What is Equitable Holdings Inc's earnings per share (EPS)?

Equitable Holdings Inc (EQH) reported diluted earnings per share of $-4.83 for fiscal year 2025. This represents a -230.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Equitable Holdings Inc Financials

EQH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Equitable Holdings Inc (EQH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EQH FY2025 2026-04-22

Balance-sheet leverage, not operating debt, dominates the story as equity thins beneath a very large liability base.

The sharpest disconnect is earnings quality: operating cash flow stayed positive at $714M in FY2025 even as net income fell to -$1.38B. Because long-term debt remained near $3.8B while total liabilities reached $316.2B, the strain shows up more in vanishing equity than in a borrowing surge.

With total assets of $318.0B against revenue of $11.7B, the company’s economics are driven more by balance-sheet returns than by traditional operating margins. That makes relatively small valuation or spread moves capable of swinging reported profit sharply.

Capital return stayed active as shares outstanding fell from 391.3M to 283.4M across the period, supported by recurring buybacks rather than debt reduction. But the accounting cushion moved from $10.4B in FY2021 to -$74M in FY2025, leaving far less equity to absorb volatility.

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Equitable Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Equitable Holdings Inc's revenue declined 6.1% year-over-year, from $12.4B to $11.7B. This contraction results in a growth score of 43/100.

Leverage

Equitable Holdings Inc has a moderate D/E ratio of -51.82. This balance of debt and equity financing earns a leverage score of 52/100.

Returns

100

Equitable Holdings Inc earns a strong 152.8% return on equity (ROE), meaning it generates $153 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 81.8% the prior year.

Piotroski F-Score Neutral

4/9

Equitable Holdings Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.52x

For every $1 of reported earnings, Equitable Holdings Inc generates $-0.52 in operating cash flow ($714.0M OCF vs -$1.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$11.7B

YoY-6.1%

5Y CAGR+3.9%

Equitable Holdings Inc generated $11.7B in revenue in fiscal year 2025. This represents a decrease of 6.1% from the prior year.

EBITDA

N/A

Net Income

-$1.4B

YoY-207.8%

Equitable Holdings Inc reported -$1.4B in net income in fiscal year 2025. This represents a decrease of 207.8% from the prior year.

EPS (Diluted)

$-4.83

YoY-230.9%

Equitable Holdings Inc earned $-4.83 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 230.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12.5B

YoY+78.9%

5Y CAGR+23.1%

Equitable Holdings Inc held $12.5B in cash against $3.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.05

YoY+11.7%

5Y CAGR+12.6%

Equitable Holdings Inc paid $1.05 per share in dividends in fiscal year 2025. This represents an increase of 11.7% from the prior year.

Shares Outstanding

283M

YoY-8.6%

5Y CAGR-9.4%

Equitable Holdings Inc had 283M shares outstanding in fiscal year 2025. This represents a decrease of 8.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-11.8%

YoY-22.1pp

5Y CAGR+6.5pp

Equitable Holdings Inc's net profit margin was -11.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 22.1 percentage points from the prior year.

Return on Equity

152.8%

YoY+71.0pp

5Y CAGR+165.9pp

Equitable Holdings Inc's ROE was 152.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 71.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.4B

YoY+43.0%

5Y CAGR+1.4%

Equitable Holdings Inc spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 43.0% from the prior year.

Capital Expenditures

N/A

EQH Income Statement

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Revenue	$11.7B-6.1%	$12.4B+18.8%	$10.5B+37.4%	$7.6B-38.7%	$12.4B+29.1%	$9.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.4B-0.7%	$2.5B+5.5%	$2.3B-1.7%	$2.4B+12.7%	$2.1B+0.7%	$2.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$224.0M-0.9%	$226.0M-0.9%	$228.0M-6.6%	$244.0M+22.0%	$200.0M-9.5%	$221.0M
Income Tax	-$156.0M-155.7%	$280.0M+130.8%	-$910.0M-307.3%	$439.0M+159.0%	-$744.0M-25.5%	-$593.0M
Net Income	-$1.4B-207.8%	$1.3B-0.2%	$1.3B-26.9%	$1.8B+370.8%	-$648.0M+63.3%	-$1.8B
EPS (Diluted)	$-4.83-230.9%	$3.69+7.9%	$3.42-14.1%	$3.98+355.1%	$-1.56+56.3%	$-3.57

