What is the market's earnings forecast for Equitable Holdings next quarter?

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What were the key takeaways from Equitable Holdings's earnings call?

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**Key Takeaways:**
- **Strong Organic Growth**: $1.1T AUM and 12% Wealth Management inflows highlight momentum across core businesses.
- **Strategic Capital Deployment**: $1.5B invested in buybacks, debt reduction, and growth (Stifel acquisition, private markets).
- **Private Markets Expansion**: Private AUM up 17% YoY to $80B, on track for $90-100B by 2027.
- **Risk Management**: 98% investment-grade portfolio and conservative underwriting limit credit exposure.
- **2027 Targets Intact**: 12-15% EPS CAGR, $2B cash flow, and 60-70% payout ratio remain achievable.

**【CEO Summary Section】**
- Equitable delivered solid Q3 results with non-GAAP operating EPS of $1.48, down 6% YoY but up 2% when adjusting for notable items. 
- Capital deployment of $1.5B included $676M share buybacks, $500M debt reduction, and strategic investments in Wealth Management (Stifel acquisition) and private markets.
- Wealth Management advisory net inflows of $2.2B (12% annualized growth) and AUM of $1.1T highlight organic momentum across Retirement, Asset Management, and Wealth Management.
- Private markets AUM grew 17% YoY to $80B, on track to meet $90-100B target by 2027.
- 2027 financial targets remain intact: 12-15% EPS CAGR, $2B annual cash flow, and 60-70% payout ratio.

**【CFO Financial Commentary】**
- GAAP net loss of $1.3B due to one-time reinsurance transaction impacts, but adjusted non-GAAP EPS of $1.67 reflects strong underlying performance.
- Retirement segment earnings declined 6% YoY but rebounded 9% sequentially, driven by fee-based revenue growth and NIM improvement.
- Asset Management earnings up 39% YoY, with AUM at record $860B and performance fees guidance raised to $130-155M.
- Wealth Management earnings grew 12% YoY, with 8% adviser productivity improvement and $6.2B year-to-date net inflows.
- Capital return program remains disciplined, with full-year payout ratio expected at upper end of 60-70% range.

**【Q&A Key Highlights】**
- **Private Credit Risk Management**: 98% of fixed income portfolio is investment-grade, with underwriting focus on liquidity premium and risk-adjusted returns.
- **RILA Market Leadership**: 7% QoQ sales growth driven by flywheel model, with 15,000+ advisors and #1 market share. New product launches (e.g., SCS Premier) target underserved segments.
- **Mortality Experience**: Q3 mortality was $36M worse than expected but reinsurance transaction reduces future volatility. Retained mortality impact was minimal ($10M).
- **Capital Deployment**: $300M remaining from RGA transaction will be used for buybacks and strategic investments, maintaining 60-70% payout ratio discipline.
- **Bermuda Entity Strategy**: In-force reinsurance transactions will support capital management, with focus on flow reinsurance in 2026 and third-party opportunities beyond.


Equitable Holdings, Inc. (EQH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EQH

EQH fundamentals

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