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Principal Financial Group, Inc. (PFG) Financials

PFG
Trailing 12 months to March 31, 2026
Revenue $15.5B -2.0% YoY
Net Income $1.6B +46.6% YoY
EPS (Diluted) $6.97 +50.9% YoY
Operating Cash Flow $3.7B -25.0% YoY
Market Cap $23.0B as of Oct 10, 2026
Price / Sales 1.5x on $15.5B revenue, trailing 12 months to March 31, 2026
Price / Earnings 14.1x on $1.6B net income, trailing 12 months to March 31, 2026
Price / Book 1.9x on $11.8B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PFG SEC filings page.

Principal Financial Group, Inc. (PFG) reported $15.5B in revenue over the twelve months to Mar 31, 2026, down 2.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 PFG FY2025

The business is balance-sheet heavy: assets expanded while earnings and asset productivity softened, leaving reported cash flow stronger than profit.

From FY2024 to FY2025, total assets rose 8.8% while revenue fell 3.1%. That widening gap coincided with ROA slipping from 0.5% to 0.4%, indicating weaker earnings productivity per asset rather than simple expansion.

Operating cash flow was about $4.6B in FY2024 and $4.5B in FY2025 despite lower earnings. For a financial company, that disconnect means balance-sheet and investment movements materially shape cash flow, so cash generation is not a direct proxy for recurring profit.

Liabilities rose 8.9% in FY2025 while long-term debt edged down 0.7%. Debt-to-equity fell to 0.3x from 0.4x, so the higher obligation base was not driven by more reported long-term borrowing; leverage is broader than debt alone. Meanwhile, shares outstanding fell 3.9% while dividends per share rose 8.1%, showing distributions continued as earnings moved lower.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Principal Financial Group, 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
5/7

Principal Financial Group, Inc. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
3.61x

For every $1 of reported earnings, Principal Financial Group, Inc. generates $3.61 in operating cash flow ($4.5B OCF vs $1.3B 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
$3.5B
YoY-4.5%
QoQ-22.9%
5Y CAGR+1.9%
10Y CAGR+1.5%

Principal Financial Group, Inc. generated $3.5B in revenue in Q1 2026. This represents a decrease of 4.5% from the same quarter a year earlier. Against the prior quarter it is down 22.9%.

Net Income
$424.6M
YoY+782.7%
QoQ-27.7%
5Y CAGR-3.9%
10Y CAGR+1.4%

Principal Financial Group, Inc. reported $424.6M in net income in Q1 2026. This represents an increase of 782.7% from the same quarter a year earlier. Against the prior quarter it is down 27.7%.

EPS (Diluted)
$1.93
YoY+819.0%
QoQ-16.1%
5Y CAGR+0.6%
10Y CAGR+4.4%

Principal Financial Group, Inc. earned $1.93 per diluted share (EPS) in Q1 2026. This represents an increase of 819.0% from the same quarter a year earlier. Against the prior quarter it is down 16.1%.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt
$4.1B
YoY+4.6%
QoQ-8.5%
5Y CAGR+15.1%
10Y CAGR+6.6%

Principal Financial Group, Inc. held $4.1B in cash against $3.9B in long-term debt as of Q1 2026.

Dividends Per Share
$0.80
YoY+6.7%
QoQ+1.3%

Principal Financial Group, Inc. paid $0.80 per share in dividends in Q1 2026. This represents an increase of 6.7% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Shares Outstanding
216M
YoY-3.6%
QoQ-0.4%
5Y CAGR-4.5%
10Y CAGR-2.9%

Principal Financial Group, Inc. had 216M shares outstanding in Q1 2026. This represents a decrease of 3.6% from the same quarter a year earlier. Against the prior quarter it is down 0.4%.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Net Margin
12.0%
YoY+10.7pp
QoQ-0.8pp
5Y change-4.1pp
10Y change-0.1pp

Principal Financial Group, Inc.'s net profit margin was 12.0% in Q1 2026, showing the share of revenue converted to profit. This is up 10.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.

