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Metlife (MET) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Metlife (MET) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $20.5B · 12¢ of every $1 of revenue kept as net profit · operating margin 8.9%
Metlife made $20.5B in Q3 2026 (+18% Y/Y). Operating margin 8.9%, net earnings $2.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $20.5B in Q3 2026, up 18% year over year and up 7% from the previous quarter.
Operating profit was $1.8B, a 8.9% margin (down 0.6 points year over year). Of the extra revenue versus Q3 2025, 6% reached operating profit, below the 10% margin then. Total costs grew 19% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $2.4B, up 168% year over year. The effective tax rate was 19.6%. Non-operating items added $1.2B, 39% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.0B (down 44% year over year), 83% of net earnings. Non-cash charges added back $0.03B of depreciation. Working capital and other items used $0.44B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $20.5B | +18% | 8.9% | $2.4B | $2.0B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $19.2B | +10% | 8.4% | $736M | $2.2B |
| Q1 2026 | 10-Q | May 7, 2026 | $19.1B | +3% | 8.6% | $1.2B | $2.7B |
| Q4 2025 | 10-K | Feb 19, 2026 | $23.8B | +28% | 7.1% | $816M | $7.1B |
| Q3 2025 | 10-Q | Nov 7, 2025 | $17.4B | -6% | 9.5% | $902M | $3.6B |
| Q2 2025 | 10-Q | Aug 7, 2025 | $17.3B | -3% | 8.0% | $735M | $2.2B |
| Q1 2025 | 10-Q | May 1, 2025 | $18.6B | +16% | 7.6% | $950M | $4.3B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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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Customers and suppliers named in filings
Sells to
- Metropolitan Life Insurance Co · Stated in 10-K (named, share not stated) · source
About Metlife
As used in this Form 10-K, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. We hold leading market positions in the United States (“U.S.”), Asia, Latin America, Europe and the Middle East. We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures (“REJVs”), other limited partnerships and equity securities.
In its own words, from its 10-K, filed Feb 19, 2026.
Metlife against its Life Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +8%. Operating margin: 8.9% against the peers' median 11.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MET Metlife | Q3 2026 | $20.5B | +18% | 8.9% |
| PRU Prudential Financial | Q3 2026 | $14.4B | -19% | 11.4% |
| Metropolitan Life Insurance | Q2 2026 | $9.6B | +2% | 6.0% |
| RGA Reinsurance Group of America | Q3 2026 | $7.5B | +22% | 8.3% |
| CRBG Corebridge Financial | Q3 2026 | $6.2B | +14% | 37.7% |
| LNC Lincoln National | Q3 2026 | $5.5B | +20% | 31.7% |
| Lincoln National Life Insurance | Q2 2026 | $4.3B | +8% | 25.2% |
| ATH-PA Athene Holding | Q3 2026 | $3.1B | -62% | -56.7% |
| VOYA Voya Financial | Q3 2026 | $2.0B | -5% | 14.2% |
Source: Metlife 10-Q on SEC EDGAR · CIK 1099219 · Life Insurance
Guidance and outlook
13F: who owns MET and who is buying
More on MET
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results