Equitable (EQH) Q2 2026 earnings summary

Executive summary

• Shareholders approved the merger with Corebridge, with integration planning underway and closing targeted by year-end 2026, pending regulatory approvals.

• Achieved strong organic growth and record assets under management of $1.2 trillion, up 10% year-over-year, across all business lines.

• Non-GAAP operating earnings per share rose 24% year-over-year to $1.70, or $1.75 excluding notable items.

• Returned $449 million to shareholders in the quarter, including $366 million in share repurchases, with a payout ratio of 92% for the quarter and 70% for the first half of 2026.

• Announced the sale of the employee benefits business to The Hartford, reallocating capital to core businesses.

Financial highlights

• Non-GAAP operating earnings were $488 million ($1.70/share), or $501 million ($1.75/share) excluding notable items, up 24% year-over-year.

• Net loss of $453 million, or $1.68 per share, driven by non-economic impacts from the hedge portfolio and compared to a $349 million loss in Q2 2025.

• Adjusted book value per share ex-AOCI was $16.89; including AOCI, book value was $(6.79).

• Assets under management and administration reached $1.2 trillion, up 10% year-over-year.

• Returned $449 million of capital to shareholders in Q2, with a 92% payout ratio for the quarter and 70% for the first half of 2026.

Outlook and guidance

• Merger with Corebridge expected to close by year-end 2026, with anticipated immediate accretion to EPS and cash generation.

• Targeting $1.8 billion in cash generation for 2026 and $2 billion in 2027, with a payout ratio of 60-70%.

• EPS growth guidance of greater than 15% for 2026, with cumulative growth rate expected at the low end of the 12%-15% target range.

• Merger expected to deliver at least 10% accretion to earnings and cash flow per share by end of 2028 and produce 15%+ ROE on a capital base over $30 billion.