Equitable Holdings, Inc. (EQH) Income Statement
EQH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEQH revenue and net income
Where EQH's revenue goes
2025Each bar shows an amount and its share of revenue. EQH kept −11.8% of revenue as net income.
EQH profit margins
EQH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.2% | −2.7% | −1.2% | +1.5% |
| Gross profit | +39.9% | +6.8% | +26.0% | +7.9% |
| Operating income | −156.5% | — | — | — |
| Net income | −205.6% | — | — | — |
| EPS (diluted) | −5.9% | +3.5% | +2.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EQH quarterly EPS vs estimates
Equitable beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 2, 2026 (estimate $1.89).
EQH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.66B | $12.44B | $10.53B | $12.64B | $7.61B | $12.41B | $9.62B | $12.07B | $12.46B | $11.76B |
| Cost of revenue | $2.43B | $5.84B | $4.23B | $5.07B | $291.0M | $9.51B | $7.49B | $5.46B | $6.95B | $6.09B |
| Gross profit | $9.23B | $6.60B | $6.30B | $7.58B | $7.32B | $2.90B | $2.13B | $6.61B | $5.51B | $5.67B |
| Research & development | — | — | — | — | — | — | — | $0 | — | — |
| Sales, general & admin | $2.43B | $2.44B | $2.26B | $2.20B | $2.37B | $2.10B | $2.08B | $2.08B | $1.98B | $1.97B |
| Total operating expenses | $10.43B | $4.49B | $10.30B | $4.59B | $4.71B | $4.00B | $4.19B | $4.12B | $4.21B | $3.65B |
| Operating income | −$1.19B | $2.11B | $2.21B | $2.99B | $2.61B | −$1.09B | −$2.06B | $2.49B | $1.31B | $2.03B |
| Interest income | $2.28B | $2.78B | $2.62B | $1.50B | $4.71B | $1.92B | $4.22B | $462.0M | $54.0M | $2.02B |
| Interest expense | $224.0M | $226.0M | $228.0M | $201.0M | $244.0M | $200.0M | $221.0M | $231.0M | $160.0M | $174.0M |
| Income before taxes | −$1.19B | $2.11B | $738.0M | $2.99B | $2.61B | −$1.09B | −$2.06B | $2.49B | $1.31B | $2.03B |
| Income taxes | −$156.0M | $288.0M | $905.0M | $598.0M | $439.0M | −$744.0M | −$593.0M | $301.0M | $49.0M | $378.0M |
| Net income | −$1.38B | $1.31B | $1.30B | $2.15B | $1.75B | −$648.0M | −$1.76B | $1.85B | $834.0M | $1.25B |
| EBITDA | −$97.0M | $3.21B | $2.21B | $3.83B | $3.37B | $864.0M | −$1.16B | $3.02B | $1.86B | $2.96B |
| EPS (diluted) | $5.61 | $5.96 | $4.61 | $5.06 | $6.54 | $4.97 | $4.87 | $3.89 | $0.34 | $2.23 |
| Gross margin | 79.1% | 53.1% | 59.9% | 59.9% | 96.2% | 23.4% | 22.2% | 54.8% | 44.3% | 48.2% |
| Operating margin | −10.2% | 17.0% | 21.0% | 23.7% | 34.3% | −8.8% | −21.4% | 20.6% | 10.5% | 17.2% |
| Net margin | −11.8% | 10.5% | 12.4% | 17.0% | 23.0% | −5.2% | −18.3% | 15.4% | 6.7% | 10.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | $4.23B | $3.28B | $1.45B | $2.36B | $3.90B | $3.62B | $2.98B | $3.51B | $2.23B | $2.17B | $3.62B |
| Cost of revenue | $420.0M | $394.0M | $391.0M | $1.70B | $1.65B | $757.0M | $1.19B | $662.0M | $1.76B | $782.0M | $1.78B | $1.05B |
| Gross profit | $1.24B | $3.84B | $2.89B | −$246.0M | $717.0M | $3.15B | $2.44B | $2.31B | $1.75B | $1.45B | $385.0M | $2.57B |
| Sales, general & admin | $1.63B | $625.0M | $640.0M | $601.0M | $592.0M | $601.0M | $673.0M | $1.20B | $577.0M | $620.0M | $586.0M | $593.0M |
