NASDAQ : BHF
Brighthouse Financial, Inc. — Financial statements
Financials · Insurance - Life · United States
Last price 43.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.53B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.84B | 2.86B | 2.89B | 3.12B | 3.10B | 3.69B |
| Total Interest & Dividend Income | 4.81B | 4.83B | 4.81B | 4.44B | 3.82B | 3.45B |
| Gain (Loss) on Sale of Investments | -33.00M | -97.00M | -295.00M | -246.00M | -248.00M | -59.00M |
| Other Revenue | -788.00M | -636.00M | -1.11B | -2.84B | 4.07B | -2.14B |
| Total Revenue | 6.84B | 6.95B | 6.29B | 4.47B | 10.74B | 4.93B |
| Policy Benefits | 3.79B | 3.99B | 4.43B | 4.50B | 3.53B | 4.01B |
| Policy Acquisition & Underwriting Costs | 627.00M | 609.00M | 599.00M | 620.00M | 629.00M | 637.00M |
| Other Operating Expenses | 1.07B | 1.50B | -902.00M | 288.00M | -2.19B | -1.87B |
| Total Operating Expenses | 5.53B | 6.14B | 4.15B | 5.44B | 1.99B | 2.80B |
| Operating Income | 1.31B | 808.00M | 2.15B | -964.00M | 8.75B | 2.13B |
| Interest Expense | -329.00M | -327.00M | -1.84B | -533.00M | -4.14B | -158.00M |
| Currency Exchange Gain (Loss) | -6.00M | -7.00M | 114.00M | 23.00M | 126.00M | 36.00M |
| EBT Excluding Unusual Items | 975.00M | 474.00M | 422.00M | -1.47B | 4.73B | 2.01B |
| Pretax Income | 975.00M | 474.00M | 422.00M | -1.47B | 4.73B | 2.01B |
| Income Tax Expense | 139.00M | 36.00M | 29.00M | -367.00M | 848.00M | 361.00M |
| Earnings From Continuing Ops. | 836.00M | 438.00M | 393.00M | -1.11B | 3.88B | 1.65B |
| Minority Interest in Earnings | -5.00M | -5.00M | -5.00M | -5.00M | -5.00M | -5.00M |
| Net Income | 831.00M | 433.00M | 388.00M | -1.11B | 3.88B | 1.64B |
| Preferred Dividends & Other Adjustments | 102.00M | 102.00M | 102.00M | 102.00M | 104.00M | 89.00M |
| Net Income to Common | 729.00M | 331.00M | 286.00M | -1.21B | 3.77B | 1.55B |
| Shares Outstanding (Basic) | 57.33M | 57.53M | 61.20M | 66.01M | 72.97M | 83.78M |
| Shares Outstanding (Diluted) | 57.92M | 57.94M | 61.60M | 66.01M | 73.58M | 84.47M |
| EPS (Basic) | 12.72 | 5.75 | 4.67 | -18.39 | 51.73 | 18.55 |
| EPS (Diluted) | 12.60 | 5.71 | 4.64 | -18.39 | 51.30 | 18.39 |
| Operating Margin | 19.16% | 11.63% | 34.08% | -21.55% | 81.49% | 43.18% |
| Profit Margin | 10.66% | 4.76% | 4.54% | -27.13% | 35.15% | 31.49% |
| EBIT | 1.31B | 808.00M | 2.15B | -964.00M | 8.75B | 2.13B |
| EBIT Margin | 19.16% | 11.63% | 34.08% | -21.55% | 81.49% | 43.18% |
| Effective Tax Rate | 14.26% | 7.60% | 6.87% | 17.92% | 17.97% | |
| Revenue as Reported | 6.65B | 6.77B | 4.72B | 4.12B | 6.87B | 4.98B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 80.82B | 81.88B | 80.06B | 80.99B | 75.58B | 87.58B |
| Investments in Equity & Preferred Securities | 4.65B | 4.91B | 4.90B | 5.05B | 4.86B | 4.37B |
| Policy Loans | 1.46B | 1.45B | 2.02B | 1.33B | 1.28B | 1.26B |
| Other Investments | 1.82B | 2.03B | 2.65B | 1.52B | 1.38B | 1.85B |
| Total Investments | 112.16B | 113.83B | 113.21B | 111.64B | 106.34B | 116.02B |
