Equitable (EQH) Financials

$40.82 -0.17 (-0.42%)

As of 03:02 PM Eastern

Annual Income Statements for Equitable

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,254	834	1,855	-1,764	-701	1,676	2,073	1,203	1,200	-1,441
Consolidated Net Income / (Loss)	1,649	1,257	2,189	-1,467	-349	2,170	2,394	1,624	1,796	-1,037
Net Income / (Loss) Continuing Operations	1,649	1,257	2,189	-1,467	-349	2,170	2,394	1,624	1,796	-1,037
Total Pre-Tax Income	2,027	1,306	2,490	-2,060	-1,093	2,609	2,992	714	2,076	-1,193
Total Operating Income	2,269	1,481	3,874	-649	-415	3,217	5,614	3,782	4,922	3,424
Total Gross Profit	5,557	5,134	7,220	3,080	4,249	1,595	8,672	6,096	7,411	8,175
Total Revenue	11,831	12,475	12,155	9,546	11,671	6,746	13,589	11,173	12,558	13,004
Operating Revenue	13,679	12,261	12,405	13,558	13,393	13,895	12,682	13,570	15,109	15,059
Other Revenue	-1,848	214	-250	-4,012	-1,722	-7,149	907	-2,397	-2,551	-2,055
Total Cost of Revenue	6,274	7,341	4,935	6,466	7,422	5,151	4,917	5,077	5,147	4,829
Operating Cost of Revenue	6,274	7,341	4,935	6,466	7,422	5,151	4,917	5,077	5,147	4,829
Total Operating Expenses	3,288	3,653	3,346	3,729	4,664	-1,622	3,058	2,314	2,489	4,751
Selling, General & Admin Expense	1,509	2,069	1,810	1,890	1,700	2,107	2,185	1,898	1,822	2,286
Amortization Expense	779	503	371	597	1,613	552	586	641	711	789
Other Operating Expenses / (Income)	1,000	1,081	1,165	1,242	1,351	-4,281	287	-225	-44	1,676
Total Other Income / (Expense), net	-242	-175	-1,384	-1,411	-678	-608	-2,622	-3,068	-2,846	-4,617
Interest Expense	174	160	1,298	1,484	1,422	1,476	1,677	2,269	2,719	3,240
Other Income / (Expense), net	-	-	-86	73	744	868	-945	-799	-127	-1,377
Income Tax Expense	378	49	301	-593	-744	439	598	-910	280	-156
Preferred Stock Dividends Declared	-	-	0.00	0.00	53	79	80	80	80	61
Net Income / (Loss) Attributable to Noncontrolling Interest	395	423	334	297	299	415	241	341	516	343
Basic Earnings per Share	$2.24	$1.49	$3.33	($3.57)	($1.56)	$4.02	$5.49	$3.44	$3.74	($4.83)
Weighted Average Basic Shares Outstanding	561M	561M	556.40M	493.60M	450.40M	417.40M	377.60M	350.10M	321.20M	298.10M
Diluted Earnings per Share	$2.24	$1.49	$3.33	($3.57)	($1.56)	$3.98	$5.46	$3.42	$3.69	($4.83)
Weighted Average Diluted Shares Outstanding	561M	561M	556.50M	493.60M	450.40M	421.20M	379.90M	351.60M	324.80M	298.10M
Weighted Average Basic & Diluted Shares Outstanding	-	-	521.19M	463.71M	435.54M	389.56M	361.81M	329.71M	307.82M	280.35M
Cash Dividends to Common per Share	$0.00	$0.00	$0.26	$0.58	$0.66	$0.71	$0.78	$0.86	$0.94	$1.05

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,050	-724	78	402	-146	873	49	-367	-1,325	202	607
Consolidated Net Income / (Loss)	1,135	-589	195	565	28	1,015	150	-283	-1,215	311	731
Net Income / (Loss) Continuing Operations	1,135	-589	195	565	28	1,015	150	-283	-1,215	311	731
Total Pre-Tax Income	1,475	-817	219	681	-11	1,197	174	-363	-1,348	344	887
Total Operating Income	2,546	40	899	1,351	790	1,906	919	552	740	1,213	1,757
Total Gross Profit	2,749	563	972	2,279	1,885	2,629	3,230	1,054	1,567	2,324	3,249
Total Revenue	4,035	2,385	2,269	3,523	3,119	3,669	4,590	2,433	2,620	3,361	4,259
Operating Revenue	3,420	3,639	3,645	3,731	3,833	3,922	3,791	3,807	3,737	3,724	3,679
Other Revenue	615	-1,254	-1,376	-208	-714	-253	799	-1,374	-1,117	-363	580
Total Cost of Revenue	1,286	1,822	1,297	1,244	1,234	1,040	1,360	1,379	1,053	1,037	1,010
Operating Cost of Revenue	1,286	1,822	1,297	1,244	1,234	1,040	1,360	1,379	1,053	1,037	1,010
Total Operating Expenses	203	523	73	928	1,095	723	2,311	502	827	1,111	1,492
Selling, General & Admin Expense	450	559	552	428	329	513	950	427	440	469	402
Amortization Expense	165	169	172	169	184	186	188	193	203	205	209
Other Operating Expenses / (Income)	-412	-	-651	331	582	-	1,173	-118	184	437	881
Total Other Income / (Expense), net	-1,071	-857	-680	-670	-801	-709	-745	-915	-2,088	-869	-870
Interest Expense	660	642	641	661	756	661	733	844	859	806	841
Other Income / (Expense), net	-411	-	-39	-9.00	-45	-	-12	-71	-1,229	-63	-29
Income Tax Expense	340	-228	24	116	-39	182	24	-80	-133	33	156
Preferred Stock Dividends Declared	14	26	14	26	14	26	14	18	16	13	14
Net Income / (Loss) Attributable to Noncontrolling Interest	71	109	103	137	160	116	87	66	94	96	110
Basic Earnings per Share	$3.03	($2.05)	$0.24	$1.24	($0.46)	$2.75	$0.16	($1.21)	($4.47)	$0.69	$2.16
Weighted Average Basic Shares Outstanding	346.40M	350.10M	330.20M	324.20M	318.20M	321.20M	307.80M	303.20M	296.20M	298.10M	281.30M
Diluted Earnings per Share	$3.02	($2.05)	$0.23	$1.23	($0.46)	$2.72	$0.16	($1.21)	($4.47)	$0.69	$2.14
Weighted Average Diluted Shares Outstanding	348M	351.60M	332.70M	327.30M	318.20M	324.80M	311.90M	303.20M	296.20M	298.10M	283.80M
Weighted Average Basic & Diluted Shares Outstanding	338.49M	329.71M	325.24M	319.76M	313.34M	307.82M	303.90M	299.54M	286.53M	280.35M	281.52M
Cash Dividends to Common per Share	$0.22	-	$0.22	$0.24	$0.24	-	$0.24	$0.27	$0.27	-	$0.27

