What is Equitable Holdings Inc's earnings per share (EPS)?

Equitable Holdings Inc (EQH) reported diluted earnings per share of -$4.83 for fiscal year 2025. This represents a -230.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Equitable Holdings Inc Financials

EQH

FY2025 annual

Revenue $11.7B -6.1% YoY

Net Income -$1K -205.6% YoY

EPS (Diluted) -$4.83 -230.9% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Equitable Holdings Inc (EQH) reported $11.7B in revenue for fiscal year 2025, down 6.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EQH FY2025 2026-08-15

A liability-heavy balance sheet now combines negative equity, financing-led cash growth, and continued shareholder distributions.

From the prior year to FY2025, operating cash flow fell from $2.01B to $714M. Meanwhile, FY2025 financing cash flow reached $15.7B, dwarfing operating cash generation and indicating that the cash build relied more on financing than internal operations.

FY2025 liabilities reached $316.2B against $318.0B of assets, leaving only a near-zero residual asset cushion. Equity stood at -$74M, so the capital structure is carried almost entirely by liabilities and asset values rather than an owners’ capital cushion.

Revenue fell from $12.4B in the prior year to $11.7B in FY2025 while the asset base expanded, making balance-sheet leverage more informative than conventional margin analysis. Even with negative equity, the latest year included $1.45B of buybacks and $314M of dividends, showing distributions continued alongside a weakened capital buffer.

Financial Health Signals

Financial health score not available

Equitable Holdings Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Equitable Holdings Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

N/A

Equitable Holdings Inc reported a net loss of $1K while generating $714.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$11.7B

YoY-6.1%

5Y CAGR-1.2%

Equitable Holdings Inc generated $11.7B in revenue in fiscal year 2025. This represents a decrease of 6.1% from the prior year.

Net Income

-$1K

YoY-205.6%

Equitable Holdings Inc reported -$1K in net income in fiscal year 2025. This represents a decrease of 205.6% from the prior year.

EPS (Diluted)

-$4.83

YoY-230.9%

Equitable Holdings Inc earned -$4.83 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 230.9% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$12.5B

YoY+78.9%

5Y CAGR+15.1%

Equitable Holdings Inc held $12.5B in cash against $3.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.05

YoY+11.7%

Equitable Holdings Inc paid $1.05 per share in dividends in fiscal year 2025. This represents an increase of 11.7% from the prior year.

Shares Outstanding

283M

YoY-8.6%

Equitable Holdings Inc had 283M shares outstanding in fiscal year 2025. This represents a decrease of 8.6% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

0.0%

YoY0.0pp

5Y CAGR+5.2pp

Equitable Holdings Inc's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$1.4B

YoY+43.0%

5Y CAGR+27.5%

Equitable Holdings Inc spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 43.0% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

EQH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

EQH annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$10.6B	$11.7B-6.1%	$12.4B+18.8%	$10.5B-17.3%	$12.6B+66.1%	$7.6B-38.7%	$12.4B+29.1%	$9.6B-20.3%	$12.1B-2.9%	$12.4B+5.7%	$11.8B
SG&A Expenses	$2.5B	$2.4B-0.7%	$2.5B+5.5%	$2.3B+6.1%	$2.2B-7.3%	$2.4B+12.7%	$2.1B+0.7%	$2.1B+0.1%	$2.1B+5.0%	$2.0B+0.8%	$2.0B
Interest Expense	$226.0M	$224.0M-0.9%	$226.0M-0.9%	$228.0M+13.4%	$201.0M-17.6%	$244.0M+22.0%	$200.0M-9.5%	$221.0M-4.3%	$231.0M+44.4%	$160.0M-8.0%	$174.0M
Income Tax	-$84.0M	-$156.0M-155.7%	$280.0M+130.8%	-$910.0M-253.2%	$594.0M+35.3%	$439.0M+159.0%	-$744.0M-25.5%	-$593.0M-297.0%	$301.0M+616.7%	$42.0M-88.9%	$378.0M
Net Income	$454.0M	-$1K-205.6%	$1K+0.4%	$1K-39.5%	$2K+22.7%	$2K+100.0%	-$648.0M+63.3%	-$1.8B-195.1%	$1.9B+138.4%	$778.0M-38.0%	$1.3B
EPS (Diluted)	—	-$4.83-230.9%	$3.69+7.9%	$3.42-36.9%	$5.42+36.2%	$3.98	-$1.56+56.3%	-$3.57-207.2%	$3.33+139.6%	$1.39-37.9%	$2.24

