Principal Financial Group, Inc. (PFG) Balance Sheet
PFG balance sheet, 2025
December 31, 2025 · U.S. dollars$341.38B assets = $328.99B liabilities + $12.39B equity
Both columns are drawn to the same scale: what PFG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PFG financial health
Current ratio3.21
Comfortable · current assets cover current liabilities 3.21×
Debt / equity0.33
Low leverage · $0.33 of debt for each $1 of equity
Equity / assets3.5%
Thin equity · of assets funded by shareholders
Cash / debt847.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles2.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
PFG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $228.01B2016 | $341.38B2025 | +4.6%/yr | |
| Total liabilities | $217.62B2016 | $328.99B2025 | +4.7%/yr | |
| Shareholders’ equity | $10.23B2016 | $11.88B2025 | +1.7%/yr | |
| Cash & short-term investments | $57.66B2016 | $33.49B2025 | −5.9%/yr | |
| Total debt | $3.18B2016 | $3.95B2025 | +2.5%/yr | |
| Net cash (debt) | $54.49B2016 | $29.54B2025 | −$25.0B | |
| Working capital | $2.75B2016 | $39.42B2025 | +$36.7B | |
| Book value per share | $34.942016 | $52.652025 | +4.7%/yr | |
| Current ratio | 43.832016 | 3.212025 | −40.62 | |
| Debt / equity | 0.312016 | 0.332025 | +0.02 | |
| Shares outstanding | 292.7M2016 | 225.7M2025 | −2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PFG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
PFG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
PFG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PFG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $33.49B | $72.46B | $70.38B | $67.74B | $80.91B | $81.56B | $72.62B | $63.09B | $61.96B | $57.66B |
| Cash & equivalents | $4.43B | $4.21B | $4.71B | $4.85B | $2.33B | $2.85B | $2.52B | $2.98B | $2.47B | $2.72B |
| Short-term investments | $29.06B | $68.25B | $65.67B | $62.89B | $78.58B | $78.71B | $70.11B | $60.11B | $59.48B | $54.95B |
| Receivables | $23.77B | $23.26B | $24.61B | $26.31B | $2.54B | $1.72B | $1.74B | $1.41B | $1.47B | $1.36B |
| Inventory | $0 | $0 | −$57.70B | −$94.64B | −$6.55B | −$7.71B | −$7.29B | −$7.97B | −$68.31B | −$64.34B |
| Other current assets | $0 | $0 | $57.70B | $11.51B | $6.55B | $7.71B | $7.29B | $7.97B | $7.45B | $8.14B |
| Total current assets | $57.26B | $95.72B | $94.99B | $10.92B | $83.45B | $83.28B | $74.36B | $64.50B | $2.57B | $2.82B |
| Property, plant & equipment (net) | $701.4M | $769.4M | $938.4M | $996.1M | $1.04B | $1.02B | $967.7M | $767.3M | $759.5M | $699.0M |
| Goodwill & intangible assets | $6.94B | $2.94B | $3.08B | $3.13B | $6.99B | $3.43B | $3.48B | $2.42B | $2.38B | $2.35B |
| Long-term investments | $76.84B | $71.57B | $67.99B | $95.83B | $109.60B | $107.02B | $97.04B | $85.40B | $82.71B | $76.42B |
| Other non-current assets | $199.64B | $142.66B | $138.05B | $192.12B | $103.58B | $118.72B | $115.20B | $89.95B | $165.52B | $145.73B |
| Total assets | $341.38B | $313.66B | $305.05B | $303.00B | $304.66B | $313.47B | $291.05B | $243.04B | $253.94B | $228.01B |
| Liabilities | ||||||||||
| Accounts payable | — | $18.10B | $19.63B | $20.44B | $15.5M | $22.3M | $16.2M | $25.3M | $16.7M | $12.9M |
| Short-term debt | $27.7M | $152.7M | $61.1M | $80.7M | $79.8M | $84.7M | $93.4M | $42.9M | $39.5M | $51.4M |
| Deferred revenue | — | — | $19.71B | — | — | — | — | — | — | — |
| Total current liabilities | $17.84B | $18.27B | $19.70B | $20.54B | $2.40B | $84.7M | $93.4M | $42.9M | $56.2M | $64.3M |
| Long-term debt | $2.8M | $3.96B | $3.93B | $24.43B | $4.28B | $4.28B | $3.73B | $3.26B | $3.18B | $3.13B |
| Other long-term liabilities | $311.14B | $279.97B | $270.20B | $236.97B | $281.52B | $2.33B | $1.80B | $958.4M | $237.68B | $214.43B |
| Total liabilities | $328.99B | $302.19B | $293.84B | $292.70B | $288.20B | $296.60B | $276.10B | $231.19B | $240.92B | $217.62B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.0M | $4.9M | $4.9M | $4.9M | $4.8M | $4.8M | $4.8M | $4.8M | $9.93B | $9.69B |
