Equitable Holdings, Inc. (EQH) Balance Sheet
EQH balance sheet, 2025
December 31, 2025 · U.S. dollars$317.99B assets = $316.20B liabilities + $1.79B equity
Both columns are drawn to the same scale: what EQH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EQH financial health
Current ratio0.57
Tight · current assets cover current liabilities 0.57×
Equity / assets−0.0%
Thin equity · of assets funded by shareholders
Cash / debt803.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles5.6%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
EQH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $216.59B2016 | $317.99B2025 | +4.4%/yr | |
| Total liabilities | $201.68B2016 | $316.20B2025 | +5.1%/yr | |
| Shareholders’ equity | $14.90B2016 | −$74.0M2025 | — | |
| Cash & short-term investments | $47.53B2016 | $52.73B2025 | +1.2%/yr | |
| Total debt | $6.25B2016 | $6.56B2025 | +0.5%/yr | |
| Net cash (debt) | $41.29B2016 | $46.17B2025 | +$4.9B | |
| Working capital | $51.17B2016 | −$60.36B2025 | −$111.5B | |
| Book value per share | $26.572016 | −$0.252025 | — | |
| Current ratio | 14.912016 | 0.572025 | −14.35 | |
| Debt / equity | 0.422016 | 3.752024 | +3.33 | |
| Shares outstanding | 561.0M2016 | 298.1M2025 | −6.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQH assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
EQH liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
EQH debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EQH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $52.73B | $91.58B | $80.82B | $67.64B | $83.40B | $88.21B | $4.41B | $4.47B | $51.76B | $47.53B |
| Cash & equivalents | $12.46B | $6.96B | $8.24B | $4.28B | $5.19B | $6.18B | $4.41B | $4.47B | $4.81B | $5.65B |
| Short-term investments | $40.27B | $84.62B | $72.58B | $63.36B | $78.22B | $82.03B | $66.34B | $46.28B | $46.94B | $41.88B |
| Receivables | $24.87B | $11.86B | $12.24B | $11.59B | $17.47B | $6.79B | $6.58B | $7.10B | $7.18B | $7.32B |
| Inventory | $0 | $0 | −$87.51B | $51.80B | −$27.64B | −$21.34B | −$14.22B | $29.20B | −$14.71B | −$15.65B |
| Other current assets | $907.0M | $637.0M | $88.49B | $0 | $0 | $21.34B | $14.22B | $17.08B | $14.71B | $15.65B |
| Total current assets | $78.50B | $104.08B | $94.04B | $20.32B | $28.75B | $95.00B | $10.98B | $57.85B | $58.94B | $54.85B |
| Property, plant & equipment (net) | $0 | $618.0M | $516.0M | $520.0M | $637.0M | $93.07B | $78.92B | $0 | $67.24B | $60.06B |
| Goodwill & intangible assets | $17.94B | $17.68B | $17.28B | $5.71B | $4.92B | $9.33B | $9.33B | $4.96B | $4.99B | $10.37B |
| Long-term investments | $87.45B | $85.02B | $75.23B | $93.10B | $105.11B | $109.09B | $74.72B | $63.63B | $62.50B | $55.31B |
| Other non-current assets | $134.09B | $88.33B | $89.74B | $133.06B | $152.84B | $0 | $75.92B | $94.35B | $41.98B | $36.00B |
| Total assets | $317.99B | $295.72B | $276.81B | $252.70B | $292.26B | $282.27B | $249.87B | $220.80B | $235.65B | $216.59B |
| Liabilities | ||||||||||
| Accounts payable | $4.85B | $4.12B | $4.88B | $5.57B | $6.26B | $2.82B | $2.13B | $1.87B | $2.22B | $2.05B |
| Short-term debt | $25.0M | $238.0M | $254.0M | $759.0M | $92.0M | $4.12B | $4.11B | $546.0M | $2.95B | $1.63B |
| Deferred revenue | — | — | — | $714.0M | — | −$1.29B | −$1.99B | — | — | — |
| Total current liabilities | $138.87B | $115.89B | $100.96B | $6.34B | $16.69B | $2.82B | $2.13B | $2.42B | $5.17B | $3.68B |
| Long-term debt | $21.83B | $9.85B | $10.55B | $3.32B | $3.93B | $4.12B | $6.40B | $6.91B | $9.67B | $4.62B |
| Other long-term liabilities | $155.50B | $166.43B | $160.14B | $239.44B | $258.08B | $749.0M | $0 | $0 | $0 | $0 |
| Total liabilities | $316.20B | $292.17B | $271.66B | $249.11B | $278.70B | $264.95B | $234.38B | $205.18B | $218.44B | $201.68B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.0M | $5.0M | $5.0M | $4.0M | $4.0M | $5.0M | $5.0M | $5.0M | $6.0M | $6.0M |
