Equitable Holdings, Inc. (EQH) 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	$1.64	$1.7	+3.7%	—	$1.7B	—
Q1 26	$1.61	$1.62	+0.6%	—	$4.2B	—
Q4 25	$1.75	$1.73	-1.1%	—	$3.3B	—
Q3 25	$1.61	$1.48	-8.1%	—	$1.4B	—
Q2 25	$1.3	$1.1	-15.4%	—	—	—
Q1 25	$1.48	$1.3	-12.2%	—	—	—
Q4 24	$1.62	$1.57	-3.1%	—	—	—
Q3 24	$1.53	$1.53	0.0%	—	—	—
Q2 24	$1.4	$1.43	+2.1%	—	—	—
Q1 24	$1.32	$1.43	+8.3%	—	—	—
Q4 23	$1.16	$1.33	+14.7%	—	—	—
Q3 23	$1.33	$1.15	-13.5%	—	—	—
Q2 23	$1.18	$1.17	-0.8%	—	$2.4B	—
Q1 23	$1.19	$0.96	-19.3%	—	$2.4B	—
Q4 22	$1.26	$1.11	-11.9%	—	$1.9B	—
Q3 22	$1.1	$1.28	+16.4%	—	$3B	—

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	—	-$4.83	—	—	$11.7B	—
FY24	—	$3.82	—	—	$12.4B	—
FY23	—	$3.49	—	—	$10.5B	—
FY22	—	$5.49	—	—	$12.6B

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	$11.8B	$12.5B	$12.1B	$9.6B	$12.4B	$7.6B	$12.6B	$10.5B	$12.4B	$11.7B
YoY change	+16.7%	+5.93%	-3.14%	-20.3%	+29.1%	-38.7%	+66.1%	-16.7%	+18.1%	-6.21%

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	11.8B	12.5B	12.1B	9.6B	12.4B	7.6B	12.6B	10.5B	12.4B	11.7B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2B	2B	2.1B	2.1B	2.1B	2.4B	2.2B	2.3B	2.4B	2.4B
Operating expenses	3.5B	4B	3.9B	4B	3.8B	4.5B	4.4B	4.2B	4.3B	4.7B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	402M	445M	516M	554M	576M	926M	1B	1B	1.3B	1.3B
Pretax income	2B	1.3B	2.5B	-2.1B	-1.1B	2.6B	3B	738M	2.1B	-1.2B
Income tax	378M	49M	301M	-593M	-744M	439M	598M	-905M	288M	-156M
Net income	1.6B	1.3B	2.2B	-1.5B	-349M	2.2B	2.4B	1.6B	1.8B	-1B
Net margin	14%	10.1%	18.1%	-15.3%	-2.81%	28.5%	18.9%	15.6%	14.7%	-8.89%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2.24	1.49	3.27	-3.51	-1.56	-1.24	5.49	3.49	3.82	-4.83
Diluted EPS	2.24	1.49	3.27	-3.51	-1.56	-1.24	5.46	3.48	3.78	-4.83

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	—	—	—	—	—	—	—	—	1.4B	3.3B	4.2B	1.7B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	601M	640M	625M	642M
Operating expenses	—	—	—	—	—	—	—	—	1B	1.1B	1B	1.1B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	349M	387M	399M	359M
Pretax income	—	—	—	—	—	—	—	—	-1.3B	344M	887M	-493M
Income tax	—	—	—	—	—	—	—	—	-133M	33M	156M	-140M
Net income	—	—	—	—	—	—	—	—	-1.2B	311M	731M	-353M
Net margin	—	—	—	—	—	—	—	—	-83.8%	9.49%	17.3%	-21.3%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	3.03	-2.15	0.3	1.24	-0.47	2.8	1.31	-1.21	-4.47	0.71	2.16	-1.68
Diluted EPS	3.02	-2.15	0.23	1.23	-0.47	2.76	0.16	-1.21	-4.47	0.7	2.14	-1.68

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	—	—	9.3B	—	11.5B	13.7B	10.8B	11.7B	15.2B	14.2B	14.3B
Enterprise value	—	—	-36.5B	—	-71.9B	-64.6B	-51.6B	-58B	-10.5B	-21.8B	5.4B
Shares outstanding	561M	561M	556.4M	493.6M	450.4M	417.4M	377.6M	350.1M	321.2M	298.1M	298.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	4.23	—	—	6.31	4.53	7.1	8.31	—	35.1
P/S	—	—	0.77	—	0.93	1.8	0.86	1.11	1.22	1.22	1.34
P/B	—	—	0.59	—	0.67	1.01	3.01	2.26	4.25	7.94	11.9
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	11.1
EV/Sales	—	—	-3.03	—	-5.79	-8.48	-4.08	-5.51	-0.85	-1.87	0.51
Earnings yield	—	—	23.7%	—	—	15.9%	22.1%	14.1%	12%	—	2.85%
FCF yield	—	—	-0.67%	—	-1.46%	-2.29%	-3.85%	-2.79%	12.2%	4.79%	-61.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.9