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-903	-840	-333	1.00	1,813	-952	-748	3,964	-1,428	5,498
Net Cash From Operating Activities	-236	-243	61	-216	-61	-193	-250	-208	2,006	714
Net Cash From Continuing Operating Activities	-236	-243	61	-216	-61	-193	-250	-208	2,006	714
Net Income / (Loss) Continuing Operations	1,649	1,257	2,189	-1,467	-349	2,170	2,394	1,624	1,796	-1,037
Consolidated Net Income / (Loss)	1,649	1,257	2,189	-1,467	-349	2,170	2,394	1,624	1,796	-1,037
Depreciation Expense	758	399	296	675	1,757	519	636	821	868	872
Non-Cash Adjustments To Reconcile Net Income	-1,942	-1,449	-2,582	666	-438	-2,364	-3,195	-743	-95	2,721
Changes in Operating Assets and Liabilities, net	-701	-450	158	-90	-1,031	-518	-85	-1,910	-563	-1,842
Net Cash From Investing Activities	-5,768	-9,689	-2,049	-8,496	-7,823	-12,689	-7,487	-4,851	-15,855	-10,968
Net Cash From Continuing Investing Activities	-5,768	-9,689	-2,049	-8,496	-7,823	-12,689	-7,487	-4,851	-15,855	-10,918
Purchase of Property, Plant & Equipment	-98	-102	-123	-93	-107	-120	-167	-117	-153	-34
Purchase of Investments	-25,448	-35,853	-29,486	-34,893	-30,315	-52,096	-22,014	-18,317	-27,109	-26,937
Sale of Property, Plant & Equipment	740	-	768	952	630	1,696	1,154	446	1,170	2,128
Sale and/or Maturity of Investments	20,052	27,354	27,151	26,993	23,657	41,396	17,066	15,517	13,634	20,016
Other Investing Activities, net	-1,078	-958	-498	-1,460	-1,907	-3,780	-3,566	-2,380	-3,397	-6,091
Net Cash From Financing Activities	5,111	9,070	1,655	8,705	9,674	11,948	7,045	9,000	12,441	15,716
Net Cash From Continuing Financing Activities	5,111	9,070	1,655	8,705	9,674	11,948	7,045	9,000	12,518	15,716
Repayment of Debt	-4,989	-4,125	-9,034	-4,899	-4,284	-7,304	-6,827	-10,316	-11,292	-13,810
Repurchase of Preferred Equity	-	-	-1,314	-573	-	-	0.00	0.00	-55	-449
Repurchase of Common Equity	0.00	0.00	-648	-1,350	-430	-1,637	-849	-919	-1,014	-1,450
Payment of Dividends	-294	-348	-503	-541	-654	-767	-775	-715	-766	-768
Issuance of Debt	4.00	1,394	4,057	-546	0.00	0.00	0.00	497	0.00	495
Other Financing Activities, net	10,163	12,149	9,097	15,839	14,548	21,363	15,496	20,453	25,645	31,698
Effect of Exchange Rate Changes	-10	22	-	8.00	23	-18	-56	23	-20	36
Cash Interest Paid	119	119	178	273	215	215	263	344	318	293
Cash Income Taxes Paid	31	31	57	-506	-173	305	89	265	-38	576

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1,587	2,135	2,284	-992	-105	-2,615	1,200	6,793	-1,353	-1,142	-2,558
Net Cash From Operating Activities	410	-392	31	892	683	400	158	341	369	-154	499
Net Cash From Continuing Operating Activities	411	-393	31	892	683	400	158	341	369	-154	499
Net Income / (Loss) Continuing Operations	1,135	-589	195	565	26	1,015	150	-283	-1,215	311	731
Consolidated Net Income / (Loss)	1,135	-589	195	565	26	1,015	150	-283	-1,215	311	731
Depreciation Expense	196	236	241	189	211	220	213	220	219	220	224
Non-Cash Adjustments To Reconcile Net Income	-995	354	-239	331	686	-858	24	809	2,259	-371	-142
Changes in Operating Assets and Liabilities, net	75	-394	-166	-193	-240	23	-229	-405	-894	-314	-314
Net Cash From Investing Activities	-2,449	115	-2,682	-5,245	-2,392	-5,536	-1,199	-2,518	-4,768	-2,483	-2,955
Net Cash From Continuing Investing Activities	-2,449	115	-2,682	-5,245	-2,392	-5,536	-1,199	-2,518	-4,768	-2,433	-2,930
Purchase of Property, Plant & Equipment	-25	-35	-63	-36	-28	-26	-10	-7.00	-33	16	-9.00
Purchase of Investments	-5,876	-2,642	-5,175	-9,089	-5,020	-7,825	-5,350	-6,232	-9,235	-6,120	-5,870
Sale of Property, Plant & Equipment	117	93	256	204	550	160	349	-	-	800	485
Sale and/or Maturity of Investments	3,843	3,539	2,581	4,117	3,213	3,723	4,802	5,250	5,154	4,810	3,120
Other Investing Activities, net	-508	-840	-281	-441	-1,107	-1,568	-990	-1,529	-1,982	-1,939	-656
Net Cash From Financing Activities	470	2,387	4,945	3,364	1,583	2,549	2,228	8,942	3,052	1,494	-96
Net Cash From Continuing Financing Activities	470	2,387	4,945	3,364	1,583	2,626	2,228	8,942	3,052	1,494	-96
Repayment of Debt	-1,898	-2,865	-2,820	-2,703	-2,994	-2,775	-2,508	-2,989	-4,028	-4,251	-4,397
Repurchase of Common Equity	-238	-241	-253	-247	-254	-260	-262	-235	-676	-277	-147
Payment of Dividends	-169	-182	-186	-194	-179	-207	-218	-199	-174	-177	-189
Issuance of Debt	1.00	-	0.00	-	-	-	495	12	-46	-	0.00
Other Financing Activities, net	2,774	5,675	8,204	6,508	5,010	5,923	4,721	12,632	8,136	6,209	4,637
Effect of Exchange Rate Changes	-18	25	-10	-3.00	21	-28	13	28	-6.00	1.00	-6.00

