Principal Financial Group Inc. (PFG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.33	$2.5	+7.3%	—	$3.9B	—
Q1 26	$2.01	$2.07	+3.0%	—	$3.5B	—
Q4 25	$2.22	$2.19	-1.4%	—	$4.6B	—
Q3 25	$2.2	$2.1	-4.5%	—	$3.7B	—
Q2 25	$1.97	$2.16	+9.6%	—	$3.7B	—
Q1 25	$1.83	$1.81	-1.1%	—	$3.7B	—
Q4 24	$1.93	$1.94	+0.5%	—	$4.8B	—
Q3 24	$2.01	$1.76	-12.4%	—	$3B	—
Q2 24	$1.84	$1.63	-11.4%	—	$4.3B	—
Q1 24	$1.73	$1.65	-4.6%	—	$4.1B	—
Q4 23	$1.69	$1.83	+8.3%	—	$2.7B	—
Q3 23	$1.62	$1.72	+6.2%	—	$4.6B	—
Q2 23	$1.65	$1.53	-7.3%	—	$3.6B	—
Q1 23	$1.51	$1.48	-2.0%	—	$2.8B	—
Q4 22	$1.53	$1.7	+11.1%	—	$3.1B	—
Q3 22	$1.45	$1.69	+16.6%	—	$4.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.32	—	—	$15.6B	—
FY24	—	$6.77	—	—	$16.1B	—
FY23	—	$2.58	—	—	$13.7B	—
FY22	—	$18.9	—	—	$17.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12.4B	$14.1B	$14.2B	$16.2B	$14.7B	$14.4B	$17.5B	$13.7B	$16.1B	$15.6B
YoY change	+3.59%	+13.7%	+1.02%	+13.9%	-9.13%	-2.13%	+21.5%	-22.1%	+18%	-3.11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12.4B	14.1B	14.2B	16.2B	14.7B	14.4B	17.5B	13.7B	16.1B	15.6B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.7B	3.9B	4.1B	4.5B	4.6B	—	—	—	—	—
Operating expenses	7.5B	7.8B	8.3B	9B	9.3B	5.1B	5B	5.1B	5.4B	5.4B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	1.6B	2.3B	1.8B	1.7B	1.7B	1.9B	6B	738.8M	1.9B	1.4B
Income tax	229.9M	-72.3M	230.7M	249.2M	265M	283.9M	1.2B	68.7M	291.7M	160.5M
Net income	1.4B	2.3B	1.6B	1.4B	1.4B	1.6B	4.8B	670.1M	1.6B	1.3B
Net margin	11%	16.5%	10.9%	8.9%	9.69%	11.3%	27.4%	4.9%	9.91%	8.03%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	4.55	8	5.41	5	5.08	5.87	18.9	2.58	6.77	5.32
Diluted EPS	4.5	7.88	5.36	4.96	5.05	5.79	18.6	2.55	6.68	5.25

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.6B	2.7B	4.1B	4.3B	3B	4.8B	3.7B	3.7B	3.7B	4.6B	3.5B	3.9B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	1.6B	-1.1B	627.1M	443.9M	-293.8M	1.1B	28.9M	503.1M	248.4M	635.6M	481.8M	496.3M
Income tax	354.8M	-268M	95.1M	87.1M	-100.4M	209.9M	-34M	69.6M	14.5M	110.4M	68.9M	66M
Net income	1.3B	-839.2M	532M	356.8M	-193.4M	902.5M	62.9M	433.5M	233.9M	525.2M	412.9M	430.3M
Net margin	27.2%	-31.2%	13.1%	8.28%	-6.42%	19%	1.7%	11.8%	6.35%	11.5%	11.7%	11%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	5.17	—	2.26	1.51	-0.96	—	0.21	1.81	0.97	—	1.96	1.87
Diluted EPS	5.1	—	2.22	1.49	-0.96	—	0.21	1.79	0.95	—	1.93	1.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	16.7B	20.4B	12.6B	15.2B	13.6B	18.9B	21.1B	18.6B	17.5B	19.7B	24.5B
Enterprise value	-37.7B	-38.3B	-47.2B	-53.6B	-63.6B	-57.2B	-42.6B	-4.6B	-8.3B	-8.6B	23.5B
Shares outstanding	289.4M	288.9M	285.8M	276.6M	273.3M	261.7M	251.1M	236.4M	226.2M	222.8M	222.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.3	8.77	8.12	10.5	9.49	11.6	4.39	27.8	11	15.7	16.3
P/S	1.35	1.45	0.89	0.94	0.92	1.31	1.2	1.36	1.09	1.26	1.57
P/B	1.61	1.57	1.07	1.02	0.8	1.15	2.05	1.66	1.53	1.59	2.03
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	10.9
EV/Sales	-3.05	-2.71	-3.31	-3.3	-4.32	-3.96	-2.43	-0.34	-0.52	-0.55	1.5
Earnings yield	8.13%	11.4%	12.3%	9.49%	10.5%	8.6%	22.8%	3.6%	9.12%	6.39%	6.12%
FCF yield	22.1%	19.7%	40.1%	35.2%	26.6%	16.5%	14.5%	19.8%	25.9%	22.6%	4.3%
PEG	—	—	—	—	—	—	—	—	—	—	4.93

