NASDAQ : PFG
Principal Financial Group, Inc. — Financial statements
Financials · Asset Management · United States
Last price 111.63 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 23.71B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.61B | 6.78B | 6.85B | 6.47B | 5.34B | 4.84B |
| Total Interest & Dividend Income | 4.83B | 4.66B | 4.41B | 4.06B | 3.84B | 4.43B |
| Gain (Loss) on Sale of Investments | -314.90M | 138.10M | 98.30M | 127.50M | 567.30M | 115.40M |
| Other Revenue | 5.51B | 4.04B | 4.77B | 3.01B | 7.79B | 5.04B |
| Total Revenue | 16.63B | 15.63B | 16.13B | 13.67B | 17.54B | 14.43B |
| Policy Benefits | 8.58B | 8.71B | 8.84B | 7.83B | 6.46B | 7.35B |
| Selling, General & Administrative | 5.55B | 5.43B | 5.36B | 5.07B | 4.96B | 5.07B |
| Total Operating Expenses | 14.13B | 14.15B | 14.21B | 12.90B | 11.42B | 12.42B |
| Operating Income | 2.50B | 1.48B | 1.92B | 767.90M | 6.11B | 2.01B |
| Other Non Operating Income (Expenses) | -43.90M | -63.10M | -30.30M | -29.10M | -125.30M | -98.30M |
| EBT Excluding Unusual Items | 2.45B | 1.42B | 1.89B | 738.80M | 5.99B | 1.91B |
| Pretax Income | 2.45B | 1.42B | 1.89B | 738.80M | 5.99B | 1.91B |
| Income Tax Expense | 487.00M | 160.50M | 291.70M | 68.70M | 1.19B | 283.90M |
| Earnings From Continuing Ops. | 1.97B | 1.26B | 1.60B | 670.10M | 4.80B | 1.63B |
| Minority Interest in Earnings | 11.40M | -70.40M | -26.90M | -46.90M | -40.60M | -46.80M |
| Net Income | 1.98B | 1.19B | 1.57B | 623.20M | 4.76B | 1.58B |
| Net Income to Common | 1.98B | 1.19B | 1.57B | 623.20M | 4.76B | 1.58B |
| Shares Outstanding (Basic) | 216.50M | 222.80M | 232.00M | 241.30M | 251.10M | 269.00M |
| Shares Outstanding (Diluted) | 219.55M | 225.70M | 235.30M | 244.60M | 255.30M | 272.90M |
| EPS (Basic) | 9.13 | 5.32 | 6.77 | 2.58 | 18.94 | 5.87 |
| EPS (Diluted) | 9.00 | 5.25 | 6.68 | 2.55 | 18.63 | 5.79 |
| Free Cash Flow | 5.35B | 4.44B | 4.53B | 3.69B | 3.06B | 3.12B |
| Free Cash Flow Per Share | 24.38 | 19.67 | 19.27 | 15.09 | 11.97 | 11.45 |
| Dividend Per Share | 3.25 | 3.08 | 2.85 | 2.60 | 2.56 | 2.44 |
| Operating Margin | 15.01% | 9.47% | 11.90% | 5.62% | 34.86% | 13.93% |
| Profit Margin | 11.89% | 7.58% | 9.74% | 4.56% | 27.13% | 10.95% |
| Free Cash Flow Margin | 32.19% | 28.41% | 28.11% | 27.01% | 17.43% | 21.66% |
| EBITDA | 2.75B | 1.73B | 2.18B | 1.04B | 6.41B | 2.28B |
| EBITDA Margin | 16.53% | 11.07% | 13.49% | 7.61% | 36.54% | 15.83% |
| D&A For EBITDA | 251.50M | 251.40M | 256.20M | 272.70M | 295.90M | 275.30M |
| EBIT | 2.50B | 1.48B | 1.92B | 767.90M | 6.11B | 2.01B |
| EBIT Margin | 15.01% | 9.47% | 11.90% | 5.62% | 34.86% | 13.93% |
| Effective Tax Rate | 19.86% | 11.34% | 15.44% | 9.30% | 19.87% | 14.86% |
| Revenue as Reported | 16.63B | 15.63B | 16.13B | 13.67B | 17.54B | 14.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 70.52B | 73.12B | 68.25B | 65.67B | 62.89B | 78.15B |
