What is F&G Annuities & Life's operating income?

F&G Annuities & Life's total operating income in 2025 was $487 million, based on the following breakdown: Total Gross Profit: $5.44 billion Total Operating Expenses: $4.95 billion

F&G Annuities & Life (FG) Financials

$23.44 +0.40 (+1.74%)

As of 08/26/2026 03:58 PM Eastern

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Annual Income Statements for F&G Annuities & Life

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,240	635	-58	622	248
Consolidated Net Income / (Loss)	1,240	635	-58	642	271
Net Income / (Loss) Continuing Operations	1,232	635	-58	642	271
Total Pre-Tax Income	1,552	793	-35	778	323
Total Operating Income	1,581	822	62	910	487
Total Gross Profit	3,845	2,192	4,268	5,448	5,438
Total Revenue	3,974	2,349	4,500	5,744	5,731
Operating Revenue	3,974	2,349	4,500	5,744	5,731
Total Cost of Revenue	129	157	232	296	293
Operating Cost of Revenue	129	157	232	296	293
Total Operating Expenses	2,264	1,370	4,206	4,538	4,951
Selling, General & Admin Expense	105	102	146	203	156
Depreciation Expense	271	324	412	569	665
Other Operating Expenses / (Income)	1,888	944	3,648	3,766	4,130
Total Other Income / (Expense), net	-29	-29	-97	-132	-164
Interest Expense	29	29	97	132	164
Income Tax Expense	320	158	23	136	52
Preferred Stock Dividends Declared	-	0.00	0.00	17	17
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	3.00	6.00
Basic Earnings per Share	$11.81	$5.52	($0.47)	$4.98	$1.89
Weighted Average Basic Shares Outstanding	105M	115M	124M	125M	131M
Diluted Earnings per Share	$11.81	$5.52	($0.47)	$4.88	$1.88
Weighted Average Diluted Shares Outstanding	105M	115M	124M	131M	132M
Weighted Average Basic & Diluted Shares Outstanding	-	126.41M	126.28M	126.77M	135.61M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-299	111	198	-10	323	-25	35	114	124	244	-81
Consolidated Net Income / (Loss)	-299	116	204	-5.00	327	-21	42	120	130	249	-75
Net Income / (Loss) Continuing Operations	-299	116	204	-5.00	327	-21	42	120	130	249	-75
Total Pre-Tax Income	-375	142	254	-30	412	-26	57	131	161	323	-94
Total Operating Income	-349	172	282	6.00	450	14	98	173	202	364	-53
Total Gross Profit	1,547	1,514	1,083	198	1,558	841	1,291	391	3,024	1,127	1,312
Total Revenue	1,612	1,569	1,172	1,444	1,559	908	1,364	1,694	1,765	1,187	1,421
Operating Revenue	1,612	1,569	1,172	1,444	1,559	908	1,364	1,694	1,765	1,187	1,421
Total Cost of Revenue	65	55	89	1,246	1.00	67	73	1,303	-1,259	60	109
Operating Cost of Revenue	65	55	89	1,246	1.00	67	73	1,303	-1,259	60	109
Total Operating Expenses	1,896	1,342	801	192	1,108	827	1,193	218	2,822	763	1,365
Selling, General & Admin Expense	39	58	46	45	54	41	42	38	35	33	41
Depreciation Expense	110	123	147	147	152	153	158	180	174	173	175
Other Operating Expenses / (Income)	1,747	1,161	608	-	902	633	993	-	-	557	1,149
Total Other Income / (Expense), net	-26	-30	-28	-36	-38	-40	-41	-42	-41	-41	-41
Interest Expense	26	30	28	36	38	40	41	42	41	41	41
Income Tax Expense	-76	26	50	-25	85	-5.00	15	11	31	74	-19
Preferred Stock Dividends Declared	-	4.00	5.00	4.00	4.00	4.00	5.00	4.00	4.00	4.00	5.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	1.00	1.00	1.00	-	0.00	2.00	2.00	2.00	1.00	1.00
Basic Earnings per Share	($2.42)	$0.90	$1.60	($0.08)	$2.56	($0.20)	$0.26	$0.86	$0.97	$1.83	($0.62)
Weighted Average Basic Shares Outstanding	124M	124M	124M	124M	125M	126M	133M	133M	131M	133M	130M
Diluted Earnings per Share	($2.40)	$0.88	$1.55	($0.08)	$2.53	($0.20)	$0.26	$0.85	$0.97	$1.78	($0.62)
Weighted Average Diluted Shares Outstanding	124M	130M	131M	124M	131M	126M	134M	139M	132M	139M	130M
Weighted Average Basic & Diluted Shares Outstanding	126.28M	126.14M	126.10M	126.09M	126.77M	134.76M	134.65M	134.62M	135.61M	132.48M	130.94M

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	644	-573	603	701	-778
Net Cash From Operating Activities	1,871	3,171	5,834	5,999	4,681
Net Cash From Continuing Operating Activities	1,871	3,171	5,834	5,999	4,681
Net Income / (Loss) Continuing Operations	1,240	635	-58	642	271
Consolidated Net Income / (Loss)	1,240	635	-58	642	271
Depreciation Expense	271	324	412	569	665
Non-Cash Adjustments To Reconcile Net Income	125	2,260	4,750	4,424	3,153
Changes in Operating Assets and Liabilities, net	235	-48	730	364	592
Net Cash From Investing Activities	-6,862	-9,370	-8,918	-7,953	-8,429
Net Cash From Continuing Investing Activities	-6,862	-9,370	-8,918	-7,953	-8,429
Purchase of Property, Plant & Equipment	-33	-32	-27	-24	-15
Acquisitions	-1,731	-987	-1,137	-1,114	-2,386
Purchase of Investments	-14,556	-12,426	-13,326	-16,922	-22,498
Sale and/or Maturity of Investments	9,501	4,088	5,591	10,635	16,523
Other Investing Activities, net	-43	-13	-19	-528	-53
Net Cash From Financing Activities	5,635	5,626	3,687	2,655	2,970
Net Cash From Continuing Financing Activities	5,635	5,626	3,687	2,655	2,970
Repayment of Debt	-2,931	-3,454	-4,826	-8,645	-9,074
Repurchase of Common Equity	0.00	0.00	-18	-12	-10
Payment of Dividends	0.00	0.00	-101	-135	-155
Issuance of Debt	400	550	845	1,050	375
Issuance of Preferred Equity	-	0.00	0.00	250	0.00
Issuance of Common Equity	-	-	0.00	0.00	269
Other Financing Activities, net	8,166	8,530	7,787	10,147	11,565

