Key Highlights

  • EQH reported third quarter 2026 Net Income of $1.1 billion, or $4.05 per share, versus a net loss of $1.3 billion, or $4.47 per share, a year earlier.
  • Non-GAAP operating Earnings were $595 million, or $2.13 per share, up from $455 million, or $1.48 per share.
  • Excluding notable items, operating earnings were $554 million, or $1.98 per share, up 19% from the prior year.
  • Total Assets under management and administration reached $1.156 trillion, up 4% year over year.
  • EQH returned $320 million to shareholders in the quarter, a 59% payout ratio.

Swing From a $1.3 Billion Loss to $1.1 Billion of Net Income

Equitable Holdings (NYSE:EQH) reported results for the third quarter ended Sep 30, 2026 on Nov 2, 2026. Net income attributable to the company was $1.1 billion, or $4.05 per share, compared with a net loss of $1.3 billion, or $4.47 per share, in the same quarter of 2025. Total revenues rose to $3.881 billion from $1.450 billion.

The financial services Holding Company combines a retirement and protection insurer, a majority-owned global asset manager and a network of about 4,500 financial professionals serving more than 5 million client relationships.

Non-GAAP operating earnings came to $595 million, or $2.13 per share, versus $455 million, or $1.48 per share, a year ago. The company's annual actuarial assumption review added $111 million to net income and $28 million to operating earnings.

Operating EPS Up 19% After Stripping Out Notable Items

Notable items reduced third quarter operating earnings by $41 million, leaving $554 million, or $1.98 per share, 19% above the prior year. Management said nine-month operating EPS rose 22%, consistent with its target of more than 15% growth for 2026.

Retirement operating earnings rose to $432 million from $405 million on higher fee revenue, wider net interest Margin and the actuarial update. First year premiums of $6.2 billion grew 14%, while net inflows of $1.1 billion matched the prior year.

Wealth Management operating earnings climbed to $75 million from $59 million, with advisory net inflows of $2.7 billion and a 14% gain in advisor productivity. Assets under administration rose 19% to $140.4 billion. The Corporate and Other operating loss narrowed to $64 million from $163 million.

Asset Management Flips to $6.6 Billion of Inflows on Institutional Demand

The asset management segment recorded net inflows of $6.6 billion, against net outflows of $2.3 billion in the prior-year quarter. Institutional channels added $15.7 billion, including a $12 billion commercial Mortgage Loan mandate from Equitable, while retail lost $8.4 billion and private wealth lost $0.7 billion.

Segment assets under management were $900.4 billion, up from $860.1 billion. Operating earnings eased to $152 million from $154 million as a lower fee rate and higher expenses offset asset growth.

The private markets platform held $105 billion of assets, with more than $25 billion of company Capital deployed into it, above the original $20 billion commitment. Holdings reported cash and Liquid assets of $0.9 billion, above its $500 million minimum target.

Capital Return Pace and the Year-End Merger Timetable

The $320 million returned in the quarter comprised $82 million of dividends and $238 million of share repurchases. The 59% Payout Ratio sits just under the 60% to 70% range targeted for 2026. Book Value per share excluding accumulated other comprehensive income was $20.17.

On Oct 13, 2026 the company completed the sale of its Employee Benefits Business to a large insurer. A merger with another large insurer remains on track to close by year-end 2026, subject to regulatory approvals, and updates on it are the next item to watch.