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Brighthouse Financial (BHF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Brighthouse Financial (BHF) Q3 2026 earnings results →

Q3 2026 Revenue down 53% year over year to $853M · 38¢ of every $1 of revenue kept as net profit · operating margin 47.4%

Brighthouse Financial made $853M in Q3 2026 (-53% Y/Y). Operating margin 47.4%, net earnings $328M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$853M
Year over year-53%
Operating margin47.4%
Net earnings$328M
Operating cash flow−$476M

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Brighthouse Financial Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $853.0M in Q3 2026, down 53% year over year and down 47% from the previous quarter.

Operating profit was $404.0M, a 47.4% margin (up 15.1 points year over year). Total costs fell 64% while revenue fell 53%. Net earnings were $328.0M, down 32% year over year. The effective tax rate was 18.3%.

Operating cash flow was −$476.0M. Working capital and other items used $806.0M.

Quarterly history

Brighthouse Financial revenue by quarterBrighthouse Financial revenue by quarter$2.4BQ1 2025$871MQ2 2025$1.8BQ3 2025$1.7BQ4 2025$1.5BQ1 2026$1.6BQ2 2026$853MQ3 2026
Brighthouse Financial net earnings by quarterBrighthouse Financial net earnings by quarter−$266MQ1 2025$85.0MQ2 2025$479MQ3 2025$137MQ4 2025−$764MQ1 2026$981MQ2 2026$328MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$853M-53%47.4%$328M−$476M
Q2 202610-QAug 6, 2026$1.6B+86%75.6%$981M−$431M
Q1 202610-QMay 7, 2026$1.5B-36%-64.6%−$764M−$221M
Q4 202510-KFeb 24, 2026$1.7B+40%8.9%$137M−$3.0M
Q3 202510-QNov 7, 2025$1.8B-10%32.2%$479M$117M
Q2 202510-QAug 8, 2025$871M-39%10.7%$85.0M−$1.0M
Q1 202510-QMay 9, 2025$2.4B32×-14.8%−$266M$146M

Charts

Brighthouse Financial: revenue growth, year over year and quarter over quarterBrighthouse Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+400%Q1 2025-39%-64%Q2 2025-10%+108%Q3 2025+40%-7%Q4 2025-36%-10%Q1 2026+86%+6%Q2 2026-53%-47%Q3 2026
Latest (Q3 2026): Y/Y -53%, Q/Q -47%.
Brighthouse Financial: where the cash came from (+) and went (−), TTM to Q3 2026Brighthouse Financial: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$4.3BCash drawn (+) / kept (−)−$1.9BOther investing−$1.2BOperating cash flow−$1.1BNet borrowing (+) / repaid (−)−$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Brighthouse Financial: profit against cash, quarter by quarterBrighthouse Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$672M−$118MQ4 2024−$266M$146MQ1 2025$85.0M−$1.0MQ2 2025$481M$117MQ3 2025$138M−$3.0MQ4 2025−$764M−$221MQ1 2026$981M−$431MQ2 2026$330M−$476MQ3 2026
Latest (Q3 2026): Net income $330M, Operating cash flow −$476M.
Brighthouse Financial: diluted shares by fiscal yearBrighthouse Financial: diluted shares by fiscal year95MFY202084MFY202174MFY202266MFY202362MFY202458MFY2025
-39.2% since FY2020: buybacks shrank the count.
Brighthouse Financial: long-term debt falling due (FY2025)Brighthouse Financial: long-term debt falling due (FY2025)$3.0M2026$761M2027$3.0M2028$4.0M2029$619M2030$1.8BLater
Cash $5.4B, short-term investments $1.2B, long-term debt $3.2B at 2025-12-31.
Brighthouse Financial in its industry: growth against margin (24 companies, SIC 6311)Brighthouse Financial in its industry: growth against margin (24 companies, SIC 6311)revenue growth, year over year →↑ operating marginmedian +5%median 16%METPRUMetropolitan Life Insurance CoRGACRBGLNCLincoln National Life Insurance CoATH-PAVOYAGNWANG-PDGLJXNBrighthouse Life Insurance CoFGPRIVoya Retirement Insurance & Annuity CoCIAAAMEFirst Trinity Financial CorpUTGNUS Alliance CorpTexas Republic Capital CorpBHF (-53%, 47%)
Life Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Brighthouse Financial

We are one of the largest providers of annuity and life insurance products in the U.S. with over 2.0 million annuity contracts and insurance policies in force at December 31, 2025. We deliver our products through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. We primarily transact business through our insurance subsidiaries, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY (“BHNY”) and New England Life Insurance Company (“NELICO”); however, NELICO does not currently write new business.

In its own words, from its 10-K, filed Feb 24, 2026.

Brighthouse Financial against its Life Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -53% against the peers' median +8%. Operating margin: 47.4% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
BHF Brighthouse FinancialQ3 2026$853M-53%47.4%
MET MetlifeQ3 2026$20.5B+18%8.9%
PRU Prudential FinancialQ3 2026$14.4B-19%11.4%
Metropolitan Life InsuranceQ2 2026$9.6B+2%6.0%
RGA Reinsurance Group of AmericaQ3 2026$7.5B+22%8.3%
CRBG Corebridge FinancialQ3 2026$6.2B+14%37.7%
LNC Lincoln NationalQ3 2026$5.5B+20%31.7%
Lincoln National Life InsuranceQ2 2026$4.3B+8%25.2%
ATH-PA Athene HoldingQ3 2026$3.1B-62%-56.7%

Source: Brighthouse Financial 10-Q on SEC EDGAR · CIK 1685040 · Life Insurance

Guidance and outlook

Brighthouse Financial: what its forward-looking statements are about (10-Q filed 2026-11-05)Brighthouse Financial: what its forward-looking statements are about (10-Q filed 2026-11-05)Other16Deals5Buybacks & dividends3Financing2Supply chain1Margins1Demand1The economy1
30 statements; tone +0.00 (−1 all cautious, +1 all confident); 10 hedged.
Brighthouse Financial: outlook statements against the filing beforeBrighthouse Financial: outlook statements against the filing beforeConfident3Cautious3

13F: who owns BHF and who is buying

Largest holders of BHF (13F)Largest holders of BHF (13F)Vanguard Group$351MBlackRock$341MUBS Group AG$266MDimensional Fund Advisors LP$230MDME Capital Management, LP$180MAmerican Century Companies$168MVanguard Capital Management LLC$164MVanguard Portfolio Management LLC$158MState Street$132MMorgan Stanley$119M
Funds' net buying of BHF by quarter (13F)Funds' net buying of BHF by quarter (13F)−$16.1M2024-09−$4.4M2024-12−$100M2025-03$151M2025-06$60.7M2025-09$114M2025-12$63.7M2026-03−$51.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BHF

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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