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-179	809	1,154	13	-1,275	1,029	-1,409	305	-703	-162	779
Net Cash From Operating Activities	2,222	1,534	1,055	2,090	1,320	956	1,620	937	1,168	743	1,487
Net Cash From Continuing Operating Activities	2,222	1,534	1,055	2,090	1,320	956	1,620	937	1,168	743	1,487
Net Income / (Loss) Continuing Operations	-299	116	204	-5.00	327	-21	42	120	130	249	-75
Consolidated Net Income / (Loss)	-299	116	204	-5.00	327	-21	42	120	130	249	-75
Depreciation Expense	110	123	147	147	152	153	158	180	174	173	175
Non-Cash Adjustments To Reconcile Net Income	1,636	1,114	736	1,733	841	999	1,336	461	357	771	1,353
Changes in Operating Assets and Liabilities, net	775	181	-32	215	-	-175	84	176	507	-450	34
Net Cash From Investing Activities	-3,264	-1,384	-1,845	-1,916	-2,808	-809	-3,464	-1,869	-2,287	-939	108
Net Cash From Continuing Investing Activities	-3,264	-1,384	-1,845	-1,916	-2,808	-809	-3,464	-1,869	-2,287	-939	108
Purchase of Property, Plant & Equipment	-6.00	-7.00	-5.00	-7.00	-5.00	-5.00	-4.00	-3.00	-3.00	-2.00	-2.00
Acquisitions	-227	-266	-397	-226	-225	-664	-413	-520	-789	-263	-264
Purchase of Investments	-3,133	-3,629	-3,484	-4,895	-4,907	-4,986	-6,265	-4,819	-6,428	-3,758	-7,704
Sale and/or Maturity of Investments	121	2,793	2,047	3,427	2,368	4,857	3,234	3,484	4,948	3,006	8,104
Other Investing Activities, net	-19	-275	-6.00	-215	-39	-11	-16	-11	-15	78	-26
Net Cash From Financing Activities	863	659	1,944	-161	213	882	435	1,237	416	34	-816
Net Cash From Continuing Financing Activities	863	659	1,944	-161	213	882	435	1,237	416	34	-816
Repayment of Debt	-1,525	-1,488	-2,538	-2,802	-1,817	-2,505	-2,236	-2,216	-2,117	-2,557	-2,447
Repurchase of Common Equity	-	-6.00	-	-	-6.00	-3.00	-	-	-7.00	-29	-94
Payment of Dividends	-26	-26	-35	-37	-37	-33	-40	-38	-44	-42	-43
Other Financing Activities, net	2,069	1,929	3,967	2,678	1,573	2,779	2,711	3,491	2,584	2,662	1,768

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	48,730	54,628	70,202	84,931	98,430
Total Current Assets	6,321	34,703	44,392	51,941	56,364
Cash & Equivalents	1,533	960	1,563	2,264	1,486
Short-Term Investments	373	32,774	41,871	48,727	53,743
Prepaid Expenses	613	941	931	950	1,052
Current Deferred & Refundable Income Taxes	50	28	27	0.00	83
Plant, Property, & Equipment, net	13	0.00	0.00	0.00	0.00
Total Noncurrent Assets	42,396	19,925	25,810	32,990	42,066
Long-Term Investments	34,788	4,059	5,082	5,456	7,808
Noncurrent Note & Lease Receivables	-	4,554	5,336	5,926	7,891
Goodwill	1,756	1,749	1,749	2,179	2,180
Intangible Assets	2,234	3,429	4,207	5,572	6,275
Noncurrent Deferred & Refundable Income Taxes	0.00	600	388	299	82
Other Noncurrent Operating Assets	3,618	5,534	9,048	13,558	17,830
Total Liabilities & Shareholders' Equity	48,730	54,628	70,202	84,931	98,430
Total Liabilities	44,245	52,223	67,099	80,855	93,513
Total Current Liabilities	1,297	1,260	2,011	2,224	2,701
Accounts Payable	1,297	1,260	2,011	2,219	2,701
Total Noncurrent Liabilities	42,948	50,963	65,088	78,631	90,812
Long-Term Debt	977	1,114	1,754	2,171	2,237
Other Noncurrent Operating Liabilities	41,947	49,849	63,334	76,460	88,575
Total Equity & Noncontrolling Interests	4,485	2,405	3,103	4,076	4,917
Total Preferred & Common Equity	4,485	2,405	3,103	3,951	4,804
Preferred Stock	-	-	0.00	0.00	0.00
Total Common Equity	4,485	2,405	3,103	3,951	4,804
Common Stock	2,750	3,162	3,185	3,464	3,764
Retained Earnings	1,001	2,061	1,926	2,440	2,568
Treasury Stock	-	0.00	-18	-30	-40
Accumulated Other Comprehensive Income / (Loss)	734	-2,818	-1,990	-1,923	-1,488
Noncontrolling Interest	-	-	0.00	125	113

