Brighthouse Financial, Inc. (BHF) Balance Sheet
BHF balance sheet, 2025
December 31, 2025 · U.S. dollars$241.80B assets = $234.97B liabilities + $6.83B equity
Both columns are drawn to the same scale: what BHF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BHF financial health
Descriptive bands, not a rating. Fiscal 2025.
BHF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $222.60B2016 | $241.80B2025 | +0.9%/yr | |
| Total liabilities | $207.74B2016 | $234.97B2025 | +1.4%/yr | |
| Shareholders’ equity | $14.86B2016 | $6.77B2025 | −8.4%/yr | |
| Cash & short-term investments | $5.23B2016 | $89.10B2025 | +37.0%/yr | |
| Total debt | $4.71B2016 | $3.15B2025 | −4.3%/yr | |
| Net cash (debt) | $521.0M2016 | $85.95B2025 | +$85.4B | |
| Working capital | $12.48B2016 | $15.41B2025 | +$2.9B | |
| Book value per share | $121.102016 | $118.382025 | −0.3%/yr | |
| Debt / equity | 0.322016 | 0.472025 | +0.15 | |
| Shares outstanding | 122.7M2016 | 57.2M2025 | −8.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BHF assets
BHF liabilities and equity
BHF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BHF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $89.10B | $5.04B | $3.85B | $236.34B | $94.00B | $89.84B | $76.02B | $66.75B | $67.39B | $5.23B |
| Cash & equivalents | $5.39B | $5.04B | $3.85B | $4.12B | $4.47B | $4.11B | $2.88B | $4.14B | $1.86B | $5.23B |
| Short-term investments | $83.72B | $81.92B | $82.16B | $76.66B | $89.52B | $85.74B | $73.14B | $62.61B | $65.53B | $62.98B |
| Receivables | $22.86B | $21.13B | $19.76B | $18.55B | $16.09B | $16.16B | $14.78B | $13.70B | $14.27B | $14.65B |
| Inventory | $0 | $0 | −$105.80B | $0 | −$24.09B | −$25.70B | −$22.05B | −$20.24B | −$31.84B | −$24.50B |
| Other current assets | $0 | $0 | $105.80B | $0 | $24.09B | $25.70B | $22.05B | $20.38B | $17.04B | $24.50B |
| Total current assets | $111.96B | $26.17B | $23.61B | $254.89B | $110.09B | $106.00B | $90.80B | $80.59B | $66.85B | $19.88B |
| Property, plant & equipment (net) | $0 | $0 | $189.22B | $0 | $93.26B | $87.57B | $74.67B | $64.64B | $0 | $64.58B |
| Goodwill & intangible assets | $4.57B | $204.0M | $228.0M | $5.08B | $530.0M | $504.0M | $1.00B | $1.14B | $1.22B | $1.28B |
| Long-term investments | $88.49B | $86.83B | $87.21B | $81.52B | $93.80B | $110.21B | $75.52B | $65.04B | $67.64B | $64.62B |
| Other non-current assets | $36.78B | $126.07B | $0 | $0 | $0 | $0 | $0 | $0 | $88.49B | $72.24B |
| Total assets | $241.80B | $239.27B | $237.21B | $224.85B | $259.84B | $247.87B | $227.26B | $206.29B | $224.19B | $222.60B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $10.32B | — | $62.0M | $126.0M | — | $15.0M | $4.17B | $7.39B |
| Short-term debt | — | — | $3.86B | $2.0M | $2.0M | $2.0M | $2.0M | $619.0M | $837.0M | $2.30B |
| Deferred revenue | — | — | −$3.86B | — | — | $1.62B | — | — | — | $7.39B |
| Total current liabilities | $96.55B | $3.89B | $3.67B | $82.19B | $62.0M | $126.0M | $17.0M | $1.0M | $740.0M | $7.39B |
| Long-term debt | $3.15B | $3.15B | $3.16B | $3.16B | $3.16B | $3.44B | $4.37B | $3.96B | $3.61B | $1.91B |
| Other long-term liabilities | $135.26B | $231.09B | $229.04B | $216.09B | $1.06B | $1.62B | $1.35B | $187.85B | $205.26B | $205.83B |
| Total liabilities | $234.97B | $234.24B | $232.20B | $219.25B | $4.22B | $5.06B | $5.72B | $191.81B | $209.61B | $207.74B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $13.60B |
| Retained earnings (deficit) | −$686.0M | −$1.12B | −$1.51B | −$637.0M | −$642.0M | −$534.0M | $585.0M | $1.35B | $707.0M | — |
| Treasury stock | — | — | — | — | −$1.54B | −$1.04B | −$562.0M | −$118.0M | $0 | — |
