Equitable Holdings, Inc. (EQH) reported first‑quarter 2026 results on May 4, 2026, delivering revenue of $4.23 billion and an adjusted non‑GAAP operating earnings per share of $1.68, a 25% increase from the prior year quarter and a beat of the consensus estimate of $1.62. The higher EPS was driven by disciplined cost management and a favorable mix shift toward higher‑margin Retirement and Wealth Management activities.
Revenue growth was largely powered by the Retirement business, which recorded $1.3 billion of net inflows and operating earnings of $396 million, up from $380 million a year earlier. Wealth Management added $2.0 billion of advisory net inflows and $55 million in operating earnings, while the Asset Management segment generated $140 million in operating earnings despite $7.1 billion of net outflows, underscoring the resilience of its active equity strategy.
Management highlighted the strategic impact of the March 26, 2026 all‑stock merger with Corebridge, describing it as “immediately accretive to earnings per share and cash generation.” The transaction is expected to broaden EQH’s footprint across retirement, life insurance, asset management, and wealth management, positioning the company for accelerated growth.
Looking ahead, EQH reiterated its 2026 guidance, targeting $1.8 billion in cash generation and over 15% growth in earnings per share, with an EPS growth target of 12‑15%. The company’s confidence reflects strong organic momentum and the anticipated benefits of the Corebridge integration.
"We reported solid first‑quarter results with Non‑GAAP operating earnings per share of $1.62, or $1.68 excluding notable items, up 25% from the prior year quarter. Within our businesses, we continued to see healthy organic growth momentum, highlighted by $1.3 billion of net inflows in Retirement and $2.0 billion of advisory net inflows in Wealth Management," said President and CEO Mark Pearson.
"I am incredibly excited about the announced merger with Corebridge, which will create a diversified financial services company with leading positions across retirement, life insurance, asset management, and wealth management and accelerate our growth strategy. The transaction will be immediately accretive to earnings per share and cash generation," Pearson added.
"Looking forward, we remain confident in achieving our 2026 guidance of $1.8 billion of cash generation and over 15% growth in earnings per share," he concluded.
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