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	-26.4%
Net margin	14%	10.1%	18.1%	-15.3%	-2.81%	28.5%	18.9%	15.6%	14.7%	-8.89%	-8.72%
ROE	11%	7.33%	14%	-9.52%	-2.02%	16%	66.6%	31.9%	51.1%	-58%	-25.1%
ROA	—	—	—	—	—	—	—	—	0.62%	-0.33%	-0.07%
Return on tangible assets	—	—	—	—	—	—	—	—	0.63%	-0.33%	-0.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	2.03
Debt / equity	0.3	0.35	0.32	0.27	0.26	0.38	1.45	1.09	1.67	3.67	5.86
Debt / assets	—	—	—	—	—	—	—	—	0.02	0.02	0.02
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-24.5
Interest coverage	12.6	9.16	11.8	-8.32	-4.46	11.7	15.9	4.24	10.3	-4.33	-1.7
Effective tax rate	18.6%	3.75%	12.1%	0%	0%	16.8%	20%	0%	13.6%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21	22.2	21.7	19.5	27.6	18.2	33.5	30.1	38.7	39.1	37.2
EPS (basic)	2.24	1.49	3.27	-3.51	-1.56	-1.24	5.49	3.49	3.82	-4.83	-4.83
EPS (diluted)	2.24	1.49	3.27	-3.51	-1.56	-1.24	5.46	3.48	3.78	-4.83	-3.29
Book value per share	26.7	30.6	28.1	31.2	38.5	32.5	9.52	14.7	11.1	6	-6.79
FCF per share	-0.59	-0.61	-0.11	-0.63	-0.37	-0.75	-1.1	-0.93	5.77	2.28	4.75
Cash per share	84.7	92.3	91.2	143.3	195	199.8	179.1	215	98.5	142.9	70.1
Capex per share	—	—	—	—	—	—	—	—	—	0.11	0.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.29%	0.64%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	4.76%	5.01%
Payout ratio	0%	0%	7.17%	-19.4%	-100.3%	17.3%	15.6%	23.2%	21%	-36.2%	76.7%
Dividend yield	—	—	1.7%	—	3.04%	2.74%	3.45%	3.27%	2.52%	2.64%	2.29%

Yield

2.29%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.30

ex-dividend Aug 3, 2026

Payout ratio

77%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.30
Jun 1, 2026	$0.30
Mar 4, 2026	$0.27
Nov 24, 2025	$0.27
Aug 5, 2025	$0.27
Jun 2, 2025	$0.27
Mar 5, 2025	$0.24
Nov 26, 2024	$0.24

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	—	—	—	—	—	—	—	—	$1.4B	$3.3B	$4.2B	$1.7B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

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	47.5B	51.8B	50.7B	70.7B	87.8B	83.4B	67.6B	75.3B	31.6B	42.6B
Receivables	5.2B	5B	4.9B	4.6B	4.6B	14.7B	8.5B	8.4B	8B	20.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	5.2B	4.8B	4.8B	4.8B	4.7B	4.7B	5.5B	5.4B	5.4B	5.3B
Total assets	—	—	—	—	—	—	—	—	295.9B	318B
Accounts payable	4.4B	4.4B	5B	4.6B	6.2B	6.3B	5.6B	4.9B	4.1B	4.8B
Short-term debt	1.6B	2.9B	546M	—	—	92M	759M	254M	0	25M
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.9B	3.1B	4.4B	4.1B	4.4B	5B	4.5B	5.4B	5.9B	6.5B
Total liabilities	—	—	—	—	—	—	—	—	292.3B	316.2B
Shareholders' equity	15B	17.1B	15.6B	15.4B	17.3B	13.6B	3.6B	5.2B	3.6B	1.8B
Total debt	4.5B	6B	5B	4.1B	4.4B	5.1B	5.2B	5.6B	5.9B	6.6B
Net debt	-1.1B	1.2B	486M	-294M	-1.8B	-66M	950M	-2.6B	-1B	-5.9B

