Equitable Holdings Inc 1Q26 Wrap: Higher Spread and Mortality Earnings Offset by Lagged Impact of Share Buybacks

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Equitable Holdings Inc 1Q26 Wrap: Higher Spread and Mortality Earnings Offset by Lagged Impact of Share Buybacks

J P M O R G A N North America Equity Research

12 May 2026

Equitable Holdings Inc Overweight

EQH, EQH US

1Q26 Wrap: Higher Spread and Mortality Earnings Price (11 May 26):$40.99

Offset by Lagged Impact of Share Buybacks Price Target (Dec-26):$57.00

Adjusting EPS estimates, no change to December 2026 price target of $57 and

Overweight rating. EQH reported 1Q26 results on 5/4/26 and held its earnings

call the next day.

• Adjusting EPS estimates. Our EPS projections are changing as follows: 2Q26

from $1.75 to $1.81, 2026 from $7.10 to $7.25, and 2027 from $8.87 to $8.74. Insurance - Life & Nonlife

The major adjustments to our model were (1) higher spread margins in AC Pablo S. Singzon

retirement, which were offset by (2) lower buybacks in 2026 (EQH noted that (1-212) 622-2295

it would repurchase shares to achieve its target of a 65-70% payout ratio in pablo.s.singzon@jpmorgan.com

2026, but we expect buybacks to be heavier in 2H26 given the length of the Kevin Wijendra

open windows in the merger process with CRBG. Despite the pending merger, (1-212) 622-7054

our model incorporates buybacks of roughly $320 million per quarter in 2027 kevin.wijendra@jpmorgan.com

to keep numbers comparable to what EQH would have earned on a stand-alone J.P. Morgan Securities LLC

basis). By division, earnings are increasing in retirement, and relatively

consistent with our previous estimates in investment management, wealth Quarterly Forecasts (FYE Dec)

management, and corporate. We typically adjust for equity market, interest Adj. EPS ($)

rate, and variable investment income changes at the end of the quarter. 2025A 2026E 2027E

Q1 1.30 1.62A