Principal Financial Group (PFG) Financials

$82.95 +0.25 (+0.30%)

As of 04:00 PM Eastern

Annual Income Statements for Principal Financial Group

This table shows Principal Financial Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,111	1,209	1,317	2,310	1,547	1,394	1,396	1,580	4,757	623	1,571
Consolidated Net Income / (Loss)	1,176	1,253	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598
Net Income / (Loss) Continuing Operations	1,176	1,253	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598
Total Pre-Tax Income	1,495	1,431	1,592	2,252	1,784	1,693	1,694	1,911	5,987	739	1,890
Total Revenue	10,478	11,964	12,394	14,093	14,237	16,222	14,742	14,428	17,536	13,666	16,128
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	10,478	11,964	12,394	14,093	14,237	16,222	14,742	14,428	17,536	13,666	16,128
Other Service Charges	3,482	3,653	3,627	3,892	4,274	4,410	4,511	5,041	4,138	4,096	4,321
Net Realized & Unrealized Capital Gains on Investments	3,273	3,001	3,468	3,984	3,554	3,946	4,193	4,545	4,406	4,185	4,510
Premiums Earned	3,723	5,310	5,299	6,217	6,410	7,867	6,037	4,842	5,340	6,471	6,850
Other Non-Interest Income	-	-	-	-	-	-	0.00	0.00	3,653	-1,086	447
Total Non-Interest Expense	8,983	10,534	10,802	11,841	12,453	14,529	13,048	12,517	11,549	12,927	14,238
Property & Liability Insurance Claims	5,231	6,698	6,913	7,823	8,193	9,906	8,282	7,258	6,631	7,788	8,073
Insurance Policy Acquisition Costs	3,752	3,836	3,889	4,018	4,260	4,623	4,767	5,165	5,057	5,161	5,464
Current and Future Benefits	-	-	-	-	-	-	-	-4.40	-265	-52	671
Other Special Charges	-	-	-	-	-	-	-	98	125	29	30
Income Tax Expense	319	178	230	-72	231	249	265	284	1,190	69	292
Net Income / (Loss) Attributable to Noncontrolling Interest	32	19	45	14	7.20	50	33	47	41	47	27
Basic Earnings per Share	$3.70	$4.11	$4.55	$8.00	$5.41	$5.00	$5.08	$5.87	$18.94	$2.58	$6.77
Weighted Average Basic Shares Outstanding	294.70M	294.40M	289.40M	288.90M	285.80M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Diluted Earnings per Share	$3.65	$4.06	$4.50	$7.88	$5.36	$4.96	$5.05	$5.79	$18.63	$2.55	$6.68
Weighted Average Diluted Shares Outstanding	294.70M	294.40M	289.40M	288.90M	285.80M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Weighted Average Basic & Diluted Shares Outstanding	294.70M	294.40M	289.40M	288.90M	285.80M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Cash Dividends to Common per Share	$1.28	$1.50	$1.61	$1.87	-	-	-	-	$2.56	$2.60	$2.85

This table shows Principal Financial Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-140	389	1,246	-872	533	353	-220	905	48	406
Consolidated Net Income / (Loss)	8.80	-135	394	1,250	-839	532	357	-193	903	63	434
Net Income / (Loss) Continuing Operations	8.80	-135	394	1,250	-839	532	357	-193	903	63	434
Total Pre-Tax Income	-2.40	-213	454	1,605	-1,107	627	444	-294	1,112	29	503
Total Revenue	3,151	2,819	3,557	4,599	2,691	4,053	4,311	3,012	4,752	3,696	3,671
Net Interest Income / (Expense)	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Non-Interest Income	3,151	2,819	3,557	4,599	2,691	4,053	4,311	3,012	4,752	3,696	3,671
Other Service Charges	999	995	1,018	1,046	1,037	1,053	1,061	1,091	1,115	1,078	1,083
Net Realized & Unrealized Capital Gains on Investments	1,205	1,002	953	1,170	1,060	1,119	1,090	1,284	1,017	1,077	1,172
Premiums Earned	1,600	1,449	1,493	1,458	2,072	1,685	1,927	1,413	1,826	1,751	1,397
Other Non-Interest Income	-652	-627	94	926	-1,479	197	233	-777	794	-210	20
Total Non-Interest Expense	3,153	3,032	3,104	2,994	3,798	3,426	3,867	3,305	3,640	3,667	3,168
Property & Liability Insurance Claims	1,896	1,774	1,834	1,711	2,470	2,070	2,078	1,778	2,147	2,220	1,840
Insurance Policy Acquisition Costs	1,257	1,266	1,276	1,307	1,312	1,373	1,345	1,351	1,396	1,410	1,318
Current and Future Benefits	3.50	-5.60	0.70	-42	-4.40	-1.70	445	123	106	2.20	-4.30
Other Special Charges	-3.50	-2.90	-6.90	18	21	-15	-0.40	54	-8.80	35	14
Income Tax Expense	-11	-78	60	355	-268	95	87	-100	210	-34	70
Net Income / (Loss) Attributable to Noncontrolling Interest	25	5.60	4.90	3.90	33	-0.50	3.70	27	-2.90	15	27
Basic Earnings per Share	($0.03)	($0.58)	$1.60	$5.17	($3.61)	$2.26	$1.51	($0.95)	$3.95	$0.21	$1.81
Weighted Average Basic Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M
Diluted Earnings per Share	($0.04)	($0.58)	$1.58	$5.10	($3.55)	$2.22	$1.49	($0.95)	$3.92	$0.21	$1.79
Weighted Average Diluted Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M
Weighted Average Basic & Diluted Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M

