Research · Sep 3, 2026
[EQH] Equitable Holdings Thesis 2026: Annuity Spread Cycle Drives AllianceBernstein Capital Return
Equitable Holdings Inc. (NYSE: EQH) FY2025 revenue ~$13.5-14.5B (+5-12%) with adj. EPS ~$6.30-7.00 reflecting continued post-2024 ~$5.2-5.6B aggregate Individual Retirement (~38% aggregate revenue mix) + selected continued post-2024 ~$3.5-3.8B aggregate Group Retirement (~26%) + selected continued post-2024 ~$2.0-2.2B aggregate AllianceBernstein revenue (~15%) + selected continued post-2024 ~$1.4-1.6B aggregate Investment Management & Research + selected various Protection Solutions revenue (~21%) + selected post-September 2018 selected various AXA Equitable Holdings IPO + selected continued post-September 2018 selected various AXA ownership reduction trajectory under continued President + CEO Mark Pearson since 2008 (~17-year tenure as Equitable Holdings CEO). One of the largest US life insurance + retirement services + investment management companies (~64%+ AllianceBernstein ownership). Founded 1859 as The Equitable Life Assurance Society of the United States in New York City (~166-year heritage); selected post-1991 AXA SA acquisition; selected post-September 2018 AXA Equitable Holdings IPO; selected post-September 2018 Equitable Holdings name change. Headquartered in New York City; ~9,000+ employees globally with ~$13.5-14.5B revenue. Five primary business segments: Individual Retirement (~38% ~$5.2-5.6B), Group Retirement (~26% ~$3.5-3.8B), AllianceBernstein (~15% ~$2.0-2.2B), Investment Management & Research (~12% ~$1.6-1.7B), Protection Solutions (~9% ~$1.2-1.3B). Geographic mix: US ~95%+ + selected various international ~5%. Annuity spread cycle: ~$5.2-5.6B Individual Retirement revenue; ~3.5-4.0% Net Investment Income spread. AllianceBernstein + Investment Management: ~64%+ aggregate Equitable Holdings ownership of AllianceBernstein; ~$700-800B aggregate AllianceBernstein AUM. President + CEO Mark Pearson since 2008 (~17-year tenure); CFO Robin Raju. Capital return + AXA ownership reduction: ~$1.00 annual dividend FY2025 (~7-year continuous dividend track post-September 2018); ~$1.5-2.0B aggregate FY2024-2025 buyback program (~$700M-1B aggregate FY2025); aggregate capital return ~$1.05-1.30B; net leverage ratio ~25-30% debt-to-capital; investment-grade Baa1/A- credit rating; selected continued post-September 2018 AXA ownership reduction trajectory. FY2026 thesis: Annuity spread cycle + AllianceBernstein + Investment Management recovery + ~$1.00 annual dividend + ~7-year continuous dividend track + ~$700M-1B aggregate annual buybacks + ~$1.10-1.40B aggregate FY2026 capital return + selected continued post-September 2018 AXA ownership reduction + selected potential post-2024 dividend acceleration. Risks: Athene + MetLife + Lincoln + Corebridge competition, Federal Reserve rate vs Net Investment Income spread, US fixed annuity cycle, AllianceBernstein AUM volatility, life insurance reserve adequacy.