| Retained earnings (deficit) | $18.07B | $17.58B | $16.68B | $17.04B | $12.88B | $11.84B | $11.07B | $10.29B | $9.48B | $7.72B |
| Treasury stock | — | — | — | — | −$8.93B | −$7.99B | −$7.68B | −$7.40B | −$6.73B | −$6.51B |
| Accumulated other comprehensive income | −$4.19B | −$5.22B | −$5.35B | −$7.20B | $1.61B | $2.38B | $1.04B | −$1.57B | $165.5M | −$675.2M |
| Minority interest | $507.4M | $382.6M | $294.6M | $41.1M | $56.4M | $58.4M | $67.8M | $66.0M | $72.6M | $66.5M |
| Total shareholders' equity | $11.88B | $11.09B | $10.92B | $10.30B | $16.07B | $16.56B | $14.62B | $11.39B | $12.85B | $10.23B |
| Key figures | ||||||||||
| Total debt | $3.95B | $4.11B | $3.99B | $24.51B | $4.69B | $4.36B | $3.83B | $3.30B | $3.22B | $3.18B |
| Net cash (debt) | $29.54B | $68.35B | $66.39B | $43.22B | $76.22B | $77.20B | $68.79B | $59.78B | $58.74B | $54.49B |
| Working capital | $39.42B | $77.46B | $75.29B | −$9.61B | $81.05B | $83.20B | $74.27B | $64.46B | $2.51B | $2.75B |
| Tangible book value | $4.94B | $8.15B | $7.84B | $7.17B | $9.08B | $13.12B | $11.14B | $8.97B | $10.47B | $7.88B |
| Book value per share | $52.65 | $49.01 | $44.63 | $40.36 | $58.88 | $59.87 | $52.02 | $39.44 | $43.82 | $34.94 |
| Shares outstanding | 225.7M | 226.2M | 244.6M | 255.3M | 272.9M | 276.6M | 281.0M | 288.8M | 293.2M | 292.7M |
| Current ratio | 3.21 | 5.24 | 4.82 | 0.53 | 34.77 | 983.28 | 796.17 | 1,503.48 | 45.67 | 43.83 |
| Quick ratio | 3.21 | 5.24 | 4.82 | 4.58 | 34.77 | 983.28 | 796.17 | 1,503.48 | 1,128.56 | 917.99 |
| Debt / equity | 0.33 | 0.37 | 0.37 | 2.38 | 0.29 | 0.26 | 0.26 | 0.29 | 0.25 | 0.31 |
| Equity / assets | 3.5% | 3.5% | 3.6% | 3.4% | 5.3% | 5.3% | 5.0% | 4.7% | 5.1% | 4.5% |
| 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 | $5.26B | $31.66B | $32.25B | $5.14B | $30.94B | $3.88B | $73.49B | $31.57B | $28.69B | $27.53B | $70.38B | $66.15B |
| Cash & equivalents | $5.26B | $4.05B | $4.43B | $5.14B | $3.66B | $3.88B | $4.21B | $6.17B | $4.82B | $4.17B | $4.71B | $4.56B |
| Short-term investments | $27.84B | $27.61B | $27.82B | $26.86B | $27.28B | $26.34B | $69.27B | $25.39B | $23.87B | $23.36B | $65.67B | $61.58B |
| Receivables | $3.80B | $3.64B | $22.89B | $23.03B | $3.79B | $23.12B | $24.09B | $24.63B | $23.72B | $24.02B | $24.61B | $24.12B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$52.41B | −$51.54B | −$57.70B | −$34.66B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.07B | $10.21B | $0 | $0 |
| Total current assets | $5.26B | $4.05B | $55.14B | $5.14B | $7.45B | $3.88B | $97.58B | $56.19B | $11.07B | $10.21B | $4.71B | $4.56B |
| Property, plant & equipment (net) | $778.7M | $714.9M | $701.4M | $716.2M | $724.7M | $742.7M | $769.4M | $798.2M | $805.9M | $913.5M | $938.4M | $958.1M |
| Goodwill & intangible assets | $2.86B | $2.86B | $2.87B | $2.85B | $2.87B | $2.86B | $6.95B | $7.01B | $2.99B | $3.00B | $3.08B | $3.07B |
| Long-term investments | $77.68B | $76.52B | $76.84B | $74.33B | $73.38B | $73.46B | $71.57B | $71.59B | $68.07B | $68.06B | $67.99B | $64.06B |
| Other non-current assets | $266.18B | $248.55B | $205.82B | $251.46B | $238.68B | $232.06B | $136.80B | $187.26B | $225.84B | $226.50B | $228.33B | $215.29B |
| Total assets | $352.75B | $332.70B | $341.38B | $334.49B | $323.10B | $313.00B | $313.66B | $322.86B | $308.78B | $308.68B | $305.05B | $287.95B |
| Liabilities | ||||||||||||
| Accounts payable | $17.37B | $17.45B | — | — | — | $18.21B | — | $19.08B | $18.55B | $19.06B | $19.63B | $18.56B |
| Short-term debt | $16.2M | $18.2M | $27.7M | $13.0M | $24.1M | $28.9M | $152.7M | $37.3M | $49.9M | $50.7M | $61.1M | $23.8M |
| Deferred revenue | — | — | — | — | — | — | — | $19.13B | −$18.54B | −$19.05B | −$19.57B | — |
| Total current liabilities | $17.40B | $17.52B | $17.84B | $18.15B | $24.1M | $18.25B | $1.86B | $1.81B | $22.01B | $21.96B | $61.1M | $18.59B |
