At a glance
Jackson Financial Inc is worth $9.11B. Revenue grew 104.3% to $6.68B in fiscal 2025, with 0.4% kept as profit; over 5 years it has grown 13.5% a year. It pays a 2.6% dividend yield, raised every year for at least 4 years, and returned $2.82B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +40.5% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Jackson Financial offers annuities to US savers. Annuities are contracts that let money grow tax-deferred and can provide guaranteed lifetime income. The lineup includes variable annuities and registered index-linked annuities, which track a market index, cap gains and limit losses. It also offers fixed, fixed index and payout annuities. Its main subsidiary, Jackson National Life Insurance Company, dates to 1961. The annuities reach customers through broker-dealers, banks, independent advisors and insurance agents.
Revenue comes mainly from fees, investment income and insurance premiums. Fees are charged on variable annuity balances, which customers invest across a wide menu of stock and bond funds. Its JNAM unit managed $257.3 billion as of December 31, 2025. On that date, contracts with lifetime withdrawal guarantees made up 72% of variable annuity account value. Jackson bears that risk if markets fall, so it hedges with derivatives, contracts designed to offset such losses.
Retail Annuities produced $5.5 billion, about 82% of fiscal 2025 revenue of $6.7 billion. Closed Life and Annuity Blocks added about 19%. That segment holds mostly existing life insurance and annuity policies acquired since 2004. A third segment, Institutional Products, issues guaranteed investment contracts and funding agreements, which promise institutions their money back plus interest. Retail annuity sales reached $19.7 billion in 2025. Industry group LIMRA ranked Jackson the seventh-largest US retail annuity company by sales for the first nine months of 2025.
Price history
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JXN +40.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Retail Annuities | $5.48B | 82% |
| Closed Life and Annuity Blocks | $1.26B | 18.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $168.0M, and net income was $655.0M (+265.9%).
- For fiscal 2025, revenue was $6.68B (+104.3% year over year; +13.5% a year from FY2020 to FY2025) with a 0.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.5% good |
|---|---|
| Return on equity (FY2025) | 0.3% weak |
| Return on assets (FY2025) | 0% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.55B | $-1.63B | — |
| FY2021 | $6.36B | $3.42B | — |
| FY2022 | $9.85B | $6.19B | — |
| FY2023 | $3.08B | $934.0M | — |
| FY2024 | $3.27B | $946.0M | — |
| FY2025 | $6.68B | $27.0M | — |
Valuation snapshot
| Market value | $9.11B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.6% |
Rank among 1514 US companies
Market value at each year end
Jackson Financial’s market value went from $2.89B at the end of 2022 to $9.11B on Oct 28, 2026, about 3.2 times as much; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.11B | +25.7% |
| 2025 | $7.25B | +12.7% |
| 2024 | $6.43B | +58.0% |
| 2023 | $4.07B | +40.9% |
| 2022 | $2.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JXN price data to Oct 28, 2026 | +29.1% | +40.5% | +59.2% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.1% |
| 2025 | +26.9% |
| 2024 | +76.4% |
| 2023 | +57.5% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Carrie Chelko EVP and General Counsel | sell | $1.0M |
| Aug 12, 2026 | Christopher Raub EVP JFI; CEO PPM America | sell | $653K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.79% | Mar 31, 2026 |
| TPG GP A, LLC | 6.7% | Feb 11, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| First Trust Portfolios L.P. | 2.23% | Mar 31, 2025 |
ETFs with the most weight in JXN
| MVPA Miller Value Partners Appreciation ETF | 2.82% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.88% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 1.85% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.77% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 1.49% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.04% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.98% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.97% |
What could go wrong
- Market drops raise the cost of guarantees. Most variable annuity value sits in contracts with lifetime withdrawal guarantees (72% at the end of 2025). When stocks fall, Jackson may owe more on those guarantees while fees tied to account balances shrink.
- Hedges may fall short in volatile markets. Derivative hedges aim to offset guarantee costs in falling markets and higher interest owed on index-linked annuities in rising ones. In volatile markets they can work less well, and trading partners could fail to pay.
