F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) Financials

FGSN

Trailing 12 months to June 30, 2026

Revenue $6.1B +15.0% YoY

Net Income $401.0M +16.9% YoY

EPS (Diluted) $2.95 +19.0% YoY

Operating Cash Flow $4.3B -27.6% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FGSN SEC filings page.

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) reported $6.1B in revenue over the twelve months to Jun 30, 2026, up 15.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 FGSN FY2025 2026-08-29

FGSN’s dominant mechanic is an expanding asset base funded partly outside operations while earnings and returns compress despite flat revenue.

Revenue was essentially flat in FY2025, but net margin compressed from 11.2% to 4.3%, pointing to profitability pressure without a volume collapse; the earnings problem is therefore more about converting sales into profit than demand scale. The combination of 17.2x assets-to-revenue and 0.3% ROA indicates an asset-heavy model whose enlarged balance sheet is producing modest returns.

Operating cash flow was $4.681B while net income was $248M, so cash generation and reported earnings diverged sharply. That gap means reported cash flow is being shaped materially by noncash charges or working-capital movements, so earnings alone do not describe the operating economics.

Investing cash outflows were $8.429B, exceeding operating cash flow of $4.681B. Financing supplied $2.970B, indicating the investment program relied partly on funding beyond operations; this is a capital-allocation pattern, not simply a measure of current profitability.

Financial Health Signals

Financial health score not available

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 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

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

18.88x

For every $1 of reported earnings, F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 generates $18.88 in operating cash flow ($4.7B OCF vs $248.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.4B

YoY+4.2%

QoQ+19.7%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 generated $1.4B in revenue in Q2 2026. This represents an increase of 4.2% from the same quarter a year earlier. Against the prior quarter it is up 19.7%.

Net Income

-$76.0M

YoY-290.0%

QoQ-130.6%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 reported -$76.0M in net income in Q2 2026. This represents a decrease of 290.0% from the same quarter a year earlier. Against the prior quarter it is down 130.6%.

EPS (Diluted)

-$0.62

YoY-338.5%

QoQ-134.8%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 earned -$0.62 per diluted share (EPS) in Q2 2026. This represents a decrease of 338.5% from the same quarter a year earlier. Against the prior quarter it is down 134.8%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$2.1B

YoY+11.6%

QoQ+58.8%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 held $2.1B in cash against $2.2B in long-term debt as of Q2 2026.

Dividends Per Share

$0.25

YoY+13.6%

QoQ0.0%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 paid $0.25 per share in dividends in Q2 2026. This represents an increase of 13.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

131M

YoY-2.8%

QoQ-1.2%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 had 131M shares outstanding in Q2 2026. This represents a decrease of 2.8% from the same quarter a year earlier. Against the prior quarter it is down 1.2%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Net Margin

-5.3%

YoY-8.3pp

QoQ-26.2pp

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's net profit margin was -5.3% in Q2 2026, showing the share of revenue converted to profit. This is down 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.2 percentage points.

Return on Equity

-1.7%

YoY-2.6pp

QoQ-7.0pp

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's ROE was -1.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$94.0M

QoQ+224.1%

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 spent $94.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 224.1%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

FGSN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FGSN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Revenue	$6.1B	$5.7B-0.2%	$5.7B+27.6%	$4.5B+91.6%	$2.3B-40.9%	$4.0B
SG&A Expenses	$286.0M	$293.0M-1.0%	$296.0M+27.6%	$232.0M+47.8%	$157.0M+21.7%	$129.0M
Interest Expense	$165.0M	$164.0M+24.2%	$132.0M+36.1%	$97.0M+234.5%	$29.0M0.0%	$29.0M
Income Tax	$97.0M	$52.0M-61.8%	$136.0M+491.3%	$23.0M-85.4%	$158.0M-50.6%	$320.0M
Net Income	$401.0M	$248.0M-61.4%	$642.0M+1206.9%	-$58.0M-109.1%	$635.0M-48.8%	$1.2B
EPS (Basic)	N/A	$1.89-62.0%	$4.98+1159.6%	-$0.47-108.5%	$5.52-53.3%	$11.81
EPS (Diluted)	$2.95	$1.88-61.5%	$4.88+1138.3%	-$0.47-108.5%	$5.52-53.3%	$11.81
Diluted Shares (Avg)	N/A	132M+0.8%	131M+5.6%	124M+7.8%	115M+9.5%	105M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.4B+4.2%	$1.2B+30.7%	$1.8B+13.2%	$1.7B+17.3%	$1.4B+16.4%	$908.0M-42.1%	$1.6B-3.3%	$1.4B+69.7%
SG&A Expenses	$77.0M0.0%	$60.0M-10.4%	$70.0M-13.6%	$79.0M-1.3%	$77.0M+11.6%	$67.0M+1.5%	$81.0M+24.6%	$80.0M+37.9%
Interest Expense	$41.0M0.0%	$41.0M+2.5%	$41.0M+7.9%	$42.0M+16.7%	$41.0M+46.4%	$40.0M+33.3%	$38.0M+46.2%	$36.0M+50.0%
Income Tax	-$19.0M-226.7%	$74.0M+1580.0%	$31.0M-63.5%	$11.0M+144.0%	$15.0M-70.0%	-$5.0M-119.2%	$85.0M+211.8%	-$25.0M-133.8%
Net Income	-$76.0M-290.0%	$248.0M+1281.0%	$111.0M-66.4%	$118.0M+2066.7%	$40.0M-80.3%	-$21.0M-118.3%	$330.0M+210.4%	-$6.0M-102.0%
EPS (Basic)	-$0.62-338.5%	$1.83+1015.0%	$0.94-63.4%	$0.86+1175.0%	$0.26-83.8%	-$0.20-122.2%	$2.57+206.6%	-$0.08-103.2%
EPS (Diluted)	-$0.62-338.5%	$1.78+990.0%	$0.94-62.4%	$0.85	$0.26-83.2%	-$0.20-122.7%	$2.50+204.2%	-$0.08
Diluted Shares (Avg)	130M-3.0%	139M+10.3%	N/A	139M	134M+2.3%	126M-3.1%	N/A	124M

