Equitable Holdings Stock Earnings Reports

Equitable reported strong Q1 2026 results and reinforced confidence in 2026 guidance while announcing a planned merger with Corebridge that management says will create a diversified, scaled financial services franchise. Key financials: non-GAAP operating EPS of $1.62 (or $1.68 ex-notables), up ~25% year-over-year; assets under management of $1.1 trillion (up 9% YoY); pro forma balance sheet strength with NAIC RBC ≈475% and $1.2 billion of holding company liquidity. Business momentum: retirement sales and net flows were healthy (RILA sales +14% YoY; $1.3B net inflows), wealth management advisory flows remain strong (≈$2B advisory inflows; 13% organic growth LTM), and AllianceBernstein (AB) saw net outflows (-$7.1B) but private markets and institutional pipeline remain healthy. Transaction rationale and financial targets: Equitable expects at least $500 million of expense synergies, immediate EPS accretion and 10%+ run-rate EPS accretion by end of 2028 (with upside from revenue synergies), pro forma GAAP book value > $30B and > $25B of statutory capital, projected > $5B annual earnings power and > $4B cash flow to the holding company. Capital allocation: management is committed to a 60–70% payout ratio in 2026, plans active share buybacks in open windows (including completing any remaining plan via an ASR post-close), and expects to generate $1.8B of holding company cash in 2026. Risk & balance sheet: updated stress tests show resilience (severe credit stress + 40% equity decline would reduce RBC by <50 pts, leaving a cushion above 400%); alternative portfolio returns were weaker than prior guidance (Q1 alt annualized 3.5%; revised expectation for H1 and full-year alt returns now below prior 8–9% guidance). Integration & execution: integration planning is underway; management is reserving detailed quantification of revenue synergies for 1H 2027 but expects meaningful asset flows to AB (at least $100B) and strengthened distribution to accelerate growth.