| Long-term debt | $4.32B | $3.93B | $2.8M | $3.92B | $3.92B | $4.32B | $3.96B | $3.93B | $3.93B | $3.93B | $3.93B | $3.93B |
| Other long-term liabilities | $318.14B | $298.87B | $311.14B | $300.29B | $306.42B | $278.84B | $296.38B | $305.52B | $293.51B | $293.15B | $289.91B | $254.44B |
| Total liabilities | $339.86B | $320.31B | $328.99B | $322.36B | $311.25B | $301.41B | $302.19B | $311.26B | $297.44B | $297.08B | $293.84B | $276.97B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M |
| Retained earnings (deficit) | $18.54B | $18.32B | $18.07B | $17.73B | $17.69B | $17.46B | $17.58B | $16.85B | $17.24B | $17.05B | $16.68B | $17.72B |
| Accumulated other comprehensive income | −$4.07B | −$4.34B | −$4.19B | −$4.31B | −$6.71B | −$4.79B | −$5.22B | −$4.58B | −$5.41B | −$5.26B | −$5.35B | −$6.84B |
| Minority interest | $746.7M | $577.5M | $507.4M | $462.5M | $443.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $12.14B | $11.82B | $11.88B | $11.67B | $11.42B | $11.22B | $11.09B | $11.24B | $11.01B | $11.19B | $10.92B | $10.67B |
| Key figures | ||||||||||||
| Total debt | $4.34B | $3.95B | $3.95B | $3.94B | $3.95B | $4.35B | $4.11B | $3.97B | $3.98B | $3.98B | $3.99B | $3.95B |
| Net cash (debt) | $918.9M | $27.72B | $28.29B | $1.20B | $26.99B | −$474.5M | $69.38B | $27.60B | $24.70B | $23.54B | $66.39B | $62.19B |
| Working capital | −$12.14B | −$13.46B | $37.30B | −$13.02B | $7.42B | −$14.37B | $95.72B | $54.39B | −$10.94B | −$11.76B | $4.65B | −$14.03B |
| Tangible book value | $9.28B | $8.95B | $9.02B | $8.82B | $8.55B | $8.36B | $4.14B | $4.22B | $8.02B | $8.18B | $7.84B | $7.60B |
| Book value per share | $55.52 | $53.63 | $53.43 | $51.50 | $50.40 | $49.86 | $47.95 | $48.71 | $46.55 | $46.72 | $46.17 | $43.68 |
| Shares outstanding | 218.7M | 220.3M | 222.4M | 226.5M | 226.5M | 225.0M | 231.2M | 230.7M | 236.6M | 239.4M | 236.4M | 244.3M |
| Current ratio | 0.30 | 0.23 | 3.09 | 0.28 | 309.08 | 0.21 | 52.50 | 31.09 | 0.50 | 0.46 | 77.05 | 0.25 |
| Quick ratio | 0.52 | 2.02 | 3.09 | 1.55 | 1,441.04 | 1.48 | 52.50 | 31.09 | 2.38 | 2.35 | 1,554.69 | 4.86 |
| Debt / equity | 0.36 | 0.33 | 0.33 | 0.34 | 0.35 | 0.39 | 0.37 | 0.35 | 0.36 | 0.36 | 0.37 | 0.37 |
| Equity / assets | 3.4% | 3.6% | 3.5% | 3.5% | 3.5% | 3.6% | 3.5% | 3.5% | 3.6% | 3.6% | 3.6% | 3.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
PFG financial position
At the end of fiscal 2025 (December 31, 2025), Principal had total assets of $341.4 billion (up 8.8% from a year earlier), total liabilities of $329.0 billion and shareholders' equity of $11.9 billion. It held $33.5 billion in cash and short-term investments against $4.0 billion of debt, a net cash position of $29.5 billion. Its current ratio was 3.21. In the latest quarter (ended June 30, 2026) total assets were $352.8 billion and equity $12.1 billion.
Related: PFG income statement, PFG cash flow statement, PFG key metrics. See the PFG stock overview for the latest quote and news.
PFG balance sheet FAQ
What are Principal's total assets?
Principal reported total assets of $341.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $313.7 billion a year earlier.
How much debt does Principal have?
Principal had $4.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.33.
How much cash does Principal have?
Principal held $33.5 billion in cash and short-term investments at the end of fiscal 2025; with $4.0 billion of debt that is net cash of $29.5 billion.
What is Principal's book value?
Principal's shareholders' equity (book value) was $11.9 billion at the end of fiscal 2025, or $52.65 per share.
What is Principal's current ratio?
Principal had current assets of $57.3 billion and current liabilities of $17.8 billion, a current ratio of 3.21 (it can cover its short-term obligations).
How much goodwill does Principal have?
Principal carried $6.9 billion of goodwill and intangible assets, 2.0% of total assets, at the end of fiscal 2025.