Equitable Holdings' Third-Quarter Operating Earnings Climb to $595 Million and Assets Reach $1.16 Trillion as Its Planned Merger With Corebridge Heads Toward a Year-End Close

Equitable Holdings, Inc. released its third-quarter 2026 results in an earnings release furnished to the U.S. Securities and Exchange Commission on Form 8-K, with the release dated November 2, 2026. The company reported sharply higher earnings on both a GAAP and a non-GAAP basis, a larger asset base and continued capital returns. It also confirmed that its merger with Corebridge is expected to close by the end of 2026. This article reports the figures from the release and points out one discrepancy between the release's own percentage descriptions and a direct calculation of its numbers.

Net income and operating earnings

Net income attributable to Holdings was $1,121 million, or $4.05 per diluted share. In the third quarter of 2025 the company reported a net loss of $1,309 million, or $4.47 per share. The release does not break down the GAAP swing in the text used here, so this article does not assign it to a cause.

Non-GAAP operating earnings were $595 million, or $2.13 per share, against $455 million, or $1.48. The release also gives a figure excluding notable items, which are specific items management separates out: $554 million, or $1.98 per share, against $510 million. For the nine months to September 30, operating earnings per share were $5.43 against $3.90.

A discrepancy worth flagging

The release describes operating earnings per share growth with percentages that do not match a direct calculation of its own numbers. Going from $1.48 to $2.13 is an increase of about 44%, calculated here, yet the release describes the quarter as "up 19%." For the nine months, $3.90 to $5.43 is about 39%, calculated here, while the release says "up 22%." The release does not explain the difference in the portion reviewed. This article does not offer an explanation for the gap. Readers should rely on the dollar and per-share figures, which are internally consistent, and treat the percentage descriptions with caution.

Segments

Segment operating earnings, using the release's segment names, were $432 million for Retirement against $405 million, $152 million for Asset Management against $154 million, $75 million for Wealth Management against $59 million, and a loss of $64 million for Corporate and Other against a loss of $163 million. They add to the $595 million total, and last year's figures add to $455 million. That arithmetic shows where the improvement came from: the narrower corporate loss contributed $99 million of the $140 million increase, calculated here, while Retirement added $27 million and Wealth Management added $16 million.

Retirement

Retirement's total assets were $189.0 billion against $171.7 billion. The segment recorded net inflows of $1.1 billion and first-year premiums of $6.2 billion, up 14%.

Asset management

AllianceBernstein, the listed asset manager in which Equitable holds an interest, ended the quarter with assets under management of $900.4 billion against $860.1 billion a year earlier. Net inflows were $6.6 billion, against net outflows of $2.3 billion in the third quarter of 2025. The swing from outflows to inflows is one of the clearest operating improvements in the release, although segment operating earnings for Asset Management were essentially flat.

Wealth Management

Wealth Management assets under administration were $140.4 billion against $118.2 billion, and advisory net new assets were $2.7 billion against $2.2 billion.

Group assets

Total assets under management and administration were $1,156 billion, up from $1,110 billion a year earlier, an increase of about 4% calculated here.

Capital returns

Equitable returned $320 million to shareholders in the quarter: $82 million in dividends and $238 million in share repurchases. That represents a payout ratio of 59%. The company said it is on track for a payout of 60% to 70% for 2026.

The Corebridge merger

Investors tracking the transaction should note the wording. The release states that the merger with Corebridge is expected to close by year-end 2026, subject to regulatory approvals. The portion of the release reviewed does not provide the deal terms, the exchange ratio or the list of approvals still needed, and this article does not supply them. Because closing depends on regulators, the year-end expectation is a company estimate, not a certainty.

Management commentary

Segment earnings in Asset Management dipped by $2 million, from $154 million to $152 million, calculated here, so the segment's operating profit was essentially unchanged despite the flow improvement.

Chief executive Mark Pearson said the company continues to see "tremendous demand for the financial advice and retirement, protection, and asset management solutions we provide."

Summary

In short, the quarter shows higher operating earnings across the board except Asset Management, a much narrower corporate loss, growing assets and healthy flows at AllianceBernstein. The main caution is the mismatch between the release's percentage descriptions and its own figures. As always with insurer results, the non-GAAP measures are management's choice of what to include, and readers should compare them with the GAAP net income that the company also reports.