NYSE:EQH
Equitable Holdings, Inc.
A multi-line financial holding company offering comprehensive risk management and wealth advisory services across insurance, asset management, and banking segments.
Key Metrics
Investment Thesis
Bull Case
The stock offers potential value for investors seeking exposure to a historically profitable franchise with a massive asset base of $317.99B and strong liquidity of $12.46B in cash equivalents. If the company can stabilize its net income trend following recent volatility, the low book value per share combined with active buybacks could unlock significant shareholder value.
Bear Case
The sharp decline from positive net profits in 2023 and 2024 to a $1.04B loss in 2025 indicates severe profitability challenges that warrant caution. With operating expenses exceeding gross profit, the company faces margin compression risks, while the massive accumulated other comprehensive income loss of $6.28B suggests significant unrealized volatility in its investment portfolio.
About Equitable Holdings, Inc.
Equitable Holdings Inc. is a diversified financial services corporation operating primarily in the United States, providing a wide range of products including insurance, investment management, and banking solutions to retail and commercial clients.
Analysis
Management Discussion
Despite generating substantial gross profit of $11.66B from its diverse operations, the company reported a net loss of $1.04B in 2025, driven by high operating expenses of $12.86B and significant non-cash adjustments totaling $1.16B. Cash flow from operations remained positive at $714M, supported by strong financing cash flows of $15.72B, yet the company continues to accumulate a substantial deficit in retained earnings of $8.37B.
Industry Overview
The U.S. financial services industry is highly competitive and cyclical, heavily influenced by macroeconomic factors such as inflation, interest rates, and economic growth which directly impact insurance claims frequency and asset yields. Industry leaders are increasingly integrating digital platforms and leveraging big data to enhance customer retention and underwriting accuracy amidst rising operational costs.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $14.02B | $10.53B | $12.44B | $11.66B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $14.02B | $10.53B | $12.44B | $11.66B |
| Operating Expenses | $11.49B | $9.79B | $10.33B | $12.86B |
| Operating Income | $2.52B | $738.0M | $2.11B | $-1.19B |
| Stock-Based Comp | $328.0M | $294.0M | $313.0M | $262.0M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Expense | $201.0M | $228.0M | — | — |
| Pre-Tax Income | $2.52B | $738.0M | $2.11B | $-1.19B |
| Income Tax | $499.0M | $-905.0M | $288.0M | $-156.0M |
| Continuing Ops | $2.03B | $1.64B | $1.82B | $-1.04B |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $2.03B | $1.64B | $1.82B | $-1.04B |
| Minority Interest | $241.0M | $341.0M | $516.0M | $343.0M |
| Net to Common | $1.78B | $1.30B | $1.31B | $-1.38B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $4.28B | $8.24B | $6.96B | $12.46B |
| Operating Leases | $520.0M | $516.0M | $618.0M | $631.0M |
| Total Assets | $253.47B | $276.81B | $295.87B | $317.99B |
| Long-Term Debt | $3.32B | $3.82B | $3.83B | $3.83B |
| Total Liabilities | $249.62B | $271.66B | $292.30B | $316.20B |
| Shareholders' Equity | $3.85B | $5.16B | $3.57B | $1.79B |
| Paid-In Capital | $2.30B | $2.33B | $2.34B | $1.93B |
| Retained Earnings | $9.92B | $10.24B | $10.65B | $8.37B |
| AOCI | $-8.83B | $-7.78B | $-8.71B | $-6.28B |
| Treasury Stock | $3.30B | — | — | — |
| Total L&E | $253.47B | $276.81B | $295.87B | $317.99B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $2.03B | $1.64B | $1.82B | $-1.04B |
| Non-Cash Adjustments | $-5.34B | $-4.72B | $-3.33B | $-450.0M |
| Working Capital Changes | $2.46B | $2.87B | $3.51B | $2.20B |
| Cash from Operations | $-851.0M | $-208.0M | $2.01B | $714.0M |
| Cash from Investing | $-7.49B | $-4.85B | $-15.86B | $-10.97B |
| Debt Issuances | — | $497.0M | $0 | $495.0M |
| Share Buybacks | $849.0M | $919.0M | $1.01B | $1.45B |
| Dividends Paid | $294.0M | $301.0M | $302.0M | $314.0M |
| Cash from Financing | $7.65B | $9.00B | $12.44B | $15.72B |
| FX Effect | $-56.0M | $23.0M | $-20.0M | $36.0M |
| Net Change in Cash | $-748.0M | $3.96B | $-1.43B | $5.50B |
| Beginning Cash | $5.19B | $4.28B | $8.24B | $6.96B |
| Ending Cash | $4.28B | $8.24B | $6.96B | $12.46B |
Frequently Asked Questions
How does Equitable Holdings, Inc. make money?
The company's revenue is derived from its core insurance operations (auto, homeowners, and life/casualty), investment management fees generated from managing client assets, and net interest income from its commercial banking activities. Additional streams include annuity sales, deposit gathering, and securities trading commissions.
What are the main risks for EQH?
Significant volatility in investment portfolio performance due to interest rate fluctuations and equity market swings, persistent low-margin pressure on commercial banking deposits, regulatory changes affecting insurance solvency requirements, and the potential impact of climate-related events on property casualty underwriting losses.
What is EQH's competitive advantage?
Equitable leverages a robust distribution network of independent agents to secure market share in the insurance sector, utilizes proprietary data analytics for personalized financial planning, and maintains a diversified revenue base that mitigates sector-specific downturns.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.