10-Q · May 7, 2026
Equitable Holdings (EQH) delivered strong performance in Q1 2026, exceeding revenue and EPS estimates with reported figures of $4.23 billion in revenue and $1.62 EPS, marking significant year-over-year growth of 24.3%…
Earnings analysis · 10-Q
EQH earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Equitable reported a strong Q3 recovery, with revenue of $3.881 billion, GAAP diluted EPS of $4.05 and Non-GAAP operating EPS of $2.13, compared with losses or lower earnings in the prior-year quarter and Q2 2026.…
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Equitable reported a strong Q3 recovery, with revenue of $3.881 billion, GAAP diluted EPS of $4.05 and Non-GAAP operating EPS of $2.13, compared with losses or lower earnings in the prior-year quarter and Q2 2026. Retirement and Wealth Management grew, while Asset Management was broadly stable but experienced market depreciation and retail and private-wealth outflows. Liquidity and capital returns remained supportive, but earnings remain sensitive to variable-annuity hedging, fixed-maturity valuation losses, private-credit exposure and execution of the Corebridge merger.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.05
What stood out
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Revenue rebounded sharply year over year
Total revenue was $3.881 billion, up $2.431 billion, or approximately 168%, from $1.450 billion in Q3 2025 and up from $1.660 billion in Q2 2026. The year-over-year increase was primarily driven by lower derivative and investment losses and higher fee-type revenue.
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GAAP and operating EPS improved
GAAP diluted EPS was $4.05 versus a $(4.47) loss in Q3 2025 and $(1.68) in Q2 2026. Non-GAAP operating common EPS was $2.13 versus $1.48 in Q3 2025, while Non-GAAP Operating Earnings increased to $595 million from $455 million.
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Retirement delivered earnings and inflows
Retirement operating earnings rose to $432 million from $405 million, supported by $1.315 billion of net investment income and $331 million of policy charges, fee income and premiums. Retirement net inflows were $1.097 billion in the quarter and $4.069 billion year to date.
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Wealth Management momentum continued
Wealth Management operating earnings increased to $75 million from $59 million. Advisory net new assets were $2.724 billion, up $514 million year over year, and ending assets under administration reached $140.439 billion.
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Liquidity supported capital returns
Holdings generated $1.023 billion of dividends from subsidiaries in the first nine months and ended the period with $1.094 billion of highly liquid assets. The company repurchased $751 million of treasury shares and had approximately $1.249 billion remaining under its repurchase authorization.
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Assumption update was materially favorable
The annual assumption update increased pretax income by $140 million and net income by $111 million in Q3 2026; model changes reduced pretax income by $27 million and net income by $21 million. The assumption update contributed $28 million after tax to Non-GAAP Operating Earnings.
What to watch
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Corebridge merger remains approval-dependent
The proposed Corebridge merger is expected to close by the end of 2026 but remains subject to customary closing conditions, including required regulatory approvals. The transaction is an all-stock combination involving Corebridge and Holdings, creating execution and integration risk.
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Market depreciation and retail outflows
Asset Management AUM declined $5.1 billion, or 0.6%, in Q3 to $900.4 billion because of $11.7 billion of market depreciation, despite $6.6 billion of net inflows. Retail and Private Wealth recorded net outflows of $8.4 billion and $0.7 billion, respectively.
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Fixed-maturity losses increased
The General Account had $8.895 billion of gross unrealized losses on available-for-sale fixed maturities at September 30, 2026, versus $5.850 billion at December 31, 2025. The portfolio also had $10 million of credit-loss allowances, exposing capital and earnings to rates and credit deterioration.
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Variable-annuity earnings volatility
Variable-annuity hedging and market-risk-benefit accounting remain a source of earnings volatility: Q3 2026 included a $(796) million adjustment related to variable annuity product features, while net derivative gains were only $20 million.
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Private-credit exposure expanded
Private credit amortized cost increased to $22.564 billion from $18.296 billion at December 31, 2025, including $989 million of below-investment-grade holdings. Greater private-credit exposure may increase valuation, liquidity and credit risks.
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AB financing remains material
AB had $755 million outstanding under the $900 million EQH Facility at September 30, 2026, compared with $810 million at December 31, 2025. Although the company was in covenant compliance, the facility and other financing arrangements add refinancing and liquidity exposure.
Management's outlook
Management maintained its outlook for greater than 15% 2026 Non-GAAP operating EPS growth; nine-month 2026 growth was 22%. Management also remained on track for a 60%-70% 2026 payout ratio. No explicit numeric revenue or GAAP EPS guidance was provided in the 10-Q.
Earlier filings 4
10-K · April 21, 2026
Equitable (EQH) describes a two‑franchise strategy that leverages an integrated “flywheel” between its retirement/wealth/protection businesses (Equitable) and AllianceBernstein (AB) asset management to drive AUM growth,…
10-K · February 25, 2026
Equitable Holdings positions itself as an integrated retirement value‑chain franchise—product manufacturer (Equitable), asset manager (AllianceBernstein) and distributor (Equitable Advisors)—with $1.1 trillion of assets…
10-K · February 24, 2025
Equitable Holdings presents a diversified retirement, asset management and distribution franchise managing more than $1.0 trillion of AUM/A and six reportable segments. Product-level momentum in Individual Retirement is…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.