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.7B-60.8%	$4.2B+29.1%	$3.3B+126.0%	$1.4B-38.6%	$2.4B-48.4%	$4.6B+26.6%	$3.6B+17.6%	$3.1B
SG&A Expenses	$642.0M+2.7%	$625.0M-2.3%	$640.0M+6.5%	$601.0M+1.5%	$592.0M-1.5%	$601.0M-12.0%	$683.0M+19.6%	$571.0M
Interest Expense	$56.0M-9.7%	$62.0M+31.9%	$47.0M-23.0%	$61.0M0.0%	$61.0M+10.9%	$55.0M+5.8%	$52.0M-5.5%	$55.0M
Income Tax	-$140.0M-189.7%	$156.0M+372.7%	$33.0M+124.8%	-$133.0M-66.3%	-$80.0M-433.3%	$24.0M-86.6%	$179.0M+559.0%	-$39.0M
Net Income	-$453.0M-172.9%	$621.0M-61.1%	$1.6B+221.8%	-$1.3B-275.1%	-$349.0M-654.0%	$63.0M+116.2%	-$388.0M-193.9%	-$132.0M
EPS (Diluted)	-$1.68-178.5%	$2.14	N/A	-$4.47-269.4%	-$1.21-856.2%	$0.16	N/A	-$0.46

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

EQH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

EQH annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$318.0B+7.5%	$295.7B+6.9%	$276.7B+9.5%	$252.7B-14.5%	$295.7B+7.4%	$275.4B+10.2%	$249.8B+13.2%	$220.8B-6.3%	$235.6B	N/A
Cash & Equivalents	$12.5B+78.9%	$7.0B-15.5%	$8.2B+92.5%	$4.3B-17.5%	$5.2B-16.0%	$6.2B+40.3%	$4.4B-1.4%	$4.5B-7.2%	$4.8B-14.9%	$5.7B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$4.6B0.0%	$4.6B-7.5%	$4.9B
Total Liabilities	$316.2B+8.2%	$292.2B+7.6%	$271.6B+9.0%	$249.1B-12.1%	$283.3B+9.8%	$258.1B+10.1%	$234.4B+14.2%	$205.2B-6.1%	$218.5B	N/A
Long-Term Debt	$3.8B+0.1%	$3.8B+0.3%	$3.8B+15.0%	$3.3B-13.5%	$3.8B	N/A	N/A	N/A	N/A	N/A
Total Equity	-$74.0M-104.7%	$1.6B-40.6%	$2.6B+88.2%	$1.4B-86.5%	$10.4B-33.5%	$15.6B+15.8%	$13.5B-2.5%	$13.8B+2.8%	$13.4B-18.7%	$16.5B
Retained Earnings	$8.4B-21.3%	$10.6B+3.7%	$10.3B+4.3%	$9.8B+16.8%	$8.4B-21.4%	$10.7B-8.9%	$11.7B-15.7%	$13.9B+14.0%	$12.2B	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$334.7B+7.8%	$310.4B-2.4%	$318.0B+1.1%	$314.4B+3.7%	$303.1B+5.5%	$287.4B-2.8%	$295.7B-1.0%	$298.8B
Cash & Equivalents	$17.2B+73.5%	$9.9B-20.5%	$12.5B-8.4%	$13.6B-9.0%	$15.0B+83.2%	$8.2B+17.2%	$7.0B-27.3%	$9.6B
Total Liabilities	$333.4B+8.2%	$308.1B-2.6%	$316.2B+1.2%	$312.5B+4.1%	$300.1B+6.1%	$282.9B-3.2%	$292.2B-0.2%	$292.7B
Long-Term Debt	$3.8B+0.1%	$3.8B+0.1%	$3.8B+0.1%	$3.8B-11.5%	$4.3B0.0%	$4.3B+13.0%	$3.8B+0.1%	$3.8B
Total Equity	-$785.0M-387.5%	$273.0M+468.9%	-$74.0M-150.0%	$148.0M-87.1%	$1.1B-52.1%	$2.4B+53.4%	$1.6B-51.1%	$3.2B
Retained Earnings	$8.2B-6.2%	$8.8B+4.9%	$8.4B+0.1%	$8.4B-15.3%	$9.9B-5.5%	$10.4B-1.7%	$10.6B+6.7%	$10.0B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