| Cash & Equivalents | 7.11B | 5.39B | 5.04B | 3.85B | 4.12B | 4.47B |
| Other Receivables | 1.52B | 1.38B | 1.40B | 1.31B | 1.03B | 16.55B |
| Deferred Policy Acquisition Cost | 4.49B | 4.23B | 4.33B | 4.46B | 5.08B | 4.85B |
| Separate Account Assets | 85.69B | 85.53B | 85.64B | 88.27B | 84.97B | 114.46B |
| Other Current Assets | 12.61B | 6.48B | 3.85B | 3.47B | 1.94B | 2.22B |
| Long-Term Deferred Tax Assets | 1.53B | 1.44B | 1.88B | 1.89B | 1.74B | |
| Other Long-Term Assets | 22.07B | 23.52B | 23.18B | 21.45B | 19.63B | 1.28B |
| Total Assets | 247.18B | 241.80B | 238.54B | 236.34B | 224.85B | 259.84B |
| Insurance & Annuity Liabilities | 118.04B | 119.53B | 120.13B | 119.61B | 115.58B | 105.62B |
| Current Portion of Long-Term Debt | 1.86B | 2.08B | 2.73B | 2.21B | 2.80B | 132.00M |
| Short-Term Debt | 6.78B | 4.71B | 3.89B | 3.67B | 4.56B | 6.27B |
| Current Income Taxes Payable | 62.00M | |||||
| Long-Term Debt | 3.15B | 3.15B | 3.15B | 3.16B | 3.16B | 3.15B |
| Long-Term Deferred Tax Liabilities | 1.06B | |||||
| Separate Account Liability | 85.69B | 85.53B | 85.64B | 88.27B | 84.97B | 114.46B |
| Other Current Liabilities | 19.77B | 15.56B | 14.05B | 11.06B | 5.05B | 10.01B |
| Other Long-Term Liabilities | 4.03B | 4.34B | 3.84B | 3.27B | 3.06B | 2.75B |
| Total Liabilities | 240.56B | 234.97B | 233.51B | 231.33B | 219.25B | 243.63B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 13.85B | 13.87B | 13.93B | 14.00B | 14.07B | 14.15B |
| Retained Earnings | -471.00M | -686.00M | -1.12B | -1.51B | -395.00M | -642.00M |
| Treasury Stock | -2.70B | -2.69B | -2.57B | -2.31B | -2.04B | -1.54B |
| Comprehensive Income & Other | -4.13B | -3.73B | -5.28B | -5.25B | -6.11B | 4.17B |
| Total Common Equity | 6.55B | 6.77B | 4.96B | 4.94B | 5.53B | 16.14B |
| Minority Interest | 65.00M | 65.00M | 65.00M | 65.00M | 65.00M | 65.00M |
| Shareholders' Equity | 6.62B | 6.83B | 5.02B | 5.01B | 5.60B | 16.21B |
| Total Liabilities & Equity | 247.18B | 241.80B | 238.54B | 236.34B | 224.85B | 259.84B |
| Filing Date Shares Outstanding | 57.51M | 57.18M | 58.06M | 62.88M | 67.70M | 76.63M |
| Total Common Shares Outstanding | 57.51M | 57.17M | 58.63M | 63.50M | 68.28M | 77.87M |
| Total Debt | 11.80B | 9.94B | 9.78B | 9.04B | 10.52B | 9.56B |
| Net Cash (Debt) | -4.70B | -4.55B | -4.74B | -5.18B | -6.40B | -5.08B |
| Net Cash Per Share | -81.06 | -78.62 | -76.88 | -78.53 | -87.02 | -60.17 |
| Book Value Per Share | 113.90 | 118.38 | 84.58 | 77.84 | 81.04 | 207.29 |
| Tangible Book Value | 6.55B | 6.77B | 4.96B | 4.94B | 5.53B | 16.14B |
| Tangible Book Value Per Share | 113.90 | 118.38 | 84.58 | 77.84 | 81.04 | 207.29 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 831.00M | 433.00M | 388.00M | -1.11B | 3.88B | 1.64B |
| Gain (Loss) on Sale of Investments | -269.00M | -269.00M | -66.00M | -50.00M | 15.00M | -195.00M |
| Change in Accounts Receivable | -400.00M | -400.00M | -1.45B | -1.28B | -1.37B | 495.00M |
| Change in Income Taxes | 33.00M | 33.00M | 30.00M | -371.00M | 796.00M | 255.00M |
