F&G Annuities & Life (FG) financial statements
F&G Annuities & Life reported revenue of $5.7B in fiscal 2025, up 9.6% a year over 4 years.
Net income was $265M.
Free cash flow was $4.7B, and the company returned $10M in net buybacks.
The diluted share count rose 26% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from F&G Annuities & Life's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.0B | $2.3B | $4.5B | $5.7B | $5.7B |
| Operating income | $1.1B | $607M | — | — | — |
| Interest expense | $29M | $29M | $97M | $132M | $164M |
| Pre-tax income | $1.6B | $793M | -$35M | — | $323M |
| Income tax | $320M | $158M | $23M | $136M | $52M |
| Net income | $1.2B | $635M | -$58M | $639M | $265M |
| EPS (diluted) | $11.81 | $5.52 | -$0.47 | $4.88 | $1.88 |
| Diluted shares | 105M | 115M | 124M | 131M | 132M |
| Operating margin | 27.4% | 25.8% | — | — | — |
| Net margin | 31.2% | 27.0% | -1.3% | 11.1% | 4.6% |
Balance sheet
Fiscal years, from F&G Annuities & Life's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $960M | $1.6B | $2.3B | $1.5B |
| Property, plant and equipment | $13M | $13M | — | — | — |
| Goodwill | $1.8B | $1.7B | $1.7B | $2.2B | $2.2B |
| Total assets | $48.7B | $54.6B | $70.2B | $84.9B | $98.4B |
| Total liabilities | $44.2B | $52.2B | $67.1B | $80.9B | $93.5B |
| Shareholders' equity | $5.0B | $2.4B | $3.1B | $4.0B | $4.8B |
| Net debt | -$1.5B | -$960M | -$1.6B | -$2.3B | -$1.5B |
Cash flow
Fiscal years, from F&G Annuities & Life's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $3.2B | $5.8B | $6.0B | $4.7B |
| Capital spending | $33M | $32M | $27M | $24M | $15M |
| Free cash flow | $1.8B | $3.1B | $5.8B | $6.0B | $4.7B |
| Stock-based compensation | $9M | $12M | $23M | $29M | $31M |
| Dividends paid | $0 | $0 | $101M | — | — |
| Share buybacks (net) | $0 | $0 | -$18M | -$12M | -$10M |
| Free cash flow margin | 46.3% | 133.6% | 129.0% | 104.0% | 81.4% |
| Dividends per share | — | — | $0.81 | — | — |
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Open FG in InvestinglyQuestions
What was F&G Annuities & Life's revenue in 2025?
$5.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does F&G Annuities & Life generate?
$4.7B in fiscal 2025 (operating cash flow minus capital spending).
From F&G Annuities & Life's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.