Equitable Holdings Navigates Q2 with Capital Structure Adjustments

TL;DR

EQH-PC is actively managing its capital structure, signaling a focus on financial stability and shareholder returns amidst market shifts.

AI Summary

Equitable Holdings, Inc. (EQH-PC) reported its Q2 2025 results, with the filing on August 11, 2025, covering the period ending June 30, 2025. The company's financial statements show changes in equity components, including preferred stock, common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income. For the three months ended June 30, 2025, and June 30, 2024, and the six months ended on those dates, the company detailed movements in these accounts. Specifically, the filing indicates a focus on capital structure management, with changes in preferred stock and common stock impacting the overall equity base. While specific revenue and net income figures are not explicitly detailed in the provided snippet, the emphasis on equity changes suggests ongoing capital allocation strategies and potential impacts from market conditions on comprehensive income. The company continues to manage its financial position through these equity adjustments, reflecting its strategic outlook in the insurance and financial services sector.

Why It Matters

This filing provides a granular look at Equitable Holdings' capital structure, which is crucial for investors assessing the company's financial health and stability. Changes in preferred and common stock, along with treasury stock movements, directly impact shareholder value and dividend capacity. In a competitive financial services landscape, efficient capital management can differentiate EQH-PC from rivals like Prudential or MetLife, influencing investor confidence. Employees and customers benefit from a financially stable company, ensuring long-term security and service continuity, while the broader market watches these adjustments for signals on sector-wide capital trends.

Risk Assessment

Risk Level: medium — The filing details significant movements in equity accounts, including treasury stock and accumulated other comprehensive income, without providing specific revenue or net income figures. This lack of top-line and bottom-line data makes it challenging to fully assess operational performance and profitability, introducing a medium risk for investors relying solely on this snippet. The changes in preferred and common stock also suggest ongoing capital management, which can be influenced by market volatility.

Analyst Insight

Investors should scrutinize Equitable Holdings' upcoming earnings call for detailed revenue and net income figures to understand the operational context behind these capital structure adjustments. Focus on the impact of these equity changes on earnings per share and dividend policy. Consider how these capital moves position EQH-PC against its peers in the current interest rate environment.

Key Numbers

• 2025-06-30 — End of Reporting Period (The financial statements cover the period up to this date.)
• 2025-08-11 — Filing Date (The 10-Q was filed on this date.)
• 001-38469 — SEC File Number (Unique identifier for SEC filings.)
• 134 — Public Document Count (Number of documents included in the filing.)
• 2017-11-07 — Date of Name Change (When AXA Equitable Holdings, Inc. changed its name.)

Key Players & Entities

• Equitable Holdings, Inc. (company) — filer of the 10-Q
• AXA Equitable Holdings, Inc. (company) — former company name
• AXA AMERICA HOLDINGS, INC. (company) — former company name
• 0001333986 (regulator) — Central Index Key (CIK)
• 2025-06-30 (date) — conformed period of report
• 2025-08-11 (date) — filed as of date
• 1345 AVENUE OF THE AMERICAS (location) — business address street
• NEW YORK (location) — business address city
• NY (location) — business address state
• 10105 (location) — business address zip

FAQ

Industry Context

Equitable Holdings operates within the competitive insurance and financial services sector, characterized by evolving regulatory landscapes and fluctuating market conditions. Key trends include a focus on digital transformation to enhance customer experience and operational efficiency, as well as strategic capital management to navigate economic uncertainties. The industry is also seeing consolidation and a growing demand for retirement and protection solutions.

Regulatory Implications

As a financial services company, Equitable Holdings is subject to extensive regulation by bodies such as the SEC and state insurance departments. Compliance with capital requirements, consumer protection laws, and data privacy regulations are critical. Changes in accounting standards or new regulatory initiatives could impact financial reporting and operational strategies.

What Investors Should Do

1. Monitor changes in Accumulated Other Comprehensive Income (AOCI).
2. Analyze the composition of equity, particularly preferred stock and common stock movements.
3. Review the company's disclosures on capital allocation strategies.