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	59,414	62,587	63,623	74,434	78,512	84,123	88,007	91,816	96,137	101,031	103,592
Total Current Assets	37,530	39,398	39,884	46,269	48,767	52,073	52,655	53,810	55,809	55,886	56,099
Cash & Equivalents	1,584	1,688	1,742	2,372	3,526	3,539	3,293	1,884	2,189	1,324	2,103
Short-Term Investments	34,973	36,529	37,039	42,894	44,247	47,590	48,458	50,953	52,511	53,353	52,773
Prepaid Expenses	948	1,168	1,076	980	983	942	904	967	1,042	1,131	1,142
Current Deferred & Refundable Income Taxes	25	13	27	23	11	2.00	-	6.00	67	78	81
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	21,884	23,189	23,739	28,165	29,745	32,050	35,352	38,006	40,328	45,052	47,399
Long-Term Investments	4,463	4,773	4,655	5,544	5,876	6,177	5,885	6,696	7,463	7,683	8,149
Noncurrent Note & Lease Receivables	4,984	5,076	5,174	5,440	5,439	5,626	6,366	6,940	7,391	8,459	9,265
Goodwill	1,749	1,749	1,749	2,017	2,017	2,179	2,179	2,179	2,180	2,124	2,124
Intangible Assets	3,677	3,851	4,005	4,612	4,952	5,349	5,721	5,943	6,097	6,406	6,536
Noncurrent Deferred & Refundable Income Taxes	544	546	576	345	327	181	268	258	112	97	85
Other Noncurrent Operating Assets	6,467	7,194	7,580	10,207	11,134	12,538	14,933	15,990	17,085	20,283	21,240
Total Liabilities & Shareholders' Equity	59,414	62,587	63,623	74,434	78,512	84,123	88,007	91,816	96,137	101,031	103,592
Total Liabilities	56,929	60,069	61,251	70,751	74,724	79,648	83,522	87,259	91,197	96,282	98,898
Total Current Liabilities	1,453	1,719	1,452	2,237	2,328	3,291	2,323	2,568	2,696	2,367	2,846
Accounts Payable	1,453	1,719	1,452	2,237	2,328	3,291	2,314	2,568	2,696	2,367	2,846
Total Noncurrent Liabilities	55,476	58,350	59,799	68,514	72,396	76,357	81,199	84,691	88,501	93,915	96,052
Long-Term Debt	1,572	1,571	1,569	1,748	2,038	2,038	2,234	2,235	2,236	2,238	2,239
Other Noncurrent Operating Liabilities	53,904	56,779	58,230	66,766	70,358	74,319	78,965	82,456	86,265	91,677	93,813
Total Equity & Noncontrolling Interests	2,485	2,518	2,372	3,683	3,788	4,475	4,485	4,557	4,940	4,749	4,694
Total Preferred & Common Equity	2,485	2,518	2,372	3,546	3,654	4,346	4,363	4,438	4,824	4,639	4,609
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,485	2,518	2,372	3,546	3,654	4,346	4,363	4,438	4,824	4,639	4,609
Common Stock	3,167	3,173	3,178	3,442	3,449	3,456	3,741	3,747	3,755	3,773	3,765
Retained Earnings	1,866	1,971	2,252	2,011	2,182	2,145	2,389	2,394	2,478	2,778	2,665
Treasury Stock	0.00	-16	-18	-24	-24	-24	-33	-33	-33	-69	-163
Accumulated Other Comprehensive Income / (Loss)	-2,548	-2,610	-3,040	-1,883	-1,953	-1,231	-1,734	-1,670	-1,376	-1,843	-1,658
Noncontrolling Interest	-	-	-	137	134	129	122	119	116	110	85