| Accumulated other comprehensive income | −$3.73B | −$5.28B | −$5.25B | −$5.93B | $4.17B | $5.72B | $3.24B | $716.0M | $1.38B | $1.26B |
| Minority interest | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | — |
| Total shareholders' equity | $6.77B | $4.96B | $4.94B | $5.53B | $255.62B | $242.81B | $221.54B | $14.48B | $14.58B | $14.86B |
| Key figures | ||||||||||
| Total debt | $3.15B | $3.15B | $3.16B | $3.16B | $3.16B | $3.44B | $4.37B | $4.58B | $4.45B | $4.71B |
| Net cash (debt) | $85.95B | $1.89B | $695.0M | $233.18B | $90.84B | $86.41B | $71.65B | $62.17B | $62.94B | $521.0M |
| Working capital | $15.41B | $22.28B | $19.94B | $172.70B | $110.03B | $105.88B | $90.78B | $80.59B | $66.11B | $12.48B |
| Tangible book value | $2.20B | $4.75B | $4.71B | $449.0M | $255.09B | $242.31B | $220.53B | $13.35B | $13.36B | $13.58B |
| Book value per share | $118.38 | $80.50 | $74.88 | $75.20 | $3,050.96 | $2,546.52 | $1,969.08 | $123.23 | $121.73 | $121.10 |
| Shares outstanding | 57.2M | 61.6M | 66.0M | 73.6M | 83.8M | 95.4M | 112.5M | 117.5M | 119.8M | 122.7M |
| Current ratio | 1.16 | 6.73 | 6.43 | 3.10 | 1,775.68 | 841.29 | 5,340.88 | 80,591.00 | 90.34 | 2.69 |
| Quick ratio | 1.16 | 6.73 | 6.43 | 3.10 | 1,775.68 | 841.29 | 5,340.88 | 80,451.00 | 110.35 | 2.69 |
| Debt / equity | 0.47 | 0.64 | 0.64 | 0.57 | 0.01 | 0.01 | 0.02 | 0.32 | 0.31 | 0.32 |
| Equity / assets | 2.8% | 2.1% | 2.1% | 2.5% | 98.4% | 98.0% | 97.5% | 7.0% | 6.5% | 6.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.11B | $87.92B | $89.10B | $6.61B | $5.54B | $4.67B | $5.04B | $5.63B | $4.44B | $3.82B | $3.85B | $3.84B |
| Cash & equivalents | $7.11B | $4.91B | $5.39B | $6.61B | $5.54B | $4.67B | $5.04B | $5.63B | $4.44B | $3.82B | $3.85B | $3.84B |
| Short-term investments | $82.38B | $83.01B | $83.72B | $81.54B | $82.00B | $82.21B | $81.92B | $85.11B | $81.97B | $81.82B | $82.16B | $76.44B |
| Receivables | $20.76B | $22.14B | $22.86B | $21.24B | $21.26B | $21.19B | $21.13B | $20.69B | $20.04B | $20.23B | $19.76B | $19.07B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$105.06B | −$104.53B | −$105.80B | −$28.28B |
| Other current assets | $60.07B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $105.06B | $104.53B | $105.80B | $28.28B |
| Total current assets | $87.93B | $110.06B | $111.96B | $27.85B | $26.80B | $25.86B | $26.17B | $26.32B | $24.48B | $24.06B | $23.61B | $22.91B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $105.66B | −$4.83B | $189.44B | −$234.0M |
| Goodwill & intangible assets | $172.0M | $4.52B | $4.57B | $188.0M | $193.0M | $199.0M | $204.0M | $210.0M | $216.0M | $222.0M | $440.0M | $234.0M |
| Long-term investments | $87.03B | $87.76B | $88.49B | $87.74B | $87.40B | $87.49B | $86.83B | $90.07B | $86.99B | $86.83B | $87.21B | $81.46B |
| Other non-current assets | $72.05B | $34.46B | $36.78B | $127.92B | $127.17B | $120.23B | $126.07B | $127.81B | $19.17B | $132.57B | $0 | $118.46B |
| Total assets | $247.18B | $236.80B | $241.80B | $243.70B | $241.56B | $233.77B | $239.27B | $244.41B | $236.52B | $238.85B | $237.21B | $222.82B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | $8.71B | — | $10.32B | — |
| Short-term debt | — | — | — | — | — | — | — | — | — | — | $3.86B | — |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −$3.86B | — |
| Total current liabilities | $10.0M | $95.03B | $96.55B | $17.0M | $17.0M | $20.0M | $3.89B | $28.0M | $3.91B | $3.65B | $3.67B | $31.0M |
| Long-term debt | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.16B | $3.16B |
| Other long-term liabilities | $237.40B | $132.99B | $135.26B | $234.12B | $232.67B | $225.31B | $231.09B | $235.66B | $229.16B | $231.43B | $229.04B | $215.53B |
