Principal Financial Financials

PFG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Principal Financial (PFG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Key Financial Metrics

Revenue

$16.1B

YoY+11.8%

5Y CAGR+2.7%

10Y CAGR+5.8%

Principal Financial generated $16.1B in revenue in fiscal year 2024. This represents an increase of 11.8% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$1.6B

YoY-0.6%

5Y CAGR-7.4%

10Y CAGR+6.9%

Principal Financial reported $1.6B in net income in fiscal year 2024. This represents a decrease of 0.6% from the prior year.

EPS (Diluted)

$6.68

YoY+15.4%

5Y CAGR-3.3%

10Y CAGR+10.0%

Principal Financial earned $6.68 per diluted share (EPS) in fiscal year 2024. This represents an increase of 15.4% from the prior year.

Cash & Debt

$4.2B

YoY+80.6%

5Y CAGR+11.3%

10Y CAGR+0.1%

Principal Financial held $4.2B in cash against $4.0B in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.85

5Y CAGR+8.8%

10Y CAGR+13.8%

Principal Financial paid $2.85 per share in dividends in fiscal year 2024.

Shares Outstanding

226M

YoY-13.6%

5Y CAGR-4.8%

10Y CAGR-2.6%

Principal Financial had 226M shares outstanding in fiscal year 2024. This represents a decrease of 13.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

9.7%

YoY-1.2pp

5Y CAGR-6.6pp

10Y CAGR+1.0pp

Principal Financial's net profit margin was 9.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.2 percentage points from the prior year.

Return on Equity

14.2%

YoY+1.1pp

5Y CAGR-3.7pp

10Y CAGR+5.9pp

Principal Financial's ROE was 14.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$1.0B

YoY+11.2%

5Y CAGR+36.4%

10Y CAGR+14.3%

Principal Financial spent $1.0B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 11.2% from the prior year.

Capital Expenditures

N/A

PFG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$16.1B+11.8%	$14.4B-2.1%	$14.7B-9.1%	$16.2B+13.9%	$14.2B+1.0%	$14.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$291.7M+2.7%	$283.9M+7.1%	$265.0M+6.3%	$249.2M+8.0%	$230.7M+419.1%	-$72.3M
Net Income	$1.6B-0.6%	$1.6B+13.2%	$1.4B+0.1%	$1.4B-9.8%	$1.5B-33.1%	$2.3B
EPS (Diluted)	$6.68+15.4%	$5.79+14.7%	$5.05+1.8%	$4.96-7.5%	$5.36-32.0%	$7.88

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$3.7B+0.3%	$3.7B-0.7%	$3.7B+37.4%	$2.7B-41.5%	$4.6B+29.3%	$3.6B+26.2%	$2.8B-10.5%	$3.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$14.5M-79.2%	$69.6M+304.7%	-$34.0M+87.3%	-$268.0M-175.5%	$354.8M+492.3%	$59.9M+176.8%	-$78.0M-596.4%	-$11.2M
Net Income	$213.8M-47.4%	$406.2M+744.5%	$48.1M+105.5%	-$871.7M-169.9%	$1.2B+220.5%	$388.8M+377.5%	-$140.1M-764.8%	-$16.2M
EPS (Diluted)	$0.95-46.9%	$1.79+752.4%	$0.21+105.9%	$-3.55-169.6%	$5.10+222.8%	$1.58+372.4%	$-0.58-1350.0%	$-0.04

PFG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$313.7B+3.0%	$304.7B+2.7%	$296.6B+7.4%	$276.1B+13.6%	$243.0B-4.3%	$253.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.2B+80.6%	$2.3B-18.2%	$2.8B+13.3%	$2.5B-15.5%	$3.0B+20.5%	$2.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.5B-4.8%	$1.6B-4.9%	$1.7B+1.0%	$1.7B+54.0%	$1.1B+2.9%	$1.1B
Total Liabilities	$302.2B+4.9%	$288.2B+3.0%	$279.8B+7.1%	$261.1B+13.0%	$231.2B-4.0%	$240.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$4.0B-7.6%	$4.3B0.0%	$4.3B+14.6%	$3.7B+14.6%	$3.3B+2.6%	$3.2B
Total Equity	$11.1B-8.7%	$12.1B-26.9%	$16.6B+13.2%	$14.7B+28.2%	$11.5B-11.3%	$12.9B
Retained Earnings	$17.6B+36.5%	$12.9B+8.8%	$11.8B+6.9%	$11.1B+7.6%	$10.3B+8.5%	$9.5B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$334.5B+3.5%	$323.1B+3.2%	$313.0B+2.6%	$305.0B+5.9%	$287.9B-3.8%	$299.2B-0.1%	$299.4B+2.9%	$290.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.1B+40.4%	$3.7B-5.6%	$3.9B-17.7%	$4.7B+3.1%	$4.6B+12.0%	$4.1B-12.2%	$4.6B-4.3%	$4.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.6B-0.4%	$1.6B+1.0%	$1.6B-2.6%	$1.6B+0.9%	$1.6B-2.7%	$1.6B+0.1%	$1.6B+2.4%	$1.6B
Total Liabilities	$322.4B+3.6%	$311.2B+3.3%	$301.4B+2.6%	$293.8B+6.1%	$277.0B-4.0%	$288.5B-0.1%	$288.9B+3.0%	$280.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.9B0.0%	$3.9B-9.2%	$4.3B+9.9%	$3.9B0.0%	$3.9B-1.6%	$4.0B-14.8%	$4.7B+17.3%	$4.0B
Total Equity	$11.7B+1.7%	$11.5B+1.8%	$11.3B+2.8%	$11.0B+2.2%	$10.7B+3.2%	$10.4B+1.3%	$10.3B+2.4%	$10.0B
Retained Earnings	$17.7B+0.2%	$17.7B+1.3%	$17.5B+4.7%	$16.7B-5.8%	$17.7B+6.5%	$16.6B+1.4%	$16.4B-1.8%	$16.7B