This table displays calculated financial ratios and metrics derived from F&G Annuities & Life's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-40.89%	91.57%	27.64%	-0.23%
EBITDA Growth	0.00%	-38.12%	-58.64%	212.03%	-22.11%
EBIT Growth	0.00%	-48.01%	-92.46%	1,367.74%	-46.48%
NOPAT Growth	0.00%	-47.55%	-93.41%	1,630.24%	-45.59%
Net Income Growth	0.00%	-48.79%	-109.13%	1,206.90%	-57.79%
EPS Growth	0.00%	-53.26%	-108.51%	1,138.30%	-61.48%
Operating Cash Flow Growth	0.00%	69.48%	83.98%	2.83%	-21.97%
Free Cash Flow Firm Growth	0.00%	0.00%	154.81%	-22.66%	-16.46%
Invested Capital Growth	0.00%	-9.74%	-27.38%	-14.98%	-11.32%
Revenue Q/Q Growth	0.00%	0.00%	28.02%	-0.91%	3.73%
EBITDA Q/Q Growth	0.00%	0.00%	-67.91%	131.82%	-16.40%
EBIT Q/Q Growth	0.00%	0.00%	-94.31%	719.82%	-33.74%
NOPAT Q/Q Growth	0.00%	0.00%	-95.83%	866.44%	-31.82%
Net Income Q/Q Growth	0.00%	0.00%	-189.23%	3,912.50%	-42.09%
EPS Q/Q Growth	0.00%	0.00%	-771.43%	9,860.00%	-45.35%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	19.18%	-13.07%	-3.15%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-35.90%	27.09%
Invested Capital Q/Q Growth	0.00%	0.00%	-10.54%	1.17%	-1.63%
Profitability Metrics	-	-	-	-	-
Gross Margin	96.75%	93.32%	94.84%	94.85%	94.89%
EBITDA Margin	46.60%	48.79%	10.53%	25.75%	20.10%
Operating Margin	39.78%	34.99%	1.38%	15.84%	8.50%
EBIT Margin	39.78%	34.99%	1.38%	15.84%	8.50%
Profit (Net Income) Margin	31.20%	27.03%	-1.29%	11.18%	4.73%
Tax Burden Percent	79.90%	80.08%	165.71%	82.52%	83.90%
Interest Burden Percent	98.17%	96.47%	-56.45%	85.49%	66.32%
Effective Tax Rate	20.62%	19.92%	0.00%	17.48%	16.10%
Return on Invested Capital (ROIC)	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%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	27.65%	18.43%	-2.11%	17.89%	6.03%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.24%	1.59%	0.10%	1.17%	0.53%
Return on Assets (ROA)	2.54%	1.23%	-0.09%	0.83%	0.30%
Return on Common Equity (ROCE)	27.65%	18.43%	-2.11%	17.57%	5.87%
Return on Equity Simple (ROE_SIMPLE)	27.65%	26.40%	-1.87%	16.25%	0.00%
Net Operating Profit after Tax (NOPAT)	1,255	658	43	751	409
NOPAT Margin	31.58%	28.02%	0.96%	13.07%	7.13%
Net Nonoperating Expense Percent (NNEP)	-0.04%	-0.06%	-0.24%	-0.22%	-0.24%
Return On Investment Capital (ROIC_SIMPLE)	-	18.70%	0.89%	12.02%	5.71%
Cost of Revenue to Revenue	3.25%	6.68%	5.16%	5.15%	5.11%
SG&A Expenses to Revenue	2.64%	4.34%	3.24%	3.53%	2.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	56.97%	58.32%	93.47%	79.00%	86.39%
Earnings before Interest and Taxes (EBIT)	1,581	822	62	910	487
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,852	1,146	474	1,479	1,152
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.19	1.00	1.83	1.33	0.81
Price to Tangible Book Value (P/TBV)	1.73	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.21	1.02	1.27	0.91	0.68
Price to Earnings (P/E)	0.69	3.78	0.00	8.42	15.72
Dividend Yield	0.00%	0.00%	1.80%	2.05%	2.95%
Earnings Yield	145.18%	26.45%	0.00%	11.87%	6.36%
Enterprise Value to Invested Capital (EV/IC)	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
Enterprise Value to EBITDA (EV/EBITDA)	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
Enterprise Value to NOPAT (EV/NOPAT)	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
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.22	0.46	0.57	0.53	0.46
Long-Term Debt to Equity	0.22	0.46	0.57	0.53	0.46
Financial Leverage	-7.96	-10.51	-15.15	-14.07	-12.80
Leverage Ratio	10.87	15.00	22.66	21.62	20.39
Compound Leverage Factor	10.67	14.47	-12.79	18.49	13.52
Debt to Total Capital	17.89%	31.66%	36.11%	34.75%	31.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	17.89%	31.66%	36.11%	34.75%	31.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	2.00%	1.58%
Common Equity to Total Capital	82.11%	68.34%	63.89%	63.25%	67.15%
Debt to EBITDA	0.53	0.97	3.70	1.47	1.94
Net Debt to EBITDA	-19.29	-32.01	-98.65	-36.70	-52.78
Long-Term Debt to EBITDA	0.53	0.97	3.70	1.47	1.94
Debt to NOPAT	0.78	1.69	40.41	2.89	5.47
Net Debt to NOPAT	-28.46	-55.72	-1,077.47	-72.28	-148.80
Long-Term Debt to NOPAT	0.78	1.69	40.41	2.89	5.47
Altman Z-Score	0.35	0.91	0.88	0.88	0.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	1.74%	2.65%
Liquidity Ratios	-	-	-	-	-
Current Ratio	4.87	27.54	22.07	23.40	20.87
Quick Ratio	4.36	26.77	21.60	22.93	20.45
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3,700	9,428	7,292	6,092
Operating Cash Flow to CapEx	5,669.70%	9,909.38%	21,607.41%	24,995.83%	31,206.67%
Free Cash Flow to Firm to Interest Expense	0.00	127.59	97.20	55.24	37.14
Operating Cash Flow to Interest Expense	64.52	109.34	60.14	45.45	28.54
Operating Cash Flow Less CapEx to Interest Expense	63.38	108.24	59.87	45.27	28.45
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.08	0.05	0.07	0.07	0.06
Accounts Receivable Turnover	1,324.67	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	305.69	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.10	0.12	0.14	0.14	0.12
Days Sales Outstanding (DSO)	0.28	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3,669.81	2,972.31	2,573.09	2,608.02	3,064.51
Cash Conversion Cycle (CCC)	-3,669.53	-2,972.31	-2,573.09	-2,608.02	-3,064.51
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	-31,232	-34,274	-43,659	-50,200	-55,883
Invested Capital Turnover	-0.13	-0.07	-0.12	-0.12	-0.11
Increase / (Decrease) in Invested Capital	0.00	-3,042	-9,385	-6,541	-5,683
Enterprise Value (EV)	-34,863	-34,278	-41,069	-48,913	-56,787
Market Capitalization	854	2,401	5,693	5,238	3,900
Book Value per Share	$42.71	$20.91	$24.73	$31.33	$35.69
Tangible Book Value per Share	$4.71	($24.11)	($22.73)	($30.14)	($27.12)
Total Capital	5,462	3,519	4,857	6,247	7,154
Total Debt	977	1,114	1,754	2,171	2,237
Total Long-Term Debt	977	1,114	1,754	2,171	2,237
Net Debt	-35,717	-36,679	-46,762	-54,276	-60,800
Capital Expenditures (CapEx)	33	32	27	24	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,118	-291	-1,053	-1,165	-1,566
Debt-free Net Working Capital (DFNWC)	5,024	33,443	42,381	49,826	53,663
Net Working Capital (NWC)	5,024	33,443	42,381	49,826	53,663
Net Nonoperating Expense (NNE)	15	23	101	109	138
Net Nonoperating Obligations (NNO)	-35,717	-36,679	-46,762	-54,276	-60,800
Total Depreciation and Amortization (D&A)	271	324	412	569	665
Debt-free, Cash-free Net Working Capital to Revenue	78.46%	-12.39%	-23.40%	-20.28%	-27.33%
Debt-free Net Working Capital to Revenue	126.42%	1,423.71%	941.80%	867.44%	936.36%
Net Working Capital to Revenue	126.42%	1,423.71%	941.80%	867.44%	936.36%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$4.18	($0.47)	$4.98	$1.89
Adjusted Weighted Average Basic Shares Outstanding	0.00	115M	124M	125M	131M
Adjusted Diluted Earnings per Share	$0.00	$4.18	($0.47)	$4.88	$1.88
Adjusted Weighted Average Diluted Shares Outstanding	0.00	115M	124M	131M	132M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	126.41M	126.28M	126.77M	135.61M
Normalized Net Operating Profit after Tax (NOPAT)	1,255	658	43	751	409
Normalized NOPAT Margin	31.58%	28.02%	0.96%	13.07%	7.13%
Pre Tax Income Margin	39.05%	33.76%	-0.78%	13.54%	5.64%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	54.52	28.34	0.64	6.89	2.97
NOPAT to Interest Expense	43.28	22.70	0.45	5.69	2.49
EBIT Less CapEx to Interest Expense	53.38	27.24	0.36	6.71	2.88
NOPAT Less CapEx to Interest Expense	42.14	21.59	0.17	5.51	2.40
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-174.14%	21.03%	57.20%
Augmented Payout Ratio	0.00%	0.00%	-205.17%	22.90%	60.89%