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	235,615	220,797	249,818	275,397	292,262	252,702	276,695	295,727	317,990
Total Current Assets	4,814	4,469	70,748	6,179	5,188	4,281	0.00	6,964	93,826
Cash & Equivalents	4,814	4,469	4,405	6,179	5,188	4,281	0.00	6,964	12,462
Short-Term Investments	-	-	66,343	-	-	-	-	-	81,677
Note & Lease Receivable	-	-	-	-	-	-	-	-	-313
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	230,801	216,328	179,070	266,730	287,074	248,421	23,624	288,763	223,851
Long-Term Investments	81,782	81,333	26,997	95,928	91,078	76,616	0.00	96,369	39,327
Goodwill	4,824	4,780	4,751	4,737	4,728	5,482	0.00	5,371	5,309
Noncurrent Deferred & Refundable Income Taxes	84	-	-	0.00	195	781	2,054	2,003	2,577
Other Noncurrent Operating Assets	144,111	130,215	147,322	152,906	177,040	149,061	21,570	164,948	176,638
Total Liabilities & Shareholders' Equity	235,615	220,797	249,818	275,397	292,262	252,702	276,695	295,727	317,990
Total Liabilities	218,471	205,178	234,406	258,077	278,699	249,106	271,550	292,179	316,202
Total Current Liabilities	7,287	4,533	4,651	5,120	5,073	5,723	1,457	3,354	3,504
Short-Term Debt	-	-	-	-	92	759	0.00	0.00	25
Accounts Payable	2,229	3,095	2,523	3,417	3,600	3,323	0.00	1,933	1,937
Other Current Liabilities	5,058	1,438	1,404	1,381	1,381	1,533	1,457	1,421	1,542
Total Noncurrent Liabilities	211,184	200,645	229,755	252,957	273,626	243,383	133,623	288,825	312,698
Long-Term Debt	2,408	4,955	4,111	4,115	3,839	3,322	0.00	3,833	3,835
Other Noncurrent Operating Liabilities	208,776	195,690	225,116	248,093	269,787	240,061	133,623	284,992	308,863
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	626	187	365	143	468	455	770	125	322
Total Equity & Noncontrolling Interests	16,518	15,432	15,047	17,177	13,095	3,141	4,375	3,423	1,466
Total Preferred & Common Equity	13,421	13,866	13,456	15,576	11,519	1,401	2,636	1,565	-74
Total Common Equity	13,421	13,866	13,456	15,576	11,519	1,401	2,453	1,565	-74
Common Stock	1,304	1,913	1,925	1,990	1,923	2,303	0.00	2,341	1,937
Retained Earnings	12,225	13,989	11,744	10,699	8,880	9,825	10,250	10,627	8,366
Treasury Stock	0.00	-640	-1,832	-2,245	-2,850	-3,297	0.00	-4,198	-5,165
Accumulated Other Comprehensive Income / (Loss)	-108	-1,396	844	3,863	2,004	-8,992	-7,797	-8,712	-6,280
Other Equity Adjustments	-	0.00	775	1,269	1,562	1,562	0.00	1,507	1,068
Noncontrolling Interest	3,097	1,566	1,591	1,601	1,576	1,740	0.00	1,858	1,540

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	245,600	261,500	269,006	260,252	285,469	287,639	298,989	287,366	303,088	314,409	310,382
Total Current Assets	4,139	72,454	75,491	72,209	0.00	0.00	89,739	8,164	98,774	13,604	93,005
Cash & Equivalents	4,139	5,018	7,693	6,096	0.00	0.00	9,579	8,164	14,957	13,604	9,904
Short-Term Investments	-	67,436	67,798	66,113	0.00	0.00	80,160	-	83,817	-	83,387
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	-	-286
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	240,172	189,046	193,515	188,043	13,946	14,044	209,250	279,202	204,314	300,805	217,091
Long-Term Investments	76,829	28,787	29,924	31,096	0.00	0.00	34,086	98,342	37,981	94,355	38,292
Goodwill	5,635	5,478	5,463	5,448	0.00	0.00	5,388	5,356	5,342	5,327	5,350
Noncurrent Deferred & Refundable Income Taxes	2,222	1,294	1,726	2,035	2,075	2,129	1,701	1,687	1,749	2,337	2,611
Other Noncurrent Operating Assets	139,798	153,487	156,402	149,464	11,871	11,915	168,075	153,251	159,242	176,636	170,838
Total Liabilities & Shareholders' Equity	245,600	261,500	269,006	260,252	285,469	287,639	298,989	287,366	303,088	314,409	310,382
Total Liabilities	240,413	255,416	263,215	256,335	280,763	283,212	292,791	282,872	300,125	312,461	308,132
Total Current Liabilities	4,709	4,932	4,059	3,961	101,630	105,422	3,216	3,492	3,235	3,191	3,294
Short-Term Debt	-	751	0.00	0.00	0.00	-	0.00	0.00	-	-	0.00
Accounts Payable	3,361	2,595	2,526	2,321	0.00	0.00	1,795	2,135	1,885	1,740	1,988
Other Current Liabilities	1,348	1,428	1,404	1,424	1,402	1,373	1,421	1,357	1,350	1,451	1,306
Total Noncurrent Liabilities	235,704	250,484	259,156	252,374	23,741	24,045	289,575	279,380	296,890	309,270	304,838
Long-Term Debt	4,088	3,819	3,819	3,820	0.00	0.00	3,831	4,330	4,332	3,833	3,837
Other Noncurrent Operating Liabilities	231,616	246,665	255,337	248,554	23,741	24,045	285,744	275,050	292,558	305,437	301,001
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	354	613	531	636	991	1,088	1,223	289	358	344	390
Total Equity & Noncontrolling Interests	4,833	5,471	5,260	3,281	3,715	3,339	4,975	4,205	2,605	1,604	1,860
Total Preferred & Common Equity	3,354	3,754	3,553	1,642	1,992	1,598	3,220	2,401	1,149	148	273
Total Common Equity	3,354	3,754	3,553	1,642	1,904	1,626	3,220	2,401	1,149	148	273
Common Stock	2,031	2,302	2,301	2,311	0.00	0.00	2,348	2,310	1,906	1,922	1,920
Retained Earnings	10,839	9,806	10,325	11,163	10,095	10,301	9,977	10,447	9,870	8,360	8,775
Treasury Stock	-3,202	-3,400	-3,493	-3,592	0.00	0.00	-4,072	-4,296	-4,423	-5,011	-5,190
Accumulated Other Comprehensive Income / (Loss)	-7,876	-6,516	-7,142	-9,802	-8,191	-8,675	-6,595	-7,567	-7,432	-6,191	-6,300
Other Equity Adjustments	1,562	1,562	1,562	1,562	-	-	1,562	1,507	1,228	1,068	1,068
Noncontrolling Interest	1,479	1,717	1,707	1,639	1,723	1,741	1,755	1,804	1,456	1,456	1,587