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

FGSN Balance Sheet

FGSN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Total Assets	$98.4B+15.9%	$84.9B+21.0%	$70.2B+28.5%	$54.6B+12.1%	$48.7B
Cash & Equivalents	$1.5B-34.4%	$2.3B+44.8%	$1.6B+62.8%	$960.0M-37.4%	$1.5B
Short-Term Investments	$1.0B-56.7%	$2.4B+66.0%	$1.5B-6.7%	$1.6B+317.2%	$373.0M
Long-Term Investments	$1.3B+123.1%	$580.0M+8.0%	$537.0M0.0%	$537.0M+9.8%	$489.0M
Goodwill	$2.2B0.0%	$2.2B+24.6%	$1.7B0.0%	$1.7B-0.4%	$1.8B
Total Liabilities	$93.5B+15.7%	$80.9B+20.5%	$67.1B+28.5%	$52.2B+18.0%	$44.2B
Long-Term Debt	$2.2B+3.0%	$2.2B+23.8%	$1.8B+57.5%	$1.1B+14.0%	$977.0M
Total Equity	$4.8B+21.6%	$4.0B+27.3%	$3.1B+29.0%	$2.4B-52.2%	$5.0B
Retained Earnings	$2.6B+5.2%	$2.4B+26.7%	$1.9B-6.6%	$2.1B+105.9%	$1.0B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$103.6B+12.8%	$101.0B+14.8%	$98.4B+15.9%	$96.1B+14.3%	$91.8B+16.9%	$88.0B+18.2%	$84.9B+21.0%	$84.1B+32.2%
Cash & Equivalents	$2.1B+11.6%	$1.3B-59.8%	$1.5B-34.4%	$2.2B-38.1%	$1.9B-46.6%	$3.3B+38.8%	$2.3B+44.8%	$3.5B+103.2%
Short-Term Investments	$545.0M-28.3%	$992.0M+80.7%	$1.0B-56.7%	$910.0M+33.6%	$760.0M+80.5%	$549.0M+108.7%	$2.4B+66.0%	$681.0M+305.4%
Long-Term Investments	$1.3B+31.8%	$1.3B+119.4%	$1.3B+123.1%	$1.0B+51.4%	$998.0M+51.2%	$587.0M-7.4%	$580.0M+8.0%	$675.0M+13.6%
Goodwill	$2.1B-2.5%	$2.1B-2.5%	$2.2B0.0%	$2.2B0.0%	$2.2B+8.0%	$2.2B+8.0%	$2.2B+24.6%	$2.2B+24.6%
Total Liabilities	$98.9B+13.3%	$96.3B+15.3%	$93.5B+15.7%	$91.2B+14.5%	$87.3B+16.8%	$83.5B+18.1%	$80.9B+20.5%	$79.6B+30.0%
Long-Term Debt	$2.2B+0.2%	$2.2B+0.2%	$2.2B+3.0%	$2.2B+9.7%	$2.2B+9.7%	$2.2B+27.8%	$2.2B+23.8%	$2.0B+29.9%
Total Equity	$4.6B+3.9%	$4.6B+6.3%	$4.8B+21.6%	$4.8B+11.0%	$4.4B+21.5%	$4.4B+23.0%	$4.0B+27.3%	$4.3B+83.2%
Retained Earnings	$2.7B+11.3%	$2.8B+16.3%	$2.6B+5.2%	$2.5B+15.5%	$2.4B+9.7%	$2.4B+18.8%	$2.4B+26.7%	$2.1B-4.8%