This table details how cash moves in and out of Principal Financial Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-508	701	155	-249	507	-462	334	-518	2,516	-140	-496
Net Cash From Operating Activities	3,103	4,377	3,858	4,188	5,157	5,493	3,709	3,254	3,173	3,792	4,603
Net Cash From Continuing Operating Activities	3,103	4,377	3,858	4,188	5,157	5,493	3,709	3,254	3,173	3,763	4,603
Net Income / (Loss) Continuing Operations	1,176	1,253	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598
Consolidated Net Income / (Loss)	1,176	1,253	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598
Depreciation Expense	170	193	187	196	205	227	252	275	296	273	256
Amortization Expense	367	271	285	235	277	371	413	406	422	428	431
Non-Cash Adjustments to Reconcile Net Income	-473	-452	-224	-1,328	-485	-463	-222	-597	-5,144	402	-472
Changes in Operating Assets and Liabilities, net	1,863	3,112	2,249	2,761	3,605	3,914	1,838	1,544	2,801	1,990	2,790
Net Cash From Investing Activities	-1,173	-3,168	-5,154	-4,053	-5,703	-7,689	-4,997	-5,694	1,059	-1,347	-5,399
Net Cash From Continuing Investing Activities	-1,173	-3,168	-5,154	-4,053	-5,703	-7,689	-4,997	-5,694	1,059	-1,347	-5,399
Purchase of Property, Leasehold Improvements and Equipment	-136	-136	-155	-165	-92	-132	-109	-130	-116	-102	-69
Purchase of Investment Securities	-11,505	-13,116	-16,763	-16,399	-17,933	-19,450	-19,231	-22,273	-23,397	-14,568	-18,306
Sale and/or Maturity of Investments	10,469	10,085	9,873	11,097	8,510	9,496	11,299	13,947	9,842	7,435	9,434
Other Investing Activities, net	-	-	1,891	1,414	3,813	2,397	3,044	2,735	14,730	5,888	3,543
Net Cash From Financing Activities	-2,438	-509	1,451	-384	1,053	1,734	1,621	1,922	-1,715	-2,586	300
Net Cash From Continuing Financing Activities	-2,438	-509	1,451	-384	1,053	1,734	1,621	1,922	-1,715	-2,586	300
Net Change in Deposits	31	91	129	137	553	623	570	2,923	1,086	-339	571
Issuance of Debt	39	805	525	2.80	89	562	596	10	16	673	120
Issuance of Common Equity	78	76	38	163	64	38	43	87	182	58	68
Repayment of Debt	-219	104	-799	-72	-5.60	-32	-66	-1.80	-302	-764	-0.10
Repurchase of Common Equity	-223	-301	-277	-220	-672	-281	-307	-937	-1,695	-740	-1,042
Payment of Dividends	-410	-458	-465	-540	-630	-606	-615	-654	-642	-626	-658
Other Financing Activities, Net	-1,734	-277	2,301	147	1,653	1,429	1,400	495	-360	-848	1,243
Cash Interest Paid	138	150	162	149	150	158	163	166	176	171	170
Cash Income Taxes Paid	74	130	179	79	-96	-8.50	-172	110	142	68	118

This table details how cash moves in and out of Principal Financial Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	608	-207	-567	490	143	-539	648	1,358	-1,963	-336	-217
Net Cash From Operating Activities	1,163	695	1,103	1,051	944	584	1,432	1,128	1,459	977	812
Net Cash From Investing Activities	569	-1,104	22	-50	-215	-1,343	-288	2.40	-3,770	-953	-250
Net Cash From Continuing Investing Activities	569	-1,104	22	186	-451	-1,343	-288	2.40	-3,770	-953	-250
Purchase of Property, Leasehold Improvements and Equipment	-30	-31	-21	-22	-28	-17	-18	-17	-17	-16	-23
Purchase of Investment Securities	-4,722	-4,545	-3,260	-2,712	-4,051	-3,882	-3,415	-3,695	-7,314	-4,868	-4,616
Sale and/or Maturity of Investments	2,082	1,758	1,784	2,146	1,747	1,651	2,233	2,706	2,843	2,400	2,628
Other Investing Activities, net	3,238	1,715	1,519	774	1,881	905	913	1,009	717	1,532	1,762
Net Cash From Financing Activities	-1,123	202	-1,691	-511	-586	220	-496	228	349	-361	-779
Net Cash From Continuing Financing Activities	-1,123	202	-1,691	-511	-586	220	-496	228	349	-361	-779
Net Change in Deposits	-18	-308	-125	-116	210	131	305	-26	161	-134	167
Issuance of Debt	21	630	61	-58	40	-4.10	4.10	-21	141	-6.30	-5.30
Issuance of Common Equity	80	20	14	10	14	13	21	9.20	25	14	13
Repurchase of Common Equity	-284	-189	-100	-201	-251	-234	-250	-252	-306	-240	-159
Payment of Dividends	-156	-156	-155	-156	-159	-162	-165	-165	-166	-169	-170
Other Financing Activities, Net	-765	204	-626	14	-440	477	-403	675	494	175	-225

This table presents Principal Financial Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	219,087	218,660	228,014	253,941	243,036	276,088	296,628	304,657	290,867	305,047	313,664
Cash and Due from Banks	1,864	2,565	2,720	2,471	2,978	2,516	2,850	2,332	4,848	4,708	4,212
Time Deposits Placed and Other Short-Term Investments	-	-	-	-	-	-	78,710	-	62,890	65,673	68,251
Trading Account Securities	51,239	51,961	56,757	61,821	62,588	72,662	2,546	80,924	2,469	2,314	3,318
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	506	546	581	611	636	687	711	696	742	786	829
Premises and Equipment, Net	590	634	699	760	767	968	1,019	1,038	996	938	769
Mortgage Servicing Rights	11,812	12,339	13,230	14,151	15,337	16,487	17,343	19,669	20,630	20,143	20,484
Unearned Premiums Asset	1,213	1,429	1,362	1,470	1,413	1,740	1,724	656	3,933	3,999	3,772
Deferred Acquisition Cost	2,993	3,276	3,380	3,541	3,694	3,521	3,410	3,758	3,948	3,951	4,007
Separate Account Business Assets	140,073	136,979	139,833	159,273	144,988	165,468	175,951	182,345	155,375	167,606	173,327
Goodwill	1,007	1,009	1,021	1,069	1,100	1,694	1,711	1,628	1,598	1,609	1,550
Intangible Assets	1,324	1,359	1,325	1,315	1,315	1,787	1,723	1,601	1,533	1,470	1,390
Other Assets	6,467	6,564	7,107	7,462	8,220	8,559	8,931	10,012	31,904	31,851	31,755
Total Liabilities & Shareholders' Equity	219,087	218,660	228,014	253,941	243,036	276,088	296,628	304,657	290,867	305,047	313,664
Total Liabilities	208,797	209,197	217,623	240,918	231,189	261,137	279,755	288,199	280,587	293,836	302,195
Short-Term Debt	28	181	51	40	43	93	85	80	81	61	153
Long-Term Debt	2,531	3,265	3,126	3,178	3,260	3,734	4,279	4,280	3,997	3,931	3,955
Future Policy Benefits	24,037	25,857	29,001	33,019	35,665	40,838	45,207	43,948	43,314	46,827	48,179
Participating Policy Holder Equity	813	805	890	922	888	959	1,059	1,071	912	917	966
Separate Account Business Liabilities	140,073	136,979	139,833	159,273	144,988	165,468	175,951	182,345	155,375	167,606	173,327
Other Long-Term Liabilities	41,316	42,110	44,722	44,486	46,345	50,044	53,173	56,474	76,909	74,495	75,614
Redeemable Noncontrolling Interest	58	86	98	101	391	265	256	333	262	249	338
Total Equity & Noncontrolling Interests	10,232	9,377	10,294	12,922	11,456	14,686	16,617	16,126	10,018	10,962	11,131
Total Preferred & Common Equity	10,184	9,312	10,227	12,849	11,390	14,618	16,559	16,069	9,977	10,916	11,086
Total Common Equity	10,184	9,312	10,227	12,849	11,390	14,618	16,559	16,069	9,977	10,916	11,086
Common Stock	9,950	9,550	9,691	9,930	10,066	10,187	10,326	10,500	10,745	10,914	11,106
Retained Earnings	6,114	6,876	7,720	9,483	10,290	11,074	11,838	12,885	16,697	16,684	17,584
Treasury Stock	-5,931	-6,231	-6,509	-6,729	-7,401	-7,682	-7,989	-8,926	-10,587	-11,336	-12,378
Accumulated Other Comprehensive Income / (Loss)	50	-883	-675	166	-1,565	1,038	2,383	1,611	-6,879	-5,345	-5,225
Noncontrolling Interest	48	66	67	73	66	68	58	56	41	46	45

