EQH

MKT CAP:$12B

Equitable Holdings, Inc.

Market Cap

$12B

Financial Services·Insurance - Diversified·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$41.12-$6.85 (-14.28%)

Apr 24, 2026

Company Details

Equitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through four segments: Individual Retirement, Group Retirement, Investment Managemen...

CEO

Mark Pearson

IPO Date

May 10, 2018

Website

www.equitableholdings.com

Key Metrics TTM

Revenue

$13.1B

+44.0% YoY

Net Income

$357M

EPS (Diluted)

$0.88

Free Cash Flow

$1.3B

Revenue / Share

$45.14

Gross Margin

65.1%

Operating Margin

6.4%

Net Margin

2.7%

FCF Margin

9.6%

P/S

0.9x

P/E

32.5x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 25, 2026

$11.7B-6.2%EPS -$4.83

Q4 2025

Feb 25, 2026

$3.3BEPS $0.70

Q2 2025

Aug 11, 2025

$2.4B-32.6%EPS -$1.21

Q1 2025

May 1, 2025

$3.9BEPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$4.1B	$1.7B	$1.3B
Q2 16	$4.1B	$1.7B	$1.3B
Q4 17	$3.0B	$1.4B	$1.0B
Q3 18	$1.1B	$384M	-$618M
Q4 19	$1.7B	$77M	-$1.1B
Q4 20	$516M	-$983M	-$2.0B
Q2 22	$4.7B	$2.4B	$1.3B
Q4 23	$2.2B	$385M	-$817M
Q2 24	$3.5B	$1.7B	$681M
Q1 25	$3.9B	$3.1B	$174M
Q2 25	$2.4B	$717M	-$363M
Q4 25	$3.3B	$2.9B	$344M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q4 17	—	—
Q3 18	0.9x	6.4x
Q4 19	1.2x	208.9x
Q4 20	1.8x	—
Q2 22	1.5x	—
Q4 23	1.3x	—
Q2 24	1.1x	—
Q1 25	0.8x	15.3x
Q2 25	1.0x	—
Q4 25	0.9x	32.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	-$80M	-$104M
Q2 16	-$80M	-$104M
Q4 17	-$23M	-$58M
Q3 18	$207M	$169M
Q4 19	$76M	$55M
Q4 20	-$181M	-$244M
Q2 22	$68M	$49M
Q4 23	-$392M	-$427M
Q2 24	$892M	$856M
Q1 25	$430M	$420M
Q2 25	$52M	$45M
Q4 25	-$80M	-$64M

Capital Expenditures

Quarter	CapEx
Q1 16	$24M
Q2 16	$24M
Q4 17	$35M
Q3 18	$38M
Q4 19	$21M
Q4 20	$63M
Q2 22	$19M
Q4 23	$35M
Q2 24	$36M
Q1 25	$10M
Q2 25	$7M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-59.0%	+0.5%
Q4 20	-87.5%	-9.0%
Q2 22	+55.3%	+73.2%
Q4 23	+100.4%	+75.6%
Q2 24	+107.6%	+0.9%
Q1 25	+656.6%	+47.0%
Q2 25	-49.6%	-20.2%
Q4 25	+51.0%	-1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$11M	0.3%
Q2 16	$11M	0.3%
Q4 17	$174M	5.8%
Q3 18	$0	0.0%
Q4 19	$188M	11.1%
Q4 20	$0	0.0%
Q2 22	$24M	0.5%
Q4 23	$235M	10.8%
Q2 24	$28M	0.8%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 16	—	$399M
Q2 16	—	$399M
Q4 17	$528M	—
Q3 18	$507M	—
Q4 19	$558M	—
Q4 20	$598M	—
Q2 22	$518M	—
Q4 23	$586M	—
Q2 24	$577M	—
Q2 25	$592M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.7B	$0	$5.7B
Q2 22	$5.1B	$0	$5.1B
Q3 22	$4.1B	$0	$4.1B
Q4 22	$4.3B	$0	$4.3B
Q1 23	$5.0B	$0	$5.0B
Q2 23	$7.7B	$0	$7.7B
Q3 23	$6.1B	$113M	$6.2B
Q4 23	$8.2B	$116M	$8.4B
Q1 24	$10.4B	$147M	$10.5B
Q2 24	$9.7B	$152M	$9.8B
Q3 24	$9.6B	$127M	$9.7B
Q4 24	$7.0B	$137M	$7.1B
Q1 25	$8.2B	$146M	$8.3B
Q2 25	$15.0B	$104M	$15.1B
Q3 25	$13.6B	$29.3B	$42.9B
Q4 25	$12.5B	$40.3B	$52.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	561M	—	—
Q2 16	561M	0.0%	—
Q4 17	561M	+0.1%	—
Q3 18	560M	-0.1%	—
Q4 19	475M	-15.2%	-15.3%
Q4 20	443M	-6.8%	-21.0%
Q2 22	381M	-14.0%	-32.2%
Q4 23	337M	-11.4%	-39.8%
Q2 24	327M	-2.9%	-31.1%
Q1 25	312M	-4.7%	-29.6%
Q2 25	303M	-2.8%	-20.3%
Q4 25	289M	-4.7%	-14.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	—	—
Q2 16	—	—
Q4 17	—	—
Q3 18	—	—
Q4 19	$213.8K	8K
Q4 20	$65.3K	8K
Q2 22	$601.3K	8K
Q4 23	$255.3K	9K
Q2 24	$412.6K	9K
Q1 25	$488.0K	8K
Q2 25	$295.3K	8K
Q4 25	$409.6K	8K

Revenue / Employee