This table displays calculated financial ratios and metrics derived from Equitable's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	5.44%	-2.57%	-21.46%	22.26%	-42.20%	101.44%	-17.28%	11.82%	3.55%
EBITDA Growth	0.00%	-37.89%	117.23%	-97.58%	2,007.07%	120.71%	15.23%	-25.81%	44.87%	-48.45%
EBIT Growth	0.00%	-34.73%	155.77%	-115.21%	157.12%	1,141.64%	14.30%	-33.09%	54.99%	-57.31%
NOPAT Growth	0.00%	-22.78%	138.92%	-113.34%	36.06%	1,021.07%	67.88%	90.17%	-49.71%	-43.71%
Net Income Growth	0.00%	-23.77%	74.14%	-167.02%	76.21%	721.78%	10.32%	-31.37%	10.96%	-157.74%
EPS Growth	0.00%	-33.48%	123.49%	-207.21%	56.30%	355.13%	37.19%	-36.26%	8.62%	-230.89%
Operating Cash Flow Growth	0.00%	-2.97%	125.10%	-454.10%	71.76%	-216.39%	-29.53%	16.80%	1,064.42%	-64.41%
Free Cash Flow Firm Growth	0.00%	0.00%	-97.68%	643.27%	-57.26%	-127.53%	15.99%	1,665.54%	104.80%	404.67%
Invested Capital Growth	0.00%	0.00%	2.71%	-18.81%	-6.89%	4.91%	7.19%	-13.33%	-40.01%	-33.21%
Revenue Q/Q Growth	0.00%	0.00%	23.16%	-26.59%	-13.41%	-8.00%	22.50%	4.79%	11.38%	-2.24%
EBITDA Q/Q Growth	0.00%	0.00%	73.71%	-97.36%	-31.67%	328.94%	-38.36%	-29.94%	43.09%	-20.20%
EBIT Q/Q Growth	0.00%	0.00%	122.43%	-118.90%	-74.18%	267.69%	-41.87%	-34.88%	55.74%	-26.68%
NOPAT Q/Q Growth	0.00%	0.00%	134.51%	-114.90%	-136.02%	256.91%	-29.75%	28.71%	-38.79%	-17.41%
Net Income Q/Q Growth	0.00%	0.00%	171.93%	-201.24%	-267.37%	240.18%	-50.52%	-30.68%	732.42%	-231.31%
EPS Q/Q Growth	0.00%	0.00%	382.61%	-275.86%	-34.48%	197.31%	-50.14%	-38.52%	481.82%	-76.28%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	104.29%	-125.00%	-175.31%	54.05%	-66.67%	-184.90%	65.24%	-43.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-24.88%	176.32%	18.56%	-249.86%	-36.96%	47.08%	493.11%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.51%	0.10%	-5.39%	-0.22%	-0.18%	13.11%	-1.95%	-25.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.97%	41.15%	59.40%	32.26%	36.41%	23.64%	63.82%	54.79%	59.13%	62.87%
EBITDA Margin	25.59%	15.07%	33.60%	1.04%	17.87%	68.25%	39.04%	35.01%	45.36%	22.45%
Operating Margin	19.18%	11.87%	31.87%	-6.80%	-3.56%	47.69%	41.31%	34.13%	39.58%	26.33%
EBIT Margin	19.18%	11.87%	31.16%	-6.03%	2.82%	60.55%	34.36%	27.79%	38.52%	15.74%
Profit (Net Income) Margin	13.94%	10.08%	18.01%	-15.37%	-2.99%	32.17%	17.62%	14.62%	14.50%	-7.97%
Tax Burden Percent	81.35%	96.25%	87.91%	71.21%	31.93%	83.17%	80.01%	222.63%	86.36%	86.92%
Interest Burden Percent	89.33%	88.18%	65.73%	357.64%	-332.22%	63.87%	64.08%	23.62%	43.60%	-58.28%
Effective Tax Rate	18.65%	3.75%	12.09%	0.00%	0.00%	16.83%	19.99%	-122.63%	13.64%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	7.33%	13.36%	-9.46%	-2.13%	14.05%	27.90%	37.54%	41.78%	-38.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.63%	1.66%	-0.24%	0.13%	1.44%	1.71%	1.18%	1.69%	0.67%
Return on Assets (ROA)	0.00%	0.53%	0.96%	-0.62%	-0.13%	0.76%	0.88%	0.62%	0.64%	-0.34%
Return on Common Equity (ROCE)	0.00%	5.74%	11.13%	-8.32%	-1.89%	12.33%	21.01%	17.37%	20.27%	-10.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.37%	15.79%	-10.90%	-2.24%	18.84%	170.88%	62.02%	115.02%	0.00%
Net Operating Profit after Tax (NOPAT)	1,846	1,425	3,406	-454	-291	2,676	4,492	8,542	4,296	2,397
NOPAT Margin	15.60%	11.43%	28.02%	-4.76%	-2.49%	39.66%	33.06%	75.99%	34.18%	18.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.40%	-1.47%	-1.17%	-0.06%	-0.53%	-2.48%	-8.38%	-2.38%	-3.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	62.20%	100.95%	59.05%	45.00%
Cost of Revenue to Revenue	53.03%	58.85%	40.60%	67.74%	63.59%	76.36%	36.18%	45.21%	40.87%	37.13%
SG&A Expenses to Revenue	12.75%	16.59%	14.89%	19.80%	14.57%	31.23%	16.08%	16.88%	14.49%	17.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.79%	29.28%	27.53%	39.06%	39.96%	-24.04%	22.50%	20.66%	19.55%	36.53%
Earnings before Interest and Taxes (EBIT)	2,269	1,481	3,788	-576	329	4,085	4,669	3,124	4,842	2,047
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,027	1,880	4,084	99	2,086	4,604	5,305	3,936	5,702	2,919
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.20	0.57	0.79	0.66	1.07	7.18	4.16	9.33	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.32	0.88	1.23	0.95	1.81	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.23	0.22	0.65	1.12	0.88	1.83	0.74	0.98	1.18	1.05
Price to Earnings (P/E)	2.19	3.29	4.29	0.00	0.00	7.35	4.85	9.01	12.05	0.00
Dividend Yield	0.00%	0.00%	1.83%	3.26%	2.84%	2.33%	2.87%	2.64%	1.99%	2.20%
Earnings Yield	45.68%	30.38%	23.33%	0.00%	0.00%	13.61%	20.61%	11.10%	8.30%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	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	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	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	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	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	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.32	0.27	0.24	0.29	1.13	0.79	1.07	2.16
Long-Term Debt to Equity	0.00	0.14	0.32	0.27	0.24	0.28	0.92	0.74	1.07	2.14
Financial Leverage	0.00	-4.91	-5.04	-5.60	-5.90	-6.23	-9.85	-18.82	-23.79	-42.94
Leverage Ratio	0.00	13.74	13.93	15.17	16.05	18.38	31.76	60.49	65.63	115.01
Compound Leverage Factor	0.00	12.12	9.16	54.24	-53.31	11.74	20.35	14.29	28.61	-67.03
Debt to Total Capital	0.00%	12.32%	24.08%	21.06%	19.20%	22.47%	53.16%	44.13%	51.79%	68.34%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	9.89%	2.75%	0.00%	0.44%
Long-Term Debt to Total Capital	0.00%	12.32%	24.08%	21.06%	19.20%	21.94%	43.27%	41.38%	51.79%	67.90%
