PFG

MKT CAP:$22B

Principal Financial Group, Inc.

Market Cap

$22B

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

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$99.34+$9.92 (+11.09%)

Apr 24, 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

$15.6B

-3.1% YoY

Net Income

$1.2B

EPS (Diluted)

$5.26

Free Cash Flow

$4.4B

Revenue / Share

$70.26

Gross Margin

45.2%

Operating Margin

9.1%

Net Margin

7.6%

FCF Margin

28.4%

P/S

1.4x

P/E

18.4x

Earnings Reports

FY 2025

Feb 18, 2026

$15.6B-3.1%EPS $5.25

Q4 2025

Feb 18, 2026

$4.6B-3.7%EPS $2.32

Q3 2025

Oct 29, 2025

$3.7B+22.2%EPS $0.94

Q2 2025

Jul 30, 2025

$3.7B-14.8%EPS $1.79

Q1 2025

Apr 30, 2025

$3.7B-8.8%EPS $0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3.1B	$1.6B	$378M
Q2 22	$6.7B	$5.3B	$4.0B
Q3 22	$4.6B	$2.9B	$1.6B
Q4 22	$3.1B	$1.2B	$5M
Q1 23	$2.8B	$1.1B	-$213M
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 24	$4.8B	$2.5B	$1.1B
Q1 25	$3.7B	$1.4B	$29M
Q2 25	$3.7B	$1.8B	$503M
Q3 25	$3.7B	$1.7B	$248M
Q4 25	$4.6B	$2.1B	$636M

Valuation

Quarter	P/S	P/E
Q1 22	1.5x	14.3x
Q2 22	1.3x	5.1x
Q3 22	1.2x	4.2x
Q4 22	1.2x	4.6x
Q1 23	1.3x	5.1x
Q2 23	1.5x	14.1x
Q3 23	1.5x	14.7x
Q4 23	1.6x	35.1x
Q1 24	1.5x	16.9x
Q2 24	1.4x	17.3x
Q3 24	1.6x	—
Q4 24	1.4x	13.9x
Q1 25	1.4x	20.1x
Q2 25	1.4x	19.2x
Q3 25	1.4x	13.9x
Q4 25	1.4x	18.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$32M	$6M
Q2 22	$807M	$781M
Q3 22	$1.2B	$1.1B
Q4 22	$1.2B	$1.1B
Q1 23	$695M	$664M
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 24	$1.5B	$1.4B
Q1 25	$977M	$961M
Q2 25	$812M	$789M
Q3 25	$1.0B	$980M
Q4 25	$1.7B	$1.7B

Capital Expenditures

Quarter	CapEx
Q1 22	$25M
Q2 22	$26M
Q3 22	$35M
Q4 22	$30M
Q1 23	$31M
Q2 23	$21M
Q3 23	$22M
Q4 23	$28M
Q1 24	$17M
Q2 24	$18M
Q3 24	$17M
Q4 24	$17M
Q1 25	$16M
Q2 25	$23M
Q3 25	$24M
Q4 25	$34M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-3.5%	+4.7%
Q2 22	+88.3%	-13.3%
Q3 22	+35.1%	-0.4%
Q4 22	-23.7%	-10.5%
Q1 23	-8.9%	+11.6%
Q2 23	-46.6%	+15.2%
Q3 23	-0.6%	+0.3%
Q4 23	-13.8%	+21.8%
Q1 24	+43.8%	+13.0%
Q2 24	+21.2%	+24.6%
Q3 24	-34.5%	+10.4%
Q4 24	+76.6%	-4.2%
Q1 25	-8.8%	+7.0%
Q2 25	-14.8%	-18.1%
Q3 25	+22.2%	+3.9%
Q4 25	-3.7%	+8.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$28M	0.9%
Q2 22	$22M	0.3%
Q3 22	$20M	0.4%
Q4 22	$21M	0.7%
Q1 23	$28M	1.0%
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 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	-$93M	-2.0%

OpEx Breakdown

Quarter

Revenue Segments

Quarter	Corporate	Principal Asset Management	Segment Retirement and Investor Services	Benefits and Protection
Q4 24	$119M	$2.6B	$2.2B	—
Q2 25	$80M	$703M	$1.7B	$1.2B
Q4 25	$89M	$694M	$2.5B	$1.2B

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
Q1 22	264M	-1.7%	-4.5%
Q2 22	256M	-2.8%	-7.0%
Q3 22	252M	-1.7%	-7.6%
Q4 22	244M	-3.3%	-9.3%
Q1 23	243M	-0.0%	-7.7%
Q2 23	246M	+0.9%	-4.2%
Q3 23	244M	-0.5%	-3.0%
Q4 23	236M	-3.2%	-2.9%
Q1 24	239M	+1.3%	-1.6%
Q2 24	237M	-1.2%	-3.6%
Q3 24	231M	-2.5%	-5.6%
Q4 24	231M	+0.2%	-2.2%
Q1 25	225M	-2.7%	-6.0%
Q2 25	227M	+0.7%	-4.3%
Q3 25	227M	0.0%	-1.8%
Q4 25	222M	-1.8%	-3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$166.4K	19K
Q2 22	$358.3K	19K
Q3 22	$248.7K	19K
Q4 22	$161.8K	19K
Q1 23	$146.1K	19K
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 24	$241.2K	20K
Q1 25	$187.6K	20K
Q2 25	$186.4K	20K
Q3 25	$186.9K	20K
Q4 25	$232.3K	20K

Revenue / Employee