- Customers may not behave as assumed. Pricing rests on assumptions about how long customers keep contracts, how long they live and how they use benefits. In a downturn, more withdrawals and fewer closed accounts could raise guaranteed payouts.
- Interest rates can hurt either way. Long stretches of falling rates raise the cost of guarantees and cut investment income. Long stretches of rising rates strain products that credit interest, as customers may leave for better rates elsewhere.
- A ratings cut could cost business. A downgrade in Jackson's financial strength ratings could cost it business. A falling risk-based capital ratio, a regulatory measure of its capital cushion (567% at end of 2025), could bring regulatory scrutiny and downgrades.
- Shareholder payouts depend on subsidiaries. Jackson Financial is a holding company that owns the insurers rather than writing policies itself. Its dividends, buybacks and debt payments rely on cash those subsidiaries send up, and insurance rules can limit the amount.
Recent events
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Jackson has raised its regular dividend every fiscal year since it began paying one. It went from $0.50 a share in fiscal 2021, a partial first year, to about $3.13 in fiscal 2025. The dividend yield (yearly dividends divided by share price) was 2.6% as of October 28, 2026. Reported earnings make the payout look stretched: fiscal 2025 brought a loss of $0.24 per diluted share. The company's own free cash flow figure, a non-standard measure, was $838 million. That covered $228 million of common dividends, but dividends plus $634 million of buybacks came to slightly more. Buybacks totaled about $1.9 billion over fiscal 2021–2025. The share count fell 22.5% between March 2, 2022 and July 27, 2026.
About four years of price history is too short to show how the stock held up in the 2008, 2020 or 2022 declines. Its worst peak-to-trough fall through October 28, 2026 was 41.4%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Jackson Financial make money?
Mainly by selling annuities, which are insurance contracts that turn savings into tax-deferred growth or guaranteed income. Jackson earns fees on account balances, income from investing customer money, and insurance premiums. Its Retail Annuities segment produced about 82% of the $6.68 billion revenue for the fiscal year ended December 31, 2025. Retail annuity sales reached $19.7 billion that year, up from $17.8 billion. LIMRA, an industry trade group, ranked Jackson the seventh-largest US retail annuity seller for the nine months ended September 30, 2025.
Does Jackson Financial raise its dividend every year?
Yes, so far, though the record is short: Jackson became an independent public company on September 13, 2021. Dividends per share rose every fiscal year from FY2021 to FY2025, reaching about $3.13 in FY2025, up from about $2.10 in FY2022. The yield was 2.6% as of October 28, 2026. One caution: FY2025 profit under standard accounting rules (GAAP) was so small that dividends equaled about 826% of reported earnings. Jackson also repurchased about $1.95 billion of stock from FY2021 to FY2025.
Why are Jackson Financial's earnings so volatile?
A big reason is its hedging program. Jackson uses derivatives, contracts whose value moves with markets, to offset risks from the guarantees in its annuities, and its 10-K says this hedging affects reported net income. Net income was $6.19 billion in FY2022 but just $27 million in FY2025, and common shareholders saw a loss of $0.24 per diluted share. Management's adjusted operating return on equity (profit as a share of shareholders' equity, on a non-GAAP basis) was 14.7% in FY2025, versus -0.2% under standard accounting rules (GAAP).
How has Jackson Financial (JXN) stock performed?
Strongly, though with sharp drops along the way. The share price rose 40.5% in the year to October 28, 2026, and 29.1% year to date through that date. Calendar-year price returns were about 58% in 2023, 76% in 2024 and 27% in 2025. Since trading began in 2021, the deepest fall from a peak was 41.4%, and even in the strong year to October 28, 2026, the stock dropped as much as 16.3%. Past returns do not predict future results.
What are the biggest risks of owning Jackson Financial stock?
Stock-market and interest-rate swings top the list. Most of the company's variable annuity account value carries guaranteed withdrawals for life (72% at December 31, 2025). When markets fall, those guarantees cost more and fee income drops, and the 10-K warns hedges can work less well in volatile markets. Other risks include reliance on third-party firms to sell its products, concentrated funding from the Federal Home Loan Bank of Indianapolis, and possible credit-rating downgrades. Its risk-based capital ratio, a regulatory measure of financial cushion, was 567% at year-end 2025.