Key Dates

• 2025-06-30: End of Reporting Period for Q2 2025 — Marks the close of the second quarter for which financial results are reported.
• 2025-08-11: 10-Q Filing Date — Indicates the official submission date of the quarterly report to the SEC, providing timely financial information to investors.
• 2017-11-07: Name Change from AXA Equitable Holdings, Inc. — Represents a significant corporate identity change, potentially reflecting strategic shifts or divestitures.

Glossary

us-gaap:CommonStockMember

Represents the par value of common stock issued by the company. (Key component of the company's equity structure, indicating ownership stakes.)

us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember

Includes the par value of preferred stock and any additional paid-in capital related to its issuance. (Details a significant class of equity with specific rights and preferences, impacting the overall capital structure.)

us-gaap:AdditionalPaidInCapitalMember

Represents the amount received from shareholders in excess of the par value of stock issued. (Reflects capital raised beyond the nominal value of shares, contributing to the equity base.)

us-gaap:TreasuryStockCommonMember

Represents shares of the company's own common stock that have been repurchased. (Reduces the number of outstanding shares and total equity, often used for stock-based compensation or capital management.)

us-gaap:RetainedEarningsMember

Represents the cumulative net income of the company that has not been distributed to shareholders as dividends. (Indicates the company's profitability over time and its reinvestment strategy.)

us-gaap:AccumulatedOtherComprehensiveIncomeMember

Includes unrealized gains and losses on certain investments, foreign currency translation adjustments, and other items not recognized in net income. (Reflects changes in equity from transactions and events that are not part of the company's net earnings, often influenced by market conditions.)

us-gaap:NoncontrollingInterestMember

Represents the portion of equity in a subsidiary that is not attributable to the parent company. (Important for understanding the consolidated financial position when the company has partial ownership of other entities.)

Year-Over-Year Comparison

This 10-Q filing for Q2 2025 provides an update on Equitable Holdings' financial position compared to prior periods. While specific comparative revenue and net income figures are not detailed in the provided snippet, the emphasis on changes in equity components like preferred stock, common stock, and retained earnings suggests ongoing capital management. Investors should compare the reported equity balances as of June 30, 2025, with those from December 31, 2024, and June 30, 2024, to identify trends in capital structure and potential impacts from market conditions on comprehensive income.

Key Financial Figures

• $0.01 — hares of the registrant's Common Stock, $0.01 par value, were outstanding. Table of

Filing Documents

• eqh-20250630.htm (10-Q) — 8601KB
• eqh-06302025exhibit311.htm (EX-31.1) — 8KB
• eqh-06302025exhibit312.htm (EX-31.2) — 8KB
• eqh-06302025exhibit321.htm (EX-32.1) — 4KB
• eqh-06302025exhibit322.htm (EX-32.2) — 4KB
• eqh-20250630_g1.jpg (GRAPHIC) — 362KB
• 0001333986-25-000049.txt ( ) — 42351KB
• eqh-20250630.xsd (EX-101.SCH) — 149KB
• eqh-20250630_cal.xml (EX-101.CAL) — 202KB
• eqh-20250630_def.xml (EX-101.DEF) — 878KB
• eqh-20250630_lab.xml (EX-101.LAB) — 1512KB
• eqh-20250630_pre.xml (EX-101.PRE) — 1232KB
• eqh-20250630_htm.xml (XML) — 11919KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets, June 30, 2025 (Unaudited) and December 31, 2024 4 Consolidated Statements of Income (Loss), Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) 5 Consolidated Statements of Comprehensive Income (Loss), Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) 6 Consolidated Statements of Equity, Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) 8 Consolidated Statements of Cash Flows, Six Months Ended June 30, 2025 and 2024 (Unaudited) 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements: Note 1 - Organization 11 Note 2 - Significant Accounting Policies 12 Note 3 - Investments 15 Note 4 - Derivatives 29 Note 5 - Closed Block 36 Note 6 - DAC and Other Deferred Assets/Liabilities 37 Note 7 - Fair Value Disclosures 39 Note 8 - Liabilities for Future Policyholder Benefits 57 Note 9 - Market Risk Benefits 61 Note 10 - Policyholder Account Balances 63 Note 11 - Employee Benefit Plans 68 Note 12 - Income Taxes 69 Note 13 - Equity 69 Note 14 - Short-term and Long-term Debt 72 Note 15 - Redeemable Noncontrolling Interest 73 Note 16 - Commitments and Contingent Liabilities 74 Note 17 - Business Segment Information 77 Note 18 - Insurance Group Statutory Financial Information 84 Note 19 - Earnings per Common Share 85 Note 20 - Revision of Prior Period Financial Statements 86 Note 21 - Subsequent Events 91 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 92 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 135 Item 4.