This table presents Principal Financial Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	293,220	282,581	299,408	299,187	287,948	308,684	308,777	322,858	313,003	323,104
Cash and Due from Banks	3,173	4,240	4,641	4,074	4,564	4,168	4,817	6,175	3,876	3,659
Time Deposits Placed and Other Short-Term Investments	67,206	-	-	64,242	61,582	65,691	65,769	69,148	69,727	70,558
Trading Account Securities	2,091	64,728	67,918	2,537	2,482	2,367	2,299	2,441	3,736	2,823
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	712	762	798	778	819	839	823	840	887	878
Premises and Equipment, Net	993	1,006	986	958	958	914	806	798	743	725
Mortgage Servicing Rights	20,277	20,603	20,604	20,409	20,229	20,295	20,253	20,015	20,261	20,664
Unearned Premiums Asset	4,684	4,337	3,838	3,858	3,897	3,920	3,990	3,730	3,726	3,790
Deferred Acquisition Cost	4,340	4,834	3,948	3,950	3,948	3,966	3,973	3,992	4,034	4,048
Separate Account Business Assets	153,819	146,571	162,001	164,211	155,478	171,788	171,400	180,654	171,266	180,728
Goodwill	1,589	1,548	1,636	1,638	1,594	1,569	1,570	1,597	1,567	1,583
Intangible Assets	1,546	1,525	1,536	1,518	1,480	1,436	1,419	1,424	1,291	1,283
Other Assets	32,790	32,427	31,504	31,013	30,916	31,732	31,660	32,043	31,890	32,366
Total Liabilities & Shareholders' Equity	293,220	282,581	299,408	299,187	287,948	308,684	308,777	322,858	313,003	323,104
Total Liabilities	281,873	272,837	288,875	288,531	276,966	297,082	297,441	311,265	301,408	311,245
Short-Term Debt	67	67	24	26	24	51	50	37	29	24
Long-Term Debt	4,281	3,981	4,689	3,993	3,930	3,932	3,932	3,933	4,321	3,923
Future Policy Benefits	43,312	43,577	44,700	44,324	42,686	46,096	46,988	49,833	49,359	49,946
Participating Policy Holder Equity	896	1,007	931	944	946	880	887	911	933	936
Separate Account Business Liabilities	153,819	146,571	162,001	164,211	155,478	171,788	171,400	180,654	171,266	180,728
Other Long-Term Liabilities	79,499	77,634	76,530	75,034	73,902	74,336	74,184	75,897	75,499	75,689
Redeemable Noncontrolling Interest	269	255	273	267	260	371	277	312	327	391
Total Equity & Noncontrolling Interests	11,079	9,488	10,261	10,390	10,723	11,230	11,059	11,281	11,268	11,467
Total Preferred & Common Equity	11,037	9,446	10,218	10,345	10,672	11,186	11,013	11,237	11,217	11,415
Total Common Equity	11,037	9,446	10,218	10,345	10,672	11,186	11,013	11,237	11,217	11,415
Common Stock	10,558	10,642	10,796	10,837	10,875	10,959	11,010	11,050	11,163	11,208
Retained Earnings	15,986	17,211	16,399	16,630	17,717	17,051	17,235	16,847	17,459	17,693
Treasury Stock	-9,877	-10,337	-10,775	-10,877	-11,080	-11,568	-11,821	-12,075	-12,619	-12,772
Accumulated Other Comprehensive Income / (Loss)	-5,630	-8,071	-6,201	-6,245	-6,841	-5,256	-5,412	-4,585	-4,786	-4,713
Noncontrolling Interest	42	42	43	45	51	45	46	44	52	52