EQH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

EQH annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$1.4B	$714.0M-64.4%	$2.0B+1064.4%	-$208.0M+16.8%	-$250.0M-29.5%	-$193.0M-216.4%	-$61.0M+71.8%	-$216.0M-454.1%	$61.0M+125.1%	-$243.0M-3.0%	-$236.0M
Investing Cash Flow	-$12.4B	-$11.0B+30.8%	-$15.9B-226.8%	-$4.9B+35.2%	-$7.5B+41.0%	-$12.7B-62.2%	-$7.8B+7.9%	-$8.5B-314.6%	-$2.0B+78.9%	-$9.7B-68.0%	-$5.8B
Financing Cash Flow	$13.2B	$15.7B+26.3%	$12.4B+38.2%	$9.0B+27.8%	$7.0B-41.0%	$11.9B+23.5%	$9.7B+11.1%	$8.7B+426.0%	$1.7B-81.8%	$9.1B+77.5%	$5.1B
Dividends Paid	$317.0M	$314.0M+4.0%	$302.0M+0.3%	$301.0M+2.4%	$294.0M-0.7%	$296.0M-0.3%	$297.0M+4.2%	$285.0M+81.5%	$157.0M	$0	$0
Share Buybacks	$1.5B	$1.4B+43.0%	$1.0B+10.3%	$919.0M+8.2%	$849.0M-48.1%	$1.6B+280.7%	$430.0M-68.1%	$1.4B+108.3%	$648.0M	$0	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$643.0M+28.9%	$499.0M+424.0%	-$154.0M-141.7%	$369.0M+8.2%	$341.0M+115.8%	$158.0M-60.5%	$400.0M-41.4%	$683.0M
Investing Cash Flow	-$2.2B+26.8%	-$3.0B-19.0%	-$2.5B+47.9%	-$4.8B-89.4%	-$2.5B-110.0%	-$1.2B+78.3%	-$5.5B-131.4%	-$2.4B
Financing Cash Flow	$8.8B+9263.5%	-$96.0M-106.4%	$1.5B-51.0%	$3.1B-65.9%	$8.9B+301.3%	$2.2B-12.6%	$2.5B+61.0%	$1.6B
Dividends Paid	$83.0M+9.2%	$76.0M-1.3%	$77.0M-4.9%	$81.0M-1.2%	$82.0M+10.8%	$74.0M-1.3%	$75.0M-1.3%	$76.0M
Share Buybacks	$366.0M+149.0%	$147.0M-46.9%	$277.0M-59.0%	$676.0M+187.7%	$235.0M-10.3%	$262.0M+0.8%	$260.0M+2.4%	$254.0M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

EQH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

EQH annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Net Margin	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%+5.2pp	-5.2%+13.1pp	-18.3%-33.7pp	15.4%+9.1pp	6.3%-4.4pp	10.7%
Return on Equity	N/A	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%+4.2pp	-4.2%+8.9pp	-13.1%-26.5pp	13.4%+7.6pp	5.8%-1.8pp	7.6%
Return on Assets	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%+0.2pp	-0.2%+0.5pp	-0.7%-1.6pp	0.8%+0.5pp	0.3%	N/A
Debt-to-Equity	N/A	2.45+1.0x	1.45-0.9x	2.37+2.0x	0.37-16.2x	16.57-0.9x	17.42+2.6x	14.87-1.4x	16.28	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	-27.3%-42.0pp	14.7%-34.0pp	48.7%+138.9pp	-90.3%-75.5pp	-14.8%-16.2pp	1.4%+12.1pp	-10.7%-6.4pp	-4.3%
Return on Equity	N/A	227.5%	N/A	-884.5%-854.1pp	-30.4%-33.0pp	2.6%-54.4pp	57.0%+61.1pp	-4.1%
Return on Assets	-0.1%-0.3pp	0.2%-0.3pp	0.5%+0.9pp	-0.4%-0.3pp	-0.1%-0.1pp	0.0%+0.1pp	-0.1%-0.1pp	0.0%
Debt-to-Equity	N/A	14.05	N/A	25.90+22.1x	3.77+2.0x	1.80-0.6x	2.45+1.3x	1.20

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Note: Shareholder equity is negative (-$74.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Where Equitable Holdings Inc Ranks

Frequently Asked Questions

What is Equitable Holdings Inc's annual revenue?

Equitable Holdings Inc (EQH) reported $11.7B in total revenue for fiscal year 2025. This represents a -6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Equitable Holdings Inc's revenue growing?

Equitable Holdings Inc (EQH) revenue declined by 6.1% year-over-year, from $12.4B to $11.7B in fiscal year 2025.

Is Equitable Holdings Inc profitable?

No, Equitable Holdings Inc (EQH) reported a net income of -$1K in fiscal year 2025, with a net profit margin of 0.0%.

How much debt does Equitable Holdings Inc have?

As of fiscal year 2025, Equitable Holdings Inc (EQH) had $12.5B in cash and equivalents against $3.8B in long-term debt.

What is Equitable Holdings Inc's net profit margin?

Equitable Holdings Inc (EQH) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Equitable Holdings Inc pay dividends?

Yes, Equitable Holdings Inc (EQH) paid $1.05 per share in dividends during fiscal year 2025.

What is Equitable Holdings Inc's operating cash flow?

Equitable Holdings Inc (EQH) generated $714.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equitable Holdings Inc's total assets?

Equitable Holdings Inc (EQH) had $318.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Equitable Holdings Inc buy back shares?

Yes, Equitable Holdings Inc (EQH) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Equitable Holdings Inc have outstanding?

Equitable Holdings Inc (EQH) had 283M shares outstanding as of fiscal year 2025.

What is Equitable Holdings Inc's return on assets (ROA)?

Equitable Holdings Inc (EQH) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Equitable Holdings Inc's debt-to-equity ratio negative or not reported?

Equitable Holdings Inc (EQH) has negative shareholder equity of -$74.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Equitable Holdings Inc's Piotroski F-Score?

Equitable Holdings Inc (EQH) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Equitable Holdings Inc's earnings high quality?

Equitable Holdings Inc (EQH) reported a net loss of $1K while generating $714.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.