F&G Annuities & Life, Inc. (FG) 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	$0.78	$0.65	-16.7%	—	$1.3B	—
Q1 26	$1.01	$0.82	-18.8%	—	$1.1B	—
Q4 25	$1.2	$0.91	-24.2%	—	$1.7B	—
Q3 25	$0.97	$1.22	+25.8%	—	$1.6B	—
Q2 25	$0.57	$0.77	+35.1%	—	$1.3B	—
Q1 25	$0.96	$0.72	-25.0%	—	$854M	—
Q4 24	$1.2	$1.12	-6.7%	—	$1.5B	—
Q3 24	$1.1	$1.22	+10.9%	—	$1.4B	—
Q2 24	$1.09	$1.1	+0.9%	—	$1.1B	—
Q1 24	$1	$0.86	-14.0%	—	$1.5B	—
Q4 23	$1.06	$0.6	-43.4%	—	$1.6B	—
Q3 23	$1.02	$0.96	-5.9%	—	$783M	—
Q2 23	$0.94	$0.63	-33.0%	—	$1.1B	—
Q1 23	$0.67	$0.39	-41.8%	—	$812M	—
Q4 22	$0.72	$1.1	+52.8%	—	$629M	—
Q1 20	$0.35	$0.15	-57.1%	—	—	—

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	—	$1.89	—	—	$5.4B	—
FY24	—	$4.98	—	—	$5.4B	—
FY23	—	-$0.47	—	—	$4.3B	—
FY22	—	$5.52	—	—	$2.2B	—
FY21	—	$11.8	—

Total revenue

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

Period	FY19	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$3.4B	$2.2B	$4.3B	$5.4B	$5.4B
YoY change	—	—	-33.9%	+90.8%	+26.9%	+0.15%

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	FY19	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	3.4B	2.2B	4.3B	5.4B	5.4B
Cost of revenue	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—
Research & development	—	—	—	—	—	—
Selling, general & administrative	78M	129M	157M	232M	296M	293M
Operating expenses	165M	190M	77M	473M	474M	616M
Operating income	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—
Non-operating income, net	30M	33M	58M	—	81M	89M
Pretax income	421M	1.6B	793M	-35M	778M	323M
Income tax	60M	320M	158M	23M	136M	52M
Net income	412M	1.2B	635M	-58M	642M	271M
Net margin	22.7%	36.6%	28.4%	-1.36%	11.8%	4.99%
EBITDA	—	—	—	—	—	—
EPS	20.2	11.8	5.52	-0.47	4.98	1.89
Diluted EPS	20.2	11.8	5.52	-0.47	4.88	1.88

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	783M	1.6B	1.5B	1.1B	1.4B	1.5B	854M	1.3B	1.6B	1.7B	1.1B	1.3B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	58M	65M	66M	69M	80M	81M	67M	77M	79M	70M	60M	77M
Operating expenses	47M	219M	113M	135M	196M	30M	217M	115M	160M	124M	166M	150M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	27M	—	66M	88M	102M	20M	16M	23M	24M	26M	17M	19M
Pretax income	380M	-375M	142M	254M	-30M	412M	-26M	57M	131M	161M	323M	-94M
Income tax	74M	-76M	26M	50M	-25M	85M	-5M	15M	11M	31M	74M	-19M
Net income	306M	-299M	116M	204M	-5M	327M	-21M	42M	120M	130M	248M	-75M
Net margin	39.1%	-19.3%	7.66%	19%	-0.37%	22.2%	-2.46%	3.22%	7.49%	7.79%	22.8%	-5.61%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	2.47	-2.41	0.9	1.6	-0.08	2.58	-0.2	0.26	0.86	—	1.83	-0.62
Diluted EPS	2.45	-2.41	0.88	1.55	-0.08	2.5	-0.2	0.26	0.85	—	1.78	-0.62

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	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	2.3B	5.7B	5.2B	4B	2.8B
Enterprise value	—	—	—	-30.3B	-36B	-21.4B	-23.3B	2.6B
Shares outstanding	18.8M	—	105M	115M	124M	125M	131M	131M

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	3.62	—	8.07	14.9	7.15
P/S	—	—	—	1.03	1.34	0.96	0.74	0.47
P/B	—	—	—	0.96	1.84	1.27	0.82	0.62
EV/EBITDA	—	—	—	—	—	—	—	3.35
EV/Sales	—	—	—	-13.5	-8.42	-3.95	-4.29	0.43
Earnings yield	—	—	—	27.6%	—	12.4%	6.71%	14%
FCF yield	—	—	—	136.4%	101.8%	115.3%	115.5%	80.2%
PEG	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	-3.73%
Net margin	22.7%	—	36.6%	28.4%	-1.36%	11.8%	4.99%	6.89%
ROE	—	—	27.6%	26.4%	-1.87%	15.8%	5.51%	9.17%
ROA	—	—	—	—	—	0.75%	0.28%	0.44%
Return on tangible assets	—	—	—	—	—	0.92%	0.33%	0.49%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	0.94
Debt / equity	—	—	0.22	0.47	0.57	0.54	0.46	0.49
Debt / assets	—	—	—	—	—	0.03	0.02	0.02
Net debt / EBITDA	—	—	—	—	—	—	—	-0.48
Interest coverage	14.2	—	54.5	28.3	0.64	6.89	2.97	4.16
Effective tax rate	14.3%	—	20.6%	19.9%	0%	17.5%	16.1%	18.6%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	96.3	—	32.2	19.5	34.4	43.4	41.4	46.1
EPS (basic)	20.2	—	11.8	5.52	-0.47	4.98	1.89	1.89
EPS (diluted)	20.2	—	11.8	5.52	-0.47	4.88	1.88	3.04
Book value per share	—	—	42.7	20.9	25	32.6	37.5	35.2
FCF per share	33.8	—	17.5	27.3	46.8	47.8	35.6	33.3
Cash per share	—	—	303.5	293.3	350.3	230.1	225.9	20.4
Capex per share	0.8	—	0.31	0.28	0.22	0.19	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.83%	—	0.97%	1.43%	0.63%	0.44%	—	—
Capex / operating cash flow	2.85%	—	2.28%	36.8%	6.99%	9.02%	—	—
Payout ratio	2.18%	—	0%	0%	-174.1%	18.8%	50.6%	31.9%
Dividend yield	—	—	—	0%	1.77%	2.34%	3.39%	4.63%