| Total operating expenses | $1.73B | $2.95B | $2.54B | $1.10B | $1.08B | $2.97B | $1.24B | $2.33B | $1.07B | $1.23B | $1.20B | $1.10B |
| Operating income | −$493.0M | $887.0M | $344.0M | −$1.35B | −$363.0M | $174.0M | $1.20B | −$11.0M | $681.0M | $219.0M | −$817.0M | $1.48B |
| Interest income | $14.0M | $28.0M | $410.0M | $26.0M | $1.44B | $744.0M | $305.0M | $769.0M | — | — | — | $560.0M |
| Interest expense | $56.0M | $62.0M | $47.0M | $61.0M | $61.0M | $55.0M | $52.0M | $55.0M | $62.0M | $57.0M | $57.0M | $55.0M |
| Income before taxes | −$493.0M | $887.0M | $344.0M | −$1.35B | −$363.0M | $174.0M | $1.20B | −$11.0M | $681.0M | $219.0M | −$817.0M | $1.48B |
| Income taxes | −$140.0M | $156.0M | $33.0M | −$133.0M | −$80.0M | $24.0M | $182.0M | −$39.0M | $116.0M | $24.0M | −$228.0M | $340.0M |
| Net income | −$453.0M | $621.0M | $215.0M | −$1.31B | −$349.0M | $63.0M | $899.0M | −$132.0M | $428.0M | $92.0M | −$698.0M | $1.06B |
| EBITDA | −$198.0M | $1.17B | $611.0M | −$1.07B | −$82.0M | $442.0M | $1.47B | $256.0M | $936.0M | $517.0M | −$524.0M | $1.73B |
| EPS (diluted) | $1.70 | $1.62 | $1.73 | $1.48 | $1.10 | $1.30 | $1.57 | $1.53 | $1.43 | $1.43 | $1.33 | $1.15 |
| Gross margin | 74.7% | 90.7% | 88.1% | −17.0% | 30.4% | 80.6% | 67.2% | 77.8% | 49.8% | 64.9% | 17.7% | 71.0% |
| Operating margin | −29.7% | 21.0% | 10.5% | −93.0% | −15.4% | 4.5% | 33.1% | −0.4% | 19.4% | 9.8% | −37.6% | 40.7% |
| Net margin | −27.3% | 14.7% | 6.6% | −90.3% | −14.8% | 1.6% | 24.8% | −4.4% | 12.2% | 4.1% | −32.2% | 29.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EQH's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EQH financial results
In fiscal year 2025 (ended December 31, 2025), Equitable reported revenue of $11.7 billion, down 6.2% from the year before. It had a net loss of $1.4 billion, a net profit margin of −11.8%. Diluted earnings per share came to $5.61. Over five years revenue grew at an average rate of −1.2% a year.
See the EQH stock overview for the latest quote and news, or the EQH chart for price history and technical indicators.
EQH income statement FAQ
What is Equitable's annual revenue?
Equitable reported total revenue of $11.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.2% from $12.4 billion the previous year.
Is Equitable profitable?
No. Equitable reported a net loss of $1.4 billion in fiscal 2025, a net profit margin of −11.8%; its operating margin was −10.2%.
What is Equitable's gross margin?
Equitable's gross margin was 79.1% in fiscal 2025: for every $100 of revenue, Equitable kept $79 after the direct cost of its products and services.
How fast is Equitable growing?
Revenue grew −1.2% a year on average over the last five fiscal years, from $12.4 billion to $11.7 billion.
What are Equitable's earnings per share?
Equitable earned $5.61 per diluted share in fiscal 2025, compared with $5.96 a year earlier.
When will Equitable report its next earnings?
Equitable is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Equitable's fiscal year end?
Equitable's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.