This table displays calculated financial ratios and metrics derived from F&G Annuities & Life's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	135,610,118.00	132,484,990.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	135,610,118.00	132,484,990.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.80	-0.61
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	157.10%	80.55%	0.34%	69.68%	-3.29%	-42.13%	16.38%	17.31%	13.21%	30.73%	4.18%
EBITDA Growth	-32.78%	424.18%	46.92%	-70.12%	351.88%	-43.39%	-40.33%	130.72%	-37.54%	221.56%	-52.34%
EBIT Growth	-31.20%	195.03%	50.00%	-98.51%	228.94%	-91.86%	-65.25%	2,783.33%	-55.11%	2,500.00%	-154.08%
NOPAT Growth	-31.20%	210.90%	51.05%	-98.71%	246.20%	-93.03%	-68.12%	3,673.17%	-54.33%	2,763.33%	-151.38%
Net Income Growth	-69.89%	159.49%	56.92%	-101.63%	209.36%	-118.10%	-79.41%	2,500.00%	-60.24%	1,285.71%	-278.57%
EPS Growth	-29.03%	156.41%	49.04%	-103.27%	205.42%	-122.73%	-83.23%	1,162.50%	-61.66%	990.00%	-338.46%
Operating Cash Flow Growth	73.19%	6.75%	-23.55%	162.89%	-40.59%	-37.68%	53.55%	-55.17%	-11.52%	-22.28%	-8.21%
Free Cash Flow Firm Growth	0.00%	-76.77%	-76.57%	-71.62%	-24.53%	-35.16%	-45.45%	-61.49%	-15.25%	-12.95%	-31.71%
Invested Capital Growth	-27.38%	-22.77%	-22.94%	-28.61%	-14.98%	-12.20%	-10.28%	-8.26%	-11.32%	-8.93%	-6.53%
Revenue Q/Q Growth	89.42%	-2.67%	-25.30%	23.21%	7.96%	-41.76%	50.22%	24.19%	4.19%	-32.75%	19.71%
EBITDA Q/Q Growth	-146.68%	223.43%	45.42%	-64.34%	293.46%	-72.26%	53.29%	37.89%	6.52%	42.82%	-77.28%
EBIT Q/Q Growth	-186.39%	149.28%	63.95%	-97.87%	7,400.00%	-96.89%	600.00%	76.53%	16.76%	80.20%	-114.56%
NOPAT Q/Q Growth	-175.09%	157.51%	61.19%	-98.15%	8,403.81%	-97.26%	636.84%	119.46%	2.92%	72.04%	-113.22%
Net Income Q/Q Growth	-197.71%	138.80%	75.86%	-102.45%	6,640.00%	-106.42%	300.00%	185.71%	8.33%	91.54%	-130.12%
EPS Q/Q Growth	-197.96%	136.67%	76.14%	-105.16%	3,262.50%	-107.91%	230.00%	226.92%	14.12%	83.51%	-134.83%
Operating Cash Flow Q/Q Growth	179.50%	-30.96%	-31.23%	98.10%	-36.84%	-27.58%	69.46%	-42.16%	24.65%	-36.39%	100.13%
Free Cash Flow Firm Q/Q Growth	-77.05%	-6.39%	6.92%	23.54%	-38.97%	-19.58%	-10.05%	-12.78%	34.32%	-17.39%	-29.44%
Invested Capital Q/Q Growth	-10.54%	-3.94%	-5.39%	-6.21%	1.17%	-1.43%	-3.58%	-4.26%	-1.63%	0.75%	-1.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.97%	96.49%	92.41%	89.54%	99.94%	80.62%	94.65%	23.08%	171.33%	94.95%	92.33%
EBITDA Margin	-14.83%	18.80%	36.60%	10.60%	38.61%	18.39%	18.77%	20.84%	21.30%	45.24%	8.59%
Operating Margin	-21.65%	10.96%	24.06%	0.42%	28.86%	1.54%	7.18%	10.21%	11.44%	30.67%	-3.73%
EBIT Margin	-21.65%	10.96%	24.06%	0.42%	28.86%	1.54%	7.18%	10.21%	11.44%	30.67%	-3.73%
Profit (Net Income) Margin	-18.55%	7.39%	17.41%	-0.35%	20.98%	-2.31%	3.08%	7.08%	7.37%	20.98%	-5.28%
Tax Burden Percent	79.73%	81.69%	80.32%	16.67%	79.37%	80.77%	73.68%	91.60%	80.75%	77.09%	79.79%
Interest Burden Percent	107.45%	82.56%	90.07%	-500.00%	91.56%	-185.71%	58.16%	75.72%	79.70%	88.74%	177.36%
Effective Tax Rate	0.00%	18.31%	19.69%	0.00%	20.63%	0.00%	26.32%	8.40%	19.25%	22.91%	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%	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)	-2.11%	8.20%	10.37%	0.47%	17.89%	12.37%	8.22%	9.94%	6.03%	11.72%	9.17%
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)	-1.56%	0.85%	1.77%	0.03%	2.14%	0.10%	0.45%	0.63%	0.72%	1.95%	-0.23%
Return on Assets (ROA)	-1.34%	0.57%	1.28%	-0.03%	1.55%	-0.14%	0.19%	0.43%	0.46%	1.33%	-0.33%
Return on Common Equity (ROCE)	-2.11%	8.02%	10.15%	0.46%	17.57%	11.97%	7.97%	9.68%	5.87%	11.42%	8.96%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.13%	8.95%	0.37%	0.00%	11.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-244	141	226	4.20	357	9.80	72	158	163	281	-37
NOPAT Margin	-15.16%	8.96%	19.32%	0.29%	22.91%	1.08%	5.29%	9.36%	9.24%	23.64%	-2.61%
Net Nonoperating Expense Percent (NNEP)	-0.13%	-0.06%	-0.05%	-0.02%	-0.06%	-0.06%	-0.06%	-0.07%	-0.06%	-0.05%	-0.06%