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	12.3%
Net margin	11%	16.5%	10.9%	8.9%	9.69%	11.3%	27.4%	4.9%	9.91%	8.03%	9.93%
ROE	13.1%	17.8%	13.1%	9.66%	8.47%	9.89%	46.7%	5.98%	13.9%	10.1%	12.9%
ROA	—	—	—	—	—	—	—	—	0.51%	0.37%	0.35%
Return on tangible assets	—	—	—	—	—	—	—	—	0.52%	0.37%	0.46%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	1.59
Debt / equity	0.31	0.25	0.28	0.26	0.26	0.26	0.4	0.36	0.36	0.32	0.35
Debt / assets	—	—	—	—	—	—	—	—	0.01	0.01	0.01
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-0.84
Effective tax rate	14.4%	0%	12.9%	14.7%	15.6%	14.9%	19.9%	9.3%	15.4%	11.3%	14%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	42.8	48.8	49.8	58.6	53.9	55.1	69.8	57.8	71.3	70.1	71.8
EPS (basic)	4.55	8	5.41	5	5.08	5.87	18.9	2.58	6.77	5.32	5.32
EPS (diluted)	4.5	7.88	5.36	4.96	5.05	5.79	18.6	2.55	6.68	5.25	7.02
Book value per share	35.9	45.1	41.5	54.1	61.7	62.9	40.9	47.4	50.7	55.6	56.6
FCF per share	12.8	13.9	17.7	19.4	13.2	11.9	12.2	15.6	20	19.9	22.2
Cash per share	199.3	214.1	220.7	262.6	298.4	307.6	269.8	115	132.3	144.7	29.7
Capex per share	0.54	0.57	0.32	0.48	0.4	0.5	0.46	0.43	0.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.25%	1.17%	0.65%	0.82%	0.74%	0.9%	0.66%	0.75%	0.43%	—	—
Capex / operating cash flow	12%	11.6%	7.52%	9.08%	6.38%	9.74%	2.21%	-40.3%	3.72%	—	—
Payout ratio	34.1%	23.2%	38.5%	42%	43%	40.2%	13.4%	93.3%	41.2%	54.5%	45.4%
Dividend yield	2.78%	2.65%	4.74%	3.98%	4.53%	3.46%	3.05%	3.36%	3.76%	3.48%	2.93%

Yield

2.93%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.84

ex-dividend Sep 3, 2026

Payout ratio

45%

of earnings

Dividend growth

17 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 3, 2026	$0.84
Jun 1, 2026	$0.82
Mar 11, 2026	$0.80

