Principal Financial Group, Inc. (PFG) Income Statement
PFG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPFG revenue and net income
Where PFG's revenue goes
2025Each bar shows an amount and its share of revenue. PFG kept 7.6% of revenue as net income.
PFG profit margins
PFG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.1% | −3.8% | +1.2% | +2.7% |
| Gross profit | −4.0% | −13.9% | +1.8% | +3.0% |
| Operating income | −25.1% | −38.2% | −3.5% | −0.1% |
| Net income | −24.6% | −37.1% | −3.2% | −0.4% |
| EPS (diluted) | +19.1% | +7.6% | +11.0% | +6.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PFG quarterly EPS vs estimates
Principal beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 26, 2026 (estimate $2.51).
PFG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.63B | $16.13B | $13.67B | $17.54B | $14.43B | $14.74B | $16.22B | $14.24B | $14.09B | $12.39B |
| Cost of revenue | $8.56B | $8.77B | $7.77B | $6.49B | $7.35B | $8.28B | $9.91B | $8.19B | $7.82B | $6.91B |
| Gross profit | $7.06B | $7.35B | $5.90B | $11.04B | $7.08B | $6.46B | $6.32B | $6.04B | $6.27B | $5.48B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | — | $4.83B | $4.65B | $4.50B | $4.14B | $3.89B | $3.73B |
| Total operating expenses | $5.64B | $5.46B | $5.16B | $5.06B | $5.16B | $4.77B | $4.62B | $4.26B | $4.02B | $3.89B |
| Operating income | $1.42B | $1.89B | $738.8M | $5.99B | $1.91B | $1.69B | $1.69B | $1.78B | $2.25B | $1.59B |
| Interest income | — | — | — | — | — | — | $1.0M | — | — | — |
| Interest expense | $2.2M | $2.6M | $1.9M | $1.2M | $1.0M | $1.0M | $1.0M | $0 | $0 | $0 |
| Income before taxes | $1.42B | $1.89B | $738.8M | $5.99B | $1.91B | $1.69B | $1.69B | $1.78B | $2.25B | $1.59B |
| Income taxes | $160.5M | $291.7M | $68.7M | $1.19B | $283.9M | $265.0M | $249.2M | $230.7M | −$72.3M | $229.9M |
| Net income | $1.19B | $1.57B | $623.2M | $4.76B | $1.58B | $1.40B | $1.39B | $1.55B | $2.31B | $1.32B |
| EBITDA | $1.67B | $2.15B | $1.01B | $6.28B | $2.19B | $1.95B | $1.92B | $1.99B | $2.45B | $1.78B |
| EPS (diluted) | $8.31 | $6.98 | $6.56 | $6.67 | $6.77 | $4.94 | $5.59 | $5.53 | $5.05 | $4.54 |
| Gross margin | 45.2% | 45.6% | 43.2% | 63.0% | 49.0% | 43.8% | 38.9% | 42.5% | 44.5% | 44.2% |
| Operating margin | 9.1% | 11.7% | 5.4% | 34.1% | 13.2% | 11.5% | 10.4% | 12.5% | 16.0% | 12.8% |
| Net margin | 7.6% | 9.7% | 4.6% | 27.1% | 11.0% | 9.5% | 8.6% | 10.9% | 16.4% | 10.6% |
| 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 | $3.91B | $3.53B | $4.58B | $3.68B | $3.67B | $3.70B | $4.75B | $3.01B | $4.31B | $4.05B | $2.69B | $4.60B |
| Cost of revenue | $1.99B | $1.63B | $2.43B | $2.03B | $1.85B | $2.26B | $2.24B | $1.95B | $2.52B | $2.05B | $2.49B | $1.69B |
| Gross profit | $1.91B | $1.90B | $2.15B | $1.65B | $1.82B | $1.44B | $2.51B | $1.06B | $1.79B | $2.00B | $205.1M | $2.91B |
| Sales, general & admin | $1.40B | — | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $1.42B | $1.38B | $1.51B | $1.40B | $1.32B | $1.41B | $1.40B | $1.35B | $1.34B | $1.37B | $1.31B | $1.31B |
| Operating income | $496.3M | $522.9M | $635.6M | $248.4M | $503.1M | $28.9M | $1.11B | −$293.8M | $443.9M | $627.1M | −$1.11B | $1.60B |
| Interest expense | $10.0M | — | — | — | — | $42.7M | — | — | — | — | $5.6M | — |
| Income before taxes | $496.3M | $481.8M | $635.6M | $248.4M | $503.1M | $28.9M | $1.11B | −$293.8M | $443.9M | $627.1M | −$1.11B | $1.60B |
| Income taxes | $66.0M | $68.9M | $110.4M | $14.5M | $69.6M | −$34.0M | $209.9M | −$100.4M | $87.1M | $95.1M | −$268.0M | $354.8M |
| Net income | $403.4M | $412.9M | $517.0M | $213.8M | $406.2M | $48.1M | $905.4M | −$220.0M | $353.1M | $532.5M | −$871.7M | $1.25B |
| EBITDA | $537.5M | $562.5M | $1.24B | $371.4M | $544.3M | $28.9M | $1.11B | −$153.1M | $454.3M | $636.6M | −$834.5M | $1.61B |
| EPS (diluted) | $2.50 | $2.07 | $2.24 | $2.10 | $2.16 | $1.81 | $1.94 | $1.76 | $1.63 | $1.65 | $1.83 | $1.72 |
| Gross margin | 49.0% | 53.9% | 46.9% | 44.9% | 49.6% | 38.9% | 52.8% | 35.1% | 41.5% | 49.3% | 7.6% | 63.3% |
| Operating margin | 12.7% | 14.8% | 13.9% | 6.7% | 13.7% | 0.8% | 23.4% | −9.8% | 10.3% | 15.5% | −41.1% | 34.9% |
| Net margin | 10.3% | 11.7% | 11.3% | 5.8% | 11.1% | 1.3% | 19.1% | −7.3% | 8.2% | 13.1% | −32.4% | 27.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PFG's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PFG financial results
In fiscal year 2025 (ended December 31, 2025), Principal reported revenue of $15.6 billion, down 3.1% from the year before. It had net income of $1.2 billion (down 24.6%), a net profit margin of 7.6%. Diluted earnings per share came to $8.31. Over five years revenue grew at an average rate of 1.2% a year.
See the PFG stock overview for the latest quote and news, or the PFG chart for price history and technical indicators.
PFG income statement FAQ
What is Principal's annual revenue?
Principal reported total revenue of $15.6 billion for fiscal year 2025, which ended on December 31, 2025. That was down 3.1% from $16.1 billion the previous year.
Is Principal profitable?
Yes. Principal reported net income of $1.2 billion in fiscal 2025, a net profit margin of 7.6%; its operating margin was 9.1%.
What is Principal's gross margin?
Principal's gross margin was 45.2% in fiscal 2025: for every $100 of revenue, Principal kept $45 after the direct cost of its products and services.
How fast is Principal growing?
Revenue grew 1.2% a year on average over the last five fiscal years, from $14.7 billion to $15.6 billion.
What are Principal's earnings per share?
Principal earned $8.31 per diluted share in fiscal 2025, compared with $6.98 a year earlier.
When will Principal report its next earnings?
Principal is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Principal's fiscal year end?
Principal's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.