| Investments in Equity & Preferred Securities | 3.82B | 7.36B | 6.26B | 4.97B | 4.48B | 4.51B |
| Policy Loans | 863.20M | 866.70M | 867.50M | 809.30M | 784.70M | 759.60M |
| Other Investments | 6.76B | 1.75B | 1.54B | 1.41B | 1.25B | 1.34B |
| Total Investments | 105.93B | 107.77B | 100.93B | 96.26B | 93.13B | 107.16B |
| Cash & Equivalents | 4.45B | 4.43B | 4.21B | 4.71B | 4.85B | 2.33B |
| Reinsurance Recoverable | 17.65B | 18.03B | 17.78B | 17.81B | 13.54B | 1.19B |
| Other Receivables | 1.50B | 2.22B | 1.96B | 2.15B | 5.33B | 1.96B |
| Deferred Policy Acquisition Cost | 4.11B | 4.07B | 4.01B | 3.95B | 3.95B | 3.76B |
| Separate Account Assets | 194.82B | 193.62B | 173.33B | 167.61B | 155.38B | 182.35B |
| Property, Plant & Equipment | 803.00M | 701.40M | 769.40M | 938.40M | 996.10M | 1.04B |
| Goodwill | 1.86B | 1.60B | 1.55B | 1.61B | 1.60B | 1.63B |
| Other Intangible Assets | 1.29B | 1.27B | 1.39B | 1.47B | 1.53B | 1.60B |
| Other Current Assets | 5.29B | 5.30B | 5.53B | 6.31B | 8.13B | 110.20M |
| Long-Term Deferred Charges | 189.00M | 183.30M | 198.90M | 219.20M | 204.90M | 193.10M |
| Other Long-Term Assets | 847.20M | 2.19B | 2.02B | 2.02B | 2.23B | 1.34B |
| Total Assets | 338.74B | 341.38B | 313.66B | 305.05B | 290.87B | 304.66B |
| Insurance & Annuity Liabilities | 89.81B | 94.79B | 89.77B | 87.23B | 85.61B | 85.60B |
| Unpaid Claims | 1.30B | 1.34B | 1.38B | 1.41B | 1.40B | 2.66B |
| Unearned Premiums | 549.90M | 532.90M | 515.40M | 492.70M | ||
| Current Portion of Long-Term Debt | 693.40M | 555.50M | 729.70M | 356.90M | 545.00M | 32.00M |
| Current Portion of Leases | 65.40M | |||||
| Short-Term Debt | 177.60M | 27.70M | 152.70M | 61.10M | 80.70M | 79.80M |
| Current Income Taxes Payable | 17.40M | 29.50M | 8.60M | 11.90M | 19.20M | 15.50M |
| Long-Term Debt | 3.98B | 3.58B | 3.56B | 3.93B | 4.00B | 4.28B |
| Long-Term Leases | 101.20M | 219.60M | 250.40M | 279.50M | 304.70M | |
| Long-Term Deferred Tax Liabilities | 1.80B | 1.86B | 1.71B | 1.61B | 1.32B | 2.32B |
| Separate Account Liability | 194.82B | 193.62B | 173.33B | 167.61B | 155.38B | 182.35B |
| Other Current Liabilities | 16.72B | 18.13B | 18.28B | 19.77B | 20.53B | 194.00M |
| Other Long-Term Liabilities | 16.60B | 13.96B | 12.12B | 10.63B | 10.95B | 9.73B |
| Total Liabilities | 326.47B | 328.99B | 302.19B | 293.84B | 280.59B | 288.20B |
| Common Stock | 5.00M | 5.00M | 4.90M | 4.90M | 4.90M | 4.80M |
| Additional Paid-In Capital | 11.48B | 11.28B | 11.10B | 10.91B | 10.74B | 10.49B |
| Retained Earnings | 18.99B | 18.07B | 17.58B | 16.68B | 16.70B | 12.88B |
| Treasury Stock | -14.02B | -13.28B | -12.38B | -11.34B | -10.59B | -8.93B |
| Comprehensive Income & Other | -4.64B | -4.19B | -5.22B | -5.35B | -6.88B | 1.61B |
| Total Common Equity | 11.82B | 11.88B | 11.09B | 10.92B | 9.98B | 16.07B |
| Minority Interest | 460.60M | 507.40M | 382.60M | 294.60M | 303.10M | 388.90M |