This table displays calculated financial ratios and metrics derived from Principal Financial Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.79%	14.19%	3.59%	13.71%	1.02%	13.94%	-9.13%	-2.13%	21.54%	-22.07%	18.02%
EBITDA Growth	38.68%	-6.74%	8.91%	30.00%	-15.50%	1.09%	2.92%	9.91%	158.69%	-78.53%	78.99%
EBIT Growth	33.00%	-4.29%	11.25%	41.50%	-20.77%	-5.11%	0.01%	12.84%	213.31%	-87.66%	155.77%
NOPAT Growth	25.67%	6.53%	8.67%	70.69%	-33.16%	-7.05%	-1.08%	13.90%	194.87%	-86.03%	138.46%
Net Income Growth	25.67%	6.53%	8.67%	70.69%	-33.16%	-7.05%	-1.08%	13.90%	194.87%	-86.03%	138.46%
EPS Growth	23.73%	11.23%	10.84%	75.11%	-31.98%	-7.46%	1.81%	14.65%	221.76%	-86.31%	161.96%
Operating Cash Flow Growth	39.69%	41.06%	-11.86%	8.56%	23.13%	6.53%	-32.47%	-12.26%	-2.50%	19.52%	21.37%
Free Cash Flow Firm Growth	73.55%	8.12%	-41.09%	-149.54%	859.65%	-182.58%	52.84%	298.57%	450.39%	-101.55%	799.14%
Invested Capital Growth	0.57%	0.47%	5.10%	19.70%	-6.72%	23.95%	13.09%	-1.97%	-31.03%	5.89%	2.46%
Revenue Q/Q Growth	2.30%	-0.84%	6.05%	-1.92%	3.89%	1.73%	-1.88%	3.52%	-5.09%	-3.26%	14.65%
EBITDA Q/Q Growth	2.41%	-2.47%	2.44%	-0.85%	-0.58%	46.43%	60.08%	25.45%	1.62%	-21.91%	880.85%
EBIT Q/Q Growth	0.49%	-0.57%	4.76%	-2.87%	-3.87%	8.21%	14.95%	-7.52%	-9.27%	-59.93%	672.61%
NOPAT Q/Q Growth	2.61%	-1.73%	6.23%	27.73%	-28.23%	6.14%	14.07%	-6.69%	-9.38%	-55.86%	791.73%
Net Income Q/Q Growth	2.61%	-1.73%	6.23%	27.73%	-28.23%	6.14%	14.07%	-6.69%	-9.38%	-55.86%	1,211.20%
EPS Q/Q Growth	3.69%	-1.22%	5.63%	29.18%	-27.57%	5.31%	14.25%	-6.91%	-8.81%	-57.92%	945.57%
Operating Cash Flow Q/Q Growth	2.71%	3.52%	-3.10%	-8.14%	20.67%	-7.01%	-10.38%	20.27%	0.50%	-5.46%	12.60%
Free Cash Flow Firm Q/Q Growth	149.30%	10.02%	287.00%	-145.76%	10.36%	14.09%	-128,662.50%	60.76%	-8.69%	-146.97%	242.60%
Invested Capital Q/Q Growth	-1.77%	-2.73%	-5.59%	5.25%	-0.32%	-1.70%	4.33%	-0.04%	4.11%	1.78%	0.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	19.39%	15.84%	16.65%	19.03%	15.92%	14.13%	16.00%	17.97%	38.24%	10.53%	15.98%
EBIT Margin	14.27%	11.96%	12.84%	15.98%	12.53%	10.44%	11.49%	13.24%	34.14%	5.41%	11.72%
Profit (Net Income) Margin	11.23%	10.47%	10.99%	16.49%	10.91%	8.90%	9.69%	11.28%	27.36%	4.90%	9.91%
Tax Burden Percent	78.69%	87.59%	85.56%	103.21%	87.07%	85.28%	84.35%	85.14%	80.13%	90.70%	84.56%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	21.31%	12.41%	14.44%	-3.21%	12.93%	14.72%	15.65%	14.86%	19.87%	9.30%	15.44%
Return on Invested Capital (ROIC)	9.18%	9.73%	10.29%	15.60%	9.90%	8.51%	7.14%	7.74%	27.28%	4.53%	10.38%
ROIC Less NNEP Spread (ROIC-NNEP)	9.18%	9.73%	10.29%	15.60%	9.90%	8.51%	7.14%	7.74%	27.28%	4.53%	10.38%
Return on Net Nonoperating Assets (RNNOA)	2.40%	2.96%	3.43%	4.26%	2.60%	2.27%	1.84%	2.03%	8.61%	1.70%	3.71%
Return on Equity (ROE)	11.58%	12.69%	13.72%	19.86%	12.49%	10.78%	8.98%	9.76%	35.89%	6.24%	14.09%
Cash Return on Invested Capital (CROIC)	8.61%	9.26%	5.31%	-2.34%	16.85%	-12.88%	-5.15%	9.73%	64.01%	-1.18%	7.95%
Operating Return on Assets (OROA)	0.70%	0.65%	0.71%	0.93%	0.72%	0.65%	0.59%	0.64%	2.01%	0.25%	0.61%
Return on Assets (ROA)	0.55%	0.57%	0.61%	0.96%	0.63%	0.56%	0.50%	0.54%	1.61%	0.22%	0.52%
Return on Common Equity (ROCE)	11.33%	12.52%	13.50%	19.57%	12.18%	10.46%	8.80%	9.56%	34.96%	6.06%	13.67%
Return on Equity Simple (ROE_SIMPLE)	11.55%	13.46%	13.32%	18.09%	13.64%	9.88%	8.63%	10.12%	48.09%	6.14%	14.41%
Net Operating Profit after Tax (NOPAT)	1,176	1,253	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598
NOPAT Margin	11.23%	10.47%	10.99%	16.49%	10.91%	8.90%	9.69%	11.28%	27.36%	4.90%	9.91%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.73%	88.04%	87.16%	84.02%	87.47%	89.56%	88.51%	86.76%	65.86%	94.59%	88.28%
Earnings before Interest and Taxes (EBIT)	1,495	1,431	1,592	2,252	1,784	1,693	1,694	1,911	5,987	739	1,890
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,032	1,895	2,063	2,683	2,267	2,292	2,358	2,592	6,705	1,440	2,577
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.08	1.05	1.25	1.25	0.90	0.89	0.74	1.11	1.92	1.66	1.60
Price to Tangible Book Value (P/TBV)	1.40	1.41	1.62	1.54	1.14	1.17	0.93	1.39	2.80	2.31	2.17
Price to Revenue (P/Rev)	1.05	0.82	1.03	1.14	0.72	0.80	0.83	1.24	1.09	1.33	1.10
Price to Earnings (P/E)	9.87	8.07	9.69	6.96	6.63	9.36	8.77	11.31	4.02	29.07	11.27
Dividend Yield	3.43%	4.50%	3.63%	3.36%	5.80%	4.64%	5.03%	3.62%	3.27%	3.42%	3.68%
Earnings Yield	10.13%	12.40%	10.32%	14.37%	15.09%	10.69%	11.41%	8.84%	24.86%	3.44%	8.87%
