NYSE : EQH
Equitable Holdings, Inc. — Financial statements
Financials · Asset Management · United States
Last price 53.85 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.69B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Equitable Holdings, Inc. (EQH) reported revenue of 13.05B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.45B | 5.26B | 5.26B | 4.82B | 4.89B | 5.39B |
| Other Revenue | 7.60B | 6.41B | 7.48B | 5.63B | 8.24B | 4.54B |
| Revenue | 13.05B | 11.67B | 12.75B | 10.45B | 13.14B | 9.93B |
| Cost of Revenue | 4.89B | 4.53B | 4.35B | 3.91B | 3.77B | 4.03B |
| Gross Profit | 4.12B | 1.32B | 4.45B | 2.83B | 5.87B | 7.28B |
| Other Operating Expenses | 1.77B | 2.29B | 1.82B | 1.90B | 2.19B | 2.11B |
| Operating Expenses | 1.77B | 2.29B | 1.82B | 1.90B | 2.19B | 2.11B |
| Operating Income | 2.35B | -964.00M | 2.62B | 930.00M | 3.69B | 5.17B |
| Interest Expense | -225.00M | -229.00M | -548.00M | -216.00M | -693.00M | -2.56B |
| EBT Excluding Unusual Items | 2.13B | -1.19B | 2.08B | 714.00M | 2.99B | 2.61B |
| Pretax Income | 2.13B | -1.19B | 2.08B | 714.00M | 2.99B | 2.61B |
| Income Tax Expense | 251.00M | -156.00M | 280.00M | -910.00M | 598.00M | 439.00M |
| Earnings From Continuing Operations | 1.88B | -1.04B | 1.80B | 1.62B | 2.39B | 2.17B |
| Minority Interest in Earnings | -371.00M | -343.00M | -516.00M | -341.00M | -241.00M | -415.00M |
| Net Income | 1.50B | -1.38B | 1.28B | 1.28B | 2.15B | 1.75B |
| Preferred Dividends & Other Adjustments | 54.00M | 61.00M | 80.00M | 80.00M | 80.00M | 79.00M |
| Net Income to Common | 1.45B | -1.44B | 1.20B | 1.20B | 2.07B | 1.68B |
| Shares Outstanding (Basic) | 273.08M | 298.10M | 321.20M | 350.10M | 377.60M | 417.40M |
| Shares Outstanding (Diluted) | 273.08M | 298.10M | 324.80M | 351.60M | 379.90M | 421.20M |
| EPS (Basic) | 5.31 | -4.83 | 3.74 | 3.44 | 5.49 | 4.02 |
| EPS (Diluted) | 5.31 | -4.83 | 3.69 | 3.42 | 5.46 | 3.98 |
| Free Cash Flow | 680.00M | 1.85B | -325.00M | -417.00M | -313.00M | |
| Free Cash Flow Per Share | 2.28 | 5.71 | -0.92 | -1.10 | -0.74 | |
| Dividend Per Share | 0.27 | 1.08 | 0.96 | 0.88 | 0.80 | 0.72 |
| Gross Margin | 31.55% | 11.33% | 34.88% | 27.07% | 44.69% | 73.28% |
| Operating Margin | 18.01% | -8.26% | 20.59% | 8.90% | 28.05% | 52.06% |
| Profit Margin | 11.11% | -12.35% | 9.41% | 11.51% | 15.78% | 16.88% |
| Free Cash Flow Margin | 5.83% | 14.54% | -3.11% | -3.17% | -3.15% | |
| EBITDA | 3.25B | -127.00M | 3.45B | 1.70B | 4.28B | 5.63B |
| EBITDA Margin | 24.93% | -1.09% | 27.07% | 16.25% | 32.55% | 56.71% |
| D&A For EBITDA | 902.00M | 837.00M | 827.00M | 768.00M | 591.00M | 462.00M |
| EBIT | 2.35B | -964.00M | 2.62B | 930.00M | 3.69B | 5.17B |
| EBIT Margin | 18.01% | -8.26% | 20.59% | 8.90% | 28.05% | 52.06% |
| Effective Tax Rate | 11.81% | 13.49% | 19.99% | 16.83% | ||
