FG

MKT CAP:$4B

F&G Annuities & Life, Inc.

Market Cap

$4B

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

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$28.00-$2.04 (-6.79%)

Apr 24, 2026

Company Details

F&G Annuities & Life, Inc. provides fixed annuities and life insurance products. It serves retail annuity and life customers, as well as institutional clients. The company was founded in 1959 and is headquartered in Des Moines, Iowa. F&G An...

CEO

Christopher Owsley Blunt

IPO Date

Nov 22, 2022

Website

www.fglife.com

Key Metrics TTM

Revenue

$4.8B

-4.3% YoY

Net Income

$503M

EPS (Diluted)

$3.77

Free Cash Flow

$5.4B

Revenue / Share

$37.78

Gross Margin

33.7%

Operating Margin

12.8%

Net Margin

10.6%

FCF Margin

113.4%

P/S

0.8x

P/E

7.6x

Earnings Reports

Q2 2025

May 6, 2026

PENDING

Q1 2025

May 8, 2025

$854M-43.6%EPS -$0.20

FY 2024

Feb 28, 2025

$5.4B+26.9%EPS $4.88

Q4 2024

Feb 28, 2025

$1.5B-5.3%EPS $2.50

Q3 2024

Sep 30, 2024

$1.4B+73.8%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$563M	$563M	$281M
Q1 21	$670M	$670M	$639M
Q2 21	$670M	$670M	$639M
Q3 21	$926M	$926M	$894M
Q4 21	$1.5B	$118M	$152M
Q1 22	$637M	$434M	$345M
Q4 22	$629M	$656M	-$176M
Q1 23	$812M	$0	-$203M
Q2 23	$1.1B	$307M	$163M
Q3 23	$783M	$491M	$380M
Q4 23	$1.6B	-$80M	-$375M
Q1 24	$1.5B	$354M	$142M
Q2 24	$1.1B	$467M	$254M
Q3 24	$1.4B	$266M	-$30M
Q4 24	$1.5B	$543M	$412M
Q1 25	$854M	$330M	-$26M

Valuation

Quarter	P/S	P/E
Q4 19	2.2x	10.5x
Q1 21	1.8x	6.6x
Q2 21	1.5x	4.9x
Q3 21	1.0x	3.0x
Q4 21	0.8x	3.4x
Q1 22	0.8x	3.2x
Q4 22	0.7x	4.0x
Q1 23	0.6x	34.3x
Q2 23	0.9x	40.7x
Q3 23	1.0x	23.8x
Q4 23	1.3x	—
Q1 24	1.0x	19.9x
Q2 24	0.9x	14.4x
Q3 24	1.0x	426.6x
Q4 24	1.0x	8.1x
Q1 25	1.0x	9.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$236M	$230M
Q2 21	$236M	$230M
Q3 21	$533M	$526M
Q4 21	$866M	$852M
Q1 22	$423M	$412M
Q2 22	$305M	$296M
Q4 22	$1.3B	$1.3B
Q1 23	$1.4B	$1.4B
Q2 23	$1.4B	$1.4B
Q3 23	$795M	$788M
Q4 23	$2.2B	$2.2B
Q1 24	$1.5B	$1.5B
Q2 24	$1.1B	$1.1B
Q3 24	$2.1B	$2.1B
Q4 24	$1.3B	$1.3B
Q1 25	$956M	$951M

Capital Expenditures

Quarter	CapEx
Q1 21	$6M
Q2 21	$6M
Q3 21	$7M
Q4 21	$14M
Q1 22	$11M
Q2 22	$9M
Q4 22	$6M
Q1 23	$6M
Q2 23	$8M
Q3 23	$7M
Q4 23	$6M
Q1 24	$7M
Q2 24	$5M
Q3 24	$7M
Q4 24	$5M
Q1 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+91804.3%	+65716.2%
Q1 21	+78.5%	-90.9%
Q2 21	+76.2%	-90.6%
Q3 21	+63947.9%	+3762.7%
Q4 21	+170.3%	+385.8%
Q1 22	-4.9%	+857.4%
Q4 22	-6.0%	+2539.3%
Q1 23	-12.3%	+3071.9%
Q2 23	-26.1%	-29.9%
Q3 23	+22.9%	+38.0%
Q4 23	+146.7%	+139.4%
Q1 24	+86.6%	+35.3%
Q2 24	-4.4%	-14.6%
Q3 24	+73.8%	+245.2%
Q4 24	-5.3%	-45.1%
Q1 25	-43.6%	-35.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$3M	0.4%
Q2 21	$3M	0.4%
Q3 21	$2M	0.2%
Q4 21	$2M	0.1%
Q1 22	$3M	0.5%
Q2 22	$3M	—
Q4 22	$3M	0.5%
Q1 23	$5M	0.6%
Q2 23	$6M	0.5%
Q3 23	$5M	0.6%
Q4 23	$7M	0.5%
Q1 24	$7M	0.5%
Q2 24	$7M	0.7%
Q3 24	$7M	0.5%
Q4 24	$8M	0.5%
Q1 25	$8M	0.9%

OpEx Breakdown

Quarter	G&A
Q4 19	$59M
Q4 21	$36M
Q1 22	$30M
Q4 22	$47M
Q1 23	$53M
Q2 23	$56M
Q3 23	$58M
Q4 23	$65M
Q1 24	$66M
Q2 24	$69M
Q3 24	$80M
Q4 24	$81M
Q1 25	$67M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 19	$990M	$0	$990M
Q4 19	$969M	$0	$969M
Q4 21	$1.5B	$30.3B	$31.9B
Q4 22	$960M	$32.8B	$33.7B
Q1 23	$1.6B	$35.0B	$36.6B
Q2 23	$1.7B	$36.5B	$38.2B
Q3 23	$1.7B	$37.0B	$38.8B
Q4 23	$1.6B	$41.9B	$43.4B
Q1 24	$2.4B	$23.0B	$25.4B
Q2 24	$3.5B	$0	$3.5B
Q3 24	$3.5B	$24.8B	$28.3B
Q4 24	$2.3B	$46.3B	$48.6B
Q1 25	$3.3B	$25.2B	$28.5B
Q2 25	$1.9B	$50.2B	$52.1B
Q3 25	$2.2B	$0	$2.2B
Q4 25	$1.5B	$0	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	214M	+154.2%	+950.5%
Q1 21	105M	-50.8%	+79.8%
Q2 21	105M	0.0%	+79.7%
Q3 21	105M	0.0%	+25.0%
Q4 21	105M	0.0%	-50.8%
Q1 22	105M	0.0%	0.0%
Q4 22	125M	+19.0%	+19.0%
Q1 23	125M	0.0%	+19.0%
Q2 23	125M	0.0%	+19.0%
Q3 23	125M	0.0%	+19.0%
Q4 23	124M	-0.8%	-0.8%
Q1 24	130M	+4.8%	+4.0%
Q2 24	131M	+0.8%	+4.8%
Q3 24	124M	-5.3%	-0.8%
Q4 24	131M	+5.6%	+5.6%
Q1 25	126M	-3.8%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q4 22	$721.3K	872
Q1 23	$931.2K	872
Q2 23	$1M	872
Q3 23	$897.9K	872
Q4 23	$1M	1K
Q1 24	$1M	1K
Q2 24	$922.7K	1K
Q3 24	$1M	1K
Q4 24	$1M	1K
Q1 25	$638.3K	1K

Revenue / Employee