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.6B	$2.7B	$4.1B	$4.3B	$3B	$4.8B	$3.7B	$3.7B	$3.7B	$4.6B	$3.5B	$3.9B
YoY change	-0.58%	-13.8%	+43.8%	+21.2%	-34.5%	+76.6%	-8.82%	-14.8%	+22.2%	-3.69%	-4.51%	+6.39%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	57.7B	61.9B	63.1B	72.6B	81.6B	80.5B	67.7B	27.2B	29.9B	32.2B
Receivables	1.4B	1.5B	1.4B	1.7B	1.7B	1.8B	25.4B	24.6B	23.3B	22.9B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	4.7B	4.8B	4.8B	7B	6.9B	6.5B	6.3B	6.2B	5.9B	5.7B
Total assets	—	—	—	—	—	—	—	—	313.7B	341.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	51.4M	39.5M	42.9M	93.4M	84.7M	79.8M	380.6M	61.1M	152.7M	27.7M
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	3.1B	3.2B	3.3B	3.7B	4.3B	4.3B	3.7B	3.9B	4B	3.9B
Total liabilities	—	—	—	—	—	—	—	—	302.2B	329B
Shareholders' equity	10.4B	13B	11.8B	15B	16.9B	16.5B	10.3B	11.2B	11.5B	12.4B
Total debt	3.2B	3.2B	3.3B	3.8B	4.4B	4.4B	4.1B	4B	4.1B	4B
Net debt	457.5M	747.1M	325M	1.3B	1.5B	2B	-770.3M	-715.7M	-103.9M	-477M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	32B	32.2B	31.7B	33.1B
Receivables	—	—	—	—	—	—	—	—	23B	22.9B	22.4B	22.4B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	5.7B	5.7B	5.7B	5.7B
Total assets	—	—	—	—	—	—	—	—	334.5B	341.4B	332.7B	352.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	13M	27.7M	18.2M	16.2M
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	—	—	—	—	—	—	—	—	3.9B	3.9B	3.9B	4.3B
Total liabilities	—	—	—	—	—	—	—	—	322.4B	329B	320.3B	339.9B
Shareholders' equity	—	—	—	—	—	—	—	—	12.1B	12.4B	12.4B	12.9B
Total debt	—	—	—	—	—	—	—	—	3.9B	4B	3.9B	4.3B
Net debt	—	—	—	—	—	—	—	—	-1.2B	-477M	-108.1M	-918.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	2.3B	1.6B	1.4B	1.4B	1.6B	4.8B	670.1M	1.6B	1.3B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	84.4M	82.7M	77.4M	82.6M	87.2M	96.1M	91.3M	99.4M	108.7M	109.9M
Change in working capital	143.4M	-505.7M	30.5M	364.7M	329.8M	99.2M	933M	-527.5M	127.5M	36.1M
Operating cash flow	1.3B	1.4B	1.2B	1.5B	1.7B	1.3B	5.3B	-253M	1.8B	4.5B
Capital expenditure	-154.9M	-164.8M	-92.3M	-132.4M	-108.8M	-129.9M	-116.3M	-102M	-68.8M	—
Investing cash flow	-4.3B	-3.5B	-4.5B	-6.5B	-4B	-3.2B	2B	-1.4B	-4.8B	-3.5B
Dividends paid	-464.9M	-540M	-598.6M	-606M	-614.5M	-654.1M	-642.3M	-625.5M	-658.4M	-684M
Share repurchases	-277.3M	-220.4M	-671.6M	-281M	-307M	-937.2M	-1.7B	-740.4M	-1B	-902.7M
Financing cash flow	1.5B	-384M	1.1B	1.7B	1.6B	1.9B	-1.7B	-2.6B	300.3M	-181.8M
Net change in cash	-1.5B	-2.4B	-2.2B	-3.3B	-669.4M	80M	5.6B	-4.2B	-2.7B	830.3M
Free cash flow	3.7B	4B	5.1B	5.4B	3.6B	3.1B	3.1B	3.7B	4.5B	4.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	1B	1.7B	187.1M	2.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	125M	-2.8B	-784.4M	-1.1B
Dividends paid	—	—	—	—	—	—	—	—	-172.9M	-172.4M	-173.5M	-176.5M
Share repurchases	—	—	—	—	—	—	—	—	-227.7M	-275.4M	-235M	-257.7M
Financing cash flow	-102.1M	-229.9M	607.5M	-98.6M	649.9M	655M	40.8M	-57.9M	318.1M	651.4M	386.7M	152.2M
Net change in cash	-102.1M	-229.9M	607.5M	-98.6M	649.9M	655M	40.8M	-57.9M	1.4B	-381.6M	-210.6M	1.2B
Free cash flow	—	—	—	—	—	—	—	—	979.8M	1.7B	153.3M	2B

Principal Financial Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement