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Principal Financial GroupPFG

Legal name
Principal Financial Group, Inc.
Sector
Healthcare
Industry
Accident & Health Insurance
Exchange
Nasdaq

Stock Price $PFG

Latest filings

You are here#67 of 77 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K163

PFG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $15.63B
YoY changeLargest recent move−22.1%in FY23Latest −3.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PFG Financial Metrics41 metrics

Income Statement6

Balance Sheet17

Cash Flow13

Per Share5

02—Overview

Principal Financial Group Financial Overview 2021–2025

Updated Nov 4, 2026

A single accounting line, a $3,652.8 milliona gain on the funds withheld embedded derivative, powered Principal Financial Group's FY2022 net income to $4,811.6 million, nearly triple the $1,710.6 million of FY2021. That swing matters because it faded fast: FY2025 net income was $1,185.1 million, and diluted EPS fell from $18.63 in FY2022 to $5.25. The thesis is that reported earnings are noisy, while the underlying fee and benefits engine is steadily growing.

The long-term arc shows it. Assets under administration rose from $1,622.6 billion in FY2021 to $1,814.6 billionb in FY2025, while assets under management climbed from $713.9 billion to $781.0 billion. In FY2025, all three operating segments grew pre-tax operating earnings: Retirement and Income Solutions reached $1,185.6 million (from $1,056.2 million), Principal Asset Management $930.2 million (from $861.2 million), and Benefits and Protection $523.2 million (from $463.2 million). The drag came from a $654.5 million unfavorable derivative swing and $119.7 million of Hong Kong exit write-downs. Revenue slipped to $15,625.5 million from $16,127.7 million.

The balance sheet gives management room. Equity rose to $11,883.9 millionc, debt to capitalization eased to 25% from 27%, and the company returned $1,585.3 million to common stockholders in FY2025. At the close of FY2025, the shares traded at $88.21, or 16.8x earnings, for a market capitalization of $19.2 billion.

Recent Developments (Q2 and Q3 2026)

Net income hit $631.9 milliond in Q3 2026, up from $213.8 million, but the gain was mostly an accounting swing. An $818.2 million derivative gain lifted revenue to $4,616.4 million. Non-GAAP operating earnings per share rose only 6% to $2.22. In Q2 2026, operating earnings rose 12% to $547.0 million. The company closed the $403.6 million Beam Benefits acquisition on September 1, 2026 and sold its Chilean annuities business at a $276.7 million pre-tax loss. It also refinanced its credit facility at up to $900 million.

Bull case: Specialty Benefits sales rose 10%, the loss ratio of 59.0% sits below target, and the dividend is now $0.85e. Bear case: net AUM outflows reached $10.7 billion in Q3 2026, AOCI losses widened to $4,643.0 million, and the stock trades at 21.6x earnings as of the October 28, 2026 filing date, not today.

What to watch: AUM net outflows after $10.7 billion in Q3 2026; Beam Benefits integration and goodwill of $325.4 million