| Revenue as Reported | 13.05B | 11.66B | 12.43B | 10.46B | 12.64B | 7.61B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 17.53B | 12.46B | 6.96B | 8.24B | 4.28B | 5.19B |
| Short-Term Investments | 408.00M | 137.00M | 116.00M | |||
| Trading Asset Securities | 1.57B | 1.09B | 1.06B | 677.00M | 631.00M | |
| Cash & Short-Term Investments | 17.53B | 14.44B | 8.19B | 9.41B | 4.96B | 5.82B |
| Other Receivables | 26.78B | 25.54B | 12.56B | 12.87B | 12.18B | 17.98B |
| Receivables | 26.78B | 25.54B | 12.56B | 12.87B | 12.18B | 17.98B |
| Restricted Cash | 579.00M | 499.00M | 500.00M | 868.00M | 1.52B | 1.50B |
| Other Current Assets | 8.57B | 6.89B | 5.06B | 1.66B | 3.45B | |
| Total Current Assets | 44.88B | 49.04B | 28.14B | 28.20B | 20.32B | 28.75B |
| Property, Plant & Equipment | 631.00M | 618.00M | 516.00M | 520.00M | 637.00M | |
| Long-Term Investments | 127.65B | 110.46B | 108.33B | 96.51B | 91.32B | 102.88B |
| Goodwill | 5.11B | 5.14B | 5.14B | 5.13B | 4.61B | |
| Other Intangible Assets | 5.32B | 278.00M | 352.00M | 452.00M | 571.00M | 316.00M |
| Long-Term Deferred Charges | 7.69B | 7.69B | 7.35B | 6.79B | 6.42B | 5.57B |
| Other Long-Term Assets | 148.47B | 144.78B | 145.80B | 139.20B | 128.41B | 149.51B |
| Total Assets | 334.01B | 317.99B | 295.73B | 276.81B | 252.70B | 292.26B |
| Accrued Expenses | 905.00M | 1.37B | 775.00M | 1.23B | 715.00M | 1.28B |
| Short-Term Debt | 433.00M | 137.00M | 370.00M | 239.00M | 92.00M | |
| Current Portion of Long-Term Debt | 520.00M | |||||
| Current Portion of Leases | 107.00M | |||||
| Other Current Liabilities | 21.97B | 17.92B | 10.93B | 4.87B | 15.31B | |
| Total Current Liabilities | 905.00M | 23.88B | 18.83B | 12.54B | 6.34B | 16.69B |
| Long-Term Debt | 7.33B | 6.54B | 5.95B | 5.38B | 4.47B | 5.03B |
| Long-Term Leases | 605.00M | 696.00M | 579.00M | 618.00M | 768.00M | |
| Other Long-Term Liabilities | 325.53B | 285.18B | 266.70B | 253.16B | 237.67B | 256.21B |
| Total Liabilities | 333.76B | 316.20B | 292.18B | 271.66B | 249.11B | 278.70B |
| Common Stock | 5.00M | 5.00M | 5.00M | 5.00M | 4.00M | 4.00M |
| Additional Paid-In Capital | 1.96B | 1.93B | 2.34B | 2.33B | 2.30B | 1.92B |
| Retained Earnings | 9.25B | 8.37B | 10.63B | 10.24B | 9.82B | 8.88B |
| Treasury Stock | -5.80B | -5.17B | -4.20B | -3.71B | -3.30B | -2.85B |
| Comprehensive Income & Other | -8.29B | -6.28B | -8.71B | -7.78B | -8.99B | 2.00B |
| Total Common Equity | -2.87B | -1.14B | 58.00M | 1.09B | -161.00M | 9.96B |
| Minority Interest | 2.05B | 1.86B | 1.98B | 2.51B | 2.19B | 2.04B |
| Shareholders' Equity | 244.00M | 1.79B | 3.55B | 5.16B | 3.60B | 13.56B |
| Total Liabilities & Equity | 334.01B | 317.99B | 295.73B | 276.81B | 252.70B | 292.26B |
| Total Debt | 7.33B | 7.68B | 6.78B | 6.33B | 5.85B | 5.89B |
| Net Cash (Debt) | 10.20B | 6.76B | 1.41B | 3.08B | -891.00M | -71.00M |
| Net Cash Per Share | 37.35 | 22.68 | 4.33 | 8.77 | -2.35 | -0.17 |
