BHF

MKT CAP:$4B

Brighthouse Financial, Inc.

Market Cap

$4B

Financial Services·Insurance - Life·🇺🇸 United States·NASDAQ

Financials·Insurance - Life·🇺🇸·NASDAQ

Stock Price

$62.04-$2.53 (-3.92%)

Apr 24, 2026

Company Details

Brighthouse Financial, Inc. provides annuity and life insurance products in the United States. It operates through three segments: Annuities, Life, and Run-off. The Annuities segment offers variable, fixed, index-linked, and income annuitie...

CEO

Eric Thomas Steigerwalt

IPO Date

Jul 17, 2017

Website

www.brighthousefinancial.com

Key Metrics TTM

Revenue

$5.0B

+31.2% YoY

Net Income

-$1.6B

EPS (Diluted)

-$27.89

Free Cash Flow

$150M

Revenue / Share

$86.01

Gross Margin

-8.3%

Operating Margin

-42.5%

Net Margin

-32.8%

FCF Margin

3.0%

P/S

0.7x

P/E

—

Earnings Reports

Q2 2025

May 14, 2026

PENDING

FY 2025

Feb 24, 2026

$6.2B+42.2%EPS $5.79

Q1 2025

May 9, 2025

$2.3BEPS -$5.04

FY 2024

Feb 28, 2025

$4.4B+10.6%EPS $4.64

Q2 2024

Aug 8, 2024

$1.3B+663.8%EPS $0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$306M	-$705M	-$1.4B
Q1 20	$8.9B	$6.7B	$6.3B
Q2 20	-$731M	-$1.8B	-$2.5B
Q1 21	$938M	-$206M	-$768M
Q2 21	$1.3B	$278M	$21M
Q3 21	$2.1B	$667M	$490M
Q4 21	$1.7B	$451M	$49M
Q2 22	$3.7B	$2.6B	$2.2B
Q3 22	$1.2B	$1.1B	$512M
Q1 23	$1.3B	-$162M	-$653M
Q2 23	$174M	$176M	-$237M
Q3 23	$1.1B	$1.0B	$590M
Q4 23	$1.4B	-$688M	-$1.2B
Q1 24	$0	-$181M	-$614M
Q2 24	$1.3B	$384M	$14M
Q1 25	$2.3B	$69M	-$354M

Valuation

Quarter	P/S	P/E
Q4 19	0.5x	—
Q1 20	0.2x	0.7x
Q2 20	0.3x	1.4x
Q1 21	0.4x	2.7x
Q2 21	0.3x	1.5x
Q3 21	1.0x	—
Q4 21	0.6x	—
Q2 22	0.4x	1.6x
Q3 22	0.4x	1.4x
Q1 23	0.4x	2.1x
Q2 23	0.6x	2.4x
Q3 23	0.9x	16.3x
Q4 23	0.9x	—
Q1 24	1.3x	—
Q2 24	0.9x	—
Q1 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$371M	$371M
Q3 20	$48M	$48M
Q4 20	$373M	$373M
Q1 21	-$104M	-$104M
Q2 21	$173M	$173M
Q3 21	$575M	$575M
Q4 21	$102M	$102M
Q2 22	$159M	$159M
Q3 22	-$962M	-$962M
Q1 23	-$500M	-$500M
Q2 23	-$128M	-$128M
Q3 23	$339M	$1.3B
Q4 23	$152M	$200M
Q1 24	-$530M	-$530M
Q2 24	$334M	$334M
Q1 25	$146M	$146M

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q3 20	$0
Q4 20	$0
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$0
Q2 22	$0
Q3 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$975M
Q4 23	$48M
Q1 24	$0
Q2 24	$0
Q1 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-92.3%	-23.7%
Q1 20	+1188.6%	+61.3%
Q2 20	-130.8%	-5.8%
Q1 21	-69.8%	-26.1%
Q2 21	+333.0%	-22.3%
Q3 21	-76.3%	-38.9%
Q4 21	+334.7%	-6.9%
Q2 22	+299.3%	-8.1%
Q3 22	-7.1%	-44.9%
Q1 23	-38.5%	+20.4%
Q2 23	-89.9%	-75.3%
Q3 23	-70.2%	-66.4%
Q4 23	+10.6%	+252.7%
Q1 24	-100.0%	-68.5%
Q2 24	+663.8%	+220.0%
Q1 25	+107.7%	+407.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	—
Q3 20	$0	—
Q4 20	$21M	—
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$23M	1.3%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$29M	2.1%
Q1 24	$0	—
Q2 24	$0	0.0%
Q1 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 19	$197M
Q1 20	$137M
Q2 20	$171M
Q1 21	$152M
Q2 21	$166M
Q3 21	$163M
Q4 21	$184M
Q2 22	$148M
Q3 22	$162M
Q1 23	$167M
Q2 23	$185M
Q3 23	$171M
Q4 23	$207M
Q1 24	$174M
Q2 24	$171M
Q1 25	$202M

Revenue Segments

Quarter	Variable Annuity
Q1 24	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$4.5B	$0	$4.5B
Q1 22	$4.1B	$0	$4.1B
Q2 22	$5.1B	$0	$5.1B
Q3 22	$4.8B	$0	$4.8B
Q1 23	$3.7B	$0	$3.7B
Q2 23	$3.7B	$0	$3.7B
Q3 23	$3.8B	$0	$3.8B
Q4 23	$3.9B	$0	$3.9B
Q1 24	$3.8B	$0	$3.8B
Q2 24	$4.4B	$0	$4.4B
Q3 24	$5.6B	$0	$5.6B
Q4 24	$5.0B	$0	$5.0B
Q1 25	$4.7B	$0	$4.7B
Q2 25	$5.5B	$0	$5.5B
Q3 25	$6.6B	$0	$6.6B
Q4 25	$5.4B	$0	$5.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	108M	-3.3%	-9.1%
Q1 20	105M	-2.5%	-10.0%
Q2 20	95M	-9.8%	-17.9%
Q1 21	88M	-7.7%	-21.5%
Q2 21	86M	-1.7%	-20.2%
Q3 21	83M	-3.3%	-20.8%
Q4 21	80M	-3.6%	-15.4%
Q2 22	75M	-6.6%	-14.4%
Q3 22	72M	-4.0%	-16.4%
Q1 23	68M	-5.7%	-18.5%
Q2 23	67M	-1.7%	-16.9%
Q3 23	66M	-1.5%	-12.3%
Q4 23	64M	-2.5%	-10.9%
Q1 24	62M	-2.8%	-8.3%
Q2 24	62M	0.0%	-6.7%
Q1 25	58M	-6.4%	-11.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$230.1K	1K
Q1 20	$7M	1K
Q2 20	-$549.6K	1K
Q1 21	$670.0K	1K
Q2 21	$946.4K	1K
Q3 21	$2M	1K
Q4 21	$1M	2K
Q2 22	$2M	2K
Q3 22	$820.7K	2K
Q1 23	$864.7K	2K
Q2 23	$116.0K	2K
Q3 23	$744.7K	2K
Q4 23	$908.0K	2K
Q1 24	$0	2K
Q2 24	$886.0K	2K
Q1 25	$2M	1K

Revenue / Employee