Yield

4.63%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.25

ex-dividend Sep 16, 2026

Payout ratio

32%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.25
Jun 16, 2026	$0.25
Mar 17, 2026	$0.25
Dec 17, 2025	$0.25
Sep 16, 2025	$0.22
Jun 16, 2025	$0.22
Mar 17, 2025	$0.22
Dec 17, 2024	$0.22

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	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	26.8B	31.9B	33.7B	43.4B	28.8B	29.6B
Receivables	3.2B	3.6B	5.4B	9B	13.4B	17.5B
Inventory	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—
Goodwill & intangibles	7.3B	8B	10.4B	11.9B	15.5B	16.9B
Total assets	—	—	—	—	85B	98.4B
Accounts payable	206M	220M	231M	378M	207M	247M
Short-term debt	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—
Long-term debt	603M	991M	1.1B	1.8B	2.2B	2.3B
Total liabilities	—	—	—	—	81B	93.5B
Shareholders' equity	4.1B	4.5B	2.4B	3.1B	4.1B	4.9B
Total debt	603M	991M	1.1B	1.8B	2.2B	2.3B
Net debt	-286M	-542M	167M	202M	-83M	775M

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	38.8B	43.4B	25.4B	27.3B	28.3B	28.8B	28.5B	29.8B	30.2B	29.6B	29.1B	29.5B
Receivables	7.5B	9B	10.1B	11B	12.4B	13.4B	14.7B	15.8B	16.8B	17.5B	20B	20.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	11.5B	11.9B	13.3B	13.9B	15.1B	15.5B	15.8B	16.2B	16.6B	16.9B	17.1B	17.3B
Total assets	—	—	74.4B	78.5B	84.1B	85B	88B	91.8B	96.1B	98.4B	101B	103.6B
Accounts payable	224M	378M	250M	246M	251M	207M	259M	223M	293M	247M	300M	248M
Short-term debt	—	—	357M	357M	358M	—	—	—	—	—	0	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.6B	1.8B	1.4B	1.7B	1.7B	2.2B	2.2B	2.2B	2.2B	2.3B	2.2B	2.3B
Total liabilities	—	—	70.8B	74.7B	79.6B	81B	83.5B	87.3B	91.2B	93.5B	96.3B	98.9B
Shareholders' equity	2.4B	3.1B	3.7B	3.8B	4.5B	4.1B	4.5B	4.6B	4.9B	4.9B	4.7B	4.7B
Total debt	1.6B	1.8B	1.8B	2B	2B	2.2B	2.2B	2.2B	2.2B	2.3B	2.2B	2.3B
Net debt	-161M	202M	-613M	-1.5B	-1.5B	-83M	-1.1B	360M	55M	775M	925M	147M

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	FY19	FY21	FY22	FY23	FY24	FY25
Net income	412M	1.2B	635M	-58M	642M	271M
Depreciation & amortization	—	—	—	—	—	—
Stock-based compensation	4M	9M	12M	23M	29M	31M
Change in working capital	234M	432M	-157M	581M	-89M	163M
Operating cash flow	526M	1.4B	87M	386M	266M	4.7B
Capital expenditure	-15M	-33M	-32M	-27M	-24M	—
Investing cash flow	-1.6B	-7B	-9.7B	-9.3B	-8.4B	-9.1B
Dividends paid	-9M	0	0	-101M	-121M	-137M
Share repurchases	-65M	0	0	-18M	-12M	-10M
Financing cash flow	1.3B	5.2B	5.1B	2.8B	2.7B	3B
Net change in cash	237M	-331M	-4.5B	-6B	-5.5B	-1.4B
Free cash flow	637M	1.8B	3.1B	5.8B	6B	4.7B

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	306M	-299M	116M	204M	-5M	327M	-21M	42M	120M	130M	249M	-75M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	5M	7M	7M	7M	7M	8M	8M	6M	8M	9M	9M	8M
Change in working capital	-7M	454M	-35M	174M	538M	-485M	-111M	112M	65M	97M	-352M	235M
Operating cash flow	193M	206M	11M	333M	540M	-337M	-94M	1.6B	937M	1.2B	743M	1.5B
Capital expenditure	-7M	-6M	-7M	-5M	-7M	-5M	-5M	—	—	—	—	—
Investing cash flow	-1.5B	-3.3B	-1.4B	-1.9B	-2B	-3.1B	-879M	-3.5B	-2B	-2.6B	-1B	-85M
Dividends paid	-25M	-26M	-26M	-31M	-31M	-33M	-30M	-35M	-33M	-39M	-38M	-37M
Share repurchases	-2M	0	-6M	0	0	-6M	-3M	0	0	-7M	-29M	-94M
Financing cash flow	667M	518M	659M	1.9B	-161M	213M	882M	435M	1.2B	416M	34M	-816M
Net change in cash	-646M	-2.6B	-731M	389M	-1.6B	-3.2B	-91M	-1.5B	169M	-1.1B	-272M	586M
Free cash flow	788M	2.2B	1.5B	1.1B	2.1B	1.3B	951M	1.6B	934M	1.2B	741M	1.5B

F&G Annuities & Life, 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