Enterprise Value to Invested Capital (EV/IC)	0.92	0.84	0.99	1.05	0.73	0.78	0.00	0.97	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.12	0.90	1.08	1.21	0.78	0.91	0.00	1.41	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	5.79	5.69	6.49	6.34	4.87	6.41	0.00	7.83	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	7.87	7.54	8.41	7.55	6.18	8.67	0.00	10.62	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.01	8.61	9.83	7.31	7.10	10.17	0.00	12.47	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.79	2.46	3.47	4.06	2.14	2.67	0.00	6.23	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	10.67	9.04	19.04	0.00	4.17	0.00	0.00	9.92	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.36	0.31	0.25	0.28	0.26	0.26	0.26	0.40	0.36	0.36
Long-Term Debt to Equity	0.25	0.35	0.30	0.24	0.28	0.25	0.25	0.26	0.39	0.35	0.34
Financial Leverage	0.26	0.30	0.33	0.27	0.26	0.27	0.26	0.26	0.32	0.38	0.36
Leverage Ratio	21.03	22.16	22.50	20.58	19.98	19.37	18.00	18.04	22.27	27.73	27.28
Compound Leverage Factor	21.03	22.16	22.50	20.58	19.98	19.37	18.00	18.04	22.27	27.73	27.28
Debt to Total Capital	19.92%	26.70%	23.42%	19.81%	21.80%	20.38%	20.55%	20.94%	28.40%	26.26%	26.37%
Short-Term Debt to Total Capital	0.22%	1.40%	0.38%	0.24%	0.28%	0.50%	0.40%	0.38%	0.56%	0.40%	0.98%
Long-Term Debt to Total Capital	19.70%	25.29%	23.04%	19.57%	21.52%	19.89%	20.15%	20.56%	27.84%	25.86%	25.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.83%	1.17%	1.21%	1.07%	3.02%	1.77%	1.48%	1.87%	2.11%	1.94%	2.46%
Common Equity to Total Capital	79.26%	72.13%	75.38%	79.12%	75.18%	77.85%	77.97%	77.19%	69.49%	71.80%	71.17%
Debt to EBITDA	1.26	1.82	1.54	1.20	1.46	1.67	1.85	1.68	0.61	2.77	1.59
Net Debt to EBITDA	0.34	0.47	0.22	0.28	0.14	0.57	-32.73	0.78	-9.49	-46.12	-26.53
Long-Term Debt to EBITDA	1.25	1.72	1.51	1.18	1.44	1.63	1.81	1.65	0.60	2.73	1.54
Debt to NOPAT	2.18	2.75	2.33	1.38	2.13	2.65	3.05	2.68	0.85	5.96	2.57
Net Debt to NOPAT	0.59	0.70	0.34	0.32	0.21	0.91	-54.04	1.25	-13.27	-99.07	-42.78
Long-Term Debt to NOPAT	2.15	2.61	2.30	1.37	2.10	2.59	3.00	2.63	0.83	5.87	2.48
Noncontrolling Interest Sharing Ratio	2.20%	1.30%	1.59%	1.44%	2.54%	2.95%	2.03%	2.11%	2.59%	2.78%	2.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,103	1,193	703	-348	2,645	-2,184	-1,030	2,046	11,258	-175	1,224
Operating Cash Flow to CapEx	2,281.54%	3,209.02%	2,490.51%	2,541.26%	5,586.67%	4,148.94%	3,409.28%	2,505.31%	2,728.20%	3,718.04%	6,690.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.06	0.06	0.06	0.06	0.05	0.05	0.06	0.05	0.05
Fixed Asset Turnover	19.21	19.55	18.60	19.33	18.65	18.70	14.84	14.03	17.24	14.13	18.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,849	12,909	13,568	16,241	15,150	18,778	21,237	20,818	14,358	15,203	15,577
Invested Capital Turnover	0.82	0.93	0.94	0.95	0.91	0.96	0.74	0.69	1.00	0.92	1.05
Increase / (Decrease) in Invested Capital	73	60	659	2,673	-1,091	3,629	2,459	-419	-6,461	845	374
Enterprise Value (EV)	11,771	10,789	13,384	17,001	11,034	14,689	-64,645	20,287	-44,222	-47,978	-50,267
Market Capitalization	10,970	9,756	12,763	16,080	10,251	13,045	12,237	17,870	19,135	18,116	17,706
Book Value per Share	$34.68	$31.81	$35.55	$44.50	$40.24	$52.64	$60.27	$60.62	$40.77	$45.79	$48.47
Tangible Book Value per Share	$26.74	$23.72	$27.40	$36.24	$31.71	$40.11	$47.77	$48.44	$27.98	$32.87	$35.62
Total Capital	12,849	12,909	13,568	16,241	15,150	18,778	21,237	20,818	14,358	15,203	15,577
Total Debt	2,559	3,446	3,177	3,218	3,303	3,828	4,364	4,360	4,078	3,992	4,108
Total Long-Term Debt	2,531	3,265	3,126	3,178	3,260	3,734	4,279	4,280	3,997	3,931	3,955
Net Debt	695	882	458	747	325	1,312	-77,196	2,028	-63,660	-66,389	-68,355
Capital Expenditures (CapEx)	136	136	155	165	92	132	109	130	116	102	69
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	2,559	3,446	3,177	3,218	3,303	3,828	4,364	4,360	4,078	3,992	4,108
Total Depreciation and Amortization (D&A)	537	464	472	430	482	598	665	681	718	701	687
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.70	$4.11	$4.55	$8.00	$5.41	$5.00	$5.08	$6.36	$19.16	$2.58	$6.77
Adjusted Weighted Average Basic Shares Outstanding	294.11M	291.63M	287.48M	289.66M	278.31M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Adjusted Diluted Earnings per Share	$3.65	$4.06	$4.50	$7.88	$5.36	$4.96	$5.05	$6.27	$18.85	$2.55	$6.68
Adjusted Weighted Average Diluted Shares Outstanding	294.11M	291.63M	287.48M	289.66M	278.31M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	294.11M	291.63M	287.48M	289.66M	278.31M	274.69M	272.61M	261.23M	243.10M	235.87M	225.57M
Normalized Net Operating Profit after Tax (NOPAT)	1,176	1,253	1,362	1,577	1,554	1,444	1,429	1,711	4,898	696	1,624
Normalized NOPAT Margin	11.23%	10.47%	10.99%	11.19%	10.91%	8.90%	9.69%	11.86%	27.93%	5.10%	10.07%
Pre Tax Income Margin	14.27%	11.96%	12.84%	15.98%	12.53%	10.44%	11.49%	13.24%	34.14%	5.41%	11.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.82%	36.51%	34.14%	23.23%	40.53%	41.96%	43.02%	40.20%	13.39%	93.34%	41.20%
Augmented Payout Ratio	53.75%	60.49%	54.50%	32.71%	83.75%	61.42%	64.51%	97.81%	48.72%	203.84%	106.44%

