PFG

MKT CAP:$22B

Principal Financial Group, Inc.

Market Cap

$22B

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

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$97.43+$8.01 (+8.96%)

Apr 22, 2026

Company Details

Principal Financial Group, Inc. provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Princi...

CEO

Deanna Dawnette Strable-Soethout

IPO Date

Oct 23, 2001

Website

www.principal.com

Key Metrics TTM

Revenue

$16.0B

+11.8% YoY

Net Income

$1.2B

EPS (Diluted)

$5.08

Free Cash Flow

$4.8B

Revenue / Share

$71.73

Gross Margin

43.8%

Operating Margin

8.9%

Net Margin

7.4%

FCF Margin

30.1%

P/S

1.4x

P/E

18.5x

Earnings Reports

FY 2025

Feb 18, 2026

$15.6BEPS $5.25

Q4 2025

Feb 18, 2026

$4.6BEPS $2.32

Q3 2024

Oct 30, 2024

$3.0B-34.5%EPS -$0.95

Q2 2024

Jul 31, 2024

$4.3B+21.2%EPS $1.49

Q1 2024

May 1, 2024

$4.1BEPS $2.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$3.2B	$1.5B	$515M
Q3 18	$4.3B	$1.7B	$569M
Q1 20	$4.6B	$1.7B	$328M
Q2 20	$3.1B	$1.5B	$499M
Q3 20	$3.3B	$1.5B	$275M
Q4 20	$3.8B	$1.8B	$592M
Q1 21	$3.2B	$1.8B	$614M
Q2 21	$3.5B	$1.7B	$433M
Q3 21	$3.4B	$1.7B	$428M
Q2 23	$3.6B	$1.7B	$454M
Q3 23	$4.6B	$2.9B	$1.6B
Q4 23	$2.7B	$205M	-$1.1B
Q1 24	$4.1B	$2.0B	$627M
Q2 24	$4.3B	$1.8B	$444M
Q3 24	$3.0B	$1.1B	-$294M
Q4 25	$4.6B	$2.1B	$636M

Valuation

Quarter	P/S	P/E
Q2 18	1.5x	8.8x
Q3 18	1.4x	8.5x
Q1 20	1.4x	10.7x
Q2 20	1.4x	13.7x
Q3 20	1.4x	15.8x
Q4 20	1.5x	15.7x
Q1 21	1.6x	13.5x
Q2 21	1.6x	13.8x
Q3 21	1.6x	12.8x
Q2 23	1.6x	13.4x
Q3 23	1.4x	9.3x
Q4 23	1.5x	19.5x
Q1 24	1.5x	16.9x
Q2 24	1.4x	17.3x
Q3 24	1.6x	—
Q4 25	1.4x	18.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$892M	$874M
Q3 18	$2.1B	$2.0B
Q1 20	$1.6B	$1.6B
Q2 20	$457M	$429M
Q3 20	$1.1B	$1.0B
Q4 20	$628M	$602M
Q1 21	$141M	$118M
Q2 21	$993M	$970M
Q3 21	$973M	$910M
Q2 23	$1.1B	$1.1B
Q3 23	$1.1B	$1.0B
Q4 23	$944M	$916M
Q1 24	$584M	$567M
Q2 24	$1.4B	$1.4B
Q3 24	$1.1B	$1.1B
Q4 25	$1.7B	$1.7B

