Equitable Holdings, Inc.

What they do

Equitable Holdings provides retirement, asset management, and wealth management services. Its segments are Retirement, Asset Management (AllianceBernstein), and Wealth Management, supplemented by Corporate and Other. The company operates through insurance products, annuities, and investment advisory services, with a significant general account investment portfolio.

Revenue drivers

• Retirement — Sells annuities and retirement insurance products; a primary revenue source, with recent quarterly operating earnings reported in the 2Q 2026 supplement.
• Asset Management (AllianceBernstein) — Generates fees from mutual funds, institutional accounts, and private wealth; contributes through AllianceBernstein L.P. and Holding L.P., with net flows and AUA/AUM detailed in the supplement.
• Wealth Management — Provides financial planning and advisory services; revenue from advisory fees and commissions, with select operating metrics in the supplement.
• Corporate and Other — Includes investment income and other activities not allocated to segments; reported separately in operating earnings disclosures.

Recent performance

In Q2 2026, Equitable reported a net loss attributable to Holdings of $453 million, down from a loss of $349 million in Q2 2025. For the first half of 2026, net income attributable to Holdings was $168 million, compared to a loss of $286 million in the prior-year period. Non-GAAP operating earnings rose to $488 million in Q2 2026 from $352 million a year earlier. Total equity attributable to common shareholders was negative $1.853 billion at June 30, 2026, reflecting a large accumulated other comprehensive loss. Revenue for the June 2026 quarter was $1.66 billion, down from $4.23 billion in the March 2026 quarter.

Strategy

Equitable is pursuing a merger with Corebridge Financial through an all-stock transaction, expected to create a combined entity under a newly formed holding company. The merger has been approved by both boards, and the company plans to hold a special meeting for shareholder vote. Prior to the merger, management focused on growing non-GAAP operating earnings and improving operating ROE, which reached 36.5% on a TTM basis as of Q2 2026. The company also pays a common stock dividend, which has increased annually from $0.71 in 2021 to $1.05 in 2025.

Risks

• Negative shareholder equity — At June 30, 2026, total equity attributable to common shareholders was negative $1.853 billion, driven by $6.465 billion of AOCI losses, which could constrain financial flexibility.
• Merger execution risk — The proposed all-stock merger with Corebridge requires shareholder and regulatory approvals; delays or failure could disrupt operations and strategy.
• Interest rate and market sensitivity — The company's insurance and asset management businesses are exposed to market volatility, as evidenced by large swings in net income and AOCI.
• Operating cash flow volatility — Operating cash flow swung from $2.01 billion in 2024 to $714 million in 2025, with negative cash flows in prior years, indicating potential timing or business issues.

Outlook

Management expects to complete the merger with Corebridge, with the combined company to be named Equitable Holdings, Inc. following closing. The company will postpone its 2026 annual shareholder meetings until after the special meeting on the merger. Forward-looking statements in filings may include expectations for operating earnings growth and continued dividend payments, but specific guidance was not provided in the excerpts.