| Filing Date Shares Outstanding | 273.08M | 280.35M | 307.82M | 329.71M | 361.81M | 389.56M |
| Total Common Shares Outstanding | 273.08M | 283.36M | 309.90M | 333.88M | 365.08M | 391.29M |
| Working Capital | 43.98B | 25.16B | 9.30B | 15.67B | 13.97B | 12.06B |
| Book Value Per Share | -10.51 | -4.03 | 0.19 | 3.26 | -0.44 | 25.45 |
| Tangible Book Value | -8.19B | -6.53B | -5.43B | -4.51B | -5.87B | 5.04B |
| Tangible Book Value Per Share | -29.98 | -23.04 | -17.54 | -13.50 | -16.07 | 12.87 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.38B | 1.28B | 1.28B | 2.15B | 1.75B | |
| Depreciation & Amortization | 837.00M | 827.00M | 768.00M | 591.00M | 462.00M | |
| Other Amortization | 35.00M | 41.00M | 53.00M | 45.00M | 57.00M | |
| Loss (Gain) From Sale of Assets | -135.00M | -1.00M | 7.00M | -3.00M | ||
| Loss (Gain) From Sale of Investments | 1.24B | 51.00M | 636.00M | 1.14B | -839.00M | |
| Loss (Gain) on Equity Investments | -221.00M | -174.00M | -125.00M | -146.00M | -553.00M | |
| Stock-Based Compensation | 277.00M | 285.00M | 234.00M | 286.00M | 226.00M | |
| Other Operating Activities | 3.38B | 1.13B | 670.00M | -2.92B | 85.00M | |
| Change in Accounts Receivable | -135.00M | -446.00M | -910.00M | 189.00M | -131.00M | |
| Change in Income Taxes | -968.00M | 315.00M | -1.17B | 470.00M | 133.00M | |
| Change in Other Net Operating Assets | -2.36B | -1.17B | -1.65B | -2.06B | -1.39B | |
| Operating Cash Flow | 714.00M | 2.01B | -208.00M | -250.00M | -193.00M | |
| Capital Expenditures | -34.00M | -153.00M | -117.00M | -167.00M | -120.00M | |
| Cash Acquisitions | 40.00M | |||||
| Divestitures | 215.00M | |||||
| Investment in Securities | -8.61B | -11.22B | -1.43B | -4.00B | -4.96B | |
| Other Investing Activities | 366.00M | -2.49B | -1.50B | -836.00M | -6.98B | |
| Investing Cash Flow | -10.97B | -15.86B | -4.85B | -7.49B | -12.69B | |
| Short-Term Debt Issued | 25.00M | 147.00M | 108.00M | |||
| Long-Term Debt Issued | 2.35B | 604.00M | 899.00M | 6.00M | 873.00M | |
| Total Debt Issued | 2.37B | 604.00M | 899.00M | 153.00M | 981.00M | |
| Short-Term Debt Repaid | -254.00M | -504.00M | -25.00M | |||
| Long-Term Debt Repaid | -1.76B | -642.00M | -43.00M | -280.00M | ||
| Total Debt Repaid | -1.76B | -896.00M | -504.00M | -68.00M | -280.00M | |
| Net Debt Issued (Repaid) | 612.00M | -292.00M | 395.00M | 85.00M | 701.00M | |
| Repurchase of Common Stock | -1.45B | -1.01B | -919.00M | -849.00M | -1.64B | |
| Preferred Dividends Paid | -61.00M | -80.00M | -80.00M | -80.00M | -79.00M | |
| Common Dividends Paid | -314.00M | -302.00M | -301.00M | -294.00M | -296.00M | |
| Dividends Paid | -375.00M | -382.00M | -381.00M | -374.00M | -375.00M | |
| Other Financing Activities | 17.38B | 14.18B | 9.90B | 8.18B | 12.97B | |
| Financing Cash Flow | 15.72B | 12.44B | 9.00B | 7.04B | 11.95B | |
| Foreign Exchange Rate Adjustments | 36.00M | -20.00M | 23.00M | -56.00M | -18.00M | |
