Jackson Financial Inc. (JXN) Balance Sheet
JXN balance sheet, 2025
December 31, 2025 · U.S. dollars$352.59B assets = $342.24B liabilities + $10.34B equity
Both columns are drawn to the same scale: what JXN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
JXN financial health
Descriptive bands, not a rating. Fiscal 2025.
JXN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $237.88B2016 | $352.59B2025 | +4.5%/yr | |
| Total liabilities | $230.91B2016 | $342.24B2025 | +4.5%/yr | |
| Shareholders’ equity | $6.97B2016 | $9.95B2025 | +4.0%/yr | |
| Cash & short-term investments | $1.46B2016 | $53.47B2025 | +49.2%/yr | |
| Total debt | $341.9M2016 | $4.61B2025 | +33.5%/yr | |
| Net cash (debt) | $1.12B2016 | $48.87B2025 | +$47.7B | |
| Working capital | $3.85B2018 | $57.43B2025 | +$53.6B | |
| Book value per share | $73.752016 | $141.622025 | +7.5%/yr | |
| Debt / equity | 0.052016 | 0.462025 | +0.41 | |
| Shares outstanding | 94.5M2016 | 70.3M2025 | −3.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JXN assets
JXN liabilities and equity
JXN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
JXN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $53.47B | $3.77B | $43.57B | $46.79B | $54.17B | $61.09B | $59.03B | $3.97B | $2.31B | $1.46B |
| Cash & equivalents | $5.70B | $3.77B | $2.69B | $4.30B | $2.62B | $2.02B | $1.93B | $3.97B | $2.31B | $1.46B |
| Short-term investments | $47.77B | $40.29B | $40.88B | $42.49B | $51.55B | $59.08B | $57.09B | — | — | — |
| Receivables | $20.27B | $21.95B | $26.08B | $29.64B | $33.13B | $35.27B | $8.37B | $0 | $0 | $0 |
| Inventory | $0 | $0 | −$68.68B | −$7.28B | −$3.13B | −$4.33B | −$2.53B | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $68.68B | $7.28B | $3.13B | $4.33B | $2.53B | $0 | — | — |
| Total current assets | $73.74B | $3.77B | $69.65B | $76.43B | $87.30B | $96.36B | $67.40B | $3.97B | — | — |
| Property, plant & equipment (net) | $0 | $20.0M | $24.0M | $26.0M | $31.0M | $37.0M | $46.4M | $0 | $0 | $0 |
| Goodwill & intangible assets | $11.66B | $11.89B | $274.39B | $13.42B | $14.25B | $13.90B | $12.47B | $10.66B | $0 | $0 |
| Long-term investments | $50.96B | $43.53B | $43.04B | $66.46B | $74.73B | $60.65B | $58.81B | $0 | $0 | $0 |
| Other non-current assets | $216.22B | $279.26B | $0 | $154.72B | $199.18B | $182.51B | $158.34B | $244.71B | $266.00B | $237.88B |
| Total assets | $352.59B | $338.47B | $330.25B | $311.06B | $375.48B | $353.46B | $297.06B | $259.33B | $266.00B | $237.88B |
| Liabilities | ||||||||||
| Accounts payable | $14.96B | $16.74B | — | $22.96B | $29.01B | $31.97B | $4.78B | $4.75B | — | — |
| Short-term debt | $0 | $8.0M | $9.0M | $9.0M | $2.53B | $10.3M | $0 | $0 | $0 | $0 |
| Deferred revenue | — | — | — | $385.0M | — | −$10.3M | — | — | — | — |
| Total current liabilities | $16.31B | $16.74B | $21.96B | $23.34B | $29.01B | $53.47B | $10.92B | $121.1M | — | — |
| Long-term debt | $2.03B | $2.03B | $2.04B | $27.66B | $31.70B | $322.0M | $2.69B | $331.9M | $336.9M | $341.9M |
| Other long-term liabilities | $323.90B | $326.43B | $295.92B | $250.90B | $0 | $289.74B | $267.74B | $251.02B | — | — |
| Total liabilities | $342.24B | $328.47B | $319.92B | $301.90B | $2.65B | $343.53B | $289.74B | $251.47B | $258.69B | $230.91B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $0 | $0 | $5.08B | $5.08B |
| Retained earnings (deficit) | $7.47B | $7.71B | $7.04B | $8.28B | $2.81B | −$323.2M | $1.37B | $2.74B | $1.30B | $1.46B |
| Treasury stock | — | — | — | — | −$211.0M | — | — | — | — | — |
| Accumulated other comprehensive income | −$2.47B | −$3.52B | −$2.81B | −$5.48B | $1.74B | $3.83B | $2.40B | −$343.3M | — | — |
