Equitable Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets, December 31, 2025 and 2024
Consolidated Balance Sheets
December 31, 2025 and 2024
| December 31 | ||
|---|---|---|
| 2025 | 2024 | |
| (in millions, except share data) | ||
| ASSETS | ||
| Investments: | ||
| Fixed maturities available-for-sale, at fair value (amortized cost of $82,106 and $84,717) (allowance for credit losses of $0 and $2) | $77,162 | $76,641 |
| Fixed maturities, at fair value using the fair value option (1) | 2,943 | 2,053 |
| Mortgage loans on real estate (net of allowance for credit losses of $313 and $278) (1) | 22,668 | 20,072 |
| Mortgage loans, at fair value using the fair value option | 50 | — |
| Policy loans | 1,862 | 4,330 |
| Other equity investments (1) | 3,779 | 3,719 |
| Trading securities, at fair value | 1,572 | 1,089 |
| Other invested assets (1) | 10,968 | 8,537 |
| Total investments | 121,004 | 116,441 |
| Cash and cash equivalents (1) | 12,462 | 6,964 |
| Cash and securities segregated, at fair value | 499 | 500 |
| Broker-dealer related receivables | 2,162 | 1,961 |
| Deferred policy acquisition costs | 7,523 | 7,170 |
| Goodwill and other intangible assets, net | 5,309 | 5,371 |
| Amounts due from reinsurers (allowance for credit losses of $7 and $8) | 20,127 | 7,899 |
| Current and deferred income taxes | 2,577 | 2,003 |
| Purchased market risk benefits | 5,260 | 7,376 |
| Other assets (1) | 3,771 | 4,462 |
| Assets for market risk benefits | 752 | 863 |
| Separate Accounts assets | 136,544 | 134,717 |
| Total Assets | $317,990 | $295,727 |
| LIABILITIES | ||
| Policyholders’ account balances | $133,433 | $110,929 |
| Liability for market risk benefits | 10,153 | 11,810 |
| Future policy benefits and other policyholders’ liabilities | 17,660 | 17,613 |
| Broker-dealer related payables | 1,370 | 775 |
| Customer related payables | 1,937 | 1,933 |
| Amounts due to reinsurers | 1,542 | 1,421 |
| Short-term debt | 25 | — |
| Long-term debt | 3,835 | 3,833 |
| Notes issued by consolidated variable interest entities, at fair value using the fair value option (1) | 2,702 | 2,116 |
| Other liabilities (1) | 7,001 | 7,032 |
| Separate Accounts liabilities | 136,544 | 134,717 |
| Total Liabilities | $316,202 | $292,179 |
| Redeemable noncontrolling interest (1) (2) | $322 | $125 |
| Commitments and contingent liabilities (3) | ||
| EQUITY | ||
| Equity attributable to Holdings: | ||
| Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference | $1,068 | $1,507 |
| Common stock, $0.01 par value, 2,000,000,000 shares authorized; 468,341,734 and 477,801,636 shares issued, respectively; 283,358,187 and 309,900,248 shares outstanding, respectively | 5 | 5 |
| Additional paid-in capital | 1,932 | 2,336 |
| Treasury stock, at cost, 184,983,547 and 167,901,388 shares, respectively | (5,165) | (4,198) |
| Retained earnings | 8,366 | 10,627 |
| Accumulated other comprehensive income (loss) | (6,280) | (8,712) |
| Total equity attributable to Holdings | (74) | 1,565 |
| Noncontrolling interest | 1,540 | 1,858 |
| Total Equity | 1,466 | 3,423 |
| Total Liabilities, Redeemable Noncontrolling Interest and Equity | $317,990 | $295,727 |
(1)See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.
(2)See Note 24 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.
(3)See Note 19 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.