Return On Investment Capital (ROIC_SIMPLE)	-5.03%	-	-	-	5.72%	0.15%	1.06%	2.21%	2.28%	4.02%	-0.54%
Cost of Revenue to Revenue	4.03%	3.51%	7.59%	10.46%	0.06%	19.38%	5.35%	76.92%	-71.33%	5.05%	7.67%
SG&A Expenses to Revenue	2.42%	3.70%	3.92%	3.12%	3.46%	4.52%	3.08%	2.24%	1.98%	2.78%	2.89%
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	117.62%	85.53%	68.34%	89.13%	71.07%	79.07%	87.46%	12.87%	159.89%	64.28%	96.06%
Earnings before Interest and Taxes (EBIT)	-349	172	282	6.00	450	14	98	173	202	364	-53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-239	295	429	153	602	167	256	353	376	537	122
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.83	1.45	1.32	1.30	1.33	1.04	0.91	0.82	0.81	0.69	0.73
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)	1.27	0.99	0.92	0.98	0.91	0.90	0.77	0.72	0.68	0.53	0.55
Price to Earnings (P/E)	0.00	20.67	15.22	0.00	8.42	9.38	12.52	8.84	15.72	6.19	8.38
Dividend Yield	1.80%	2.02%	2.18%	1.88%	2.05%	2.39%	2.72%	2.81%	2.95%	3.71%	3.65%
Earnings Yield	0.00%	4.84%	6.57%	0.00%	11.87%	10.66%	7.99%	11.31%	6.36%	16.15%	11.93%
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	0.57	0.47	0.54	0.46	0.53	0.50	0.49	0.45	0.46	0.47	0.48
Long-Term Debt to Equity	0.57	0.47	0.54	0.46	0.53	0.50	0.49	0.45	0.46	0.47	0.48
Financial Leverage	-15.15	-14.35	-14.75	-14.19	-14.07	-12.79	-13.05	-12.24	-12.80	-12.52	-12.77
Leverage Ratio	22.66	21.70	22.38	21.58	21.62	19.89	20.41	19.15	20.39	20.47	21.12
Compound Leverage Factor	24.35	17.92	20.15	-107.89	19.80	-36.93	11.87	14.50	16.25	18.17	37.46
Debt to Total Capital	36.11%	32.19%	34.98%	31.29%	34.75%	33.25%	32.91%	31.16%	31.27%	32.03%	32.29%
Short-Term Debt 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%
Long-Term Debt to Total Capital	36.11%	32.19%	34.98%	31.29%	34.75%	33.25%	32.91%	31.16%	31.27%	32.03%	32.29%
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	0.00%	2.52%	2.30%	1.98%	2.00%	1.82%	1.75%	1.62%	1.58%	1.57%	1.23%
Common Equity to Total Capital	63.89%	65.29%	62.72%	66.73%	63.25%	64.94%	65.34%	67.22%	67.15%	66.39%	66.48%
Debt to EBITDA	3.70	2.03	2.04	3.19	1.47	1.65	1.90	1.62	1.94	1.47	1.61
Net Debt to EBITDA	-98.65	-57.05	-51.77	-86.63	-36.70	-41.01	-48.64	-43.49	-52.78	-39.50	-43.79
Long-Term Debt to EBITDA	3.70	2.03	2.04	3.19	1.47	1.65	1.90	1.62	1.94	1.47	1.61
Debt to NOPAT	40.41	5.16	4.91	26.23	2.89	3.59	4.74	3.73	5.47	3.32	4.01
Net Debt to NOPAT	-1,077.47	-144.86	-124.34	-711.30	-72.28	-88.99	-121.46	-100.00	-148.80	-89.22	-108.88
Long-Term Debt to NOPAT	40.41	5.16	4.91	26.23	2.89	3.59	4.74	3.73	5.47	3.32	4.01
Altman Z-Score	0.86	0.87	0.87	0.84	0.87	0.82	0.80	0.79	0.78	0.77	0.73
Noncontrolling Interest Sharing Ratio	0.00%	2.22%	2.13%	1.88%	1.74%	3.17%	3.03%	2.60%	2.65%	2.51%	2.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	22.07	20.68	20.95	15.82	23.40	22.67	20.95	20.70	20.87	23.61	19.71
Quick Ratio	21.60	20.24	20.52	15.54	22.93	22.28	20.58	20.29	20.45	23.10	19.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9,141	8,557	9,148	11,302	6,898	5,548	4,990	4,352	5,846	4,830	3,408
Operating Cash Flow to CapEx	37,033.33%	21,914.29%	21,100.00%	29,857.14%	26,400.00%	19,120.00%	40,500.00%	31,233.33%	38,933.33%	37,150.00%	74,350.00%
Free Cash Flow to Firm to Interest Expense	351.57	285.22	326.73	313.95	181.53	138.70	121.71	103.63	142.59	117.80	83.12
Operating Cash Flow to Interest Expense	85.46	51.13	37.68	58.06	34.74	23.90	39.51	22.31	28.49	18.12	36.27
Operating Cash Flow Less CapEx to Interest Expense	85.23	50.90	37.50	57.86	34.61	23.78	39.41	22.24	28.41	18.07	36.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.08	0.07	0.08	0.07	0.06	0.06	0.06	0.06	0.06	0.06
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	0.14	0.13	0.13	0.15	0.14	0.18	0.16	0.15	0.12	0.12	0.12
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)	2,573.09	2,877.88	2,766.21	2,404.44	2,608.02	1,991.74	2,228.23	2,385.65	3,064.51	2,987.00	3,068.49