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	69.6B	75.3B	78B	31.6B	33B	31.6B	34.2B	43.5B	42.9B	42.6B	41.1B	48.6B
Receivables	8.3B	8.4B	8.4B	8.2B	8.2B	8B	7.5B	7.5B	20B	20.1B	20.4B	20.7B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	5.4B	5.4B	5.4B	5.4B	5.4B	5.4B	5.4B	5.3B	5.3B	5.3B	5.3B	5.3B
Total assets	—	—	285.6B	287.8B	299B	295.9B	287.4B	303.1B	314.4B	318B	310.4B	334.7B
Accounts payable	4.2B	4.9B	4.6B	4.3B	4.6B	4.1B	4.1B	4.7B	4.6B	4.8B	4B	4B
Short-term debt	0	254M	0	0	0	0	0	0	—	25M	0	0
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	5.4B	5.4B	5.4B	5.6B	5.6B	5.9B	6.4B	6.8B	6.4B	6.5B	6.9B	7B
Total liabilities	—	—	—	283.3B	292.8B	292.3B	282.9B	300.1B	312.5B	316.2B	308.1B	333.4B
Shareholders' equity	3.9B	5.2B	4.7B	4.5B	6.2B	3.6B	4.5B	3B	1.9B	1.8B	2.3B	1.2B
Total debt	5.4B	5.6B	5.4B	5.6B	5.6B	5.9B	6.4B	6.8B	6.4B	6.6B	6.9B	7B
Net debt	-735M	-2.6B	-5B	-4.1B	-4B	-1B	-1.7B	-8.2B	-7.2B	-5.9B	-3B	-10.2B

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	1.6B	1.3B	2.2B	-1.5B	-349M	2.2B	2.4B	1.6B	1.8B	-1B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	213M	247M	228M	278M	210M	226M	286M	234M	285M	277M
Change in working capital	462M	217M	707M	-740M	-1.2B	-605M	-51M	-3.8B	-873M	-2.4B
Operating cash flow	-1.4B	-2B	-668M	-5.7B	-5B	-6.9B	-725M	-5.8B	-3.1B	714M
Capital expenditure	—	—	—	—	—	—	—	—	—	-34M
Investing cash flow	-4.9B	-8.4B	-2.3B	-8.1B	-6.6B	-11.7B	-4.8B	-2.9B	-13.7B	-8.3B
Dividends paid	0	0	-157M	-285M	-350M	-375M	-374M	-381M	-382M	-375M
Share repurchases	0	0	-648M	-1.4B	-430M	-1.6B	-849M	-919M	-1.1B	-1.9B
Financing cash flow	4.8B	10.8B	3B	9.3B	9.7B	11.9B	7B	8.9B	12.4B	15.4B
Net change in cash	-1.5B	376M	19M	-4.5B	-1.9B	-6.7B	1.5B	152M	-4.4B	7.9B
Free cash flow	-333M	-345M	-62M	-309M	-168M	-313M	-417M	-325M	1.9B	680M

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	1.1B	-589M	217M	565M	48M	1B	150M	-283M	-1.2B	311M	731M	-353M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	18M	175M	25M	28M	25M	207M	26M	22M	16M	213M	22M	38M
Change in working capital	213M	-1.4B	-480M	46M	-239M	-192M	-125M	-685M	-441M	-1.1B	-390M	-423M
Operating cash flow	63M	-2.3B	-1.9B	-104M	-687M	-409M	605M	341M	369M	-154M	499M	643M
Capital expenditure	—	—	—	—	—	—	—	-7M	-33M	16M	-9M	-10M
Investing cash flow	-2.1B	736M	-2.2B	-4.9B	-1.9B	-4.6B	-697M	-1.6B	-4.1B	-1.9B	-2.8B	-118M
Dividends paid	-91M	-100M	-87M	-104M	-90M	-101M	-88M	-100M	-97M	-90M	-90M	-96M
Share repurchases	-238M	-241M	-253M	-247M	-254M	-315M	-262M	-514M	-836M	-287M	-147M	-366M
Financing cash flow	1.1B	2.4B	4.7B	3.4B	1.8B	2.5B	2.2B	8.9B	3.1B	1.2B	-121M	8.8B
Net change in cash	-909M	780M	543M	-1.7B	-799M	-2.5B	2.1B	7.7B	-648M	-863M	-2.5B	9.3B
Free cash flow	385M	-427M	-32M	856M	655M	374M	148M	334M	336M	-138M	490M	633M

Equitable Holdings, 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