Return on Equity
3.6%
YoY+3.2pp
QoQ-1.3pp
5Y change+0.2pp
10Y change-0.1pp

Principal Financial Group, Inc.'s ROE was 3.6% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

Share Buybacks
$235.0M
YoY-2.2%
QoQ-14.7%
5Y CAGR+15.3%
10Y CAGR+8.3%

Principal Financial Group, Inc. spent $235.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 2.2% from the same quarter a year earlier. Against the prior quarter it is down 14.7%.

R&D Spending

Not reported for Q1 2026.

Capital Expenditures

Not reported for Q1 2026.

PFG 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.

PFG quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Revenue$3.5B-4.5%$4.6B-3.7%$3.7B+22.2%$3.7B-14.8%$3.7B-8.8%$4.8B+76.6%$3.0B-34.5%$4.3B+21.2%
Income Tax$68.9M+302.6%$110.4M-47.4%$14.5M+114.4%$69.6M-20.1%-$34.0M-135.8%$209.9M+178.3%-$100.4M-128.3%$87.1M+45.4%
Net Income$424.6M+782.7%$587.4M-37.0%$213.8M+197.2%$406.2M+15.0%$48.1M-91.0%$932.3M+213.0%-$220.0M-117.7%$353.1M-9.2%
EPS (Basic)$1.96+833.3%$2.34-40.3%$0.96+201.1%$1.81+19.9%$0.21-90.7%$3.92+209.2%-$0.95-118.4%$1.51-5.6%
EPS (Diluted)$1.93+819.0%$2.30-40.6%$0.95+200.0%$1.79+20.1%$0.21-90.5%$3.87+209.6%-$0.95-118.6%$1.49-5.7%
Diluted Shares (Avg)220M-3.7%N/A225M-2.4%227M-4.3%229M-4.4%N/A231M-5.6%237M-3.6%

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

PFG Balance Sheet

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.

PFG quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$332.7B+6.3%$341.4B+8.8%$334.5B+3.6%$323.1B+4.6%$313.0B+1.4%$313.7B+2.8%$322.9B+12.1%$308.8B+3.2%
Cash & Equivalents$4.1B+4.6%$4.4B+5.2%$5.1B-16.8%$3.7B-24.0%$3.9B-7.0%$4.2B-10.5%$6.2B+35.3%$4.8B+18.2%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$1.6B+1.3%$1.6B+3.3%$1.6B-1.2%$1.6B+0.9%$1.6B-0.1%$1.5B-3.7%$1.6B+0.2%$1.6B-4.2%
Total Liabilities$320.3B+6.3%$329.0B+8.9%$322.4B+3.6%$311.2B+4.6%$301.4B+1.5%$302.2B+2.8%$311.3B+12.4%$297.4B+3.1%
Long-Term Debt$3.9B-9.1%$3.9B-0.7%$3.9B-0.2%$3.9B-0.2%$4.3B+9.9%$4.0B+0.6%$3.9B+0.1%$3.9B-1.5%
Total Equity$11.8B+5.3%$11.9B+7.2%$11.7B+3.8%$11.4B+3.6%$11.2B+0.3%$11.1B+1.6%$11.2B+5.3%$11.0B+6.5%
Retained Earnings$18.3B+4.9%$18.1B+2.8%$17.7B+5.2%$17.7B+2.7%$17.5B+2.4%$17.6B+5.4%$16.8B-4.9%$17.2B+3.6%

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

PFG Cash Flow 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.

PFG quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow$187.1M-80.9%$1.7B+19.5%$1.0B-11.0%$811.9M-43.3%$977.3M+67.3%$1.5B+54.6%$1.1B+7.4%$1.4B+29.9%
Investing Cash Flow-$959.8M-0.7%-$3.1B+17.7%$167.8M+6891.7%-$249.7M+13.2%-$952.7M+29.1%-$3.8B-1653.7%$2.4M+104.8%-$287.8M-1426.3%
Financing Cash Flow$395.7M+209.7%$651.4M+86.8%$306.5M+34.7%-$778.9M-57.1%-$360.8M-264.2%$348.8M+159.6%$227.5M+144.5%-$495.7M+70.7%
Dividends Paid$173.5M+2.7%$172.4M+4.0%$172.9M+4.7%$169.7M+2.7%$169.0M+4.1%$165.7M+4.2%$165.1M+5.8%$165.2M+6.6%
Share Buybacks$235.0M-2.2%$275.4M-10.0%$227.7M-9.6%$159.3M-36.4%$240.3M+2.6%$306.1M+22.1%$251.8M+25.4%$250.3M+149.3%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

PFG 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.

