Equitable (EQH) Q3 2025 earnings summary

Executive summary

• Reported a net loss of $1.3 billion, primarily due to a one-time impact from a major life reinsurance transaction with RGA, which also resulted in significant balance sheet changes.

• Achieved record assets under management (AUM) of $1.1 trillion, up 7% year-over-year, driven by positive net flows and favorable markets.

• Non-GAAP operating earnings were $455 million ($1.48/share), down 6% year-over-year; adjusted EPS was $1.67, 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 H1 2026.

Financial highlights

• Net loss attributable to shareholders was $1.3 billion for Q3 2025, compared to a $132 million loss in Q3 2024, mainly due to the RGA reinsurance transaction.

• Non-GAAP operating earnings for Q3 2025 were $455 million ($1.48/share), down from $517 million in Q3 2024; adjusted EPS was $1.67, up 2% year-over-year.

• 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.

• Adjusted book value per share (ex-AOCI, AB at market) was $33.59; adjusted debt to capital ratio at 24.5%.

• Returned $757 million to shareholders in Q3, including $676 million in share repurchases; reduced outstanding debt by $500 million.

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 consolidated tax rate projected in the high teens for 2025, returning to 20% in 2026.

• Full year 2025 cash generation projected at $2.6-2.7 billion, including $1 billion of RGA proceeds.

• Additional guidance on 2026 cash flow outlook to be provided early next year.

• Alternative investments expected to deliver 8-12% annual returns over time.