Equitable Holdings (EQH) Q3 earnings: Taking a look at key metrics versus estimates

For the quarter ended September 2025, Equitable Holdings, Inc. (EQH) reported revenue of $3.74 billion, down 1% over the same period last year. EPS came in at $1.48, compared to $1.53 in the year-ago quarter.

The reported revenue represents a surprise of -6.01% over the Zacks Consensus Estimate of $3.98 billion. With the consensus EPS estimate being $1.59, the EPS surprise was -6.92%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Equitable Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Retirement - Net flows: $1.22 billion versus the two-analyst average estimate of $1.52 billion.
• Wealth Management - Advisory net new assets: $2.21 billion compared to the $1.75 billion average estimate based on two analysts.
• Asset Management - AUM end of period: $860.10 billion versus the two-analyst average estimate of $866.77 billion.
• Asset Management - Net long-term (outflows) inflows: $-2.30 billion versus the two-analyst average estimate of $-2.44 billion.
• Revenue- Retirement- Policy charges, fee income and premiums: $296 million compared to the $311.81 million average estimate based on three analysts.
• Revenue- Investment management, service fees and other income: $1.68 billion compared to the $1.79 billion average estimate based on three analysts.
• Revenue- Net derivative gains (losses): $-17 million compared to the $-3.07 million average estimate based on three analysts.
• Revenue- Net investment income (loss): $1.35 billion compared to the $1.31 billion average estimate based on three analysts.
• Revenue- Policy charges, fee income and premiums: $729 million compared to the $782.48 million average estimate based on three analysts.
• Revenue- Corporate and Other: $741 million compared to the $1 billion average estimate based on three analysts.
• Revenue- Wealth Management: $499 million versus $498.14 million estimated by three analysts on average.
• Revenue- Retirement- Net derivative gains (losses): $-2 million compared to the $-5.4 million average estimate based on three analysts.

Shares of Equitable Holdings have returned -4.2% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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