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$3.3B+126.0%	$1.4B-38.6%	$2.4B-48.4%	$4.6B+26.6%	$3.6B+17.6%	$3.1B-12.4%	$3.5B+57.3%	$2.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$640.0M+6.5%	$601.0M+1.5%	$592.0M-1.5%	$601.0M-12.0%	$683.0M+19.6%	$571.0M-1.0%	$577.0M-6.9%	$620.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$47.0M-23.0%	$61.0M0.0%	$61.0M+10.9%	$55.0M+5.8%	$52.0M-5.5%	$55.0M-11.3%	$62.0M+8.8%	$57.0M
Income Tax	$33.0M+124.8%	-$133.0M-66.3%	-$80.0M-433.3%	$24.0M-86.6%	$179.0M+559.0%	-$39.0M-133.6%	$116.0M+383.3%	$24.0M
Net Income	$215.0M+116.4%	-$1.3B-275.1%	-$349.0M-654.0%	$63.0M-92.9%	$892.0M+775.8%	-$132.0M-130.8%	$428.0M+365.2%	$92.0M
EPS (Diluted)	N/A	$-4.47-269.4%	$-1.21-856.2%	$0.16	N/A	$-0.46-137.4%	$1.23+434.8%	$0.23

EQH Balance Sheet

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Total Assets	$318.0B+7.5%	$295.7B+6.9%	$276.7B-6.4%	$295.7B+7.4%	$275.4B+10.2%	$249.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.5B+78.9%	$7.0B-15.5%	$8.2B+58.8%	$5.2B-16.0%	$6.2B+40.3%	$4.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$4.6B	N/A
Total Liabilities	$316.2B+8.2%	$292.2B+7.6%	$271.6B-4.1%	$283.3B+9.8%	$258.1B+10.1%	$234.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.8B+0.1%	$3.8B+0.3%	$3.8B-0.5%	$3.8B	N/A	N/A
Total Equity	-$74.0M-104.7%	$1.6B-40.6%	$2.6B-74.5%	$10.4B-33.5%	$15.6B+15.8%	$13.5B
Retained Earnings	$8.4B-21.3%	$10.6B+3.7%	$10.3B+21.8%	$8.4B-21.4%	$10.7B-8.9%	$11.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$318.0B+1.1%	$314.4B+3.7%	$303.1B+5.5%	$287.4B-2.8%	$295.7B-1.0%	$298.8B+3.9%	$287.6B+0.8%	$285.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.5B-8.4%	$13.6B-9.0%	$15.0B+83.2%	$8.2B+17.2%	$7.0B-27.3%	$9.6B-1.1%	$9.7B-6.5%	$10.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$316.2B+1.2%	$312.5B+4.1%	$300.1B+6.1%	$282.9B-3.2%	$292.2B-0.2%	$292.7B+3.3%	$283.2B+0.9%	$280.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.8B+0.1%	$3.8B-11.5%	$4.3B0.0%	$4.3B+13.0%	$3.8B+0.1%	$3.8B0.0%	$3.8B+0.2%	$3.8B
Total Equity	-$74.0M-150.0%	$148.0M-87.1%	$1.1B-52.1%	$2.4B+53.4%	$1.6B-51.1%	$3.2B+100.3%	$1.6B-19.8%	$2.0B
Retained Earnings	$8.4B+0.1%	$8.4B-15.3%	$9.9B-5.5%	$10.4B-1.7%	$10.6B+6.7%	$10.0B-3.3%	$10.3B+2.0%	$10.1B

EQH Cash Flow Statement

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Operating Cash Flow	$714.0M-64.4%	$2.0B+1064.4%	-$208.0M-7.8%	-$193.0M-216.4%	-$61.0M+71.8%	-$216.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$11.0B+30.8%	-$15.9B-226.8%	-$4.9B+61.8%	-$12.7B-62.2%	-$7.8B+7.9%	-$8.5B
Financing Cash Flow	$15.7B+26.3%	$12.4B+38.2%	$9.0B-24.7%	$11.9B+23.5%	$9.7B+11.1%	$8.7B
Dividends Paid	$314.0M+4.0%	$302.0M+0.3%	$301.0M+1.7%	$296.0M-0.3%	$297.0M+4.2%	$285.0M
Share Buybacks	$1.4B+43.0%	$1.0B+10.3%	$919.0M-43.9%	$1.6B+280.7%	$430.0M-68.1%	$1.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$154.0M-141.7%	$369.0M+8.2%	$341.0M+115.8%	$158.0M-60.5%	$400.0M-41.4%	$683.0M-23.4%	$892.0M+2777.4%	$31.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.5B+47.9%	-$4.8B-89.4%	-$2.5B-110.0%	-$1.2B+78.3%	-$5.5B-131.4%	-$2.4B+54.4%	-$5.2B-95.6%	-$2.7B
Financing Cash Flow	$1.5B-51.0%	$3.1B-65.9%	$8.9B+301.3%	$2.2B-12.6%	$2.5B+61.0%	$1.6B-52.9%	$3.4B-32.0%	$4.9B
Dividends Paid	$77.0M-4.9%	$81.0M-1.2%	$82.0M+10.8%	$74.0M-1.3%	$75.0M-1.3%	$76.0M-2.6%	$78.0M+6.8%	$73.0M
Share Buybacks	$277.0M-59.0%	$676.0M+187.7%	$235.0M-10.3%	$262.0M+0.8%	$260.0M+2.4%	$254.0M+2.8%	$247.0M-2.4%	$253.0M