This table displays calculated financial ratios and metrics derived from Principal Financial Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.97%	-8.93%	-46.62%	-0.58%	-14.60%	43.79%	21.18%	-34.51%	76.60%	-8.82%	-14.83%
EBITDA Growth	-100.55%	-156.16%	-88.58%	-2.16%	-46,033.33%	395.11%	-2.14%	-118.31%	200.47%	-95.39%	13.34%
EBIT Growth	-100.55%	-156.16%	-88.58%	-2.16%	-46,033.33%	395.11%	-2.14%	-118.31%	200.47%	-95.39%	13.34%
NOPAT Growth	-100.45%	-143.34%	-87.44%	-4.69%	-46,033.33%	457.65%	-9.37%	-116.45%	216.45%	-88.18%	21.50%
Net Income Growth	-97.65%	-139.19%	-87.44%	-4.69%	-9,636.36%	495.54%	-9.37%	-115.47%	207.54%	-88.18%	21.50%
EPS Growth	-103.13%	-145.31%	-87.02%	-2.30%	-8,775.00%	482.76%	-5.70%	-118.63%	210.42%	-90.54%	20.13%
Operating Cash Flow Growth	1.38%	2,107.30%	36.58%	-10.28%	-18.84%	-15.98%	29.86%	7.37%	54.56%	67.29%	-43.29%
Free Cash Flow Firm Growth	714.21%	-60.58%	-83.23%	-98.75%	-125.08%	-86.32%	-120.26%	-896.04%	132.60%	-253.36%	81.28%
Invested Capital Growth	-31.03%	-9.35%	-6.49%	8.31%	5.89%	2.21%	4.38%	4.20%	2.46%	2.32%	3.18%
Revenue Q/Q Growth	-31.88%	-10.53%	26.19%	29.28%	-41.49%	50.64%	6.35%	-30.14%	57.79%	-22.22%	-0.67%
EBITDA Q/Q Growth	-100.15%	-8,754.17%	313.46%	253.81%	-168.99%	156.64%	-29.21%	-166.19%	478.62%	-97.40%	1,640.83%
EBIT Q/Q Growth	-100.15%	-8,754.17%	313.46%	253.81%	-168.99%	156.64%	-29.21%	-166.19%	478.62%	-97.40%	1,640.83%
NOPAT Q/Q Growth	-100.13%	-8,754.17%	364.67%	217.53%	-162.00%	168.64%	-32.93%	-157.64%	538.83%	-93.03%	589.19%
Net Income Q/Q Growth	-99.33%	-1,628.41%	392.71%	217.53%	-167.13%	163.39%	-32.93%	-154.20%	566.65%	-93.03%	589.19%
EPS Q/Q Growth	-100.77%	-1,350.00%	372.41%	222.78%	-169.61%	162.54%	-32.88%	-163.76%	512.63%	-94.64%	752.38%
Operating Cash Flow Q/Q Growth	-0.67%	-40.23%	58.56%	-4.71%	-10.15%	-38.11%	145.07%	-21.21%	29.34%	-33.02%	-16.92%
Free Cash Flow Firm Q/Q Growth	-22.62%	-77.95%	-0.79%	-92.60%	-1,648.89%	112.03%	-246.90%	-190.83%	163.42%	-156.60%	82.07%
Invested Capital Q/Q Growth	4.11%	6.19%	-3.74%	1.78%	1.78%	2.50%	-1.70%	1.60%	0.09%	2.36%	-0.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-0.08%	-7.54%	12.75%	34.90%	-41.15%	15.47%	10.30%	-9.76%	23.41%	0.78%	13.70%
EBIT Margin	-0.08%	-7.54%	12.75%	34.90%	-41.15%	15.47%	10.30%	-9.76%	23.41%	0.78%	13.70%
Profit (Net Income) Margin	0.28%	-4.77%	11.07%	27.18%	-31.19%	13.13%	8.28%	-6.42%	18.99%	1.70%	11.81%
Tax Burden Percent	-366.67%	63.29%	86.79%	77.89%	75.79%	84.84%	80.38%	65.83%	81.13%	217.65%	86.17%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	13.21%	22.11%	0.00%	15.17%	19.62%	0.00%	18.87%	-117.65%	13.83%
Return on Invested Capital (ROIC)	-0.05%	-5.68%	10.31%	26.73%	-26.63%	12.69%	8.64%	-6.30%	19.90%	1.70%	11.48%
ROIC Less NNEP Spread (ROIC-NNEP)	0.20%	-5.37%	10.31%	26.73%	-28.22%	12.69%	8.64%	-5.99%	19.90%	1.70%	11.48%
Return on Net Nonoperating Assets (RNNOA)	0.06%	-2.19%	3.92%	10.32%	-10.60%	4.98%	3.14%	-2.10%	7.11%	0.61%	3.92%
Return on Equity (ROE)	0.01%	-7.87%	14.24%	37.05%	-37.23%	17.67%	11.78%	-8.40%	27.01%	2.31%	15.41%
Cash Return on Invested Capital (CROIC)	64.01%	36.75%	17.11%	2.59%	-1.18%	6.48%	4.38%	-5.63%	7.95%	4.87%	4.62%
Operating Return on Assets (OROA)	0.00%	-0.44%	0.61%	1.73%	-1.89%	0.76%	0.53%	-0.45%	1.22%	0.04%	0.66%
Return on Assets (ROA)	0.02%	-0.28%	0.53%	1.35%	-1.43%	0.64%	0.43%	-0.30%	0.99%	0.09%	0.57%
Return on Common Equity (ROCE)	0.01%	-7.63%	13.83%	35.97%	-36.19%	17.09%	11.44%	-8.15%	26.20%	2.23%	14.90%
Return on Equity Simple (ROE_SIMPLE)	0.00%	42.28%	15.27%	14.23%	0.00%	11.95%	11.80%	-1.28%	0.00%	10.06%	10.56%
Net Operating Profit after Tax (NOPAT)	-1.68	-149	394	1,250	-775	532	357	-206	903	63	434
NOPAT Margin	-0.05%	-5.28%	11.07%	27.18%	-28.80%	13.13%	8.28%	-6.83%	18.99%	1.70%	11.81%
Net Nonoperating Expense Percent (NNEP)	-0.25%	-0.31%	0.00%	0.00%	1.59%	0.00%	0.00%	-0.31%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	100.08%	107.54%	87.25%	65.10%	141.15%	84.53%	89.70%	109.76%	76.59%	99.22%	86.30%
Earnings before Interest and Taxes (EBIT)	-2.40	-213	454	1,605	-1,107	627	444	-294	1,112	29	503
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.40	-213	454	1,605	-1,107	627	444	-294	1,112	29	503
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.92	1.71	1.72	1.58	1.66	1.78	1.67	1.77	1.60	1.70	1.56
Price to Tangible Book Value (P/TBV)	2.80	2.47	2.47	2.21	2.31	2.43	2.29	2.42	2.17	2.28	2.08
Price to Revenue (P/Rev)	1.09	1.01	1.26	1.19	1.33	1.33	1.17	1.41	1.10	1.21	1.18
Price to Earnings (P/E)	4.02	4.08	11.48	11.37	29.07	15.33	14.59	0.00	11.27	17.51	15.62
Dividend Yield	3.27%	3.57%	3.50%	3.69%	3.42%	3.18%	3.47%	3.25%	3.68%	3.45%	3.73%
