Key Highlights

  • Net income was USD 1.1 billion, or USD 4.05 per share, reversing a USD 1.3 billion net loss last year.
  • Non-GAAP operating Earnings were USD 595 million, or USD 2.13 per share, compared with USD 1.48.
  • Adjusting for notable items, operating earnings were USD 554 million, or USD 1.98 per share, up 19%.
  • The company returned USD 320 million to shareholders and targets a 60% to 70% Payout Ratio for 2026.

Results

Equitable Holdings, Inc. (NYSE:EQH) reported third-quarter 2026 Net Income attributable to Holdings of USD 1,121 million, or USD 4.05 per share, compared with a net loss of USD 1,309 million, or USD 4.47. Non-GAAP operating earnings were USD 595 million, or USD 2.13 per share, versus USD 455 million, or USD 1.48. Excluding notable items of negative USD 41 million, operating earnings were USD 554 million, or USD 1.98 per share, up 19% from the prior year. Nine-month operating Earnings Per Share rose 22%, consistent with guidance for growth above 15% in 2026.

Notable items accounted for USD 41 million of the difference between the two operating figures, so the USD 2.13 per share headline and the USD 1.98 adjusted measure offer two views of underlying performance.

Total Assets under management and administration rose 4% to USD 1,156 billion from USD 1,110 billion on positive net flows and higher Equity markets.

Business Segments

Retirement reported net inflows of USD 1.1 billion, and first-year premiums of USD 6.2 billion rose 14%. AllianceBernstein reported net inflows of USD 6.6 billion, including a USD 12 billion commercial Mortgage Loan mandate from Equitable. Wealth Management reported advisory net inflows of USD 2.7 billion and total assets under administration of USD 140 billion. Across the three growth engines, Retirement contributed USD 1.1 billion of net inflows, Wealth Management USD 2.7 billion of advisory net inflows and AllianceBernstein USD 6.6 billion, a combined USD 10.4 billion. The company has deployed over USD 25 billion of Capital to AllianceBernstein's private markets platform, above the original USD 20 billion commitment, reflecting continued growth in that part of the asset management franchise.

Capital Management and Book Value

The company returned USD 320 million to shareholders, made up of USD 82 million of dividends and USD 238 million of repurchases, a payout ratio of 59%, and sits just below the 60% to 70% target range for the year. Cash and Liquid assets at Holdings were USD 0.9 billion, above the USD 500 million minimum target, which leaves headroom beyond the stated floor for the capital return program during the remaining quarters of the year.

Book value per share excluding accumulated other comprehensive income of USD 20.17 and the USD 34.25 measure that marks AllianceBernstein at Fair Value give two reference points for Balance Sheet strength.

Book value per common share including accumulated other comprehensive income was negative USD 10.69, while excluding it was USD 20.17, and USD 34.25 with the 68% ownership stake in AllianceBernstein reflected at fair market value.

Closing Timeline Indicators

President and chief executive Mark Pearson said the Merger with Corebridge Financial remains scheduled to close by year-end 2026 and would bring greater scale, an expanded product offering and broader distribution. Items to track include regulatory approvals and closing conditions for the merger, advisory flows, retirement premiums and the payout ratio.