Filing Flows › American National Group (ANG-PD) › Q4 2025
American National Group (ANG-PD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
American National Group (ANG-PD) reported revenue of $904M for the fourth quarter 2025 (Q4 2025), -48% from a year earlier and -56% from the quarter before. Operating margin was 13.6%, net earnings $368M (40.7% of revenue).
American National Group, Q4 2025: revenue $904M (-48% year over year), operating margin 13.6%, net earnings $368M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $904M | -56% | -48% |
| Operating profit | $123M | -64% | -82% |
| Net earnings | $368M | +68% | -43% |
| Operating cash flow | $1.1B | +167% | +174% |
| Free cash flow | $1.1B | +173% | +155% |
What changed
Revenue was $904.0M in Q4 2025, down 48% year over year and down 56% from the previous quarter.
Operating profit was $123.0M, a 13.6% margin (down 25.6 points year over year). Total costs fell 26% while revenue fell 48%. Net earnings were $368.0M, down 43% year over year. The effective tax rate was -49.0%. Non-operating items added $126.0M, 51% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1,146.0M (up 174% year over year), 309% of net earnings. Non-cash charges added back $45.0M of depreciation and amortization. Working capital and other items added $730.0M. Capital expenditures of $19.0M left free cash flow of $1,127.0M.
Questions
What was American National Group's revenue in the fourth quarter 2025?
American National Group (ANG-PD) reported revenue of $904M for the fourth quarter 2025 (Q4 2025), -48% from a year earlier and -56% from the quarter before.
Was American National Group profitable in the fourth quarter 2025?
Operating profit was $123M (13.6% of revenue) and net earnings $368M.