| Retained earnings (deficit) | $8.37B | $10.65B | $10.24B | $9.82B | $8.88B | $10.70B | $11.83B | $13.99B | $12.29B | $11.36B |
| Treasury stock | — | — | — | −$3.30B | −$2.85B | −$2.25B | −$1.83B | −$640.0M | — | — |
| Accumulated other comprehensive income | −$6.28B | −$8.71B | −$7.78B | −$8.99B | $2.00B | $3.86B | $840.0M | −$1.40B | −$108.0M | −$943.0M |
| Minority interest | $1.86B | $1.98B | $2.51B | $1.74B | $1.58B | $1.60B | $1.59B | $1.57B | — | — |
| Total shareholders' equity | −$74.0M | $1.58B | $2.65B | $1.40B | $11.52B | $17.32B | $15.49B | $15.62B | $17.21B | $14.90B |
| Key figures | ||||||||||
| Total debt | $6.56B | $5.95B | $5.63B | $5.85B | $5.89B | $4.12B | $10.51B | $7.46B | $12.62B | $6.25B |
| Net cash (debt) | $46.17B | $85.64B | $75.19B | $61.79B | $77.51B | $84.09B | −$6.11B | −$2.99B | $39.13B | $41.29B |
| Working capital | −$60.36B | −$11.81B | −$6.92B | $13.97B | $12.06B | $92.17B | $8.86B | $55.44B | $53.77B | $51.17B |
| Tangible book value | −$18.02B | −$16.10B | −$14.63B | −$4.30B | $6.60B | $7.99B | $6.16B | $10.66B | $12.22B | $4.54B |
| Book value per share | −$0.25 | $4.88 | $7.53 | $3.69 | $27.60 | $38.45 | $31.38 | $28.07 | $30.67 | $26.57 |
| Shares outstanding | 298.1M | 324.8M | 351.6M | 379.9M | 417.4M | 450.4M | 493.6M | 556.5M | 561.0M | 561.0M |
| Current ratio | 0.57 | 0.90 | 0.93 | 3.20 | 1.72 | 33.64 | 5.17 | 23.96 | 11.41 | 14.91 |
| Quick ratio | 0.56 | 0.89 | 0.92 | 12.49 | 6.05 | 33.64 | 5.17 | 4.79 | 11.41 | 14.91 |
| Debt / equity | — | 3.75 | 2.13 | 4.17 | 0.51 | 0.24 | 0.68 | 0.48 | 0.73 | 0.42 |
| Equity / assets | −0.0% | 0.5% | 1.0% | 0.6% | 3.9% | 6.1% | 6.2% | 7.1% | 7.3% | 6.9% |
| 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 | $58.60B | $50.38B | $52.73B | $51.51B | $51.18B | $42.53B | $91.58B | $40.21B | $10.28B | $11.22B | $9.41B | $69.57B |
| Cash & equivalents | $17.18B | $9.90B | $12.46B | $13.60B | $14.96B | $8.16B | $6.96B | $9.58B | $10.28B | $11.22B | $8.24B | $6.10B |
| Short-term investments | $41.42B | $40.47B | $40.27B | $37.90B | $36.22B | $34.36B | $84.62B | $30.63B | $152.0M | $147.0M | $116.0M | $63.47B |
| Receivables | $23.04B | $25.17B | $24.87B | $24.36B | $11.18B | $11.14B | $11.86B | $11.82B | $10.04B | $10.20B | $12.24B | $12.32B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$41.60B | −$3.25B | −$87.51B | −$96.52B |
| Other current assets | $0 | $650.0M | $907.0M | $502.0M | $587.0M | $918.0M | $637.0M | $674.0M | $41.60B | $3.25B | $94.06B | $21.66B |
| Total current assets | $40.45B | $76.19B | $78.50B | $76.37B | $62.95B | $54.59B | $104.08B | $52.70B | $20.31B | $21.42B | $28.20B | $7.02B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $618.0M | −$111.81B | $239.80B | −$7.48B | $516.0M | $0 |
| Goodwill & intangible assets | $5.33B | $12.93B | $12.83B | $12.76B | $12.70B | $12.62B | $17.68B | $12.42B | $5.40B | $5.42B | $5.60B | $5.45B |
| Long-term investments | $90.69B | $89.02B | $87.45B | $85.45B | $89.39B | $86.71B | $85.02B | $85.60B | $80.88B | $76.14B | $75.23B | $69.39B |
| Other non-current assets | $198.19B | $132.24B | $139.20B | $139.83B | $138.04B | $133.45B | $88.33B | $260.08B | $0 | $180.93B | $167.26B | $178.40B |
| Total assets | $334.66B | $310.38B | $317.99B | $314.41B | $303.09B | $287.37B | $295.72B | $298.99B | $278.97B | $276.42B | $276.81B | $260.25B |
| Liabilities | ||||||||||||
| Accounts payable | $4.00B | $3.96B | $4.85B | $4.56B | $4.69B | $4.13B | $4.12B | $4.60B | $4.26B | $4.56B | $2.68B | $4.20B |
| Short-term debt | $201.0M | — | $25.0M | $77.0M | $104.0M | $146.0M | $238.0M | $127.0M | $152.0M | $147.0M | $370.0M | $113.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$152.0M | $4.41B | — | $4.09B |
| Total current liabilities | $4.00B | $136.94B | $138.87B | $134.20B | $128.16B | $117.73B | $115.89B | $112.17B | $16.12B | $15.17B | $12.54B | $4.20B |