Cash Conversion Cycle (CCC)	-2,573.09	-2,877.88	-2,766.21	-2,404.44	-2,608.02	-1,991.74	-2,228.23	-2,385.65	-3,064.51	-2,987.00	-3,068.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-43,659	-45,379	-47,823	-50,793	-50,200	-50,917	-52,741	-54,987	-55,883	-55,466	-56,186
Invested Capital Turnover	-0.12	-0.13	-0.12	-0.13	-0.12	-0.11	-0.10	-0.10	-0.11	-0.11	-0.11
Increase / (Decrease) in Invested Capital	-9,385	-8,416	-8,922	-11,298	-6,541	-5,538	-4,918	-4,194	-5,683	-4,549	-3,445
Enterprise Value (EV)	-41,069	-43,799	-46,667	-49,486	-48,913	-50,723	-53,136	-55,858	-56,787	-56,811	-57,340
Market Capitalization	5,693	5,126	4,810	5,653	5,238	4,557	4,043	3,953	3,900	3,201	3,361
Book Value per Share	$24.73	$28.08	$28.97	$34.47	$31.33	$34.42	$32.93	$35.83	$35.69	$34.21	$34.79
Tangible Book Value per Share	($22.73)	($24.41)	($26.28)	($25.23)	($30.14)	($27.90)	($27.34)	($25.64)	($27.12)	($28.69)	($30.58)
Total Capital	4,857	5,431	5,826	6,513	6,247	6,719	6,792	7,176	7,154	6,987	6,933
Total Debt	1,754	1,748	2,038	2,038	2,171	2,234	2,235	2,236	2,237	2,238	2,239
Total Long-Term Debt	1,754	1,748	2,038	2,038	2,171	2,234	2,235	2,236	2,237	2,238	2,239
Net Debt	-46,762	-49,062	-51,611	-55,268	-54,276	-55,402	-57,298	-59,927	-60,800	-60,122	-60,786
Capital Expenditures (CapEx)	6.00	7.00	5.00	7.00	5.00	5.00	4.00	3.00	3.00	2.00	2.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,053	-1,234	-1,334	-2,347	-1,165	-1,419	-1,595	-1,587	-1,566	-1,158	-1,623
Debt-free Net Working Capital (DFNWC)	42,381	44,032	46,439	48,782	49,826	50,332	51,242	53,113	53,663	53,519	53,253
Net Working Capital (NWC)	42,381	44,032	46,439	48,782	49,826	50,332	51,242	53,113	53,663	53,519	53,253
Net Nonoperating Expense (NNE)	55	25	22	9.20	30	31	30	38	33	32	38
Net Nonoperating Obligations (NNO)	-46,762	-49,062	-51,611	-55,268	-54,276	-55,402	-57,298	-59,927	-60,800	-60,215	-60,880
Total Depreciation and Amortization (D&A)	110	123	147	147	152	153	158	180	174	173	175
Debt-free, Cash-free Net Working Capital to Revenue	-23.40%	-23.73%	-25.63%	-40.49%	-20.28%	-27.92%	-30.24%	-28.72%	-27.33%	-19.27%	-26.75%
Debt-free Net Working Capital to Revenue	941.80%	846.77%	892.37%	841.50%	867.44%	990.20%	971.41%	961.32%	936.36%	890.50%	877.75%
Net Working Capital to Revenue	941.80%	846.77%	892.37%	841.50%	867.44%	990.20%	971.41%	961.32%	936.36%	890.50%	877.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.42)	$0.90	$1.60	($0.08)	$2.56	($0.20)	$0.26	$0.86	$0.97	$1.83	($0.62)
Adjusted Weighted Average Basic Shares Outstanding	124M	124M	124M	124M	125M	126M	133M	133M	131M	133M	130M
Adjusted Diluted Earnings per Share	($2.40)	$0.88	$1.55	($0.08)	$2.53	($0.20)	$0.26	$0.85	$0.97	$1.78	($0.62)
Adjusted Weighted Average Diluted Shares Outstanding	124M	130M	131M	124M	131M	126M	134M	139M	132M	139M	130M
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	126.28M	126.14M	126.10M	126.09M	126.77M	134.76M	134.65M	134.62M	135.61M	132.48M	130.94M
Normalized Net Operating Profit after Tax (NOPAT)	-244	141	226	4.20	357	9.80	72	158	163	281	-37
Normalized NOPAT Margin	-15.16%	8.96%	19.32%	0.29%	22.91%	1.08%	5.29%	9.36%	9.24%	23.64%	-2.61%
Pre Tax Income Margin	-23.26%	9.05%	21.67%	-2.08%	26.43%	-2.86%	4.18%	7.73%	9.12%	27.21%	-6.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.42	5.73	10.07	0.17	11.84	0.35	2.39	4.12	4.93	8.88	-1.29
NOPAT to Interest Expense	-9.40	4.68	8.09	0.12	9.40	0.25	1.76	3.77	3.98	6.84	-0.90
EBIT Less CapEx to Interest Expense	-13.65	5.50	9.89	-0.03	11.71	0.23	2.29	4.05	4.85	8.83	-1.34
NOPAT Less CapEx to Interest Expense	-9.63	4.45	7.91	-0.08	9.27	0.12	1.66	3.70	3.91	6.80	-0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-174.14%	40.32%	34.25%	775.00%	21.03%	28.12%	42.86%	31.62%	57.20%	30.31%	39.39%
Augmented Payout Ratio	-205.17%	49.80%	36.70%	812.50%	22.90%	29.90%	45.48%	33.55%	60.89%	36.97%	70.05%

