Financial services company Equitable Holdings (NYSE: EQH) reported Q1 CY2026 results exceeding the market’s revenue expectations, with sales up 11.8% year on year to $4.23 billion. Its non-GAAP profit of $1.62 per share was 0.7% above analysts’ consensus estimates.
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Equitable Holdings (EQH) Q1 CY2026 Highlights:
- Net Premiums Earned: $240 million
- Revenue: $4.23 billion vs analyst estimates of $3.9 billion (11.8% year-on-year growth, 8.6% beat)
- Pre-tax Profit: $887 million (21% margin)
- Adjusted EPS: $1.62 vs analyst estimates of $1.61 (0.7% beat)
- Book Value per Share: -$2.83 (197% year-on-year decline)
- Market Capitalization: $11.82 billion
“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. 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,” said Mark Pearson, President and Chief Executive Officer.
Company Overview
Tracing its roots back to 1859 as one of America's oldest financial institutions, Equitable Holdings (NYSE: EQH) provides retirement planning, asset management, and life insurance products through its two main franchises, Equitable and AllianceBernstein.
Revenue Growth
Big picture, insurers generate revenue from three key sources. The first is the core business of underwriting policies. The second source is income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from various sources such as policy administration, annuities, or other value-added services. Unfortunately, Equitable Holdings’s 3.4% annualized revenue growth over the last five years was sluggish. This fell short of our benchmark for the insurance sector and is a poor baseline for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Equitable Holdings’s annualized revenue growth of 5.3% over the last two years is above its five-year trend, which is encouraging. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Equitable Holdings reported year-on-year revenue growth of 11.8%, and its $4.23 billion of revenue exceeded Wall Street’s estimates by 8.6%.
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Key Takeaways from Equitable Holdings’s Q1 Results
We were impressed by how significantly Equitable Holdings blew past analysts’ revenue expectations this quarter. On the other hand, its EPS slightly beat. Overall, this print had some key positives. The stock traded up 1% to $41.93 immediately after reporting.
Is Equitable Holdings an attractive investment opportunity right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