PFG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$4.6B+41.4%	$3.3B-12.3%	$3.7B-32.5%	$5.5B+6.5%	$5.2B+23.1%	$4.2B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$5.4B+5.2%	-$5.7B-14.0%	-$5.0B+35.0%	-$7.7B-34.8%	-$5.7B-40.7%	-$4.1B
Financing Cash Flow	$300.3M-84.4%	$1.9B+18.5%	$1.6B-6.5%	$1.7B+64.7%	$1.1B+374.1%	-$384.0M
Dividends Paid	$658.4M+0.7%	$654.1M+6.4%	$614.5M+1.4%	$606.0M+1.2%	$598.6M+10.9%	$540.0M
Share Buybacks	$1.0B+11.2%	$937.2M+205.3%	$307.0M+9.3%	$281.0M-58.2%	$671.6M+204.7%	$220.4M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	$977.3M	N/A	N/A	N/A	$695.3M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$952.7M	N/A	N/A	N/A	-$1.1B	N/A
Financing Cash Flow	N/A	N/A	-$360.8M	N/A	N/A	N/A	$201.7M	N/A
Dividends Paid	N/A	N/A	$169.0M	N/A	N/A	N/A	$155.5M	N/A
Share Buybacks	N/A	N/A	$240.3M	N/A	N/A	N/A	$188.5M	N/A

PFG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	9.7%-1.2pp	10.9%+1.5pp	9.5%+0.9pp	8.6%-2.3pp	10.9%-5.5pp	16.4%
Return on Equity	14.2%+1.1pp	13.0%+4.6pp	8.4%-1.1pp	9.5%-4.0pp	13.5%-4.4pp	17.9%
Return on Assets	0.5%-0.0pp	0.5%+0.0pp	0.5%-0.0pp	0.5%-0.1pp	0.6%-0.3pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.360.0	0.35+0.1	0.260.0	0.25-0.0	0.28+0.0	0.25
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	5.8%-5.3pp	11.1%+9.8pp	1.3%+33.7pp	-32.4%-59.5pp	27.1%+16.2pp	10.9%+15.9pp	-5.0%-4.5pp	-0.5%
Return on Equity	1.8%-1.7pp	3.5%+3.1pp	0.4%	N/A	11.6%+7.9pp	3.7%	N/A	N/A
Return on Assets	0.1%-0.1pp	0.1%+0.1pp	0.0%+0.3pp	-0.3%-0.7pp	0.4%+0.3pp	0.1%+0.2pp	-0.1%-0.0pp	-0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.340.0	0.34-0.0	0.38+0.0	0.360.0	0.37-0.0	0.38-0.1	0.46+0.1	0.40
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Piotroski F-Score Neutral

6/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

2.93x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Principal Financial's annual revenue?

Principal Financial (PFG) reported $16.1B in total revenue for fiscal year 2024. This represents a 11.8% 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 Principal Financial's revenue growing?

Principal Financial (PFG) revenue grew by 11.8% year-over-year, from $14.4B to $16.1B in fiscal year 2024.

Is Principal Financial profitable?

Yes, Principal Financial (PFG) reported a net income of $1.6B in fiscal year 2024, with a net profit margin of 9.7%.

What is Principal Financial's earnings per share (EPS)?

Principal Financial (PFG) reported diluted earnings per share of $6.68 for fiscal year 2024. This represents a 15.4% 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 Principal Financial have?

As of fiscal year 2024, Principal Financial (PFG) had $4.2B in cash and equivalents against $4.0B in long-term debt.

What is Principal Financial's net profit margin?

Principal Financial (PFG) had a net profit margin of 9.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Principal Financial pay dividends?

Yes, Principal Financial (PFG) paid $2.85 per share in dividends during fiscal year 2024.

What is Principal Financial's return on equity (ROE)?

Principal Financial (PFG) has a return on equity of 14.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Principal Financial's operating cash flow?

Principal Financial (PFG) generated $4.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Principal Financial's total assets?

Principal Financial (PFG) had $313.7B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Principal Financial buy back shares?

Yes, Principal Financial (PFG) spent $1.0B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Principal Financial have outstanding?

Principal Financial (PFG) had 226M shares outstanding as of fiscal year 2024.

What is Principal Financial's debt-to-equity ratio?

Principal Financial (PFG) had a debt-to-equity ratio of 0.36 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Principal Financial's return on assets (ROA)?

Principal Financial (PFG) had a return on assets of 0.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Principal Financial's Piotroski F-Score?

Principal Financial (PFG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals.

Are Principal Financial's earnings high quality?

Principal Financial (PFG) has an earnings quality ratio of 2.93x, 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.