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Principal Financial Group (PFG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Principal Financial Group (PFG) Q3 2026 earnings results →

Q3 2026 Revenue up 25% year over year to $4.6B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.2%

Principal Financial Group made $4.6B in Q3 2026 (+25% Y/Y). Operating margin 18.2%, net earnings $632M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$4.6B
Year over year+25%
Operating margin18.2%
Net earnings$632M
Operating cash flow$1.5B

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Principal Financial Group Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Principal Financial Group Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $4.6B in Q3 2026, up 25% year over year and up 18% from the previous quarter.

Operating profit was $0.84B, a 18.2% margin (up 11.4 points year over year). Of the extra revenue versus Q3 2025, 63% reached operating profit, above the 7% margin then. Total costs grew 10% against revenue growth of 25%. Net earnings were $0.63B, up 196% year over year ($0.60B including minority interests, which bore $0.03B of losses). The effective tax rate was 28.8%.

Operating cash flow was $1.5B (up 52% year over year), 256% of net income including minority interests. Working capital and other items added $0.93B.

Quarterly history

Principal Financial Group revenue by quarterPrincipal Financial Group revenue by quarter$3.7BQ1 2025$3.7BQ2 2025$3.7BQ3 2025$4.6BQ4 2025$3.5BQ1 2026$3.9BQ2 2026$4.6BQ3 2026
Principal Financial Group net earnings by quarterPrincipal Financial Group net earnings by quarter$48.1MQ1 2025$406MQ2 2025$214MQ3 2025$517MQ4 2025$425MQ1 2026$403MQ2 2026$632MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$4.6B+25%18.2%$632M$1.5B
Q2 202610-QJul 29, 2026$3.9B+6%12.7%$403M$2.1B
Q1 202610-QApr 29, 2026$3.5B-4%13.7%$425M$187M
Q4 202510-KFeb 18, 2026$4.6B-4%13.9%$517M$1.7B
Q3 202510-QOct 29, 2025$3.7B+22%6.7%$214M$1.0B
Q2 202510-QJul 30, 2025$3.7B-15%13.7%$406M$812M
Q1 202510-QApr 30, 2025$3.7B-9%0.8%$48.1M$977M

Charts

Principal Financial Group: revenue growth, year over year and quarter over quarterPrincipal Financial Group: revenue growth, year over year and quarter over quarterY/YQ/Q-9%Q1 2025-15%-1%Q2 2025+22%+0%Q3 2025-4%+24%Q4 2025-4%-23%Q1 2026+6%+11%Q2 2026+25%+18%Q3 2026
Latest (Q3 2026): Y/Y +25%, Q/Q +18%.
Principal Financial Group: where the cash came from (+) and went (−), TTM to Q3 2026Principal Financial Group: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$7.9BOperating cash flow$5.5BOther financing$3.1BBuybacks−$1.0BDividends−$701MCash drawn (+) / kept (−)$686MNet borrowing (+) / repaid (−)$176MAsset & business sales$157MReal estate bought−$152MShares issued$102MPartners−$3.6M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Principal Financial Group: profit against cash, quarter by quarterPrincipal Financial Group: profit against cash, quarter by quarterNet incomeOperating cash flow$902M$1.5BQ4 2024$62.9M$977MQ1 2025$434M$812MQ2 2025$234M$1.0BQ3 2025$525M$1.7BQ4 2025$413M$187MQ1 2026$430M$2.1BQ2 2026$597M$1.5BQ3 2026
Latest (Q3 2026): Net income $597M, Operating cash flow $1.5B.
Principal Financial Group: diluted shares by fiscal yearPrincipal Financial Group: diluted shares by fiscal year277MFY2020273MFY2021255MFY2022245MFY2023235MFY2024226MFY2025
-18.4% since FY2020: buybacks shrank the count.
Principal Financial Group: long-term debt falling due (FY2025)Principal Financial Group: long-term debt falling due (FY2025)$350M2026$100K2027$393M2028$498M2029$598M2030$2.1BLater
Cash $4.4B, short-term investments —, long-term debt $3.9B at 2025-12-31.
Principal Financial Group in its industry: growth against margin (5 companies, SIC 6321)Principal Financial Group in its industry: growth against margin (5 companies, SIC 6321)revenue growth, year over year →↑ operating marginmedian -9%median 15%AFLUNMCNOPRCHPFG (+25%, 18%)
Accident & Health 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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⚖️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

About Principal Financial Group

Principal Financial Group, Inc. (“PFG”) is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies. We had $1,814.6 billion in assets under administration (“AUA”), including $781.0 billion in assets under management (“AUM”) as of December 31, 2025. Our global asset management businesses serve a broad range of institutional, retirement, high net worth, and retail investors worldwide. Our focused investment teams provide diverse, long-term investment capabilities including equity, fixed income, real estate, and other alternative investments, as well as fund offerings.

In its own words, from its 10-K, filed Feb 18, 2026.

Principal Financial Group against its Accident & Health Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median -9%. Operating margin: 18.2% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
PFG Principal Financial GroupQ3 2026$4.6B+25%18.2%
AFL AflacQ3 2026$3.3B-31%15.3%
UNM UnumQ3 2026$2.5B-25%-21.6%
CNO CNO Financial GroupQ3 2026$1.1B-9%20.3%
PRCH Porch GroupQ3 2026$144M+13%12.6%

Source: Principal Financial Group 10-Q on SEC EDGAR · CIK 1126328 · Accident & Health Insurance

Guidance and outlook

Principal Financial Group: what its forward-looking statements are about (10-Q filed 2026-07-29)Principal Financial Group: what its forward-looking statements are about (10-Q filed 2026-07-29)Other5Financing3Costs2The economy1
11 statements; tone +0.09 (−1 all cautious, +1 all confident); 2 hedged.
Principal Financial Group: outlook statements against the filing beforePrincipal Financial Group: outlook statements against the filing beforeConfident2Cautious1

13F: who owns PFG and who is buying

Largest holders of PFG (13F)Largest holders of PFG (13F)Vanguard Group$2.4BBlackRock$2.2BNippon Life Insurance$2.0BVanguard Capital Management LLC$1.5BVanguard Portfolio Management LLC$1.2BState Street$1.1BBank of America$742MCharles Schwab Investment Managem…$701MCapital World Investors$651MGeode Capital Management, LLC$610M
Funds' net buying of PFG by quarter (13F)Funds' net buying of PFG by quarter (13F)−$182M2024-09$68.5M2024-12$406M2025-03−$3.0M2025-06−$415M2025-09−$213M2025-12$920M2026-03−$241K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PFG

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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