| Shareholders' Equity | 12.28B | 12.39B | 11.47B | 11.21B | 10.28B | 16.46B |
| Total Liabilities & Equity | 338.74B | 341.38B | 313.66B | 305.05B | 290.87B | 304.66B |
| Filing Date Shares Outstanding | 212.38M | 216.84M | 225.57M | 235.87M | 243.10M | 261.23M |
| Total Common Shares Outstanding | 212.77M | 217.38M | 226.23M | 236.44M | 243.50M | 261.70M |
| Total Debt | 4.85B | 4.33B | 4.66B | 4.60B | 4.90B | 4.70B |
| Net Cash (Debt) | -396.50M | 104.60M | -445.60M | 108.40M | -54.20M | -2.36B |
| Net Cash Per Share | -1.81 | 0.46 | -1.89 | 0.44 | -0.21 | -8.67 |
| Book Value Per Share | 55.54 | 54.67 | 49.01 | 46.17 | 40.97 | 61.40 |
| Tangible Book Value | 8.66B | 9.02B | 8.15B | 7.84B | 6.85B | 12.84B |
| Tangible Book Value Per Share | 40.72 | 41.48 | 36.01 | 33.15 | 28.11 | 49.07 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.98B | 1.19B | 1.57B | 623.20M | 4.76B | 1.58B |
| Depreciation & Amortization | 251.50M | 251.40M | 256.20M | 272.70M | 295.90M | 275.30M |
| Other Amortization | 480.50M | 480.50M | 431.00M | 428.10M | 422.40M | 405.80M |
| Gain (Loss) on Sale of Assets | -43.20M | -43.20M | -87.70M | -165.00M | -749.40M | -147.90M |
| Gain (Loss) on Sale of Investments | -31.30M | -31.30M | -60.40M | 61.10M | 343.80M | 37.30M |
| Stock-Based Compensation | 109.90M | 109.90M | 108.70M | 99.40M | 91.30M | 96.10M |
| Change in Accounts Receivable | -181.00M | -181.00M | 53.10M | -36.70M | -3.30B | 8.30M |
| Change in Income Taxes | -96.40M | -96.40M | 106.10M | -40.50M | 854.80M | 117.90M |
| Change in Insurance Reserves / Liabilities | 2.53B | 2.53B | 2.70B | 2.56B | 1.91B | 1.43B |
| Change in Other Net Operating Assets | 266.00M | 266.00M | -24.60M | -460.40M | 3.18B | -85.10M |
| Other Operating Activities | 266.50M | 60.20M | -470.00M | 480.20M | -4.26B | -367.80M |
| Operating Cash Flow | 5.53B | 4.54B | 4.60B | 3.79B | 3.17B | 3.25B |
| Capital Expenditures | -182.90M | -98.00M | -68.80M | -102.00M | -116.30M | -129.90M |
| Cash Acquisitions | -418.10M | -27.10M | ||||
| Investment in Securities | -6.60B | -3.52B | -4.71B | -1.26B | 2.16B | -3.07B |
| Investing Cash Flow | -7.91B | -4.14B | -5.40B | -1.35B | 1.06B | -5.69B |
| Short-Term Debt Issued | 97.90M | 900.00K | 10.20M | |||
| Long-Term Debt Issued | 21.80M | 691.50M | 15.40M | |||
| Total Debt Issued | 558.10M | 119.70M | 691.50M | 16.30M | 10.20M | |
| Total Debt Repaid | 13.00M | -409.10M | -100.00K | -782.50M | -302.00M | -1.80M |
| Net Debt Issued (Repaid) | 571.10M | -409.10M | 119.60M | -91.00M | -285.70M | 8.40M |
| Issuance of Common Stock | 101.90M | 43.70M | 67.70M | 57.80M | 181.70M | 86.70M |
| Repurchases of Common Stock | -1.02B | -902.70M | -1.04B | -740.40M | -1.70B | -937.20M |
| Common Dividends Paid | -701.20M | -684.00M | -658.40M | -625.50M | -642.30M | -654.10M |
| Total Dividends Paid | -701.20M | -684.00M | -658.40M | -625.50M | -642.30M | -654.10M |
