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Principal Financial (PFG)
NASDAQ:PFG
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.09Last Year’s EPS
1.81Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong, broad-based operational execution in 2025 with double-digit EPS growth, expanded margins, improved ROE, robust capital generation (92% free capital flow conversion) and significant asset management momentum (AUM +10%, private markets growth). Management set confident 2026 targets (EPS growth 9%-12%, ROE 15%-17%, 75%-85% free capital conversion) and plans continued capital returns. Headwinds are present but appear manageable: a negative quarterly net cash flow, divestiture-related revenue/AUM noise (including a Chilean runoff annuity), below-target growth in some specialty lines, and near-term seasonality/expense impacts. Overall, positive operational and capital metrics outweigh the limited and largely controlled challenges, supporting an upbeat outlook.Company Guidance
Strong EPS Growth
Adjusted non-GAAP EPS grew 12% for full-year 2025 (at the high end of target); reported EPS grew nearly 20%. Full-year non-GAAP operating earnings were $1.9 billion or $8.55 per diluted share.
Quarterly Operating Performance
Q4 non-GAAP operating earnings were $499 million or $2.24 per diluted share, a 7% increase versus a very strong Q4 2024; gain on a real estate transaction of approximately $40 million pretax noted below the line.
ROE and Margin Expansion
Non-GAAP operating ROE was 15.7% for 2025, up 120 basis points year over year and at the high end of the 14%-16% target; company-wide margin expanded to 31% (up 80 bps). ROE target raised to 15%-17% for 2026.
Capital Generation and Returns to Shareholders
Generated strong capital with $1.6 billion of excess available capital and returned over $1.5 billion to shareholders in 2025 (approx. $851 million share repurchases and $684 million common dividends). Q4 returns totaled $448 million ($275 million buybacks, $172 million dividends).
Free Capital Flow Conversion
Delivered 92% free capital flow conversion in 2025; management targets 75%-85% conversion for 2026 (providing flexibility for buybacks, dividends, and growth investments).
AUM and Asset Management Momentum
Total company managed AUM $781 billion at year-end (up 10% YoY). Investment Management gross sales $127 billion (+16% YoY) with private markets sales up 50%; private markets AUM +12% YoY and positive net cash flow of $3.5 billion.
Retirement Business Growth and Engagement
Retirement transfer deposits $35 billion (+9% YoY); WSRS recurring deposits +5%; participant roll-ins $6.5 billion (+15% YoY); WSRS deferring participants +3% and average deferrals per member +2%.
SMB and Benefits Momentum
SMB WSRS recurring deposits +8% and transfer deposits +32%; account value net cash flow +$1.5 billion. Group benefits customers now average 3.13 products (+~3% YoY); life business market premium and fees +15%.
Underwriting and Claims Improvements in Specialty Benefits
Specialty benefits adjusted loss ratio improved to 59% (best in company history), a 130-basis-point improvement vs. 2024 and below the 60%-64% target range; operating margin expanded 120 bps to 16%.
Product & Distribution Wins and Innovation
Managed account adoption up 51% with account values >$9 billion; ETF platform record AUM $9 billion and nearly $2 billion positive net cash flow; international pension AUM +24% to $154 billion; DCIO sales nearly $8 billion.
PFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | $95.93 | $93.64 | -2.39% |
Oct 29, 2025 | $81.66 | $81.96 | +0.38% |
Jul 28, 2025 | $78.86 | $78.67 | -0.25% |
Apr 24, 2025 | $72.86 | $71.36 | -2.05% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Principal Financial (PFG) report earnings?
Principal Financial (PFG) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is Principal Financial (PFG) earnings time?
Principal Financial (PFG) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PFG EPS forecast?
PFG EPS forecast for the fiscal quarter 2026 (Q1) is 2.09.