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%
Noncontrolling Interests to Total Capital	0.00%	19.04%	8.52%	10.02%	8.14%	11.68%	28.59%	27.18%	26.79%	32.97%
Common Equity to Total Capital	0.00%	68.64%	67.40%	68.92%	72.67%	65.85%	18.25%	28.69%	21.42%	-1.31%
Debt to EBITDA	0.00	1.28	1.21	41.53	1.97	0.85	0.77	1.04	0.67	1.32
Net Debt to EBITDA	0.00	-44.78	-19.80	-945.80	-46.98	-20.06	-14.48	-22.40	-20.97	-44.40
Long-Term Debt to EBITDA	0.00	1.28	1.21	41.53	1.97	0.83	0.63	0.97	0.67	1.31
Debt to NOPAT	0.00	1.69	1.45	-9.05	-14.17	1.47	0.91	0.48	0.89	1.61
Net Debt to NOPAT	0.00	-59.06	-23.74	206.11	337.32	-34.51	-17.10	-10.32	-27.83	-54.07
Long-Term Debt to NOPAT	0.00	1.69	1.45	-9.05	-14.17	1.43	0.74	0.45	0.89	1.60
Altman Z-Score	0.00	0.14	0.22	0.44	0.13	0.14	0.19	0.17	0.52	0.47
Noncontrolling Interest Sharing Ratio	0.00%	21.72%	16.71%	11.95%	11.30%	12.27%	24.70%	53.74%	51.48%	72.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.66	0.99	15.21	1.21	1.02	0.75	2.03	25.97	26.87
Quick Ratio	0.00	0.66	0.99	15.21	1.21	1.02	0.75	2.03	25.97	26.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	68,469	1,590	11,816	5,050	-1,390	-1,168	18,286	37,450	34,263
Operating Cash Flow to CapEx	0.00%	-238.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	427.93	1.22	7.96	3.55	-0.94	-0.70	7.66	13.71	10.57
Operating Cash Flow to Interest Expense	-1.36	-1.52	0.05	-0.15	-0.04	-0.13	-0.15	-0.09	0.73	0.22
Operating Cash Flow Less CapEx to Interest Expense	2.33	-2.16	0.54	0.43	0.32	0.94	0.44	0.05	1.11	0.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.05	0.05	0.04	0.04	0.02	0.05	0.04	0.04	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	3.29	1.85	2.30	2.50	1.47	1.42	1.84	2.49	2.50
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	110.83	196.89	158.57	146.06	248.61	256.96	198.37	146.87	146.26
Cash Conversion Cycle (CCC)	0.00	-110.83	-196.89	-158.57	-146.06	-248.61	-256.96	-198.37	-146.87	-146.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-67,044	-65,228	-77,498	-82,838	-78,772	-73,112	-82,856	-116,010	-127,818
Invested Capital Turnover	0.00	-0.37	-0.18	-0.13	-0.15	-0.08	-0.18	-0.14	-0.13	-0.12
Increase / (Decrease) in Invested Capital	0.00	-67,044	1,816	-12,270	-5,340	4,066	5,660	-9,744	-33,154	-31,866
Enterprise Value (EV)	0.00	-77,720	-71,144	-81,013	-85,923	-77,980	-64,561	-74,649	-102,815	-114,091
Market Capitalization	2,745	2,745	7,950	10,665	10,325	12,311	10,060	11,009	14,780	13,653
Book Value per Share	$0.00	$23.92	$24.83	$27.50	$35.03	$28.46	$3.79	$7.83	$5.06	($0.26)
Tangible Book Value per Share	$0.00	$15.32	$16.27	$17.79	$24.37	$16.78	($11.03)	($8.22)	($12.08)	($18.79)
Total Capital	0.00	19,552	20,574	19,523	21,435	17,494	7,677	9,232	7,401	5,648
Total Debt	0.00	2,408	4,955	4,111	4,115	3,931	4,081	4,074	3,833	3,860
Total Long-Term Debt	0.00	2,408	4,955	4,111	4,115	3,839	3,322	3,820	3,833	3,835
Net Debt	0.00	-84,188	-80,847	-93,634	-97,992	-92,335	-76,816	-88,167	-119,578	-129,606
Capital Expenditures (CapEx)	-642	102	-645	-859	-523	-1,576	-987	-329	-1,017	-2,094
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-7,287	-4,533	-4,651	-5,120	-4,981	-4,964	-3,804	-3,340	-3,479
Debt-free Net Working Capital (DFNWC)	0.00	-2,473	-64	66,097	1,059	207	-683	4,435	83,413	90,660
Net Working Capital (NWC)	0.00	-2,473	-64	66,097	1,059	115	-1,442	4,181	83,413	90,635
Net Nonoperating Expense (NNE)	197	168	1,217	1,013	59	506	2,098	6,899	2,473	3,434
Net Nonoperating Obligations (NNO)	0.00	-84,188	-80,847	-92,910	-100,158	-92,335	-76,708	-88,014	-119,578	-129,606
Total Depreciation and Amortization (D&A)	758	399	296	675	1,757	519	636	812	860	872
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-58.41%	-37.29%	-48.72%	-43.87%	-73.84%	-36.53%	-33.84%	-26.57%	-26.75%
Debt-free Net Working Capital to Revenue	0.00%	-19.82%	-0.53%	692.41%	9.07%	3.07%	-5.03%	39.45%	663.59%	697.17%
Net Working Capital to Revenue	0.00%	-19.82%	-0.53%	692.41%	9.07%	1.70%	-10.61%	37.19%	663.59%	696.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.24	$1.49	$3.27	($3.51)	($1.56)	($1.24)	$4.52	$3.49	$3.82	($4.83)
Adjusted Weighted Average Basic Shares Outstanding	561M	561M	556.40M	493.60M	450.40M	417.40M	377.60M	350.10M	321.20M	298.10M
Adjusted Diluted Earnings per Share	$2.24	$1.48	$3.27	($3.51)	($1.56)	($1.24)	$4.49	$3.48	$3.78	($4.83)
Adjusted Weighted Average Diluted Shares Outstanding	561M	561M	556.50M	493.60M	450.40M	417.40M	379.90M	351.60M	324.80M	298.10M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	521.19M	463.71M	435.54M	389.56M	361.81M	329.71M	307.82M	280.35M
Normalized Net Operating Profit after Tax (NOPAT)	1,846	1,425	3,406	-454	-291	2,676	4,492	2,686	4,296	2,397
Normalized NOPAT Margin	15.60%	11.43%	28.02%	-4.76%	-2.49%	39.66%	33.06%	23.89%	34.18%	18.43%
Pre Tax Income Margin	17.13%	10.47%	20.49%	-21.58%	-9.37%	38.67%	22.02%	6.57%	16.79%	-9.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.04	9.26	2.92	-0.39	0.23	2.77	2.78	1.31	1.77	0.63
NOPAT to Interest Expense	10.61	8.91	2.62	-0.31	-0.20	1.81	2.68	3.58	1.57	0.74
EBIT Less CapEx to Interest Expense	16.73	8.62	3.42	0.19	0.60	3.84	3.37	1.45	2.15	1.28
NOPAT Less CapEx to Interest Expense	14.30	8.27	3.12	0.27	0.16	2.88	3.27	3.72	1.95	1.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.83%	27.69%	22.98%	-36.88%	-187.39%	35.35%	32.37%	43.52%	42.02%	-74.06%
Augmented Payout Ratio	17.83%	27.69%	52.58%	-128.90%	-310.60%	110.78%	67.84%	99.45%	97.64%	-213.89%