| Other Financing Activities | 682.40M | 392.00M | 527.60M | -383.20M | 1.03B | 2.86B |
| Financing Cash Flow | 1.68B | -181.80M | 300.30M | -2.59B | -1.72B | 1.92B |
| Net Cash Flow | -686.40M | 219.10M | -495.80M | -140.30M | 2.52B | -517.80M |
| Free Cash Flow | 5.35B | 4.44B | 4.53B | 3.69B | 3.06B | 3.12B |
| Free Cash Flow Margin | 32.19% | 28.41% | 28.11% | 27.01% | 17.43% | 21.66% |
| Free Cash Flow Per Share | 24.38 | 19.67 | 19.27 | 15.09 | 11.97 | 11.45 |
| Levered Free Cash Flow | 1.74B | 1.04B | 1.30B | 1.59B | -360.11M | 2.36B |
| Unlevered Free Cash Flow | 1.74B | 1.04B | 1.30B | 1.59B | -360.11M | 2.36B |
| Cash Interest Paid | 172.60M | 172.60M | 170.30M | 170.70M | 175.80M | 166.10M |
| Cash Income Tax Paid | 220.70M | 220.70M | 117.70M | 68.10M | 142.10M | 109.90M |
| Change in Working Capital | 2.60B | 2.60B | 2.74B | 1.97B | 2.31B | 1.57B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 23.96B | 19.38B | 17.71B | 18.76B | 20.53B | 19.17B |
| Enterprise Value | 24.35B | 18.84B | 16.09B | 19.03B | 21.25B | 20.87B |
| PE Ratio | 12.53 | 16.35 | 11.27 | 30.10 | 4.32 | 12.13 |
| PS Ratio | 1.44 | 1.24 | 1.10 | 1.37 | 1.17 | 1.33 |
| PB Ratio | 2.01 | 1.56 | 1.54 | 1.67 | 2.00 | 1.17 |
| P/FCF Ratio | 4.48 | 4.37 | 3.90 | 5.08 | 6.72 | 6.14 |
| P/OCF Ratio | 4.33 | 4.27 | 3.85 | 4.95 | 6.47 | 5.89 |
| EV/Sales Ratio | 1.46 | 1.21 | 1.00 | 1.39 | 1.21 | 1.45 |
| EV/EBITDA Ratio | 8.86 | 10.89 | 7.39 | 18.29 | 3.31 | 9.13 |
| EV/EBIT Ratio | 9.76 | 12.74 | 8.38 | 24.78 | 3.48 | 10.39 |
| EV/FCF Ratio | 4.55 | 4.25 | 3.55 | 5.16 | 6.95 | 6.68 |
| Debt / Equity Ratio | 0.40 | 0.35 | 0.41 | 0.41 | 0.48 | 0.28 |
| Debt / EBITDA Ratio | 1.73 | 2.42 | 2.08 | 4.16 | 0.76 | 1.99 |
| Debt / FCF Ratio | 0.91 | 0.97 | 1.03 | 1.25 | 1.60 | 1.50 |
| Net Debt / Equity Ratio | 0.03 | -0.01 | 0.04 | -0.01 | 0.01 | 0.14 |
| Net Debt / EBITDA Ratio | 0.14 | -0.06 | 0.20 | -0.10 | 0.01 | 1.03 |
| Net Debt / FCF Ratio | 0.07 | -0.02 | 0.10 | -0.03 | 0.02 | 0.76 |
| Quick Ratio | 0.32 | 0.34 | 0.30 | 0.32 | 0.46 | 1.43 |
| Current Ratio | 1.54 | 1.51 | 1.45 | 1.44 | 1.45 | 2.10 |
| Asset Turnover | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 |
| Return on Equity (ROE) | 16.11% | 10.52% | 14.09% | 6.24% | 35.88% | 9.76% |
| Return on Assets (ROA) | 0.46% | 0.28% | 0.39% | 0.16% | 1.28% | 0.42% |
| Return on Invested Capital (ROIC) | 11.58% | 7.99% | 10.17% | 4.50% | 26.96% | 8.01% |
| Earnings Yield | 7.98% | 6.12% | 8.87% | 3.32% | 23.17% | 8.24% |
| FCF Yield | 22.34% | 22.90% | 25.61% | 19.68% | 14.89% | 16.30% |
| Dividend Yield | 2.98% | 3.45% | 3.64% | 3.28% | 3.04% | 3.33% |
| Payout Ratio | 36.77% | 57.72% | 41.91% | 100.37% | 13.50% | 41.39% |
| Buyback Yield / Dilution | 3.69% | 4.08% | 3.80% | 4.19% | 6.45% | 1.34% |
| Total Shareholder Return | 6.66% | 7.54% | 7.44% | 7.47% | 9.49% | 4.67% |