Equitable Holdings (EQH) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Equitable Holdings published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Equitable Holdings reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Non-GAAP operating, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is Equitable Holdings' "Total revenues" line from its consolidated statement of income. It includes net derivative gains and losses and investment gains and losses, which swing widely from quarter to quarter.
• The Q3 2025 net loss included $1.1 billion of investment losses from assets transferred in the reinsurance transaction with RGA, completed July 31, 2025.
• Equitable completed the sale of its Employee Benefits business to The Hartford on October 13, 2026, after the quarter ended.

Source: Equitable Holdings Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Equitable Holdings splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Equitable Holdings's Investment management and service fees revenue was $1.4 billion in Q3 2026, up 7% from $1.3 billion in Q3 2025, 36% of total revenue.
• Equitable Holdings's Net investment income (loss) revenue was $1.4 billion in Q3 2026, up 1% from $1.3 billion in Q3 2025, 35% of total revenue.
• Equitable Holdings's Policy charges and fee income revenue was $488 million in Q3 2026, up 4% from $471 million in Q3 2025, 13% of total revenue.
• Equitable Holdings's Other income revenue was $484 million in Q3 2026, up 39% from $349 million in Q3 2025, 12% of total revenue.
• Equitable Holdings's Premiums revenue was $216 million in Q3 2026, down 16% from $258 million in Q3 2025, 6% of total revenue.
• Equitable Holdings's Net derivative gains (losses) revenue was $20.0 million in Q3 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Equitable Holdings said:

“For the first nine months of the year, Non-GAAP operating earnings per share was up 22%, delivering on our guidance for greater than 15% growth in 2026.”

“The payout ratio was 59% in the quarter, and the Company remains on track to achieve its targeted 60-70% payout ratio for 2026.”

“Subject to regulatory approvals, the merger with Corebridge Financial is expected to close by year-end 2026.”

Source: Equitable Holdings Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EQH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS, each as first reported in that quarter's earnings release. Both swing with derivative and investment gains and losses tied to Equitable's variable annuity hedging.

We do not hold a confirmed date for Equitable Holdings's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Equitable Holdings reported total revenues of $3,881 million in Q3 2026, against $1,450 million a year earlier. The two largest lines were investment management and service fees of $1,407 million and net investment income of $1,350 million, followed by policy charges and fee income of $488 million, other income of $484 million and premiums of $216 million. (Equitable Holdings Q3 2026 release, Nov 2, 2026)

Most of the year-over-year change came from two volatile lines. Net derivative results were a gain of $20 million, against a loss of $1,117 million in Q3 2025, and net investment losses narrowed to $84 million from $1,170 million; the year-ago figure includes $1.1 billion from assets transferred in the RGA reinsurance transaction. Equitable's financial supplement shows net derivative results of a $580 million gain in Q1 2026 and a $2,055 million loss in Q2 2026, which is why total revenues were $4,230 million and then $1,658 million in those quarters. (Equitable Holdings Q3 2026 release, Nov 2, 2026; Equitable Holdings Q3 2026 financial supplement, Nov 2, 2026)

Equitable Holdings manages its business through three reportable segments, Retirement, Asset Management and Wealth Management, plus Corporate and Other, and its 10-K says it earns revenues predominantly from fee income, income from investments and insurance premiums. Retirement sells individual annuities, including registered indexed linked annuities, workplace retirement savings plans and institutional savings products. Asset Management is AllianceBernstein, in which Equitable held an economic interest of approximately 68% at September 30, 2026. (Equitable Holdings Form 10-K, 2025, Feb 25, 2026; Equitable Holdings Form 10-Q, Q3 2026, Nov 5, 2026)

Flows were positive in all three segments. Retirement first year premiums rose 14% to $6.2 billion with net inflows of $1.1 billion. AllianceBernstein had net inflows of $6.6 billion, including a $12 billion commercial mortgage loan mandate from Equitable, as $15.7 billion of Institutional inflows offset $8.4 billion of Retail outflows. Wealth Management had advisory net inflows of $2.7 billion, and its assets under administration rose 19% to $140.4 billion. (Equitable Holdings Q3 2026 release, Nov 2, 2026)

Equitable Holdings' GAAP diluted EPS of $4.05 was nearly double its non-GAAP operating EPS of $2.13 in Q3 2026. The biggest adjustment was variable annuity product features, which added $2.91 per share to GAAP results ($796 million pre-tax) and are excluded from operating earnings, along with investment gains and losses, pension actuarial items and non-recurring tax items. In Q3 2025 GAAP results were a loss of $4.47 per share, against operating EPS of $1.48. (Equitable Holdings Q3 2026 release, Nov 2, 2026)

Equitable also reports operating earnings adjusted for notable items. Notable items of $(41) million, including the annual actuarial assumption update, took Q3 2026 operating earnings from $595 million to $554 million, or $1.98 per share, against $510 million a year earlier. The assumption update added $111 million to net income and $28 million to operating earnings. (Equitable Holdings Q3 2026 release, Nov 2, 2026)

Equitable's diluted share count fell to 273.4 million from 296.2 million a year earlier. In the quarter it returned $320 million to shareholders, $238 million in share repurchases and $82 million in dividends, and on October 2, 2026 it prepaid $95 million under an accelerated share repurchase and received an initial 1.5 million shares. (Equitable Holdings Q3 2026 release, Nov 2, 2026; Equitable Holdings Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Equitable Holdings' release gives full-year 2026 targets and no quarterly forecast. The CEO said non-GAAP operating EPS for the first nine months was up 22%, delivering on guidance for greater than 15% growth in 2026, and the company said it remains on track for its targeted 60-70% payout ratio for 2026 after a 59% payout in the quarter. (Equitable Holdings Q3 2026 release, Nov 2, 2026)

Equitable agreed on March 26, 2026 to an all stock merger with Corebridge Financial, under which the combined holding company is to be renamed Equitable Holdings, Inc. Stockholders of both companies approved the deal on July 30, 2026, and the release says it is expected to close by year-end 2026, subject to regulatory approvals. (Equitable Holdings Form 10-Q, Q3 2026, Nov 5, 2026; Equitable Holdings Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Equitable Holdings, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Equitable Holdings's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EQH is on is EQH a buy or a sell?, what analysts expect next is on the EQH forecast, and what the company does is on the Equitable Holdings (EQH) stock page.

Every number on this page can be traced to a document Equitable Holdings published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.