03—Filings

Recent SEC Filings

  1. 8-KPrincipal Financial Group 8-K Report, Financial Results (Oct 26, 2026)Principal Financial Group, Inc. reported third quarter 2026 results in a Form 8-K filed October 26, 2026, furnishing its earnings release as Exhibit 99. Net income attributable to PFG was $631.9 million, or $2.91 per diluted share, compared with $213.8 million, or $0.95 per diluted share, in 3Q25. Non-GAAP operating earnings were $481.8 million, or $2.22 per diluted share, up 6% from $2.10 in the prior-year quarter. Excluding significant variances, non-GAAP operating earnings per diluted share were $2.49, up 7% from $2.32. Non-GAAP net income attributable to PFG, excluding exited business, fell 24% to $354.8 million. The company cited a $276.7 million pre-tax loss tied to the disposition of its Chilean annuities business. The company returned $429 million to shareholders in the quarter, including $250 million of share repurchases and $179 million of common stock dividends. Assets under management were $785.0 billion and assets under administration were $1.8 trillion, with AUM net cash flow of $(10.7) billion for the quarter. Management cited $1.5 billion of excess and available capital. Book value per common share rose to $55.53 from $54.66 at year-end 2025, and non-GAAP book value per common share excluding certain items rose to $57.63 from $57.25. The board raised the fourth quarter 2026 common stock dividend by $0.01 to $0.85 per share, an 8% increase over the fourth quarter 2025 and 7% on a trailing twelve-month basis. Segment results were mixed: Retirement and Income Solutions pre-tax operating earnings fell to $297.8 million, International Pension pre-tax operating earnings fell to $62.4 million on unfavorable encaje returns, and Life Insurance swung to $32.4 million from a loss of $69.0 million. Management stated it is confident in delivering its 2026 outlook.
  2. 8-KPrincipal Financial Group 8-K Report, Regulation FD Disclosure (Oct 19, 2026)Principal Financial Group, Inc. (PFG) filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) on October 19, 2026 to disclose its assets under management (AUM) by asset manager for the quarter ended September 30, 2026, ahead of its quarterly earnings release. Total AUM was $785.0 billion as of September 30, 2026, of which $581.7 billion was managed by Principal Asset Management - Investment Management and $166.2 billion by Principal Asset Management - International Pension. For the quarter, the company stated that a combination of foreign currency translation, market performance, operations disposed, and other items not reported as part of net cash flow had an approximate 1.5% negative impact as a percentage of beginning period AUM. Operations disposed reduced AUM by $2.2 billion in the quarter, primarily due to the sale of the Chile annuity business within Principal Asset Management - International Pension. The filing also highlights exposure considerations during periods of market dislocation, including small, mid-cap, and international equity products, high yield and preferred securities in fixed income, and exchange rate movements in emerging markets. The detailed AUM format will be repeated in the financial supplement for the quarter, expected to be posted to the investor relations website on or about October 26, 2026.
  3. 8-KPrincipal Financial Group 8-K Report, Material Agreement (Sep 10, 2026)Principal Financial Group, Inc. (PFG) disclosed in this Form 8-K that on September 9, 2026, the Company, Principal Financial Services, Inc. (PFSI), and Principal Life Insurance Company (the Borrower) entered into an Amended and Restated Five-Year Credit Facility with a syndicate of banks, with Wells Fargo Bank, N.A. as administrative agent. The facility refinanced the Company's existing revolving credit facility dated October 18, 2022. The new facility allows borrowing of up to $900,000,000, with a commitment termination date of September 9, 2031, subject to up to two 1-year extensions. The amount may be increased to a maximum of $1,300,000,000, subject to conditions including that no Event of Default exists, and lenders are not obligated to fund any increase. The filing states there are currently no borrowings outstanding. Changes include revised commitment fee and margin pricing, removal of the credit spread adjustment previously applicable to Term SOFR borrowings, and additional operational flexibility under certain covenants. Borrowings are unsecured and guaranteed by the Company and PFSI. The credit agreement includes financial covenants requiring the Borrower to maintain minimum Statutory Surplus of $2,885,208,297 and requiring the Company's Total Debt to Total Capital ratio not to exceed 35%. It also contains customary negative covenants, including limits on liens, mergers and dispositions of substantially all assets, along with customary events of default.
  4. 8-KPrincipal Financial Group 8-K Report, Financial Results (Jul 27, 2026)Principal Financial Group, Inc. reported second quarter 2026 results in an 8-K filed July 27, 2026 (Item 2.02, with the earnings release furnished as Exhibit 99). Net income attributable to PFG was $403.4 million, or $1.84 per diluted share, compared with $406.2 million, or $1.79 per diluted share, in 2Q25. Non-GAAP operating earnings rose to $547.0 million, or $2.50 per diluted share, from $489.3 million, or $2.16 per diluted share, a year earlier. Excluding significant variances, non-GAAP operating earnings per diluted share were $2.42, up 17% from $2.07. Segment results were broadly stronger. Retirement and Income Solutions pre-tax operating earnings were $323.3 million, up from $292.1 million, with RIS transfer deposits of $9 billion. International Pension pre-tax operating earnings increased to $97.0 million from $78.5 million, with record AUM of $169 billion. Specialty Benefits pre-tax operating earnings rose to $158.9 million from $127.6 million, with its incurred loss ratio improving to 57.4%. Corporate pre-tax operating losses widened to $95.0 million from $81.2 million. Total assets were $352.8 billion at June 30, 2026, and book value per common share was $56.58, versus $54.66 at year-end 2025. Capital return totaled $427 million in the quarter, including $250 million of share repurchases and $177 million of common stock dividends. The company also announced a third quarter 2026 dividend of $0.84 per share, an increase of $0.02, payable September 25, 2026 to shareholders of record as of September 3, 2026. Management cited $1.6 billion of excess and available capital. Net AUM cash flow was negative $11.1 billion in the quarter, compared with negative $2.6 billion a year earlier.
  5. 8-KPrincipal Financial Group 8-K Report, Regulation FD Disclosure (Jul 20, 2026)Principal Financial Group, Inc. (PFG) filed this Form 8-K on July 20, 2026 under Regulation FD to disclose its quarterly assets under management (AUM) by asset manager ahead of its quarterly earnings release. As of June 30, 2026, total AUM for Principal Financial Group was $808.0 billion, of which $601.9 billion was managed by Principal Asset Management - Investment Management and $168.5 billion by Principal Asset Management - International Pension. The filing states that, for the quarter ended June 30, 2026, a combination of foreign currency translation, market performance, and other items not reported as part of net cash flow had an approximate 6.4% positive impact as a percentage of beginning period AUM. The company also notes its exposure to small and mid-cap and international products in equity AUM, high yield and preferred securities in fixed income AUM, and exchange rate movements in emerging markets, which it flags as relevant during periods of market dislocation and wider return dispersion. The company states that the AUM figures will be presented in the same format within its financial supplement for the quarter ended June 30, 2026, expected to be posted to its investor relations website on or about July 27, 2026.
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04—See also

Related Companies

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