Earnings Yield	24.86%	24.54%	8.71%	8.79%	3.44%	6.52%	6.85%	0.00%	8.87%	5.71%	6.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	1.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	3.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	3.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	4.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	4.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.45	0.38	0.36	0.36	0.34	0.35	0.34	0.36	0.38	0.33
Long-Term Debt to Equity	0.39	0.45	0.37	0.36	0.35	0.34	0.35	0.34	0.34	0.37	0.33
Financial Leverage	0.32	0.41	0.38	0.39	0.38	0.39	0.36	0.35	0.36	0.36	0.34
Leverage Ratio	22.27	25.93	26.92	27.53	27.73	27.47	27.64	27.06	27.28	26.80	27.24
Compound Leverage Factor	22.27	25.93	26.92	27.53	27.73	27.47	27.64	27.06	27.28	26.80	27.24
Debt to Total Capital	28.40%	30.91%	27.39%	26.47%	26.26%	25.55%	26.00%	25.51%	26.37%	27.28%	24.97%
Short-Term Debt to Total Capital	0.56%	0.16%	0.18%	0.16%	0.40%	0.33%	0.33%	0.24%	0.98%	0.18%	0.15%
Long-Term Debt to Total Capital	27.84%	30.75%	27.21%	26.31%	25.86%	25.23%	25.67%	25.27%	25.39%	27.10%	24.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.11%	2.07%	2.12%	2.08%	1.94%	2.67%	2.11%	2.29%	2.46%	2.37%	2.80%
Common Equity to Total Capital	69.49%	67.02%	70.49%	71.45%	71.80%	71.78%	71.90%	72.20%	71.17%	70.35%	72.22%
Debt to EBITDA	0.61	0.87	2.14	2.14	2.77	2.52	2.54	-12.03	1.59	3.37	2.92
Net Debt to EBITDA	-9.49	0.01	-34.22	-33.73	-46.12	-41.74	-42.46	216.22	-26.53	-53.63	-52.03
Long-Term Debt to EBITDA	0.60	0.87	2.12	2.13	2.73	2.49	2.51	-11.92	1.54	3.35	2.90
Debt to NOPAT	0.85	1.09	2.54	2.60	5.96	2.98	3.06	-17.19	2.57	3.85	3.27
Net Debt to NOPAT	-13.27	0.02	-40.70	-40.97	-99.07	-49.29	-51.25	308.89	-42.78	-61.35	-58.29
Long-Term Debt to NOPAT	0.83	1.09	2.53	2.59	5.87	2.94	3.03	-17.03	2.48	3.83	3.25
Noncontrolling Interest Sharing Ratio	2.59%	2.97%	2.83%	2.93%	2.78%	3.30%	2.89%	2.95%	2.99%	3.42%	3.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,459	1,424	1,413	105	-1,620	195	-286	-833	528	-299	-54
Operating Cash Flow to CapEx	3,877.33%	2,214.33%	5,275.12%	4,819.27%	3,383.51%	3,477.38%	7,998.32%	6,558.14%	8,633.14%	5,959.15%	3,499.57%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Fixed Asset Turnover	17.24	17.20	14.51	14.38	14.13	15.69	17.75	16.02	18.89	19.04	19.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,358	15,246	14,675	14,936	15,203	15,583	15,319	15,563	15,577	15,945	15,806
Invested Capital Turnover	1.00	1.08	0.93	0.98	0.92	0.97	1.04	0.92	1.05	1.00	0.97
Increase / (Decrease) in Invested Capital	-6,461	-1,573	-1,019	1,146	845	337	643	627	374	362	487
Enterprise Value (EV)	-44,222	17,823	-46,204	-45,066	-47,978	-45,594	-47,893	-51,104	-50,267	-49,843	-52,020
Market Capitalization	19,135	17,435	17,781	16,815	18,116	19,867	18,387	19,893	17,706	19,031	17,807
Book Value per Share	$40.77	$42.03	$42.61	$44.15	$45.79	$47.72	$46.99	$48.52	$48.47	$49.73	$50.92
Tangible Book Value per Share	$27.98	$28.98	$29.61	$31.43	$32.87	$34.90	$34.24	$35.48	$35.62	$37.06	$38.13
Total Capital	14,358	15,246	14,675	14,936	15,203	15,583	15,319	15,563	15,577	15,945	15,806
Total Debt	4,078	4,713	4,019	3,954	3,992	3,982	3,982	3,970	4,108	4,350	3,947
Total Long-Term Debt	3,997	4,689	3,993	3,930	3,931	3,932	3,932	3,933	3,955	4,321	3,923
Net Debt	-63,660	72	-64,297	-62,192	-66,389	-65,878	-66,603	-71,353	-68,355	-69,252	-70,270
Capital Expenditures (CapEx)	30	31	21	22	28	17	18	17	17	16	23
Net Nonoperating Expense (NNE)	-10	-14	0.00	0.00	64	0.00	0.00	-12	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	4,078	4,713	4,019	3,954	3,992	3,982	3,982	3,970	4,108	4,350	3,947
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	($0.58)	$1.60	$5.17	($3.61)	$2.26	$1.51	($0.95)	$3.95	$0.21	$1.81
Adjusted Weighted Average Basic Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M
Adjusted Diluted Earnings per Share	($0.04)	($0.58)	$1.58	$5.10	($3.55)	$2.22	$1.49	($0.95)	$3.92	$0.21	$1.79
Adjusted Weighted Average Diluted Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	243.10M	242.77M	241.71M	238.41M	235.87M	234.38M	231.58M	228.73M	225.57M	224.19M	222.77M
Normalized Net Operating Profit after Tax (NOPAT)	-4.13	-151	388	1,264	-761	520	356	-168	895	45	446
Normalized NOPAT Margin	-0.13%	-5.35%	10.90%	27.50%	-28.27%	12.82%	8.27%	-5.57%	18.84%	1.20%	12.14%
Pre Tax Income Margin	-0.08%	-7.54%	12.75%	34.90%	-41.15%	15.47%	10.30%	-9.76%	23.41%	0.78%	13.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.39%	14.60%	39.50%	41.02%	93.34%	47.31%	49.45%	-453.20%	41.20%	58.91%	55.54%
Augmented Payout Ratio	48.72%	39.96%	102.73%	89.77%	203.84%	106.13%	121.47%	-1,139.57%	106.44%	151.80%	134.96%