| Miscellaneous Cash Flow Adjustments | 153.00M | -6.00M | -159.00M | -39.00M | ||
| Net Cash Flow | 5.50B | -1.27B | 3.96B | -907.00M | -991.00M | |
| Free Cash Flow | 680.00M | 1.85B | -325.00M | -417.00M | -313.00M | |
| Free Cash Flow Margin | 5.83% | 14.54% | -3.11% | -3.17% | -3.15% | |
| Free Cash Flow Per Share | 2.28 | 5.71 | -0.92 | -1.10 | -0.74 | |
| Levered Free Cash Flow | -9.66B | 7.70B | 4.60B | -771.00M | -9.17B | |
| Unlevered Free Cash Flow | -9.51B | 8.04B | 4.73B | -337.88M | -7.57B | |
| Cash Interest Paid | 293.00M | 318.00M | 344.00M | 263.00M | 215.00M | |
| Cash Income Tax Paid | 576.00M | -38.00M | 265.00M | 89.00M | 305.00M | |
| Change in Working Capital | -3.46B | -1.30B | -3.73B | -1.41B | -1.38B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.80B | 13.58B | 14.78B | 11.27B | 10.62B | 13.27B |
| Enterprise Value | 4.60B | 7.61B | 13.10B | 13.36B | 14.50B | 15.66B |
| Last Close Price | 54.26 | 46.68 | 45.25 | 31.20 | 26.08 | 29.03 |
| PE Ratio | 10.22 | 12.32 | 9.37 | 5.12 | 7.92 | |
| Forward PE | 6.39 | 6.25 | 6.75 | 5.85 | 5.08 | 5.26 |
| PS Ratio | 1.13 | 1.16 | 1.16 | 1.08 | 0.81 | 1.34 |
| PB Ratio | 60.66 | 7.59 | 4.17 | 2.19 | 2.95 | 0.98 |
| P/TBV Ratio | 2.63 | |||||
| P/FCF Ratio | 11.20 | 19.97 | 7.98 | |||
| P/OCF Ratio | 10.91 | 19.02 | 7.37 | |||
| PEG Ratio | 0.58 | 0.36 | 0.36 | 0.34 | 0.41 | |
| EV/Sales Ratio | 0.35 | 0.65 | 1.03 | 1.28 | 1.10 | 1.58 |
| EV/EBITDA Ratio | 1.41 | 3.80 | 7.87 | 3.39 | 2.78 | |
| EV/EBIT Ratio | 1.96 | 4.99 | 14.37 | 3.93 | 3.03 | |
| EV/FCF Ratio | 3.48 | 11.19 | 7.07 | |||
| Debt / Equity Ratio | 30.02 | 4.30 | 1.91 | 1.23 | 1.63 | 0.43 |
| Debt / EBITDA Ratio | 2.17 | 1.88 | 3.41 | 1.31 | 1.02 | |
| Debt / FCF Ratio | 11.30 | 3.66 | ||||
| Net Debt / Equity Ratio | -41.81 | -3.78 | -0.40 | -0.60 | 0.25 | 0.01 |
| Net Debt / EBITDA Ratio | -3.14 | 53.23 | -0.41 | -1.82 | 0.21 | 0.01 |
| Net Debt / FCF Ratio | -9.94 | -0.76 | 9.49 | -2.14 | -0.23 | |
| Asset Turnover | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 |
| Quick Ratio | 48.95 | 1.67 | 1.10 | 1.78 | 2.70 | 1.43 |
| Current Ratio | 49.59 | 2.05 | 1.49 | 2.25 | 3.20 | 1.72 |
| Return on Equity (ROE) | 171.08% | -38.87% | 41.26% | 37.10% | 27.90% | 14.05% |
| Return on Assets (ROA) | 0.45% | -0.20% | 0.57% | 0.22% | 0.84% | 1.14% |
| Return on Invested Capital (ROIC) | 107.74% | 28.35% | 32.54% | 35.10% | ||
| Return on Capital Employed (ROCE) | 0.70% | -0.30% | 0.90% | 0.40% | 1.50% | 1.90% |
| Earnings Yield | 9.79% | -10.16% | 8.66% | 11.38% | 20.27% | 13.22% |
| FCF Yield | 8.93% | 5.01% | 12.54% | -2.88% | -3.93% | -2.36% |
| Dividend Yield | 2.21% | 2.25% | 2.01% | 2.61% | 2.75% | 2.12% |
| Payout Ratio | 29.84% | 29.70% | 17.37% | 21.37% | ||
| Buyback Yield / Dilution | 10.42% | 8.22% | 7.62% | 7.45% | 9.80% | 6.48% |
| Total Shareholder Return | 12.63% | 10.47% | 9.63% | 10.06% | 12.55% | 8.61% |