| Total liabilities | $240.56B | $231.18B | $234.97B | $237.27B | $235.82B | $228.46B | $234.24B | $238.82B | $232.32B | $234.59B | $232.20B | $218.69B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | −$471.0M | −$1.45B | −$686.0M | −$823.0M | −$1.30B | −$1.39B | −$1.12B | −$1.79B | −$1.97B | −$2.00B | −$1.51B | −$590.0M |
| Accumulated other comprehensive income | −$4.13B | −$4.16B | −$3.73B | −$4.02B | −$4.26B | −$4.67B | −$5.28B | −$4.13B | −$5.42B | −$5.41B | −$9.68B | −$7.12B |
| Minority interest | $65.0M | $65.0M | $65.0M | $65.0M | $65.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $6.55B | $5.56B | $6.77B | $6.36B | $5.67B | $5.24B | $4.96B | $5.53B | $4.14B | $4.20B | $4.94B | $4.07B |
| Key figures | ||||||||||||
| Total debt | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.15B | $3.16B | $3.16B |
| Net cash (debt) | $3.95B | $84.77B | $85.95B | $3.45B | $2.38B | $1.51B | $1.89B | $2.48B | $1.29B | $668.0M | $695.0M | $682.0M |
| Working capital | $87.92B | $15.03B | $15.41B | $27.83B | $26.78B | $25.84B | $22.28B | $26.29B | $20.58B | $20.40B | $19.94B | $22.87B |
| Tangible book value | $6.38B | $1.04B | $2.20B | $6.17B | $5.48B | $5.04B | $4.75B | $5.32B | $3.92B | $3.97B | $4.50B | $3.83B |
| Book value per share | $113.45 | $96.35 | $117.03 | $110.21 | $98.26 | $89.93 | $81.36 | $90.65 | $66.52 | $67.38 | $77.14 | $61.89 |
| Shares outstanding | 57.7M | 57.7M | 57.8M | 57.7M | 57.7M | 58.3M | 60.9M | 60.9M | 62.3M | 62.3M | 64.1M | 65.7M |
| Current ratio | 8,792.80 | 1.16 | 1.16 | 1,638.24 | 1,576.35 | 1,292.75 | 6.73 | 940.07 | 6.27 | 6.59 | 6.43 | 738.87 |
| Quick ratio | 2,786.20 | 1.16 | 1.16 | 1,638.24 | 1,576.35 | 1,292.75 | 6.73 | 940.07 | 6.27 | 6.59 | 6.43 | 738.87 |
| Debt / equity | 0.48 | 0.57 | 0.47 | 0.50 | 0.56 | 0.60 | 0.64 | 0.57 | 0.76 | 0.75 | 0.64 | 0.78 |
| Equity / assets | 2.6% | 2.3% | 2.8% | 2.6% | 2.3% | 2.2% | 2.1% | 2.3% | 1.8% | 1.8% | 2.1% | 1.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
BHF financial position
At the end of fiscal 2025 (December 31, 2025), Brighthouse Financial had total assets of $241.8 billion (up 1.1% from a year earlier), total liabilities of $235.0 billion and shareholders' equity of $6.8 billion. It held $89.1 billion in cash and short-term investments against $3.2 billion of debt, a net cash position of $85.9 billion. Its current ratio was 1.16. In the latest quarter (ended June 30, 2026) total assets were $247.2 billion and equity $6.5 billion.
Related: BHF income statement, BHF cash flow statement, BHF key metrics. See the BHF stock overview for the latest quote and news.
BHF balance sheet FAQ
What are Brighthouse Financial's total assets?
Brighthouse Financial reported total assets of $241.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $239.3 billion a year earlier.
How much debt does Brighthouse Financial have?
Brighthouse Financial had $3.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.47.
How much cash does Brighthouse Financial have?
Brighthouse Financial held $89.1 billion in cash and short-term investments at the end of fiscal 2025; with $3.2 billion of debt that is net cash of $85.9 billion.
What is Brighthouse Financial's book value?
Brighthouse Financial's shareholders' equity (book value) was $6.8 billion at the end of fiscal 2025, or $118.38 per share.
What is Brighthouse Financial's current ratio?
Brighthouse Financial had current assets of $112.0 billion and current liabilities of $96.5 billion, a current ratio of 1.16 (it can cover its short-term obligations).
How much goodwill does Brighthouse Financial have?
Brighthouse Financial carried $4.6 billion of goodwill and intangible assets, 1.9% of total assets, at the end of fiscal 2025.