Key Financial Trends

Principal Financial Group (NASDAQ: PFG) has demonstrated notable financial developments over the past four years, with key trends observed in its income, cash flows, and balance sheet positions.

Positive Trends:

Net Income Growth: After experiencing a challenging 2023 with losses in Q3 and Q4, the company showed a significant rebound in 2024 and into 2025 with positive quarterly net income continuing to grow, with Q2 2025 net income attributable to common shareholders at $406.2 million, improving from negative quarters in 2023.
Consistent Earnings per Share (EPS): The EPS has rebounded from negative values in late 2023 to positive $1.81 (basic) and $1.79 (diluted) in Q2 2025, indicating improved profitability.
Robust Non-Interest Income: The company has maintained strong other service charges and net realized & unrealized capital gains on investments, contributing to non-interest income of approximately $3.7 billion in Q2 2025, supporting overall revenue.
Strong Operating Cash Flow: Net cash from operating activities remains robust at $811.9 million in Q2 2025 and has generally shown a healthy cash inflow over recent quarters.
Significant Investment in Mortgage Servicing Rights: Mortgage servicing rights asset remains substantial (~$20.7 billion in Q2 2025), indicating a strong position in the mortgage servicing business.
Stable Common Equity: Total common equity increased to $11.4 billion in Q2 2025 from $10.2 billion in Q1 2023, reflecting retained earnings growth and capital preservation.

Neutral Trends:

No Interest Income/Expense: The data shows zero total interest income and interest expenses across quarters, characteristic of Principal’s business model focusing more on fees and other income.
High Separate Account Business Assets and Liabilities: Around $180.7 billion in assets and liabilities for separate account business in Q2 2025, consistent with insurance and retirement product accounting.
Dividend Payments Stable: Dividend payments have been relatively stable around $160-$170 million per quarter, reflecting steady shareholder returns.

Negative Trends:

Significant Equity Repurchases: The company has spent heavily on repurchasing common equity (e.g., $159 million in Q2 2025, over $200 million in prior quarters), which may impact cash reserves negatively.
Elevated Non-Interest Expenses: Insurance claims and policy acquisition costs remain high ($1.84 billion and $1.3 billion respectively in Q2 2025), pressuring operating margins.
Inconsistent Income in 2023: The firm posted net losses in Q3 and Q4 2023 (-$220 million and -$871 million respectively), showing volatility and operational challenges during that period.
Declining Cash and Equivalents: Cash and due from banks decreased from $4.8 billion in Q2 2024 to $3.7 billion in Q2 2025, indicating tighter liquidity possibly due to equity repurchases and investing activities.
High Long-Term Debt: Long-term debt remains elevated, about $3.9 billion in Q2 2025, slightly fluctuating but sizeable given total liabilities.

Summary: Principal Financial Group has recovered from operational challenges in 2023 and posted improved profitability and cash flows in 2024 and 2025. The firm benefits from strong non-interest revenue streams and a solid equity base. However, high insurance expenses and aggressive equity buybacks are areas that investors should monitor closely. Liquidity remains adequate but has shown a modest decline. The company's balance sheet remains substantial with significant assets and liabilities related to its insurance and retirement services business.

09/15/25 06:58 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Principal Financial Group's Financials

When does Principal Financial Group's fiscal year end?

According to the most recent income statement we have on file, Principal Financial Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Principal Financial Group's net income changed over the last 10 years?

Principal Financial Group's net income appears to be on an upward trend, with a most recent value of $1.60 billion in 2024, rising from $1.18 billion in 2014. The previous period was $670.10 million in 2023.

How has Principal Financial Group's revenue changed over the last 10 years?

Over the last 10 years, Principal Financial Group's total revenue changed from $10.48 billion in 2014 to $16.13 billion in 2024, a change of 53.9%.

How much debt does Principal Financial Group have?

Principal Financial Group's total liabilities were at $302.19 billion at the end of 2024, a 2.8% increase from 2023, and a 44.7% increase since 2014.

How much cash does Principal Financial Group have?

In the past 10 years, Principal Financial Group's cash and equivalents has ranged from $1.86 billion in 2014 to $4.85 billion in 2022, and is currently $4.21 billion as of their latest financial filing in 2024.

How has Principal Financial Group's book value per share changed over the last 10 years?

Over the last 10 years, Principal Financial Group's book value per share changed from 34.68 in 2014 to 48.47 in 2024, a change of 39.8%.

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This page (NASDAQ:PFG) was last updated on 9/15/2025 by MarketBeat.com Staff

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Principal Financial Group (PFG) Financials

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Principal Financial Group (PFG) Financials

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Quarterly Balance Sheets for Principal Financial Group

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