Equitable

Q2 FY2026 EarningsFY26 Q2 results presented a dichotomy between volatile GAAP figures and strong operational performance. Normalized EPS of $1.70 beat the $1.64 consensus by 3.66%, while Operating Earnings of $488M exceeded the expected $467.7M. However, GAAP revenue and net income significantly missed expectations due to $2.06B in non-cash derivative losses driven by equity market appreciation. The pending all-stock merger with Corebridge, approved by stockholders on July 30, remains the primary strategic catalyst for the second half of 2026.