FGN

MKT CAP:$4B

F&G Annuities & Life, Inc.

Market Cap

$4B

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

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$24.90-$0.76 (-2.96%)

Apr 23, 2026

Company Details

F&G Annuities & Life, Inc. engages in the provision of fixed annuity and life insurance products. It specializes in life insurance, annuities, retirement planning and wealth transfer. The company was founded in 1959 and is headquartered in ...

CEO

Christopher Owsley Blunt

IPO Date

Dec 12, 2023

Website

www.fglife.com

Key Metrics TTM

Revenue

$5.5B

+24.0% YoY

Net Income

$464M

EPS (Diluted)

$0.83

Free Cash Flow

$5.2B

Revenue / Share

$39.76

Gross Margin

96.0%

Operating Margin

62.2%

Net Margin

8.4%

FCF Margin

93.5%

P/S

0.8x

P/E

9.7x

Earnings Reports

Q4 2025

May 13, 2026

PENDING

Q3 2025

Nov 10, 2025

$1.7BEPS $0.85

Q2 2025

Aug 7, 2025

$1.4BEPS $0.26

Q1 2025

May 8, 2025

$908M-42.1%EPS -$0.20

Q4 2024

Feb 28, 2025

$1.6BEPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.7B	$1.7B	$1.7B
Q1 22	$750M	$750M	$720M
Q2 22	$76M	$76M	$42M
Q4 22	$647M	$647M	$600M
Q1 23	$869M	$869M	$816M
Q2 23	$1.2B	$1.2B	$1.1B
Q3 23	$851M	$851M	$793M
Q1 24	$1.6B	$1.6B	$1.5B
Q4 24	$1.6B	$1.3B	-$304M
Q1 25	$908M	$908M	$841M
Q2 25	$1.4B	$1.4B	$1.3B
Q3 25	$1.7B	$1.7B	$1.6B

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q4 22	1.4x	7.9x
Q1 23	1.9x	17.7x
Q2 23	1.6x	31.1x
Q3 23	1.3x	69.0x
Q1 24	1.0x	12.6x
Q4 24	0.9x	5.1x
Q1 25	0.9x	6.2x
Q2 25	0.8x	9.7x
Q3 25	0.8x	9.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$423M	$412M
Q2 22	$305M	$296M
Q1 23	$1.4B	$1.4B
Q2 23	$1.5B	$1.5B
Q3 23	$893M	$886M
Q1 24	$1.6B	$1.5B
Q4 24	$1.7B	$1.7B
Q1 25	$956M	$951M
Q2 25	$1.6B	$1.6B
Q3 25	$937M	$934M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$9M
Q1 23	$6M
Q2 23	$8M
Q3 23	$7M
Q1 24	$7M
Q4 24	$5M
Q1 25	$5M
Q2 25	$4M
Q3 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-48.7%	+47.2%
Q2 23	+55.7%	+86.7%
Q3 23	+1019.7%	+70.6%
Q1 24	+142.5%	+40.4%
Q4 24	+79.5%	+3417.0%
Q1 25	-22.3%	+19.6%
Q2 25	+60.3%	+32.8%
Q3 25	+8.0%	+19.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	0.4%
Q2 22	$3M	3.9%
Q1 23	$5M	0.6%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$8M	0.9%
Q2 25	$6M	0.4%
Q3 25	$8M	0.5%

OpEx Breakdown

Quarter	SG&A
Q4 24	$564M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$908M
Q2 25	$1.4B
Q3 25	$1.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$1.5B	$479M	$2.0B
Q4 22	$960M	$1.7B	$2.6B
Q1 23	$1.6B	$942M	$2.5B
Q2 23	$1.7B	$569M	$2.3B
Q3 23	$1.7B	$432M	$2.2B
Q4 23	$1.6B	$1.8B	$3.4B
Q1 24	$2.4B	$0	$2.4B
Q2 24	$2.4B	$656M	$3.0B
Q3 24	$3.5B	$421M	$3.9B
Q4 24	$2.3B	$46.3B	$48.6B
Q1 25	$3.3B	$47.9B	$51.2B
Q2 25	$1.9B	$50.2B	$52.1B
Q3 25	$2.2B	$51.6B	$53.8B
Q4 25	$1.5B	$0	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	105M	—	—
Q1 22	105M	0.0%	—
Q2 22	107M	+1.9%	—
Q4 22	125M	+16.8%	—
Q1 23	125M	0.0%	+19.0%
Q2 23	125M	0.0%	+19.0%
Q3 23	125M	0.0%	+16.8%
Q1 24	130M	+4.0%	+4.0%
Q4 24	131M	+0.8%	+4.8%
Q1 25	126M	-3.8%	+0.8%
Q2 25	134M	+6.3%	+7.2%
Q3 25	139M	+3.7%	+6.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q1 24	—	—
Q4 24	$1M	1K
Q1 25	$678.6K	1K
Q2 25	$1M	1K
Q3 25	$1M	1K

Revenue / Employee