This table displays calculated financial ratios and metrics derived from Equitable's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	280,347,841.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	280,347,841.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.39%	27.47%	-7.16%	47.67%	-22.63%	53.84%	102.29%	-30.94%	-16.00%	-7.84%	-7.21%
EBITDA Growth	56.76%	-76.81%	279.18%	22.86%	-58.13%	670.29%	1.54%	-54.33%	-128.21%	-33.82%	74.29%
EBIT Growth	67.58%	-95.77%	1,162.32%	23.11%	-64.17%	4,665.00%	5.23%	-64.16%	-165.64%	-37.77%	90.52%
NOPAT Growth	55.31%	-96.79%	632.12%	-33.75%	-71.02%	5,672.14%	-1.03%	-65.53%	-6.33%	-31.38%	82.77%
Net Income Growth	75.15%	-526.81%	-18.42%	-32.01%	-97.71%	272.33%	-23.08%	-150.09%	-4,439.29%	-69.15%	387.33%
EPS Growth	96.10%	-1,676.92%	-33.33%	-40.29%	-115.56%	232.68%	-30.43%	-198.37%	-871.74%	-74.35%	1,237.50%
Operating Cash Flow Growth	79.04%	-742.62%	105.28%	147.09%	66.59%	202.04%	409.68%	-61.77%	-45.97%	-138.50%	215.82%
Free Cash Flow Firm Growth	658.83%	304.15%	-10,557.48%	-37.96%	-21.86%	255.81%	-159.42%	-30.88%	-158.43%	337.04%	328.16%
Invested Capital Growth	-30.65%	-13.33%	5.34%	-14.04%	-19.34%	-40.01%	12.33%	-12.16%	10.21%	-33.21%	-28.77%
Revenue Q/Q Growth	69.75%	-40.89%	-4.86%	54.69%	-11.05%	17.52%	25.10%	-46.99%	7.69%	28.28%	26.72%
EBITDA Q/Q Growth	86.33%	-88.16%	302.54%	38.34%	-36.50%	117.83%	-47.41%	-37.30%	-138.52%	607.41%	42.48%
EBIT Q/Q Growth	94.98%	-98.13%	2,077.50%	54.76%	-43.25%	149.15%	-52.52%	-46.85%	-201.66%	335.17%	50.26%
NOPAT Q/Q Growth	16.05%	-98.57%	2,755.26%	39.89%	-49.24%	184.69%	-50.98%	-51.23%	34.06%	111.71%	32.04%
Net Income Q/Q Growth	36.58%	-151.89%	136.84%	160.37%	-95.40%	3,803.85%	-85.22%	-288.67%	-329.33%	125.60%	135.05%
EPS Q/Q Growth	46.60%	-167.88%	114.63%	310.00%	-138.21%	678.72%	-94.12%	-856.25%	-269.42%	115.44%	210.14%
Operating Cash Flow Q/Q Growth	13.57%	-195.61%	107.91%	2,777.42%	-23.43%	-41.43%	-60.50%	115.82%	8.21%	-141.73%	424.03%
Free Cash Flow Firm Q/Q Growth	3.73%	-59.83%	-114.42%	461.16%	30.67%	82.89%	-137.25%	211.37%	-176.96%	396.96%	-10.36%
Invested Capital Q/Q Growth	0.34%	13.11%	15.27%	-27.46%	-4.30%	-1.95%	15.80%	-32.53%	21.07%	-25.09%	1.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.13%	23.61%	42.84%	55.38%	60.47%	71.65%	70.37%	43.32%	59.81%	69.15%	76.29%
EBITDA Margin	57.77%	11.57%	48.96%	43.79%	31.26%	57.94%	24.36%	28.81%	-10.31%	40.76%	45.83%
Operating Margin	63.10%	1.68%	40.11%	38.40%	25.98%	51.95%	20.02%	22.69%	28.24%	36.09%	41.25%
EBIT Margin	52.91%	1.68%	38.39%	38.40%	24.50%	51.95%	19.72%	19.77%	-18.66%	34.22%	40.57%
Profit (Net Income) Margin	28.13%	-24.70%	9.56%	16.10%	0.83%	27.66%	3.27%	-11.63%	-46.37%	9.25%	17.16%
Tax Burden Percent	76.95%	72.09%	87.85%	82.97%	-185.71%	84.80%	86.21%	77.96%	90.13%	90.41%	82.41%
Interest Burden Percent	69.09%	-2,042.50%	28.36%	50.52%	-1.83%	62.80%	19.23%	-75.47%	275.66%	29.91%	51.33%
Effective Tax Rate	23.05%	0.00%	12.15%	17.03%	0.00%	15.20%	13.79%	0.00%	0.00%	9.59%	17.59%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	52.07%	37.54%	29.44%	25.88%	4.33%	41.78%	38.65%	25.17%	-7.68%	-38.87%	-13.52%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	2.24%	0.07%	1.55%	1.68%	0.99%	2.28%	1.03%	0.92%	-0.81%	1.45%	1.72%
Return on Assets (ROA)	1.19%	-1.05%	0.39%	0.71%	0.03%	1.21%	0.17%	-0.54%	-2.01%	0.39%	0.73%
Return on Common Equity (ROCE)	28.57%	17.37%	15.73%	13.10%	2.08%	20.27%	18.09%	9.45%	-3.18%	-10.86%	-5.36%
Return on Equity Simple (ROE_SIMPLE)	144.34%	0.00%	78.44%	80.78%	6.80%	0.00%	74.05%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,959	28	799	1,118	568	1,616	792	386	518	1,097	1,448
NOPAT Margin	48.55%	1.17%	35.23%	31.86%	18.18%	44.05%	17.26%	15.88%	19.77%	32.63%	34.00%
Net Nonoperating Expense Percent (NNEP)	-0.93%	-0.75%	-0.62%	-0.51%	-0.49%	-0.58%	-0.59%	-0.53%	-1.55%	-0.69%	-0.62%
Return On Investment Capital (ROIC_SIMPLE)	-	0.33%	-	-	-	22.21%	9.28%	5.57%	9.53%	20.59%	25.42%
Cost of Revenue to Revenue	31.87%	76.39%	57.16%	44.62%	39.53%	28.35%	29.63%	56.68%	40.19%	30.85%	23.71%
SG&A Expenses to Revenue	11.15%	23.44%	24.37%	12.17%	10.54%	13.98%	20.70%	17.55%	16.79%	13.95%	9.44%
R&D 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	5.03%	21.93%	2.73%	16.98%	34.50%	19.71%	50.35%	20.63%	31.56%	33.06%	35.03%
Earnings before Interest and Taxes (EBIT)	2,135	40	871	1,348	765	1,906	905	481	-489	1,150	1,728
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,331	276	1,111	1,537	976	2,126	1,118	701	-270	1,370	1,952
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.85	4.16	6.25	8.03	4.17	9.33	6.68	14.76	102.77	0.00	38.11
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.90	0.98	1.15	1.08	1.19	1.18	1.08	1.23	1.14	1.05	0.82
Price to Earnings (P/E)	4.85	9.01	10.97	15.95	0.00	12.05	13.38	39.53	0.00	0.00	0.00
Dividend Yield	3.04%	2.64%	2.34%	2.22%	2.19%	1.99%	1.84%	1.77%	2.01%	2.20%	2.91%
Earnings Yield	20.63%	11.10%	9.12%	6.27%	0.00%	8.30%	7.47%	2.53%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	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	0.00	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	0.00	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	0.00	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	0.00	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	0.00	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	0.79	0.81	0.86	0.62	1.07	0.96	1.46	1.97	2.16	1.71
Long-Term Debt to Equity	0.98	0.74	0.81	0.86	0.62	1.07	0.96	1.46	1.97	2.14	1.71
Financial Leverage	-19.49	-18.82	-17.25	-20.95	-21.68	-23.79	-23.73	-34.14	-27.51	-42.94	-34.14
Leverage Ratio	55.56	60.49	50.52	54.25	55.29	65.63	62.26	79.94	75.30	115.01	88.63
Compound Leverage Factor	38.39	-1,235.48	14.33	27.40	-1.01	41.22	11.97	-60.33	207.58	34.40	45.50
Debt to Total Capital	49.37%	44.13%	44.60%	46.13%	38.20%	51.79%	49.07%	59.38%	66.30%	68.34%	63.04%
Short-Term Debt to Total Capital	0.00%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%	0.00%
