Axa Equitable (EQH) financial statements
Axa Equitable reported revenue of $11.7B in fiscal 2025, down 0.1% a year over 9 years.
Net income was -$1.4B and the operating margin -10.2%, against 17.2% in 2016.
The diluted share count fell 47% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Axa Equitable's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.8B | $12.4B | $12.1B | $9.6B | $12.4B | $7.6B | $12.6B | $10.5B | $12.4B | $11.7B |
| Operating income | $2.0B | $1.2B | $2.5B | -$2.1B | -$1.1B | $2.6B | $3.0B | $714M | $2.1B | -$1.2B |
| Interest expense | $174M | $160M | $231M | $221M | $200M | $244M | $201M | $228M | $241M | $248M |
| Pre-tax income | $2.0B | $1.2B | $2.5B | -$2.1B | -$1.1B | $2.6B | $3.0B | $714M | $2.1B | -$1.2B |
| Income tax | $378M | $42M | $301M | -$593M | -$744M | $439M | $594M | -$910M | $280M | -$156M |
| Net income | $1.3B | $778M | $1.9B | -$1.8B | -$648M | $1.8B | $2.1B | $1.3B | $1.3B | -$1.4B |
| EPS (diluted) | $2.24 | $1.39 | $3.33 | -$3.57 | -$1.56 | $3.98 | $5.42 | $3.42 | $3.69 | -$4.83 |
| Diluted shares | 561M | 561M | 556M | 494M | 450M | 421M | 380M | 352M | 325M | 298M |
| Operating margin | 17.2% | 10.0% | 20.6% | -21.4% | -8.8% | 34.3% | 23.5% | 6.8% | 16.7% | -10.2% |
| Net margin | 10.7% | 6.3% | 15.4% | -18.3% | -5.2% | 23.0% | 16.9% | 12.3% | 10.3% | -11.8% |
Balance sheet
Fiscal years, from Axa Equitable's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.7B | $4.8B | $4.5B | $4.4B | $6.2B | $5.2B | $4.3B | $8.2B | $7.0B | $12.5B |
| Goodwill | $4.9B | $4.6B | $4.6B | — | — | — | — | — | — | — |
| Total assets | — | $235.6B | $220.8B | $249.8B | $275.4B | $292.3B | $252.7B | $276.7B | $295.7B | $318.0B |
| Long-term debt | — | — | — | — | — | $3.8B | $3.3B | $3.8B | $3.8B | $3.8B |
| Total liabilities | — | $218.5B | $205.2B | $234.4B | $258.1B | $278.7B | $249.1B | $271.6B | $292.2B | $316.2B |
| Shareholders' equity | $16.5B | $13.4B | $13.8B | $13.5B | $15.6B | $11.5B | $1.4B | $2.6B | $1.6B | -$74M |
| Net debt | -$5.7B | -$4.8B | -$4.5B | -$4.4B | -$6.2B | -$1.3B | -$959M | -$4.4B | -$3.1B | -$8.6B |
Cash flow
Fiscal years, from Axa Equitable's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$236M | -$243M | $61M | -$216M | -$61M | -$193M | -$250M | -$208M | $2.0B | $714M |
| Stock-based compensation | $213M | $247M | $228M | $276M | $252M | $274M | $328M | $294M | $313M | $262M |
| Dividends paid | $0 | $0 | $157M | $285M | $297M | $296M | $294M | $301M | $302M | $314M |
| Share buybacks (net) | $0 | $0 | -$648M | -$1.4B | -$430M | -$1.6B | -$849M | -$919M | -$1.0B | -$1.4B |
| Net borrowing | -$176M | $600M | $2.7B | -$846M | $0 | -$188M | $147M | -$7M | -$254M | $520M |
| Dividends per share | — | — | $0.28 | $0.58 | $0.66 | $0.70 | $0.77 | $0.86 | $0.93 | $1.05 |
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What was Axa Equitable's revenue in 2025?
$11.7B in fiscal 2025, from its 10-K filing.
From Axa Equitable's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.