Principal Financial (PFG)
NASDAQ:PFG
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Earnings Data
Report Date
Jul 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.32Last Year’s EPS
2.16Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted broad, measurable momentum across the company: strong adjusted EPS growth, margin and ROE expansion, record gross sales in asset management, robust retirement and SMB flows, sizable capital returns and a raised dividend. Management acknowledged some short-term headwinds — negative total net cash flow for the company, redemptions in select active U.S. equity funds, timing-driven reductions in variable investment income, and lumpiness in PRT transactions — but positioned these as largely manageable, transitory, or offset by diversification and capital strength. On balance, highlights materially outweigh the lowlights and management expressed confidence in delivering 2026 targets.Company Guidance
Adjusted EPS and Operating Earnings Growth
13% adjusted non-GAAP EPS growth in Q1 (above high end of target). Non-GAAP operating earnings of $456M (+10% YoY) or $2.07/share (+14% YoY). Excluding significant variances, adjusted operating earnings $479M (+9% YoY) or $2.17/share (+13% YoY).
Margin and Return on Equity Expansion
Company margin expanded 190 basis points to 30% in Q1. Non-GAAP operating ROE improved 140 basis points to 16.1% (midpoint of 15%–17% target range).
Capital Returns and Dividend Increase
Returned ~$374M to shareholders in the quarter (including $200M share repurchases). Announced $0.82 common dividend for Q2 (+$0.02 qtr; +8% YoY) and maintained targeted ~40% dividend payout ratio. Holding-company and subsidiary liquidity: >$1.4B excess/available capital with ~400% risk-based capital ratio.
Retirement Ecosystem Momentum
Total retirement transfer deposits of $12B (+35% YoY); recurring deposits +7% YoY. Participant metrics improved: 3% increase in number deferring and average deferrals up >3%. Participant roll-ins $1.7B in the quarter; DCIO sales $1B in Q1 (~$8B TTM).
SMB and Benefits Growth
SMB recurring deposits +6% YoY (7% on TTM). Positive account-value net cash flow of $600M in the quarter. Specialty Benefits delivered record sales (+24% YoY); business-market life premium and fees +15% YoY. Well-being index: 90% of SMB owners maintaining or increasing staff.
Global Asset Management Strength
Record gross sales in Investment Management of $37B (+21% YoY). Private markets net inflows $400M in Q1 and $3B TTM; Private Markets AUM +11% YoY. Active ETF net inflows $400M in Q1 and $1.8B TTM. Strong international net cash flow of $1.5B in the quarter.
Business Segment Performance Highlights
RIS pretax operating earnings $318M (+4% YoY) with operating margin 41.5% (+60 bps). Principal Asset Management earnings +10% YoY on 5% revenue growth. Benefits & Protection pretax operating earnings $177M (+41% YoY); total loss ratio improved ~220 bps YoY; segment margin improvements (e.g., Benefits margin 16.2%, +290 bps YoY).
International Pension Momentum
International pension AUM $160B (+20% YoY, +4% sequentially) — record level. Net cash flow +$500M in the quarter (including +$700M in Brazil); pretax operating earnings +14% YoY supported by performance fees and FX tailwinds.
Product & Distribution Wins / Pipeline
Strong product traction and distribution expansion: Investment Management commitment pipeline >$9B (mandates won, not yet funded). Record gross sales and diversified inflows across public/private markets and regions, with Asia/international clients delivering notable flows.
Risk Management and Long-Term Positions
Management reiterated conservative private-credit posture (majority investment grade, minimal direct lending exposure) and confidence in diversified, liability-aligned investment portfolio. Reclassification of core real estate depreciation to realized gains/losses to better reflect total returns.
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 |
|---|---|---|---|
Apr 23, 2026 | $97.00 | $99.34 | +2.41% |
Feb 09, 2026 | $95.07 | $92.81 | -2.39% |
Oct 29, 2025 | $80.93 | $81.23 | +0.38% |
Jul 28, 2025 | $78.16 | $77.96 | -0.25% |
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 Jul 23, 2026, After Close (Confirmed).
What is Principal Financial (PFG) earnings time?
Principal Financial (PFG) earnings time is at Jul 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 (Q2) is 2.32.