Equitable Holdings, Inc. (EQH) Earnings
Equitable Holdings, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.69. EQH has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -2.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.60 | $1.62 | +1.3% | $4.2B | +7.1% |
| Feb 4, 2026 | $1.75 | $1.76 | +0.6% | $3.3B | -17.8% |
| Apr 29, 2025 | $1.47 | $1.35 | -8.2% | $4.6B | +19.4% |
| Feb 5, 2025 | $1.65 | $1.57 | -4.8% | $3.6B | -9.1% |
| Apr 30, 2024 | $1.33 | $1.43 | +7.5% | $2.2B | -38.0% |
| Feb 6, 2024 | $1.17 | $1.33 | +13.7% | $2.2B | -38.6% |
| Aug 2, 2023 | $1.17 | $1.17 | +0.0% | $2.4B | -99.9% |
| May 3, 2023 | $1.24 | $0.96 | -22.6% | $2.4B | -28.9% |
| Feb 8, 2023 | $1.29 | $1.11 | -14.0% | $1.9B | -42.4% |
| Nov 2, 2022 | $1.13 | $1.28 | +13.3% | $3.0B | -3.8% |
| Aug 3, 2022 | $1.31 | $1.31 | +0.0% | $5.2B | +55.6% |
| Feb 10, 2022 | $1.46 | $1.54 | +5.5% | $3.3B | -7.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Announcement of planned merger with CoreBridge to create a world-class platform. - First quarter non-GAAP operating earnings of $1.62 per share, up 25% vs Q1 2025. - Assets under management ended the quarter at $1.1 trillion, up 9% year over year. - Organic growth in retirement sales and flows, with total sales up 10% YOY and $1.3 billion net inflows. - Wealth Management had $2 billion of advisory net inflows, 13% organic growth rate over last 12 months. - Asset management earnings grew 11% YOY, AB has record institutional pipeline of nearly $28 billion. - Merger with CoreBridge aligns with five critical attributes for long-term success, including providing exceptional customer experience, strong distribution, competitive scale, consistent growth in earnings/cash flow, and owning multiple financial services businesses.
Guidance
- Expect earnings per share growth to exceed the high end of the 12% to 15% target range in 2026. - Now expect full-year portfolio return to be below prior 8% to 9% guidance due to lower first half returns. - Remain committed to 60 to 70% payout ratio target for 2026. - Project at least 10% accretion to EPS and cash generation on a run rate basis by year-end 2028 from merger.
Segment performance
Retirement: First quarter earnings excluding notable items were $394 million. Net interest margin increased 3% sequentially. Asset management: AB reported earnings of $140 million, up 11% year-over-year. Wealth management: Experienced 22% increase in earnings. Corporate and other: Reported a loss of $98 million in the quarter after adjusting for notable items.
Risks & headwinds
Market volatility can impact AUM and earnings. Credit risk and potential downturn in credit markets. Integration risks related to the merger with CoreBridge.
Analyst Q&A
Q: On retirement segment, do still think spread compression abating?
A: Spread stabilized in Q1, expect spread income to grow as general account excluding embedded derivatives grow. Next question from Sunit Kamat with Jeffries:
Q: On buybacks pace and coordination with CoreBridge?
A: Expect to be active in market, coordinate to maintain accretion. Next question from Ryan Krueger with KBW:
Q: On 10% plus synergies conservatism?
A: 6% to 8% from expense synergies, remainder from tax and capital, expect upside. Next question from Tom Gallagher with Evercore ISI:
Q: On MVA gains in retirement and merger's institutional spread business?
A: MVA gains from MBA, institutional spread business is an opportunity with larger balance sheet. Next question from Joel Hurwitz with Dowling and Partners:
Q: On mortality perspective and flow reinsurance?
A: Mortality was favorable, flow reinsurance used on RILA product, may look at other products. Next question from Alex Scott with Barclays:
Q: On cash flow and excess capital with merger?
A: Comfortable with cash flow guidance, merger allows better use of excess capital. Next question from Yaron Kinnar with Mizuho:
Q: On capital deployment and EPS growth target?
A: Comfortable with EPS growth target, windows allow capital deployment. Next question from Wilma Burtis with Raymond James:
Q: On buyback limits and capital tax benefits?
A: No specific limits, capital tax benefits expected more on investor day. Next question from Pablo Singson with JP Morgan:
Q: On mortality and VM22 impact?
A: Mortality favorable, comfortable with corporate guidance, VM22 diligence done. Next question from Tracy Bangigi with Wolf Research:
Q: On P-gap changes and AB stake?
A: PGAAP has moving parts, no plan to change AB stake. Next question from Mark Hughes with Truist:
Q: On Ryla business competitive environment and merger distribution benefit?
A: Strong Ryla sales, merger expands distribution reach and scale.