| Change in Insurance Reserves / Liabilities | -295.00M | -295.00M | -281.00M | 51.00M | -1.96B | -338.00M |
| Change in Other Net Operating Assets | 1.71B | 1.71B | 1.47B | 1.01B | 1.33B | 1.42B |
| Other Operating Activities | -2.26B | -1.07B | -582.00M | 1.32B | -4.23B | -1.79B |
| Operating Cash Flow | -538.00M | 259.00M | -290.00M | -137.00M | -1.23B | 641.00M |
| Investment in Securities | 674.00M | 1.23B | -875.00M | -3.10B | -4.84B | -7.60B |
| Other Investing Activities | -1.39B | -1.44B | 227.00M | -461.00M | -171.00M | -652.00M |
| Investing Cash Flow | -506.00M | 751.00M | -2.19B | -3.20B | -8.28B | -12.24B |
| Long-Term Debt Issued | 400.00M | |||||
| Total Debt Repaid | -2.00M | -2.00M | -2.00M | -2.00M | -3.00M | -680.00M |
| Net Debt Issued (Repaid) | -2.00M | -2.00M | -2.00M | -2.00M | -3.00M | -280.00M |
| Repurchases of Common Stock | -102.00M | -250.00M | -250.00M | -488.00M | -499.00M | |
| Issuance of Preferred Stock | 339.00M | |||||
| Preferred Dividends Paid | -102.00M | -102.00M | -102.00M | -102.00M | -104.00M | -89.00M |
| Total Dividends Paid | -102.00M | -102.00M | -102.00M | -102.00M | -104.00M | -89.00M |
| Other Financing Activities | 2.56B | 354.00M | -819.00M | -1.91B | 563.00M | |
| Financing Cash Flow | 2.61B | -668.00M | 3.68B | 3.07B | 9.14B | 11.96B |
| Net Cash Flow | 1.56B | 342.00M | 1.19B | -264.00M | -359.00M | 366.00M |
| Levered Free Cash Flow | 19.88B | -607.38M | 2.00B | 3.27B | 15.22B | 4.10B |
| Unlevered Free Cash Flow | 20.08B | -403.00M | 3.15B | 3.60B | 17.81B | 4.19B |
| Cash Income Tax Paid | 9.00M | 12.00M | 13.00M | 7.00M | 44.00M | 103.00M |
| Change in Working Capital | 1.19B | 1.19B | -71.00M | -377.00M | -1.01B | 1.97B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.50B | 3.70B | 2.85B | 3.40B | 3.54B | 4.13B |
| Enterprise Value | 7.20B | 6.64B | 5.79B | 10.20B | 11.32B | 9.41B |
| PE Ratio | 3.46 | 11.19 | 9.97 | 0.94 | 2.66 | |
| PS Ratio | 0.37 | 0.53 | 0.45 | 0.76 | 0.33 | 0.84 |
| PB Ratio | 0.39 | 0.54 | 0.57 | 0.68 | 0.63 | 0.26 |
| P/OCF Ratio | 14.30 | 6.45 | ||||
| EV/Sales Ratio | 1.05 | 0.95 | 0.92 | 2.28 | 1.05 | 1.91 |
| EV/EBIT Ratio | 5.50 | 8.21 | 2.70 | 1.29 | 4.42 | |
| Debt / Equity Ratio | 1.78 | 1.46 | 1.95 | 1.80 | 1.88 | 0.59 |
| Net Debt / Equity Ratio | 0.71 | 0.67 | 0.94 | 1.03 | 1.14 | 0.31 |
| Quick Ratio | 0.31 | 0.33 | 0.35 | 0.32 | 0.45 | 1.41 |
| Current Ratio | 0.77 | 0.68 | 0.60 | 0.59 | 0.68 | 1.59 |
| Asset Turnover | 0.03 | 0.03 | 0.03 | 0.02 | 0.04 | 0.02 |
| Return on Equity (ROE) | 13.54% | 7.39% | 7.83% | -20.88% | 35.62% | 9.61% |
| Return on Assets (ROA) | 0.33% | 0.21% | 0.56% | -0.26% | 2.26% | 0.53% |
| Return on Invested Capital (ROIC) | 6.61% | 4.73% | 13.85% | -6.39% | 34.30% | 6.63% |
| Earnings Yield | 28.93% | 11.69% | 13.61% | -32.73% | 109.44% | 39.74% |
| Payout Ratio | 23.56% | 26.29% | 2.68% | 5.42% | ||
| Buyback Yield / Dilution | 2.28% | 5.94% | 6.69% | 10.29% | 12.89% | 11.42% |