Long-Term Debt to Total Capital	49.37%	41.38%	44.60%	46.13%	38.20%	51.79%	49.07%	59.38%	66.30%	67.90%	63.04%
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	29.40%	27.18%	31.68%	34.07%	29.69%	26.79%	23.72%	24.87%	31.14%	32.97%	32.48%
Common Equity to Total Capital	21.22%	28.69%	23.72%	19.80%	32.11%	21.42%	27.21%	15.75%	2.56%	-1.31%	4.49%
Debt to EBITDA	0.68	1.04	0.80	0.67	0.96	0.67	0.76	0.89	1.05	1.32	1.02
Net Debt to EBITDA	-17.71	-22.40	-19.05	-19.91	-30.11	-20.97	-17.87	-27.11	-28.47	-44.40	-34.06
Long-Term Debt to EBITDA	0.68	0.97	0.80	0.67	0.96	0.67	0.76	0.89	1.05	1.31	1.02
Debt to NOPAT	0.58	0.48	0.75	0.94	0.55	0.89	1.01	1.13	1.32	1.61	1.29
Net Debt to NOPAT	-14.99	-10.32	-17.87	-28.00	-17.09	-27.83	-23.77	-34.68	-35.88	-54.07	-42.82
Long-Term Debt to NOPAT	0.58	0.45	0.75	0.94	0.55	0.89	1.01	1.13	1.32	1.60	1.29
Altman Z-Score	0.47	0.14	0.15	0.48	0.47	0.48	0.17	0.51	0.14	0.46	0.47
Noncontrolling Interest Sharing Ratio	45.12%	53.74%	46.57%	49.37%	51.93%	51.48%	53.21%	62.45%	58.65%	72.06%	60.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	18.23	2.03	2.74	24.83	27.90	25.97	2.34	30.53	4.26	26.87	28.23
Quick Ratio	18.23	2.03	2.74	24.83	27.90	25.97	2.34	30.53	4.26	26.87	28.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24,329	9,772	-4,029	14,549	19,012	34,770	-12,951	14,423	-11,100	32,963	29,548
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,580.00%	4,871.43%	1,118.18%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	36.86	15.22	-6.46	21.81	24.41	52.60	-17.72	17.09	-12.92	40.90	35.13
Operating Cash Flow to Interest Expense	0.62	-0.61	0.05	1.34	0.88	0.61	0.22	0.40	0.43	-0.19	0.59
Operating Cash Flow Less CapEx to Interest Expense	0.76	-0.52	0.36	1.59	1.55	0.81	0.20	0.40	0.39	0.82	1.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.04	0.04	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	1.47	1.84	2.13	2.60	2.88	2.49	0.00	0.00	2.92	2.50	2.17
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	249.15	198.37	171.37	140.17	126.91	146.87	0.00	0.00	125.17	146.26	167.99
Cash Conversion Cycle (CCC)	-249.15	-198.37	-171.37	-140.17	-126.91	-146.87	0.00	0.00	-125.17	-146.26	-167.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-95,352	-82,856	-85,601	-109,107	-113,796	-116,010	-97,682	-129,460	-102,178	-127,818	-125,782
Invested Capital Turnover	-0.13	-0.14	-0.13	-0.12	-0.11	-0.13	-0.14	-0.11	-0.12	-0.12	-0.11
Increase / (Decrease) in Invested Capital	-22,370	-9,744	4,828	-13,431	-18,444	-33,154	13,743	-14,037	11,618	-31,866	-28,100
Enterprise Value (EV)	-87,604	-74,649	-75,163	-97,548	-103,577	-102,815	-84,049	-113,651	-87,116	-114,091	-115,365
Market Capitalization	9,606	11,009	12,709	13,203	13,439	14,780	16,034	16,958	15,210	13,653	10,404
Book Value per Share	$4.73	$7.83	$6.15	$5.05	$10.07	$5.06	$7.80	$3.78	$0.49	($0.26)	$0.97
Tangible Book Value per Share	($10.96)	($8.22)	($10.26)	($11.56)	($6.78)	($12.08)	($9.60)	($13.80)	($17.29)	($18.79)	($18.11)
Total Capital	7,737	9,232	8,567	8,303	10,029	7,401	8,824	7,295	5,781	5,648	6,087
Total Debt	3,820	4,074	3,821	3,830	3,831	3,833	4,330	4,332	3,833	3,860	3,837
Total Long-Term Debt	3,820	3,820	3,821	3,830	3,831	3,833	4,330	4,332	3,833	3,835	3,837
Net Debt	-99,485	-88,167	-90,586	-113,580	-119,994	-119,578	-102,176	-132,423	-104,126	-129,606	-127,746
Capital Expenditures (CapEx)	-92	-58	-193	-168	-522	-134	10	7.00	33	-816	-476
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,961	-3,804	-3,778	-3,423	-3,216	-3,340	-3,492	-3,235	-3,191	-3,479	-3,580
Debt-free Net Working Capital (DFNWC)	68,248	4,435	6,579	81,560	86,523	83,413	4,672	95,539	10,413	90,660	89,711
Net Working Capital (NWC)	68,248	4,181	6,579	81,560	86,523	83,413	4,672	95,539	10,413	90,635	89,711
Net Nonoperating Expense (NNE)	824	617	582	553	542	601	642	669	1,733	786	717
Net Nonoperating Obligations (NNO)	-99,269	-88,014	-90,347	-113,580	-119,994	-119,578	-102,176	-132,423	-104,126	-129,606	-128,032
Total Depreciation and Amortization (D&A)	196	236	240	189	211	220	213	220	219	220	224
Debt-free, Cash-free Net Working Capital to Revenue	-36.93%	-33.84%	-34.14%	-28.06%	-28.50%	-26.57%	-23.45%	-23.44%	-23.99%	-26.75%	-28.25%
Debt-free Net Working Capital to Revenue	636.23%	39.45%	59.45%	668.58%	766.64%	663.59%	31.37%	692.26%	78.28%	697.17%	707.89%
Net Working Capital to Revenue	636.23%	37.19%	59.45%	668.58%	766.64%	663.59%	31.37%	692.26%	78.28%	696.98%	707.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.03	($2.05)	$0.30	$1.24	($0.47)	$2.75	$0.16	($1.21)	($4.47)	$0.69	$2.16
Adjusted Weighted Average Basic Shares Outstanding	346.40M	350.10M	330.20M	324.20M	318.20M	321.20M	307.80M	303.20M	296.20M	298.10M	281.30M
Adjusted Diluted Earnings per Share	$3.02	($2.05)	$0.30	$1.23	($0.47)	$2.72	$0.16	($1.21)	($4.47)	$0.69	$2.14
Adjusted Weighted Average Diluted Shares Outstanding	348M	351.60M	332.70M	327.30M	318.20M	324.80M	311.90M	303.20M	296.20M	298.10M	283.80M
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	338.49M	329.71M	325.24M	319.76M	313.34M	307.82M	303.90M	299.54M	286.53M	280.35M	281.52M
Normalized Net Operating Profit after Tax (NOPAT)	1,959	28	799	1,118	568	1,616	792	386	518	1,097	1,448
Normalized NOPAT Margin	48.55%	1.17%	35.23%	31.86%	18.18%	44.05%	17.26%	15.88%	19.77%	32.63%	34.00%
Pre Tax Income Margin	36.56%	-34.26%	10.89%	19.40%	-0.45%	32.62%	3.79%	-14.92%	-51.45%	10.24%	20.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.23	0.06	1.40	2.02	0.98	2.88	1.24	0.57	-0.57	1.43	2.05
NOPAT to Interest Expense	2.97	0.04	1.28	1.68	0.73	2.45	1.08	0.46	0.60	1.36	1.72
EBIT Less CapEx to Interest Expense	3.37	0.15	1.71	2.27	1.65	3.09	1.22	0.56	-0.61	2.44	2.62
NOPAT Less CapEx to Interest Expense	3.11	0.13	1.59	1.93	1.40	2.65	1.07	0.45	0.56	2.37	2.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.21%	43.52%	45.55%	55.05%	338.36%	42.02%	44.88%	86.34%	-254.95%	-74.06%	-162.06%
Augmented Payout Ratio	65.15%	99.45%	105.65%	128.77%	792.69%	97.64%	102.42%	195.05%	-712.78%	-213.89%	-454.82%