Financials Breakdown Chart

Key Financial Trends

F&G Annuities & Life (NYSE: FG) has shown a clear turnaround over the last several years, but the latest quarter also highlights how volatile its results can be. In Q1 2026, the company posted solid profitability and strong operating cash flow, while continuing to carry a very large balance sheet dominated by investments and insurance-related liabilities.

Q1 2026 net income improved to $249 million, up from $130 million in Q4 2025 and well above the loss of $21 million in Q1 2025.
Operating revenue rose to $1.19 billion in Q1 2026 from $908 million a year earlier, showing better top-line momentum.
Operating cash flow was strong at $743 million in Q1 2026, indicating the business continues to generate meaningful cash despite quarter-to-quarter earnings swings.
The balance sheet remained large and liquid, with $1.32 billion in cash and equivalents plus $53.35 billion in short-term investments at the end of Q1 2026.
Total common equity increased to $4.64 billion in Q1 2026 from $4.36 billion in Q1 2025, supported by retained earnings growth.
After being unprofitable in parts of 2023 and early 2025, the company has now delivered several quarters of positive earnings, suggesting improving underlying performance.
FG’s results can be distorted by large non-cash and insurance-related accounting items, so reported earnings may not always reflect the underlying cash generation cleanly.
The company’s asset base is heavily concentrated in investments and other financial assets, which is typical for an annuity and life insurer but also makes results sensitive to market conditions and credit spreads.
Long-term debt was modest at $2.24 billion in Q1 2026 versus total assets above $101 billion, so leverage appears manageable on a headline basis.
Book value remains pressured by a persistent negative AOCI balance of -$1.84 billion in Q1 2026, reflecting accumulated unrealized losses and/or other comprehensive losses.
Other noncurrent operating liabilities were extremely large at $91.68 billion in Q1 2026, which is normal for an insurer but underscores the scale of policy obligations and reserve risk.
Cash declined by $162 million in Q1 2026 even after strong operating cash flow, as investing outflows and debt repayment were significant.
Earnings per share dropped sequentially from $0.97 in Q4 2025 to $1.83 in Q1 2026 on a much higher share count, so per-share results can be volatile.

Bottom line: FG looks much healthier than it did in 2023, with stronger revenue, positive earnings, and robust operating cash flow. Still, investors should keep an eye on the company’s large liability structure, the sensitivity of results to market movements, and whether recent earnings strength can hold up over multiple quarters.

08/27/26 01:15 AM ETAI Generated. May Contain Errors.

F&G Annuities & Life Financials - Frequently Asked Questions

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

F&G Annuities & Life's net income appears to be on a downward trend, with a most recent value of $271 million in 2025, falling from $1.24 billion in 2021. The previous period was $642 million in 2024. See where experts think F&G Annuities & Life is headed by visiting F&G Annuities & Life's forecast page.

F&G Annuities & Life's total operating income in 2025 was $487 million, based on the following breakdown:

Total Gross Profit: $5.44 billion
Total Operating Expenses: $4.95 billion

Over the last 4 years, F&G Annuities & Life's total revenue changed from $3.97 billion in 2021 to $5.73 billion in 2025, a change of 44.2%.

F&G Annuities & Life's total liabilities were at $93.51 billion at the end of 2025, a 15.7% increase from 2024, and a 111.4% increase since 2021.

In the past 4 years, F&G Annuities & Life's cash and equivalents has ranged from $960 million in 2022 to $2.26 billion in 2024, and is currently $1.49 billion as of their latest financial filing in 2025.

Over the last 4 years, F&G Annuities & Life's book value per share changed from 42.71 in 2021 to 35.69 in 2025, a change of -16.5%.

Related Companies

Financial statements for NYSE:FG last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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F&G Annuities & Life (FG) Financials

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F&G Annuities & Life (FG) Financials

Annual Income Statements for F&G Annuities & Life

Quarterly Income Statements for F&G Annuities & Life

Annual Cash Flow Statements for F&G Annuities & Life

Quarterly Cash Flow Statements for F&G Annuities & Life

Annual Balance Sheets for F&G Annuities & Life

Quarterly Balance Sheets for F&G Annuities & Life

Annual Metrics And Ratios for F&G Annuities & Life

Quarterly Metrics And Ratios for F&G Annuities & Life

Financials Breakdown Chart

Key Financial Trends

F&G Annuities & Life Financials - Frequently Asked Questions

When does F&G Annuities & Life's financial year end?

How has F&G Annuities & Life's net income changed over the last 4 years?

What is F&G Annuities & Life's operating income?

How has F&G Annuities & Life's revenue changed over the last 4 years?

How much debt does F&G Annuities & Life have?

How much cash does F&G Annuities & Life have?

How has F&G Annuities & Life's book value per share changed over the last 4 years?

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