Equitable Holdings Stock Earnings Reports

Equitable Holdings reported solid Q3 2025 results driven by organic growth across Retirement, Asset Management (AllianceBernstein/AB) and Wealth Management. Non-GAAP operating earnings were $455 million ($1.48/share), or $1.67 adjusted for notable items (up 2% y/y). Record AUM/AUA reached $1.1 trillion. Key operational highlights: strong retirement net flows ($1.1B) driven by RILA sales; Wealth Management advisory net inflows of $2.2B with adviser productivity +8% y/y and earnings on track to hit $200M in 2025 (two years ahead of plan); AB private markets AUM grew to $80B (17% y/y) and excluding asset transfers to RGA AB had $1.7B net inflows. Capital deployment: $1.5B redeployed from the RGA life reinsurance proceeds including buybacks ($676M repurchased in Q3), $500M debt reduction, investments in AB and Wealth (including acquisition of Stifel Independent Advisors and $100M allocation to FCA Re). HoldCo cash ended Q3 at $800M (target $500M); management expects full-year HoldCo upstreams of $2.6–2.7B and remains on track for its 2027 targets (12%–15% EPS CAGR, $2B annual cash generation). Risks/notes: GAAP net loss driven by onetime accounting impacts from the RGA transaction; mortality was modestly unfavorable in the quarter but largely mitigated by reinsurance; AB reported modest total outflows that were primarily transfers to RGA. Management reiterated confidence in private credit underwriting rigor, the flywheel benefits across businesses, continued margin expansion at AB, and sustained Wealth Management growth. They plan continued deployment of capital into bolt-on M&A, AB private markets/sidecars, and buybacks depending on opportunities.