Financials Breakdown Chart

Key Financial Trends

Equitable Holdings, Inc. (EQH) has shown a mix of growing assets and cash generation alongside meaningful investing activity and earnings volatility over the last four years. Below are the top trends that retail investors may want to watch, focusing on cash flow, profitability, and balance-sheet dynamics from 2022 through 2025.

Liquidity improved: Cash & equivalents rose from about $9.58B in 2024 (Q3) to about $13.60B in 2025 (Q3), signaling stronger near-term liquidity.
Operating cash flow generally positive in 2025: Net cash from continuing operating activities was $158M (Q1 2025), $341M (Q2 2025), and $369M (Q3 2025), indicating ongoing cash generation from core operations. In Q4 2025, it declined to about -$154M, a deviation from the prior three quarters.
Asset base expanded: Total assets grew from roughly $287.4B (2024 Q3) to about $314.4B (2025 Q3), reflecting growth in the company’s asset base.
Financing activity provided cash in 2025: Net cash from continuing financing activities was $3.052B (Q3 2025) and $1.494B (Q4 2025), illustrating ongoing access to funding through financing activities.
Revenue remained broadly stable at the quarterly level: Operating Revenue typically in the mid-to-high $3B range (e.g., $3.724B in 2025 Q4 vs $3.922B in 2024 Q4), indicating a fairly steady revenue base despite fluctuations in other lines.
Profitability shows earnings volatility: Net income attributable to common shareholders swung, with a large loss in 2025 Q3 (around -$1.325B) followed by a modest positive result in 2025 Q4 (about $202M). This volatility can complicate near-term earnings expectations.
Interest expense remains elevated: 2025 quarterly interest expense runs around $731M (Q1) to $859M (Q3), suggesting a meaningful ongoing debt service burden that could impact margins if revenue trends shift.
Balance-sheet leverage is high: Total Liabilities rose to about $312B by 2025 Q3, with equity remaining relatively small in comparison, signaling substantial leverage versus equity.
Investing activity has been a cash drag: Large cash outflows for purchases of investments, e.g., $9.24B (Q3 2025) and $6.12B (Q4 2025), contributed to sizable negative investing cash flows and pressurized near-term liquidity.
Earnings quality and equity return: The combination of earnings volatility and high leverage increases sensitivity to market conditions and may weigh on sustainable per-share profitability if revenue momentum does not improve.

05/12/26 03:03 PM ETAI Generated. May Contain Errors.

Equitable Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Equitable's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Equitable's net income appears to be on a downward trend, with a most recent value of -$1.04 billion in 2025, falling from $1.65 billion in 2016. The previous period was $1.80 billion in 2024. See where experts think Equitable is headed by visiting Equitable's forecast page.

Equitable's total operating income in 2025 was $3.42 billion, based on the following breakdown:

Total Gross Profit: $8.18 billion
Total Operating Expenses: $4.75 billion

Over the last 9 years, Equitable's total revenue changed from $11.83 billion in 2016 to $13.00 billion in 2025, a change of 9.9%.

Equitable's total liabilities were at $316.20 billion at the end of 2025, a 8.2% increase from 2024, and a 44.7% increase since 2017.

In the past 8 years, Equitable's cash and equivalents has ranged from $0.00 in 2023 to $12.46 billion in 2025, and is currently $12.46 billion as of their latest financial filing in 2025.

Over the last 9 years, Equitable's book value per share changed from 0.00 in 2016 to -0.26 in 2025, a change of -25.8%.

Related Companies

Financial statements for NYSE:EQH last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Equitable (EQH) Financials

Financials Breakdown Chart

Key Financial Trends

Equitable Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Equitable (EQH) Financials

Annual Income Statements for Equitable

Quarterly Income Statements for Equitable

Annual Cash Flow Statements for Equitable

Quarterly Cash Flow Statements for Equitable

Annual Balance Sheets for Equitable

Quarterly Balance Sheets for Equitable

Annual Metrics And Ratios for Equitable

Quarterly Metrics And Ratios for Equitable

Financials Breakdown Chart

Key Financial Trends

Equitable Financials - Frequently Asked Questions

When does Equitable's financial year end?

How has Equitable's net income changed over the last 9 years?

What is Equitable's operating income?

How has Equitable's revenue changed over the last 9 years?

How much debt does Equitable have?

How much cash does Equitable have?

How has Equitable's book value per share changed over the last 9 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools