Equitable Holdings (EQH) has just reported its Q1 2026 results with recent quarterly revenue figures ranging from US$1.4 billion to US$4.6 billion and basic EPS swinging between a loss of US$4.47 and a profit of US$0.71. On a trailing 12 month basis, EPS was US$4.83 in Q4 2024 before moving to a loss of US$4.83 by Q4 2025. Over the past year, the company has seen revenue move between US$10.8 billion and US$15.1 billion on a trailing 12 month view and net income shift from a profit of US$1.2 billion to a loss of US$1.4 billion. This sets up a quarter where margins and the path back to profitability are front and center for investors.

See our full analysis for Equitable Holdings.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the widely followed growth, risk, and profitability narratives around Equitable Holdings and where those stories may need a reset.

TTM swings from US$1.2b profit to US$1.4b loss

• On a trailing 12 month basis, net income moved from a profit of US$1.2b in Q1 2025 to a loss of US$1.4b by Q4 2025, alongside revenue shifting between US$11.7b and US$15.1b over that span.
• Analysts' consensus view links this earnings volatility to both long term tailwinds and pressure points:
  • Consensus points to demographic trends and changing retirement models as a support for recurring fee revenue, while the move from profit to loss over the last year underlines how market and product mix can still swing reported earnings.
  • The same narrative flags asset management outflows and regulatory risk as headwinds, which fits with the fact that trailing profitability is not yet in place even with record AUM cited in the broader commentary.

Quarterly EPS ranges from US$4.47 loss to US$2.77 profit

• Looking at individual quarters, basic EPS over the last six reported periods moved between a profit of US$2.77 in Q4 2024 and a loss of US$4.47 in Q3 2025, with Q4 2025 landing at US$0.71 on US$3.3b of revenue.
• Bears argue that this kind of earnings variability questions the durability of the business model:
  • The concern about a shift toward lower return products in RILAs lines up with the jump from a US$866m profit in Q4 2024 to a US$1.3b loss in Q3 2025, even though revenues in those quarters were both in the US$2.9b to US$3.0b range.
  • Critics also highlight reliance on alternative capital structures and offshore reinsurance, and the move from US$1.2b TTM profit in Q4 2024 to a US$1.4b TTM loss by Q4 2025 shows how changes in assumptions or capital usage can have a large impact on reported net income.

On swings like this, many cautious investors want a deeper breakdown of where the pressure is coming from and how bears frame the risks 🐻 Equitable Holdings Bear Case.

Unprofitable TTM but trading below DCF fair value

• The stock trades at US$44.04 with a price to sales of 1.1x versus peers at 1.3x and the industry at 2.3x, and this is also below a DCF fair value of US$86.36 and an analyst consensus target of US$57.54, even though trailing 12 month net income is a loss of US$1.4b.
• Bulls see this valuation gap as a key part of the opportunity:
  • Supporters point to forecast revenue growth of 7.7% per year and earnings growth of about 10.8% per year, together with an expected move from a TTM loss to profitability within three years, as reasons why the current P/S discount and gap to DCF fair value may not fully reflect the longer term earnings path.
  • At the same time, the 2.45% dividend is not covered by current trailing earnings and the company is still loss making on a TTM basis, which means the bullish view relies heavily on those future growth and margin improvements playing out against the backdrop of today’s weaker coverage.

If you want to see how bullish investors connect these forecasts to today’s price gap, the dedicated narrative sets out their case in more detail 🐂 Equitable Holdings Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Equitable Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment split between those focused on recent losses and those pointing to potential upside, now is a good time to look through the numbers yourself and weigh the trade off between risk and reward, then go deeper into the balance of 4 key rewards and 2 important warning signs

See What Else Is Out There

Equitable Holdings is wrestling with volatile earnings, an unprofitable trailing 12 month period and a dividend that is not covered by current earnings.

If that mix of swings and uncertainty feels uncomfortable, compare it with companies that score well on stability and risk using the 72 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.