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

FGSN Cash Flow Statement

FGSN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	$4.3B	$4.7B-22.0%	$6.0B+2.8%	$5.8B+84.0%	$3.2B+69.5%	$1.9B
Depreciation & Amortization	N/A	$665.0M+16.9%	$569.0M+38.1%	$412.0M+27.2%	$324.0M+19.6%	$271.0M
Stock-Based Compensation	N/A	$31.0M+6.9%	$29.0M+26.1%	$23.0M+91.7%	$12.0M+33.3%	$9.0M
Investing Cash Flow	-$5.0B	-$8.4B-6.0%	-$8.0B+10.8%	-$8.9B+4.8%	-$9.4B-36.5%	-$6.9B
Financing Cash Flow	$871.0M	$3.0B+11.9%	$2.7B-28.0%	$3.7B-34.5%	$5.6B-0.2%	$5.6B
Dividends Paid	N/A	N/A	N/A	$101.0M	$0	$0
Share Buybacks	$130.0M	$10.0M-16.7%	$12.0M-33.3%	$18.0M	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.5B-8.2%	$743.0M-22.3%	$1.2B-11.5%	$937.0M-55.2%	$1.6B+53.6%	$956.0M-37.7%	$1.3B-40.6%	$2.1B+162.9%
Depreciation & Amortization	$175.0M+10.8%	$173.0M+13.1%	$174.0M+14.5%	$180.0M+22.4%	$158.0M+7.5%	$153.0M+24.4%	$152.0M+38.2%	$147.0M+36.1%
Stock-Based Compensation	N/A	$9.0M+12.5%	N/A	N/A	N/A	$8.0M+14.3%	N/A	N/A
Investing Cash Flow	$108.0M+103.1%	-$939.0M-16.1%	-$2.3B+18.6%	-$1.9B+2.5%	-$3.5B-87.8%	-$809.0M+41.5%	-$2.8B+14.0%	-$1.9B-36.1%
Financing Cash Flow	-$816.0M-287.6%	$34.0M-96.1%	$416.0M+95.3%	$1.2B+868.3%	$435.0M-77.6%	$882.0M+33.8%	$213.0M-75.3%	-$161.0M-124.1%
Share Buybacks	$94.0M	$29.0M+866.7%	$7.0M+16.7%	$0	$0	$3.0M-50.0%	$6.0M	$0-100.0%

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

FGSN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FGSN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Net Margin	4.3%-6.9pp	11.2%+12.5pp	-1.3%-28.3pp	27.0%-4.2pp	31.2%
Return on Equity	5.2%-11.1pp	16.3%+18.1pp	-1.9%-28.3pp	26.4%+1.8pp	24.6%
Return on Assets	0.3%-0.5pp	0.8%+0.8pp	-0.1%-1.2pp	1.2%-1.4pp	2.5%
Debt-to-Equity	0.47-0.1x	0.550.0x	0.57+0.1x	0.46+0.3x	0.19
Asset Turnover	0.060.0x	0.070.0x	0.060.0x	0.040.0x	0.08

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	-5.3%-8.3pp	20.9%+23.2pp	6.3%-14.9pp	7.0%+7.4pp	2.9%-14.4pp	-2.3%-9.6pp	21.2%+39.7pp	-0.4%-36.4pp
Return on Equity	-1.7%-2.6pp	5.3%+5.8pp	2.3%-6.0pp	2.5%+2.6pp	0.9%-4.7pp	-0.5%-3.7pp	8.3%+18.0pp	-0.1%-13.0pp
Return on Assets	-0.1%-0.1pp	0.3%+0.3pp	0.1%-0.3pp	0.1%+0.1pp	0.0%-0.2pp	0.0%-0.2pp	0.4%+0.8pp	0.0%-0.5pp
Debt-to-Equity	0.490.0x	0.480.0x	0.47-0.1x	0.460.0x	0.50-0.1x	0.510.0x	0.550.0x	0.47-0.2x
Asset Turnover	0.010.0x	0.010.0x	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.020.0x	0.020.0x

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

Where F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 Ranks

Frequently Asked Questions

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's annual revenue?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) reported $5.7B in total revenue for fiscal year 2025. This represents a -0.2% 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 F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's revenue growing?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) revenue declined by 0.2% year-over-year, from $5.7B to $5.7B in fiscal year 2025.

Is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 profitable?

Yes, F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) reported a net income of $248.0M in fiscal year 2025, with a net profit margin of 4.3%.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's earnings per share (EPS)?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) reported diluted earnings per share of $1.88 for fiscal year 2025. This represents a -61.5% 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.

How much debt does F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 have?

As of fiscal year 2025, F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had $1.5B in cash and equivalents against $2.2B in long-term debt.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's net profit margin?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had a net profit margin of 4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 pay dividends?

Yes, F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) paid $0.91 per share in dividends during fiscal year 2025.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's return on equity (ROE)?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) has a return on equity of 5.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's operating cash flow?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) generated $4.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's total assets?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had $98.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Does F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 buy back shares?

Yes, F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) spent $10.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 have outstanding?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had 136M shares outstanding as of fiscal year 2025.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's debt-to-equity ratio?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's return on assets (ROA)?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's Piotroski F-Score?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) 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 F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065's earnings high quality?

F&G Annuities & Life, Inc. 7.300% Junior Subordinated Notes due 2065 (FGSN) has an earnings quality ratio of 18.88x, considered cash-backed (high quality). 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.