Principal Financial Financials
Principal Financial (PFG) reported $15.6B in revenue for fiscal year 2025, down 3.1% from the prior fiscal year. 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).
Cash generation stays steadier than reported earnings because this balance-sheet-scale business runs through liability leverage.
Across FY2023-FY2025, operating cash flow stayed between$3.8B and$4.6B even though net income rebounded in FY2024 and softened again in FY2025. That mismatch says the underlying cash engine is steadier than the income statement suggests, with a meaningful share of earnings volatility coming from accounting valuation swings rather than from cash generation itself.
FY2025 ended with
The company has also been steadily shrinking its denominator: shares outstanding fell from 261.2M in FY2021 to 216.8M in FY2025. With long-term debt still near
Financial Health Signals
Principal Financial 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.
Principal Financial 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.
For every $1 of reported earnings, Principal Financial 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
Earnings & Revenue
Principal Financial generated $15.6B in revenue in fiscal year 2025. This represents a decrease of 3.1% from the prior year.
Principal Financial reported $1.3B in net income in fiscal year 2025. This represents a decrease of 21.4% from the prior year.
Principal Financial earned $5.25 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 21.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Principal Financial held $4.4B in cash against $3.9B in long-term debt as of fiscal year 2025.
Principal Financial paid $3.08 per share in dividends in fiscal year 2025. This represents an increase of 8.1% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Principal Financial's net profit margin was 8.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.
Principal Financial's ROE was 10.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Principal Financial spent $902.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 13.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
PFG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.5B | $15.6B-3.1% | $16.1B+18.0% | $13.7B-22.1% | $17.5B+21.5% | $14.4B-2.1% | $14.7B-9.1% | $16.2B+13.9% | $14.2B+1.0% | $14.1B+13.7% | $12.4B+3.6% | $12.0B+14.2% | $10.5B+12.8% | $9.3B+0.8% | $9.2B+6.3% | $8.7B |
| Income Tax | $263.4M | $160.5M-45.0% | $291.7M+324.6% | $68.7M-94.2% | $1.2B+319.0% | $283.9M+7.1% | $265.0M+6.3% | $249.2M+8.0% | $230.7M+419.1% | -$72.3M-131.4% | $229.9M+29.4% | $177.6M-44.2% | $318.5M+69.5% | $187.9M+39.6% | $134.6M-32.1% | $198.3M |
| Net Income | $1.6B | $1.3B-21.4% | $1.6B+138.5% | $670.1M-86.2% | $4.9B+176.1% | $1.8B+25.9% | $1.4B+0.1% | $1.4B-9.8% | $1.5B-33.1% | $2.3B+75.5% | $1.3B+6.7% | $1.2B+7.9% | $1.1B+25.4% | $912.7M+13.2% | $806.6M+26.4% | $638.3M |
| EPS (Diluted) | — | $5.25-21.4% | $6.68+162.0% | $2.55-86.3% | $18.63+221.8% | $5.79+14.7% | $5.05+1.8% | $4.96-7.5% | $5.36-32.0% | $7.88+75.1% | $4.50+10.8% | $4.06+11.2% | $3.65+23.7% | $2.95+14.3% | $2.58+35.1% | $1.91 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense.
TTM is the trailing twelve months, Q2 FY2025 through Q1 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.
PFG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $341.4B+8.8% | $313.7B+2.8% | $305.0B+4.9% | $290.9B-4.5% | $304.7B+2.7% | $296.6B+7.4% | $276.1B+13.6% | $243.0B-4.3% | $253.9B+11.4% | $228.0B+4.3% | $218.7B-0.2% | $219.1B+5.2% | $208.2B+28.6% | $161.8B+9.8% | $147.4B |
| Cash & Equivalents | $4.4B+5.2% | $4.2B-10.5% | $4.7B-2.9% | $4.8B+107.9% | $2.3B-18.2% | $2.8B+13.3% | $2.5B-15.5% | $3.0B+20.5% | $2.5B-9.1% | $2.7B+6.0% | $2.6B+37.6% | $1.9B-21.4% | $2.4B-43.2% | $4.2B+47.4% | $2.8B |
| Goodwill | $1.6B+3.3% | $1.5B-3.7% | $1.6B+0.6% | $1.6B-1.8% | $1.6B-4.9% | $1.7B+1.0% | $1.7B+54.0% | $1.1B+2.9% | $1.1B+4.7% | $1.0B+1.2% | $1.0B+0.2% | $1.0B-8.4% | $1.1B+102.5% | $543.4M+12.7% | $482.3M |
| Total Liabilities | $329.0B+8.9% | $302.2B+2.8% | $293.8B+4.7% | $280.6B-2.6% | $288.2B+3.0% | $279.8B+7.1% | $261.1B+13.0% | $231.2B-4.0% | $240.9B+10.7% | $217.6B+4.0% | $209.2B+0.2% | $208.8B+5.4% | $198.2B+30.3% | $152.1B+10.2% | $138.0B |
| Long-Term Debt | $3.9B-0.7% | $4.0B+0.6% | $3.9B-1.7% | $4.0B-6.6% | $4.3B0.0% | $4.3B+14.6% | $3.7B+14.6% | $3.3B+2.6% | $3.2B+1.7% | $3.1B-4.3% | $3.3B+29.0% | $2.5B-2.7% | $2.6B-2.6% | $2.7B+70.7% | $1.6B |
