Equitable Holdings Reports Third-Quarter 2025 Results, Highlights Strong Organic Growth Across Retirement, Asset Management, and Wealth Management Businesses
Equitable Holdings, Inc. (NYSE: EQH), a leading financial services organization focused on empowering clients to secure their financial futures, announced its financial results for the third quarter ended September 30, 2025. The company delivered solid operating performance supported by continued organic growth momentum across core business lines, strategic capital deployment initiatives, and favorable market conditions.
In announcing the results, Mark Pearson, President and Chief Executive Officer of Equitable Holdings, emphasized the resilience and strategic strength of the company’s integrated business model. “We reported third-quarter Non-GAAP operating earnings per share of $1.48, or $1.67 excluding notable items, up 2% from the prior-year quarter,” Pearson said. “We continue to see strong organic growth momentum, supported by our flywheel business model and highlighted by $1.1 billion of Retirement net inflows and $2.2 billion of advisory net inflows in Wealth Management.”
Pearson also highlighted the company’s Asset Management performance through its majority ownership of AllianceBernstein (AB). During the quarter, AB reported net inflows of $1.7 billion, excluding the impact of the life reinsurance transaction with Reinsurance Group of America (RGA). “Our underlying organic growth momentum, in combination with favorable market conditions, drove assets under management to a record $1.1 trillion,” Pearson noted. “Equitable’s integrated business model positions us well to be a long-term winner in Retirement, Asset Management, and Wealth Management, and we remain confident in achieving our 2027 financial targets.”
Consolidated Financial Performance
Equitable Holdings reported total assets under management and administration (AUM/A) of $1.1 trillion as of September 30, 2025, reflecting a 7% increase compared with the same period in 2024. The growth was primarily driven by positive net flows and stronger market performance over the past year.
The company reported a net loss attributable to Holdings of $(1.3) billion for the quarter, compared to $(132) million during the third quarter of 2024. This was largely driven by the one-time accounting impact related to the life reinsurance transaction, an expected and non-recurring factor.
Non-GAAP operating earnings for the quarter were $455 million, compared to $517 million for the same period in 2024. When adjusting for notable items of $55 million, third-quarter 2025 Non-GAAP operating earnings totaled $510 million, representing earnings of $1.67 per share.
Book value per common share including accumulated other comprehensive income (AOCI) was $(3.18), while book value excluding AOCI was $18.23. When adjusting to reflect AB at fair market value rather than book value, book value per common share excluding AOCI rose significantly to $33.59. This highlights the considerable embedded value associated with the company’s ownership stake in AllianceBernstein.
Business Segment Performance
Retirement
The Retirement business continues to be a key driver of growth for Equitable Holdings. The segment reported total assets of $171.7 billion at quarter end, a 13% increase from $151.8 billion in the prior-year period, reflecting both market performance and steady inflows.
- Net inflows: $1.1 billion for the quarter
- First-year premiums: $5.5 billion, up 3% year-over-year
- Operating earnings: $401 million, compared to $416 million in Q3 2024
The slight decrease in operating earnings was primarily due to lower net interest margins and higher deferred acquisition cost (DAC) amortization and commission expenses. However, strong product demand and advisor engagement continued to drive expansion in new business activity.
After adjusting for notable items, Retirement operating earnings totaled $399 million for the quarter.
Asset Management (AllianceBernstein)
Equitable’s Asset Management operations, conducted primarily through its 69% ownership stake in AllianceBernstein, reported strong results supported by market appreciation and improved operating leverage.
- Total AUM: $860.1 billion, up 7% year-over-year
- Net flows: $1.7 billion in positive inflows when excluding the RGA transaction impact
- Operating earnings: $154 million, up from $111 million in Q3 2024
AllianceBernstein’s growth reflects increasing demand for diversified investment strategies across institutional, private wealth, and retail channels. The company also benefited from higher base management fees and margin expansion driven by scale efficiencies and business mix enhancements.
Wealth Management
The Wealth Management business achieved another quarter of strong growth driven by rising productivity and expanding client engagement.
- Total assets under administration (AUA): $118.2 billion, up 16% year-over-year
- Advisory net inflows: $2.2 billion
- Operating earnings: $59 million, compared to $49 million in Q3 2024
This growth reflects both improved advisor performance and rising client demand for holistic financial planning solutions. The segment continues to execute on initiatives that expand advisor capabilities, enhance digital tools, and support long-term scalable platform growth.
After adjusting for notable items, Wealth Management operating earnings increased to $55 million, driven by higher advisory and distribution revenues.
Corporate and Other reported an operating loss of $159 million for the quarter, compared to a loss of $59 million in the prior-year period. After adjusting for notable items, the operating loss was $98 million, primarily reflecting less favorable mortality experience — a variable that can fluctuate each quarter.
Capital Management and Strategic Priorities
Equitable Holdings continued to execute an active capital management strategy aligned with its long-term growth priorities. During the quarter, the company:
- Returned $757 million to shareholders, including $676 million in share repurchases.
- Used $500 million for debt repayment.
- Ended the quarter with $0.8 billion in cash and liquid assets, above the targeted minimum.
- Continued investing in business expansion and advisor network capabilities.
Additionally, the company announced the acquisition of Stifel Independent Advisors, bringing more than 110 advisors managing approximately $9 billion in client assets. This acquisition is expected to strengthen Equitable’s position in the independent advisory market and enhance scale in Wealth Management.
The company also confirmed that it has deployed over $17 billion of its committed $20 billion capital support to AllianceBernstein, helping expand AB’s private markets presence, which now manages about $80 billion in assets.
Equitable Holdings reiterated confidence in achieving its 2027 financial objectives, including:
- $150 million in net expense savings
- $110 million in incremental general account investment income
- Sustained organic growth in core business lines
Pearson concluded, “Equitable’s integrated business model is working. We are well-positioned to drive long-term profitable growth, expand advisory relationships, and deepen client engagement across each segment. Our disciplined approach to deploying capital ensures we are creating long-term shareholder value while continuing to invest in strategic growth opportunities.”
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