At a glance
Axa Equitable Holdings Inc is worth $14.90B. Revenue fell 6.1% to $11.66B in fiscal 2025, at a loss; over 4 years it has grown 11.3% a year. It pays a 2.09% dividend yield, raised every year for at least 8 years, and returned $7.38B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.2% over the past year with dividends reinvested and +12.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.3% in the 2020 crash (S&P 500: 33.7%) and 30.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows.
The business in plain English
Equitable Holdings is a US financial services company that has served clients since 1859. It sells retirement, asset management and wealth management products to individuals and institutions. It had $1.1 trillion of assets under management and administration as of December 31, 2025. It runs three franchises. Equitable is an insurer that sells annuities and protection products. AllianceBernstein (AB) is a global asset manager, and Equitable owns an approximate 68% economic interest in it. Equitable Advisors is its wealth management and advice arm. The aim is to build the product, manage the money and sell it to the client.
Revenue comes mainly from fees, investment income and insurance premiums. The Retirement segment sells annuities, which are contracts that turn savings into income, to affluent savers. It also offers workplace plans for schools, local governments and small businesses. Its top seller is the registered index-linked annuity (RILA), sold under the Structured Capital Strategies brand. A RILA's returns follow a market index, gains are capped and a buffer absorbs part of any loss. Retirement also earns a spread by selling funding agreements to institutions and investing the money in bonds.
In 2025, outside firms such as banks and broker-dealers produced 62% of individual annuity first-year sales, and Equitable Advisors produced 38%. Results depend on stock markets and interest rates, which drive fee income and the cost of income guarantees.
Price history
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EQH +16.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.66B, down 29.8% from a year earlier, and net income was $-453.0M.
- For fiscal 2025, revenue was $11.66B (-6.1% year over year; +11.3% a year from FY2021 to FY2025) with a -11.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +11.3% good |
|---|---|
| Return on assets (FY2025) | -0.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.41B | $-648.0M | — |
| FY2021 | $7.61B | $1.75B | — |
| FY2022 | $12.64B | $2.15B | — |
| FY2023 | $10.46B | $1.28B | — |
| FY2024 | $12.43B | $1.28B | — |
| FY2025 | $11.66B | $-1.38B | — |
Valuation snapshot
| Market value | $14.90B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.09% |
Rank among 1514 US companies
Market value at each year end
Axa Equitable Holdings’s market value went from $9.29B at the end of 2018 to $14.90B on Oct 28, 2026, up 60%; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.90B | +9.2% |
| 2025 | $13.65B | -7.6% |
| 2024 | $14.78B | +31.1% |
| 2023 | $11.27B | +6.1% |
| 2022 | $10.62B | -20.0% |
| 2021 | $13.27B | +16.6% |
| 2020 | $11.38B | -6.2% |
| 2019 | $12.13B | +30.5% |
| 2018 | $9.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EQH price data to Oct 28, 2026 | +16.9% | +16.2% | +30.9% | +12.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.9% |
| 2025 | +3.1% |
| 2024 | +45.0% |
| 2023 | +19.6% |
| 2022 | -10.2% |
| 2021 | +31.0% |
| 2020 | +6.6% |
| 2019 | +53.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.1% over that stretch · deepest drop along the way 61.3%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.8% over that stretch · deepest drop along the way 30.7%, back to its old high 17 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 23 sales ($7.6M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 20, 2026 | Mark Pearson President and CEO, Director | sell (plan) | $1.9M |
| Jun 18, 2026 | Mark Pearson President and CEO, Director | sell (plan) | $1.8M |
| Sep 4, 2026 | Nick Lane See Remarks | sell | $795K |
| Jun 15, 2026 | Jeffrey J Hurd Chief Operating Officer | sell (plan) | $422K |
| Jul 15, 2026 | Jeffrey J Hurd Chief Operating Officer | sell (plan) | $390K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 6.7% | Jun 30, 2026 |
| Norges Bank | 6.6331% | Mar 31, 2026 |
| Vanguard Capital Management | 5.42% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.94% | Jun 30, 2026 |
| Canada Pension Plan Investment Board | 3.3% | Jun 30, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 2.6% | Dec 31, 2024 |
ETFs with the most weight in EQH
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 3.38% |
| XMMO Invesco S&P MidCap Momentum ETF | 2.59% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 2.12% |
| GINX SGI Enhanced Global Income ETF | 2.1% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.85% |
| TEQI T. Rowe Price Equity Income ETF | 1.71% |
| FXO First Trust Financials AlphaDEX Fund | 1.69% |
| WTV WisdomTree U.S. Value Fund | 1.34% |
What could go wrong
- Stock market falls hit fees and guarantees. Much of the revenue is fees on annuity and fund balances, which shrink when stocks fall. Market drops also raise what Equitable may owe on guaranteed annuity benefits and can make hedging cost more.
