Equitable Holdings Inc: First Take 2Q26 Earnings: Solid Results Despite Modest Weakness in the Corporate Segment

Research evidence excerpt

M

Update

August 5, 2026 03:18 AM GMT

Morgan Stanley & Co. LLC

Equitable Holdings Inc | North America

Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Solid

Results Despite Modest

Weakness in the Corporate

Segment

• Retirement: Retirement underlying earnings of $382 million, excluding $20

Jie Cheng

Research Associate

Equitable Holdings Inc (EQH.N, EQH UN)

Insurance - Life/Annuity | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Attractive

$48.25

$13,698

$55.17-35.22

million tax credit benefits, is above consensus estimate of $376 million,

driven by higher net interest margin and fee-based revenues. Net interest

margin spread (ex. alts) of 1.74% up 1bps qoq. RILA sales were $4.1 billion, up

10% yoy.

• Net flows: Investment Management net inflows of $0.8 billion, better than

consensus net outflows of $(0.2) billion, including $0.9 billion net inflows in

Retail and $0.6 billion in Institutional, partially offset by $(0.7) billion net

outflows in private wealth.

• Corporate & Other: Corporate underlying results of $(128) million (ex. 7

million unfavorable tax credits) came in lower than the consensus estimate

of $(115) million, mainly driven by lower than expected VII, elevated morality

and high stock comp expense.

• Investment Management: Asset Management underlying earnings of $139

million (ex. $19 million tax credit benefits) is modestly below consensus

estimate of $144 million.

• Wealth Management: Wealth Management underlying earnings of $60

million (ex. $3 million tax credit benefits) were below the consensus of $63

million.

Exhibit 1:

2Q26 Waterfall

1.85

1.80

1.75

1.70

1.65

1.60

1.55

1.50

Source: Company data, Morgan Stanley Research

1.58

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