trillion, up 9% year-over-year.

• Net income for Q1 was $621 million ($2.14 per share); non-GAAP operating earnings were $472 million ($1.62 per share).

• Adjusted book value per share ex-AOCI with AB at market value was $34.70; book value per share excluding AOCI: $19.56.

• Retirement segment earnings (ex-notables) were $394 million; NIM increased 3% sequentially.

• Wealth management advisory net inflows were $2 billion; 13% organic growth rate over 12 months.

Outlook and guidance

• EPS growth expected to exceed the high end of the 12%-15% target range in 2026; confident in achieving 2026 guidance of $1.8 billion in cash generation and over 15% EPS growth.

• Projecting at least 10% EPS and cash generation accretion by year-end 2028 post-merger.

• Full-year return on alternatives portfolio now expected below prior 8%-9% guidance.

• Double-digit earnings growth expected in wealth management for 2026.

• Expect spreads in Retirement to stabilize in 2H'26; forecast FY'26 Asset Management performance fees of $95-115 million.