Capital Expenditures

Quarter	CapEx
Q2 18	$18M
Q3 18	$30M
Q1 20	$18M
Q2 20	$28M
Q3 20	$37M
Q4 20	$26M
Q1 21	$23M
Q2 21	$23M
Q3 21	$63M
Q2 23	$21M
Q3 23	$22M
Q4 23	$28M
Q1 24	$17M
Q2 24	$18M
Q3 24	$17M
Q4 25	$34M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+43.2%	+45.5%
Q1 20	-1.7%	+21.7%
Q2 20	-3.8%	-10.5%
Q3 20	+2.3%	+11.6%
Q4 20	-13.4%	-16.0%
Q1 21	-29.5%	-38.6%
Q2 21	+13.6%	+18.8%
Q3 21	+3.4%	-1.3%
Q2 23	-5.5%	-2.2%
Q3 23	+43.3%	+15.4%
Q4 23	-24.0%	+22.2%
Q1 24	+18.4%	+14.4%
Q2 24	+21.2%	+24.6%
Q3 24	-34.5%	+10.4%
Q4 25	+70.1%	+3.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$19M	0.6%
Q3 18	$20M	0.4%
Q1 20	$24M	0.5%
Q2 20	$24M	0.8%
Q3 20	$20M	0.6%
Q4 20	$21M	0.5%
Q1 21	$54M	1.7%
Q2 21	$0	0.0%
Q3 21	$21M	0.6%
Q2 23	$25M	0.7%
Q3 23	$24M	0.5%
Q4 23	$22M	0.8%
Q1 24	$31M	0.8%
Q2 24	$26M	0.6%
Q3 24	$0	0.0%
Q4 25	-$93M	-2.0%

OpEx Breakdown

Quarter	G&A
Q2 18	$990M
Q3 18	$1.1B
Q1 20	$1.3B
Q2 20	$983M
Q3 20	$1.2B
Q4 20	$1.2B
Q1 21	$1.2B
Q2 21	$1.3B
Q3 21	$1.2B

Revenue Segments

Quarter	Benefits and Protection	Corporate	Principal Asset Management	Segment Retirement and Investor Services
Q4 25	$1.2B	$89M	$694M	$2.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.7B	$71.4B	$74.2B
Q2 22	$3.2B	$67.2B	$70.4B
Q3 22	$4.2B	$62.4B	$66.6B
Q4 22	$4.8B	$62.9B	$67.7B
Q1 23	$4.6B	$65.4B	$70.0B
Q2 23	$4.1B	$64.2B	$68.3B
Q3 23	$4.6B	$61.6B	$66.1B
Q4 23	$4.7B	$65.7B	$70.4B
Q1 24	$4.2B	$23.4B	$27.5B
Q2 24	$4.8B	$23.9B	$28.7B
Q3 24	$6.2B	$24.5B	$30.7B
Q4 24	$4.2B	$25.7B	$29.9B
Q1 25	$3.9B	$0	$3.9B
Q2 25	$3.7B	$27.3B	$30.9B
Q3 25	$5.1B	$0	$5.1B
Q4 25	$4.4B	$0	$4.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	289M	-1.6%	—
Q3 18	288M	-0.5%	-2.2%
Q1 20	278M	-3.5%	-5.4%
Q2 20	276M	-0.8%	-6.3%
Q3 20	278M	+0.7%	-4.0%
Q4 20	277M	-0.2%	-3.7%
Q1 21	276M	-0.3%	-0.5%
Q2 21	276M	-0.3%	-0.0%
Q3 21	273M	-1.0%	-1.8%
Q2 23	246M	-10.0%	-11.4%
Q3 23	244M	-0.5%	-11.6%
Q4 23	236M	-3.2%	-14.2%
Q1 24	239M	+1.3%	-12.2%
Q2 24	237M	-1.2%	-3.6%
Q3 24	231M	-2.5%	-5.6%
Q4 25	222M	-3.6%	-5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	$210.4K	15K
Q3 18	$282.7K	15K
Q1 20	$258.6K	18K
Q2 20	$177.0K	18K
Q3 20	$188.1K	18K
Q4 20	$216.4K	17K
Q1 21	$184.4K	17K
Q2 21	$203.4K	17K
Q3 21	$196.8K	17K
Q2 23	$184.3K	19K
Q3 23	$238.3K	19K
Q4 23	$135.9K	20K
Q1 24	$204.7K	20K
Q2 24	$217.7K	20K
Q3 24	$152.1K	20K
Q4 25	$232.3K	20K

Revenue / Employee