- Reserve assumptions could prove wrong. Reserves are money set aside for future claims. They rest on guesses about how long customers live, when they withdraw and what investments earn. If those guesses miss, Equitable may need bigger reserves.
- Interest-rate swings can squeeze spreads. Equitable earns the gap between what its investments yield and what it pays on contracts. Rate changes can shrink that gap. A rapid rise can lead customers to cash out, which may force asset sales.
- AllianceBernstein's fees depend on markets and results. AB's revenue depends on the market value of the assets it manages. Weak investment results could hurt its reputation. Fees tied to performance make its revenue swing more from year to year.
- A ratings downgrade could hurt sales. Annuity buyers count on Equitable to pay claims years later. A cut to its financial strength ratings could hurt sales. The capital it holds, and the capital regulators require, can both vary significantly.
- Parent company relies on subsidiaries for cash. Equitable Holdings is a holding company. Its dividends, buybacks and debt payments depend on cash its subsidiaries can send up. If they cannot send enough, payouts to shareholders could suffer.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed
- Major agreement signed; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Equitable pays a modest dividend that has kept growing. Dividends per share rose from $0.66 in fiscal 2020 to $1.05 in fiscal 2025, about 9.7% a year. The company has raised its regular dividend 8 years in a row. The yield was 2.09% as of October 28, 2026. In fiscal 2025, profits did not cover the dividend, because the company posted a net loss of $1.38 billion. Buybacks are the bigger way it returns cash. Equitable spent $5.87 billion on buybacks from fiscal 2021 through 2025 and $1.51 billion on dividends. Its share count fell about 32.5% between November 2021 and August 2026.
The shares have fallen hard in downturns. The stock dropped 61.3% in the 2020 COVID crash and took about 8 months to recover. In the 2022 bear market it fell 30.7% and needed 17 months to get back to its peak. Its trading history does not go back to 2008. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Equitable Holdings make money?
Mainly from fees, investment income and insurance premiums. Its Equitable insurer sells annuities, including registered index-linked annuities (RILAs). A RILA ties returns to a market index, caps gains and uses a buffer to absorb part of any loss. AllianceBernstein is a global asset manager in which Equitable holds an approximate 68% economic interest, and it earns fees on the money it manages. Equitable Advisors gives financial advice and sells the company's products. Assets under management and administration totaled $1.1 trillion as of December 31, 2025.
Does Equitable Holdings raise its dividend every year?
It has for 8 years in a row. The regular dividend reached $1.05 per share for fiscal 2025. It grew about 9.7% a year from fiscal 2020 to fiscal 2025. The yield was 2.09% as of October 28, 2026. Dividends are the smaller part of what the company returns to shareholders. From fiscal 2021 through 2025, Equitable spent $1.51 billion on dividends and $5.87 billion on buybacks. The dividend also rose in fiscal 2025, a year with a net loss.
Is Equitable Holdings profitable?
Not in its latest reported results. Equitable posted a net loss of $1.38 billion for fiscal 2025, or a loss of $4.83 per diluted share. It had net income of $1.28 billion in fiscal 2024. Revenue fell 6.1% to $11.7 billion. The company lost $453 million in the quarter ended June 30, 2026, and total equity was negative $785 million on that date. An insurer's reported earnings can swing with stock markets, interest rates and the accounting for annuity guarantees.
How much stock has Equitable Holdings bought back?
Quite a lot. Equitable spent $5.87 billion on buybacks from fiscal 2021 through fiscal 2025, including $1.45 billion in fiscal 2025. Its market value was about $14.9 billion as of October 28, 2026. Shares outstanding fell 32.5%, from about 404.8 million on November 2, 2021 to about 273.0 million on August 4, 2026. That means each remaining share owns a bigger slice of the company. The trade-off is that cash spent on buybacks no longer protects the balance sheet.
Is EQH stock volatile?
Yes, more than the broad market. As of October 28, 2026, its one-year beta was 1.17, which means it has tended to swing more than the market. Its one-year volatility was 33.7%. The shares fell 61.3% in the 2020 COVID crash and took about 8 months to recover. They fell 30.7% in the 2022 bear market. Over the five years to October 28, 2026, the price still rose an average of 12.9% a year. The 10-K lists stock market declines and interest rate changes among its main risks.