PFG quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Net Margin12.0%+10.7pp12.8%-6.8pp5.8%+13.1pp11.1%+2.9pp1.3%-11.8pp19.6%+50.3pp-7.3%-34.4pp8.2%-2.7pp
Return on Equity3.6%+3.2pp4.9%-3.5pp1.8%+3.8pp3.6%+0.4pp0.4%-4.3pp8.4%+16.0pp-2.0%-13.6pp3.2%-0.6pp
Return on Assets0.1%+0.1pp0.2%-0.1pp0.1%+0.1pp0.1%0.0pp0.0%-0.1pp0.3%+0.6pp-0.1%-0.5pp0.1%0.0pp
Debt-to-Equity0.33-0.1x0.330.0x0.340.0x0.340.0x0.390.0x0.360.0x0.350.0x0.360.0x
Asset Turnover0.010.0x0.010.0x0.010.0x0.010.0x0.010.0x0.020.0x0.010.0x0.010.0x

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

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Principal Financial Group, Inc. PFG FY2025 $15.6B $1.3B 8.0% $23.0B —
Corebridge Financial, Inc. CRBG FY2025 $18.5B -$366.0M -2.0% $15.4B 5/100
Equitable Holdings, Inc. EQH FY2025 $11.7B -$1K 0.0% $14.6B 13/100
T Rowe Price Group Inc TROW FY2025 $7.3B $2.1B 28.5% $22.2B 51/100
Northern Trust Corp NTRS FY2025 $8.1B $1.7B 21.5% $30.8B 27/100
Ares Capital Corporation ARCC FY2025 N/A $1.3B N/A $13.5B —

Frequently Asked Questions

What is Principal Financial Group, Inc.'s annual revenue?

Principal Financial Group, Inc. (PFG) reported $15.6B in total revenue for fiscal year 2025. This represents a -3.1% 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 Principal Financial Group, Inc.'s revenue growing?

Principal Financial Group, Inc. (PFG) revenue declined by 3.1% year-over-year, from $16.1B to $15.6B in fiscal year 2025.

Is Principal Financial Group, Inc. profitable?

Yes, Principal Financial Group, Inc. (PFG) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 8.0%.

Principal Financial Group, Inc. (PFG) reported diluted earnings per share of $5.25 for fiscal year 2025. This represents a -21.4% 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.

As of fiscal year 2025, Principal Financial Group, Inc. (PFG) had $4.4B in cash and equivalents against $3.9B in long-term debt.

Principal Financial Group, Inc. (PFG) had a net profit margin of 8.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Principal Financial Group, Inc. (PFG) paid $3.08 per share in dividends during fiscal year 2025.

Principal Financial Group, Inc. (PFG) has a return on equity of 10.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Principal Financial Group, Inc. (PFG) generated $4.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Principal Financial Group, Inc. (PFG) had $341.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Principal Financial Group, Inc. (PFG) spent $902.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Principal Financial Group, Inc. (PFG) had 217M shares outstanding as of fiscal year 2025.

Principal Financial Group, Inc. (PFG) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Principal Financial Group, Inc. (PFG) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Principal Financial Group, Inc. (PFG) trades at 14.1x earnings, its market capitalization divided by net income of $1.6B net income, trailing 12 months to March 31, 2026. The market capitalization is $23.0B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Principal Financial Group, Inc. (PFG) trades at 1.5x sales, its market capitalization divided by revenue of $15.5B revenue, trailing 12 months to March 31, 2026. The market capitalization is $23.0B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Principal Financial Group, Inc. (PFG) has a Piotroski F-Score of 5 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.

Principal Financial Group, Inc. (PFG) has an earnings quality ratio of 3.61x, 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.

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