| Minority interest | $389.0M | $218.0M | $164.0M | $732.0M | $680.0M | — | — | — | — | — |
| Total shareholders' equity | $9.95B | $9.76B | $10.17B | $9.15B | $372.83B | $9.92B | $6.84B | $7.47B | $7.31B | $6.97B |
| Key figures | ||||||||||
| Total debt | $4.61B | $2.03B | $4.03B | $27.67B | $34.23B | $332.3M | $2.69B | $331.9M | $336.9M | $341.9M |
| Net cash (debt) | $48.87B | $1.73B | $39.54B | $19.12B | $19.94B | $60.76B | $56.33B | $3.64B | $1.97B | $1.12B |
| Working capital | $57.43B | −$12.97B | $47.69B | $53.09B | $58.29B | $42.89B | $56.47B | $3.85B | — | — |
| Tangible book value | −$1.71B | −$2.12B | −$264.22B | −$4.27B | $358.59B | −$3.97B | −$5.63B | −$3.18B | $7.31B | $6.97B |
| Book value per share | $141.62 | $131.20 | $121.68 | $103.22 | $4,204.00 | $105.04 | $72.37 | $79.10 | $77.36 | $73.75 |
| Shares outstanding | 70.3M | 74.4M | 83.6M | 88.7M | 88.7M | 94.5M | 94.5M | 94.5M | 94.5M | 94.5M |
| Current ratio | 4.52 | 0.23 | 3.17 | 3.27 | 3.01 | 1.80 | 6.17 | 32.77 | — | — |
| Quick ratio | 4.52 | 1.54 | 3.17 | 3.27 | 3.01 | 1.80 | 6.17 | 32.77 | — | — |
| Debt / equity | 0.46 | 0.21 | 0.40 | 3.02 | 0.09 | 0.03 | 0.39 | 0.04 | 0.05 | 0.05 |
| Equity / assets | 2.8% | 2.9% | 3.1% | 2.9% | 99.3% | 2.8% | 2.3% | 2.9% | 2.7% | 2.9% |
| 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 | $58.19B | $54.84B | $53.47B | $51.13B | $47.98B | $46.72B | $44.35B | $45.72B | $42.09B | $42.63B | $43.11B | $41.84B |
| Cash & equivalents | $5.99B | $5.54B | $5.70B | $4.56B | $3.78B | $3.89B | $3.77B | $3.06B | $1.74B | $2.54B | $2.69B | $2.76B |
| Short-term investments | $52.63B | $49.30B | $47.77B | $46.57B | $44.20B | $42.83B | $40.59B | $42.66B | $40.35B | $40.09B | $40.42B | $39.08B |
| Receivables | $19.15B | $19.68B | $20.27B | $20.75B | $21.08B | $21.70B | $22.48B | $23.64B | $23.82B | $24.68B | $25.57B | $26.38B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$65.91B | −$67.32B | −$68.68B | −$31.71B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $65.91B | $67.32B | $6.18B | $5.34B |
| Total current assets | $5.99B | $74.52B | $73.74B | $71.89B | $69.06B | $68.42B | $66.83B | $69.35B | $65.91B | $67.32B | $6.18B | $41.84B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $20.0M | $0 | −$12.07B | −$12.17B | $24.0M | −$12.45B |
| Goodwill & intangible assets | $11.65B | $11.63B | $11.66B | $11.65B | $11.68B | $11.77B | $11.89B | $11.99B | $12.07B | $12.17B | $274.39B | $12.45B |
| Long-term investments | $56.00B | $52.19B | $50.96B | $49.75B | $47.30B | $45.86B | $43.53B | $45.51B | $43.20B | $42.64B | $43.04B | $41.66B |
| Other non-current assets | $293.42B | $201.19B | $216.22B | $220.27B | $215.67B | $201.14B | $216.20B | $218.81B | $228.66B | $230.33B | $6.62B | $231.03B |
| Total assets | $367.06B | $339.54B | $352.59B | $353.56B | $343.72B | $327.19B | $338.47B | $345.66B | $337.78B | $340.28B | $330.25B | $314.53B |
| Liabilities | ||||||||||||
| Accounts payable | $14.09B | $14.51B | $14.96B | $15.50B | $15.74B | — | $16.74B | $18.10B | $18.46B | $19.24B | $19.95B | $19.97B |
| Short-term debt | $649.0M | — | $0 | $0 | $0 | $0 | $8.0M | $0 | $398.0M | — | $9.0M | $600.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$18.46B | — | −$19.95B | $13.72B |
| Total current liabilities | $14.09B | $15.60B | $16.31B | $16.82B | $17.38B | $17.91B | $18.82B | $19.47B | $18.46B | $19.24B | −$12.72B | $19.97B |
| Long-term debt | $4.59B | $4.57B | $2.03B | $2.03B | $2.03B | $2.03B | $2.03B | $2.03B | $4.08B | $4.10B | $4.03B | $2.63B |
| Other long-term liabilities | $337.91B | $309.47B | $323.90B | $324.21B | $313.71B | $296.73B | $307.63B | $313.25B | $304.95B | $306.58B | $315.90B | $281.67B |