| Long-term debt | $6.97B | $6.93B | $21.83B | $12.99B | $12.89B | $10.93B | $9.85B | $9.81B | $5.57B | $5.40B | $5.38B | $11.28B |
| Other long-term liabilities | $322.46B | $164.27B | $155.50B | $165.28B | $159.07B | $154.22B | $166.43B | $170.81B | $268.93B | $266.27B | $253.74B | $0 |
| Total liabilities | $333.43B | $308.13B | $316.20B | $312.46B | $300.12B | $282.87B | $292.17B | $292.79B | $274.50B | $271.68B | $271.66B | $256.33B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $3.0M |
| Retained earnings (deficit) | $8.23B | $8.78B | $8.37B | $8.36B | $9.87B | $10.45B | $10.65B | $9.98B | $10.32B | $10.11B | $10.24B | $11.16B |
| Accumulated other comprehensive income | −$6.46B | −$6.30B | −$6.28B | −$6.19B | −$7.43B | −$7.57B | −$8.71B | −$6.59B | −$8.64B | −$8.17B | −$7.78B | −$9.80B |
| Minority interest | $2.01B | $1.98B | $1.86B | $1.80B | $1.81B | — | — | — | — | — | — | — |
| Total shareholders' equity | −$785.0M | $273.0M | −$74.0M | $148.0M | $1.15B | $2.40B | $1.58B | $3.22B | $1.64B | $2.03B | $2.65B | $1.64B |
| Key figures | ||||||||||||
| Total debt | $3.84B | $6.93B | $6.56B | $6.36B | $6.80B | $6.44B | $5.95B | $5.58B | $3.83B | $3.82B | $6.33B | $11.39B |
| Net cash (debt) | $54.76B | $43.45B | $46.17B | $45.14B | $44.38B | $36.09B | $85.64B | $34.63B | $6.45B | $7.40B | $3.08B | $58.17B |
| Working capital | $36.44B | −$60.74B | −$60.36B | −$57.83B | −$65.21B | −$63.14B | −$11.81B | −$59.47B | $4.20B | $6.25B | $15.67B | $2.83B |
| Tangible book value | −$6.12B | −$12.66B | −$12.91B | −$12.61B | −$11.55B | −$10.22B | −$16.10B | −$9.20B | −$3.76B | −$3.39B | −$2.95B | −$3.81B |
| Book value per share | −$2.82 | $0.96 | −$0.26 | $0.49 | $3.79 | $7.70 | $5.01 | $10.12 | $5.02 | $6.11 | $7.86 | $4.72 |
| Shares outstanding | 278.3M | 283.8M | 289.1M | 303.2M | 303.2M | 311.9M | 316.5M | 318.2M | 327.3M | 332.7M | 337.2M | 348.0M |
| Current ratio | 10.10 | 0.56 | 0.57 | 0.57 | 0.49 | 0.46 | 0.90 | 0.47 | 1.26 | 1.41 | 2.25 | 1.67 |
| Quick ratio | 20.39 | 0.55 | 0.56 | 0.57 | 0.49 | 0.46 | 0.89 | 0.46 | 1.26 | 1.41 | 1.73 | 19.50 |
| Debt / equity | — | 25.37 | — | 42.99 | 5.92 | 2.68 | 3.75 | 1.73 | 2.33 | 1.88 | 2.39 | 6.94 |
| Equity / assets | −0.2% | 0.1% | −0.0% | 0.0% | 0.4% | 0.8% | 0.5% | 1.1% | 0.6% | 0.7% | 1.0% | 0.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
EQH financial position
At the end of fiscal 2025 (December 31, 2025), Equitable had total assets of $318.0 billion (up 7.5% from a year earlier), total liabilities of $316.2 billion and shareholders' equity of -$74.0 million. It held $52.7 billion in cash and short-term investments against $6.6 billion of debt, a net cash position of $46.2 billion. Its current ratio was 0.57. In the latest quarter (ended June 30, 2026) total assets were $334.7 billion and equity -$785.0 million.
Related: EQH income statement, EQH cash flow statement, EQH key metrics. See the EQH stock overview for the latest quote and news.
EQH balance sheet FAQ
What are Equitable's total assets?
Equitable reported total assets of $318.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $295.7 billion a year earlier.
How much debt does Equitable have?
Equitable had $6.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Equitable have?
Equitable held $52.7 billion in cash and short-term investments at the end of fiscal 2025; with $6.6 billion of debt that is net cash of $46.2 billion.
What is Equitable's book value?
Equitable's shareholders' equity (book value) was -$74.0 million at the end of fiscal 2025, or −$0.25 per share.
What is Equitable's current ratio?
Equitable had current assets of $78.5 billion and current liabilities of $138.9 billion, a current ratio of 0.57 (current liabilities exceed current assets).
How much goodwill does Equitable have?
Equitable carried $17.9 billion of goodwill and intangible assets, 5.6% of total assets, at the end of fiscal 2025.