On this page of StockholderLetter.com we present the latest annual shareholder letter from Equitable Holdings, Inc. — ticker symbol EQH. Reading current and past EQH letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
Our business principles We have a passion for our business We are stronger as a team We work to the highest standards We treat everyone with respect and dignity We are a trusted partner to our clients
2025 EQUITABLE HOLDINGS ANNUAL REPORT Dear fellow shareholders, 2025 was an important year for Equitable Holdings, marked by strong execution and meaningful progress across the company. Throughout the year, we continued to advance our strategic growth plans, taking intentional steps to strengthen our balance sheet and evolve our business mix for the future. We reported a record $1.1 trillion of assets under management and administration, up 10% over the prior year, supported by strong organic growth across our businesses. Most importantly, we continued to deliver on our promises, paying more than $5 billion in bene ts to clients and their bene ciaries when they needed us most. As I look at our industry today, we stand at the precipice of one of the most signi cant demographic shifts in history. Longer life expectancies, more complex retirement planning and growing demand for comprehensive nancial advice are creating unprecedented needs across the retirement landscape. At the same time, the U.S. retirement savings gap is growing rapidly, with a forecasted shortfall of $137 trillion by 2050. This profound need presents our industry with an important responsibility and extraordinary opportunity. Our integrated business model across Retirement, Asset Management and Wealth Management positions us exceptionally well to meet this moment. But as the retirement challenge grows, we believe our greatest opportunity lies not just in serving more clients, but in rede ning how we serve them. It is this belief, and the years of deliberate choices we have made, that have led us to the next chapter in our storied history. Mark Pearson President and Chief Executive Of cer of Equitable Holdings 1
2 2025 EQUITABLE HOLDINGS ANNUAL REPORT Reshaping retirement in America Earlier this year, we announced a landmark merger of equals with Corebridge, representing one of the most de ning moments in our company s history. Upon close, we will create the largest retirement-focused nancial services company in the United States, uniting leading capabilities across retirement, wealth management, asset management and protection solutions to serve more than 10 million customers. This merger is the natural evolution of a journey years in the making. We have long been preparing Equitable Holdings for the future, guided by our belief that clients are best served when retirement solutions, investment expertise and trusted nancial advice work in harmony. This transaction will build on that principle, extending the reach and impact of a model that has differentiated us in the marketplace. Equitable Holdings and Corebridge have highly complementary strengths with limited overlap, enabling us to create a larger and more resilient organization. Together, we will bene t from a more diversi ed mix of earnings, enhanced cash generation and greater nancial exibility, enabling us to invest boldly behind our highest-conviction opportunities and drive long-term value for those we serve. At its heart, this merger is about delivering better outcomes for clients. Our capital strength will enable us to accelerate investments in technology and digital capabilities that will enhance the client experience in ways neither company could do alone. Paired with a formidable multi-channel distribution network and leading positions across our core markets, we will have the power to connect more people with the personalized advice and solutions they need to achieve nancial security. 10m+ 1 Customers $1.5trn $4bn+ Assets under management and administration1 2027E cash generation2
2025 EQUITABLE HOLDINGS ANNUAL REPORT Reflecting on our journey When Equitable Holdings became an independent, U.S.-listed company in 2018, we set out to build a diversi ed, resilient nancial institution one able to serve clients across their nancial journeys, create sustainable value for shareholders and thrive in a rapidly changing industry. In many ways, our proposed merger with Corebridge is a culmination of that journey, yet the roots of our story run much deeper. For 167 years, Equitable has continually evolved alongside the world around us. We have succeeded not by standing still, but by anticipating change and adapting based on the needs of those we serve. Through economic downturns, nancial crises and geopolitical uncertainty, we have delivered on our promises while innovating in response to profound shifts in how our clients save, invest and prepare for retirement. Our IPO marked the beginning of an ambitious transformation, rooted in a belief that the best way to honor our legacy was to ensure it endured. We viewed our responsibility as both a steward and a builder, preserving a foundation laid over generations while strengthening it for those who would follow. That mindset shaped many of the decisions we made in the years to come. We took signi cant steps to strengthen our balance sheet and optimize our risk pro le. We increased our ownership stake in AllianceBernstein, maintaining our conviction in the value of integrating insurance and asset management. We continued to invest in Wealth Management, with a belief that trusted advice would be increasingly valuable as nancial decisions grew more complex. Just as important, we fostered a culture that encouraged innovation, challenged conventional thinking and embraced change. In an industry often de ned by tradition, we sought to remain curious, adaptable and willing to evolve in service of our clients. Looking back, the Equitable that entered the public markets in 2018 is not the Equitable of today. What began as a bold vision became a stronger, more diversi ed and more resilient company, one capable of creating greater value for clients and shareholders alike. It is because of that transformation that we are able to pursue our exciting next chapter. 3
 • shareholder letter icon 8/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 EQH Stockholder Letter
 • stockholder letter icon 4/9/2024 EQH Stockholder Letter
 • stockholder letter icon 4/4/2025 EQH Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon EQH Benford's Law Stock Score = 100


EQH Shareholder/Stockholder Letter Transcript:

Annual Report
2025

Our
business
principles
We have a
passion for
our business
We are
stronger
as a team
We work
to the
highest
standards
We treat
everyone
with respect
and dignity
We are
a trusted
partner to
our clients

2025 EQUITABLE HOLDINGS ANNUAL REPORT
Dear fellow
shareholders,
2025 was an important year for Equitable Holdings, marked by strong execution and
meaningful progress across the company.
Throughout the year, we continued to advance our strategic growth plans, taking
intentional steps to strengthen our balance sheet and evolve our business mix for the
future. We reported a record $1.1 trillion of assets under management and administration,
up 10% over the prior year, supported by strong organic growth across our businesses.
Most importantly, we continued to deliver on our promises, paying more than $5 billion
in bene   ts to clients and their bene   ciaries when they needed us most.
As I look at our industry today, we stand at the precipice of one of the most signi   cant
demographic shifts in history. Longer life expectancies, more complex retirement
planning and growing demand for comprehensive    nancial advice are creating
unprecedented needs across the retirement landscape. At the same time, the U.S.
retirement savings gap is growing rapidly, with a forecasted shortfall of $137 trillion
by 2050. This profound need presents our industry with an important responsibility
and extraordinary opportunity.
Our integrated business model across Retirement, Asset Management and Wealth
Management positions us exceptionally well to meet this moment. But as the retirement
challenge grows, we believe our greatest opportunity lies not just in serving more clients,
but in rede   ning how we serve them.
It is this belief, and the years of deliberate choices we have made, that have led us to
the next chapter in our storied history.
Mark Pearson
President and Chief Executive
Of   cer of Equitable Holdings
1

2
2025 EQUITABLE HOLDINGS ANNUAL REPORT
Reshaping
retirement in America


Earlier this year, we announced a landmark merger of equals with Corebridge,
representing one of the most de   ning moments in our company   s history. Upon close,
we will create the largest retirement-focused    nancial services company in the United
States, uniting leading capabilities across retirement, wealth management, asset
management and protection solutions to serve more than 10 million customers.
This merger is the natural evolution of a journey years in the making. We have long been
preparing Equitable Holdings for the future, guided by our belief that clients are best
served when retirement solutions, investment expertise and trusted    nancial advice
work in harmony. This transaction will build on that principle, extending the reach
and impact of a model that has differentiated us in the marketplace.
Equitable Holdings and Corebridge have highly complementary strengths with limited
overlap, enabling us to create a larger and more resilient organization. Together, we will
bene   t from a more diversi   ed mix of earnings, enhanced cash generation and greater
   nancial    exibility, enabling us to invest boldly behind our highest-conviction
opportunities and drive long-term value for those we serve.
At its heart, this merger is about delivering better outcomes for clients. Our capital
strength will enable us to accelerate investments in technology and digital capabilities
that will enhance the client experience in ways neither company could do alone.
Paired with a formidable multi-channel distribution network and leading positions
across our core markets, we will have the power to connect more people with the
personalized advice and solutions they need to achieve    nancial security.
10m+
1
Customers
$1.5trn
$4bn+
Assets under management
and administration1
2027E cash generation2

2025 EQUITABLE HOLDINGS ANNUAL REPORT
Reflecting
on our journey
When Equitable Holdings became an independent, U.S.-listed company in 2018, we set
out to build a diversi   ed, resilient    nancial institution     one able to serve clients
across their    nancial journeys, create sustainable value for shareholders and thrive in a
rapidly changing industry. In many ways, our proposed merger with Corebridge is a
culmination of that journey, yet the roots of our story run much deeper.
For 167 years, Equitable has continually evolved alongside the world around us. We have
succeeded not by standing still, but by anticipating change and adapting based on the
needs of those we serve. Through economic downturns,    nancial crises and geopolitical
uncertainty, we have delivered on our promises while innovating in response to profound
shifts in how our clients save, invest and prepare for retirement.
Our IPO marked the beginning of an ambitious transformation, rooted in a belief that the
best way to honor our legacy was to ensure it endured. We viewed our responsibility as
both a steward and a builder, preserving a foundation laid over generations while
strengthening it for those who would follow.
That mindset shaped many of the decisions we made in the years to come. We took
signi   cant steps to strengthen our balance sheet and optimize our risk pro   le. We
increased our ownership stake in AllianceBernstein, maintaining our conviction in the
value of integrating insurance and asset management. We continued to invest in Wealth
Management, with a belief that trusted advice would be increasingly valuable as
   nancial decisions grew more complex.
Just as important, we fostered a culture that encouraged innovation, challenged
conventional thinking and embraced change. In an industry often de   ned by tradition,
we sought to remain curious, adaptable and willing to evolve in service of our clients.
Looking back, the Equitable that entered the public markets in 2018 is not the Equitable
of today. What began as a bold vision became a stronger, more diversi   ed and more
resilient company, one capable of creating greater value for clients and shareholders alike.
It is because of that transformation that we are able to pursue our exciting next chapter.
3


shareholder letter icon 8/10/2026 Letter Continued (Full PDF)
 

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