| Total liabilities | $356.59B | $329.64B | $342.24B | $343.06B | $333.12B | $316.67B | $328.48B | $334.75B | $327.49B | $329.92B | $319.92B | $304.28B |
| 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) | $7.55B | $6.97B | $7.47B | $7.74B | $7.73B | $7.62B | $7.71B | $7.43B | $7.96B | $7.77B | $7.04B | $8.66B |
| Accumulated other comprehensive income | −$2.62B | −$2.73B | −$2.47B | −$2.61B | −$2.62B | −$2.72B | −$3.52B | −$2.38B | −$3.63B | −$3.42B | −$2.81B | −$5.19B |
| Minority interest | $512.0M | $404.0M | $389.0M | $272.0M | $248.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.96B | $9.50B | $9.95B | $10.23B | $10.35B | $10.30B | $9.76B | $10.70B | $10.08B | $10.17B | $10.17B | $9.48B |
| Key figures | ||||||||||||
| Total debt | $2.77B | $4.57B | $4.61B | $4.65B | $4.67B | $4.33B | $4.38B | $4.40B | $4.08B | $4.10B | $4.03B | $4.65B |
| Net cash (debt) | $55.42B | $50.27B | $48.87B | $46.49B | $43.31B | $42.38B | $39.97B | $41.32B | $38.01B | $38.53B | $39.09B | $37.19B |
| Working capital | −$8.10B | $58.92B | $57.43B | $55.07B | $51.68B | $50.51B | $48.02B | $49.88B | $47.44B | $48.07B | $18.90B | $21.86B |
| Tangible book value | −$1.69B | −$2.14B | −$1.71B | −$1.43B | −$1.33B | −$1.47B | −$2.12B | −$1.29B | −$1.98B | −$2.00B | −$264.22B | −$2.97B |
| Book value per share | $141.72 | $136.22 | $141.62 | $145.55 | $143.93 | $140.21 | $131.20 | $141.93 | $130.83 | $128.94 | $127.25 | $114.44 |
| Shares outstanding | 70.3M | 69.7M | 70.3M | 70.3M | 71.9M | 73.5M | 74.4M | 75.4M | 77.1M | 78.9M | 79.9M | 82.8M |
| Current ratio | 0.42 | 4.78 | 4.52 | 4.27 | 3.97 | 3.82 | 3.55 | 3.56 | 3.57 | 3.50 | — | 2.09 |
| Quick ratio | 5.49 | 4.78 | 4.52 | 4.27 | 3.97 | 3.82 | 3.55 | 3.56 | 3.57 | 3.50 | — | 3.42 |
| Debt / equity | 0.28 | 0.48 | 0.46 | 0.45 | 0.45 | 0.42 | 0.45 | 0.41 | 0.40 | 0.40 | 0.40 | 0.49 |
| Equity / assets | 2.7% | 2.8% | 2.8% | 2.9% | 3.0% | 3.1% | 2.9% | 3.1% | 3.0% | 3.0% | 3.1% | 3.0% |
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.
JXN financial position
At the end of fiscal 2025 (December 31, 2025), Jackson Financial had total assets of $352.6 billion (up 4.2% from a year earlier), total liabilities of $342.2 billion and shareholders' equity of $10.0 billion. It held $53.5 billion in cash and short-term investments against $4.6 billion of debt, a net cash position of $48.9 billion. Its current ratio was 4.52. In the latest quarter (ended June 30, 2026) total assets were $367.1 billion and equity $10.0 billion.
Related: JXN income statement, JXN cash flow statement, JXN key metrics. See the JXN stock overview for the latest quote and news.
JXN balance sheet FAQ
What are Jackson Financial's total assets?
Jackson Financial reported total assets of $352.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $338.5 billion a year earlier.
How much debt does Jackson Financial have?
Jackson Financial had $4.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.46.
How much cash does Jackson Financial have?
Jackson Financial held $53.5 billion in cash and short-term investments at the end of fiscal 2025; with $4.6 billion of debt that is net cash of $48.9 billion.
What is Jackson Financial's book value?
Jackson Financial's shareholders' equity (book value) was $10.0 billion at the end of fiscal 2025, or $141.62 per share.
What is Jackson Financial's current ratio?
Jackson Financial had current assets of $73.7 billion and current liabilities of $16.3 billion, a current ratio of 4.52 (it can cover its short-term obligations).
How much goodwill does Jackson Financial have?
Jackson Financial carried $11.7 billion of goodwill and intangible assets, 3.3% of total assets, at the end of fiscal 2025.