| Total Equity | $11.9B+7.2% | $11.1B+1.6% | $10.9B+9.4% | $10.0B-37.9% | $16.1B-3.0% | $16.6B+13.3% | $14.6B+28.3% | $11.4B-11.4% | $12.8B+25.6% | $10.2B+9.8% | $9.3B-8.6% | $10.2B+5.2% | $9.7B0.0% | $9.7B+7.4% | $9.0B |
| Retained Earnings | $18.1B+2.8% | $17.6B+5.4% | $16.7B-0.1% | $16.7B+29.6% | $12.9B+8.8% | $11.8B+6.9% | $11.1B+7.6% | $10.3B+8.5% | $9.5B+22.8% | $7.7B+12.3% | $6.9B+12.5% | $6.1B+13.1% | $5.4B+11.2% | $4.9B+10.4% | $4.4B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.7B | $4.5B-1.4% | $4.6B+21.4% | $3.8B+19.5% | $3.2B-2.5% | $3.3B-12.3% | $3.7B-32.5% | $5.5B+6.5% | $5.2B+23.1% | $4.2B+8.6% | $3.9B-11.9% | $4.4B+41.1% | $3.1B+39.7% | $2.2B-27.9% | $3.1B+13.5% | $2.7B |
| Investing Cash Flow | -$4.1B | -$4.1B+23.4% | -$5.4B-300.8% | -$1.3B-227.2% | $1.1B+118.6% | -$5.7B-14.0% | -$5.0B+35.0% | -$7.7B-34.8% | -$5.7B-40.7% | -$4.1B+21.4% | -$5.2B-62.7% | -$3.2B | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $574.7M | -$181.8M-160.5% | $300.3M+111.6% | -$2.6B-50.7% | -$1.7B-189.3% | $1.9B+18.5% | $1.6B-6.5% | $1.7B+64.7% | $1.1B+374.1% | -$384.0M-126.5% | $1.5B+385.3% | -$508.6M | N/A | N/A | N/A | N/A |
| Dividends Paid | $688.5M | $684.0M+3.9% | $658.4M+5.3% | $625.5M-2.6% | $642.3M-1.8% | $654.1M+6.4% | $614.5M+1.4% | $606.0M+1.2% | $598.6M+10.9% | $540.0M+16.2% | $464.9M+5.4% | $441.0M+17.1% | $376.6M+30.6% | $288.4M+24.7% | $231.3M+8.2% | $213.7M |
| Share Buybacks | $897.4M | $902.7M-13.4% | $1.0B+40.8% | $740.4M-55.4% | $1.7B+77.2% | $937.2M+205.3% | $307.0M+9.3% | $281.0M-58.2% | $671.6M+204.7% | $220.4M-20.5% | $277.3M-7.8% | $300.6M+35.0% | $222.7M+45.0% | $153.6M-43.7% | $272.7M-51.0% | $556.4M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q2 FY2025 through Q1 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.
PFG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 8.0%-1.9pp | 9.9%+5.0pp | 4.9%-22.8pp | 27.7%+15.5pp | 12.2%+2.7pp | 9.5%+0.9pp | 8.6%-2.3pp | 10.9%-5.5pp | 16.4%+5.8pp | 10.6%+0.3pp | 10.3%-0.6pp | 10.9%+1.1pp | 9.8%+1.1pp | 8.8%+1.4pp | 7.4% |
| Return on Equity | 10.6%-3.9pp | 14.4%+8.3pp | 6.1%-42.5pp | 48.6%+37.7pp | 10.9%+2.5pp | 8.4%-1.1pp | 9.5%-4.0pp | 13.6%-4.4pp | 18.0%+5.1pp | 12.9%-0.4pp | 13.3%+2.0pp | 11.2%+1.8pp | 9.4%+1.1pp | 8.3%+1.2pp | 7.1% |
| Return on Assets | 0.4%-0.1pp | 0.5%+0.3pp | 0.2%-1.4pp | 1.7%+1.1pp | 0.6%+0.1pp | 0.5%0.0pp | 0.5%-0.1pp | 0.6%-0.3pp | 0.9%+0.3pp | 0.6%0.0pp | 0.6%0.0pp | 0.5%+0.1pp | 0.4%-0.1pp | 0.5%+0.1pp | 0.4% |
| Debt-to-Equity | 0.330.0x | 0.360.0x | 0.360.0x | 0.40+0.1x | 0.270.0x | 0.260.0x | 0.260.0x | 0.290.0x | 0.25-0.1x | 0.310.0x | 0.35+0.1x | 0.250.0x | 0.270.0x | 0.28+0.1x | 0.17 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where Principal Financial Ranks
Frequently Asked Questions
What is Principal Financial's annual revenue?
Principal Financial (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's revenue growing?
Principal Financial (PFG) revenue declined by 3.1% year-over-year, from $16.1B to $15.6B in fiscal year 2025.
Is Principal Financial profitable?
Yes, Principal Financial (PFG) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 8.0%.
How much debt does Principal Financial have?
As of fiscal year 2025, Principal Financial (PFG) had $4.4B in cash and equivalents against $3.9B in long-term debt.
What is Principal Financial's net profit margin?
Principal Financial (PFG) had a net profit margin of 8.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Principal Financial pay dividends?
Yes, Principal Financial (PFG) paid $3.08 per share in dividends during fiscal year 2025.
What is Principal Financial's return on equity (ROE)?
Principal Financial (PFG) has a return on equity of 10.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Principal Financial's operating cash flow?
Principal Financial (PFG) generated $4.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Principal Financial's total assets?
Principal Financial (PFG) had $341.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Principal Financial's debt-to-equity ratio?
Principal Financial (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.
What is Principal Financial's return on assets (ROA)?
Principal Financial (PFG) had a return on assets of 0.4% for fiscal year 2025, 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 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.
Are Principal Financial's earnings high quality?
Principal Financial (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.