EQH Financial Ratios

Metric	FY25	FY24	FY23	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-11.8%-22.1pp	10.3%-2.0pp	12.3%-10.8pp	23.1%+28.3pp	-5.2%+13.1pp	-18.3%
Return on Equity	152.8%+71.0pp	81.8%+33.1pp	48.7%+31.7pp	17.0%+21.1pp	-4.2%+8.9pp	-13.1%
Return on Assets	-0.4%-0.9pp	0.4%-0.0pp	0.5%-0.1pp	0.6%+0.8pp	-0.2%+0.5pp	-0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-51.82-54.3	2.45+1.0	1.45+1.1	0.37-16.2	16.57-0.9	17.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.6%+96.8pp	-90.3%-75.5pp	-14.8%-16.2pp	1.4%-23.3pp	24.7%+29.0pp	-4.3%-16.5pp	12.2%+8.1pp	4.1%
Return on Equity	N/A	-884.5%-854.1pp	-30.4%-33.0pp	2.6%-54.4pp	57.0%+61.1pp	-4.1%-30.9pp	26.8%+22.2pp	4.6%
Return on Assets	0.1%+0.5pp	-0.4%-0.3pp	-0.1%-0.1pp	0.0%-0.3pp	0.3%+0.3pp	-0.0%-0.2pp	0.1%+0.1pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-51.82-77.7	25.90+22.1	3.77+2.0	1.80-0.6	2.45+1.3	1.20-1.2	2.40+0.5	1.92
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$74.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Equitable Holdings Inc's annual revenue?

Equitable Holdings Inc (EQH) reported $11.7B in total revenue for fiscal year 2025. This represents a -6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Equitable Holdings Inc's revenue growing?

Equitable Holdings Inc (EQH) revenue declined by 6.1% year-over-year, from $12.4B to $11.7B in fiscal year 2025.

Is Equitable Holdings Inc profitable?

No, Equitable Holdings Inc (EQH) reported a net income of -$1.4B in fiscal year 2025, with a net profit margin of -11.8%.

How much debt does Equitable Holdings Inc have?

As of fiscal year 2025, Equitable Holdings Inc (EQH) had $12.5B in cash and equivalents against $3.8B in long-term debt.

What is Equitable Holdings Inc's net profit margin?

Equitable Holdings Inc (EQH) had a net profit margin of -11.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Equitable Holdings Inc pay dividends?

Yes, Equitable Holdings Inc (EQH) paid $1.05 per share in dividends during fiscal year 2025.

What is Equitable Holdings Inc's return on equity (ROE)?

Equitable Holdings Inc (EQH) has a return on equity of 152.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Equitable Holdings Inc's operating cash flow?

Equitable Holdings Inc (EQH) generated $714.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equitable Holdings Inc's total assets?

Equitable Holdings Inc (EQH) had $318.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Equitable Holdings Inc buy back shares?

Yes, Equitable Holdings Inc (EQH) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Equitable Holdings Inc have outstanding?

Equitable Holdings Inc (EQH) had 283M shares outstanding as of fiscal year 2025.

What is Equitable Holdings Inc's debt-to-equity ratio?

Equitable Holdings Inc (EQH) had a debt-to-equity ratio of -51.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Equitable Holdings Inc's return on assets (ROA)?

Equitable Holdings Inc (EQH) had a return on assets of -0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Equitable Holdings Inc's debt-to-equity ratio negative or unusual?

Equitable Holdings Inc (EQH) has negative shareholder equity of -$74.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Equitable Holdings Inc's Piotroski F-Score?

Equitable Holdings Inc (EQH) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Equitable Holdings Inc's earnings high quality?

Equitable Holdings Inc (EQH) has an earnings quality ratio of -0.52x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Equitable Holdings Inc?

Equitable Holdings Inc (EQH) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.