Controls and Procedures

Controls and Procedures 135

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 136

Risk Factors

Item 1A. Risk Factors 136

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 136

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 136

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 136

Other Information

Item 5. Other Information 136

Exhibits

Item 6. Exhibits 138

Signatures

Signatures 145 Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Certain of the statements included or incorporated by reference in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "forecasts," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. ("Holdings") and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. "We," "us" and "our" refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of cap

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Table of Contents EQUITABLE HOLDINGS, INC. Consolidated Balance Sheets June 30, 2025 (Unaudited) and December 31, 2024 June 30, 2025 December 31, 2024 (in millions, except share data) ASSETS Investments: Fixed maturities available-for-sale, at fair value (amortized cost of $ 86,819 and $ 84,717 ) (allowance for credit losses of $ 3 and $ 2 ) $ 80,094 $ 76,641 Fixed maturities, at fair value using the fair value option (1) 2,428 2,053 Mortgage loans on real estate (net of allowance for credit losses of $ 305 and $ 278 ) (1) 21,536 20,072 Policy loans 4,355 4,330 Other equity investments (1) 3,789 3,719 Trading securities, at fair value 1,295 1,089 Other invested assets (1) 8,301 8,537 Total investments 121,798 116,441 Cash and cash equivalents (1) 14,957 6,964 Cash and securities segregated, at fair value 483 500 Broker-dealer related receivables 1,933 1,961 Deferred policy acquisition costs 7,361 7,170 Goodwill and other intangible assets, net 5,342 5,371 Amounts due from reinsurers (allowance for credit losses of $ 7 and $ 8 ) 7,501 7,899 Current and deferred income taxes 1,749 2,003 Purchased market risk benefits 5,543 7,376 Other assets (1) 3,962 4,462 Assets for market risk benefits 776 863 Separate Accounts assets 131,683 134,717 Total Assets $ 303,088 $ 295,727 LIABILITIES Policyholders' account balances $ 123,359 $ 110,929 Liability for market risk benefits 10,187 11,810 Future policy benefits and other policyholders' liabilities 17,557 17,613 Broker-dealer related payables 1,454 775 Customer related payables 1,885 1,933 Amounts due to reinsurers 1,350 1,421 Long-term debt 4,332 3,833 Notes issued by consolidated variable interest entities, at fair value using the fair value option (1) 2,471 2,116 Other liabilities (1) 5,847 7,032 Separate Accounts liabilities 131,683 134,717 Total Liabilities $ 300,125 $ 292,179 Redeemable noncontrolling interest (1) (2) $ 358

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1) ORGANIZATION Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management and Legacy. The Company's management evaluates the performance of each of these segments independently. Effective April 1, 2024, the Company renamed its Investment Management and Research segment to Asset Management following the close of the previously announced joint venture between AllianceBernstein and Societe Generale. Following the close of the transaction, Bernstein Research Services ("BRS") business results are no longer consolidated within the financial results for AllianceBernstein and Equitable Holdings, Inc. The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income. The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses. The Asset Management segment provides diversified investment management and related services globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth. The Asset Management segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB). The Protection Solutions segment includes the Company's life insurance and group employee benefits ("EB") businesses. The Wealth Management segment is an emerging leader in the wealth management space with a differentiated advice value proposition that offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity p

View Full Filing

View this 10-Q filing on SEC EDGAR