PRINCIPAL FINANCIAL GROUP INC PFG
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. Our international asset management and accumulation businesses focus on the opportunities created as aging populations around the world drive increased demand for retirement accumulation, retirement asset management and retirement income management solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.63B | $16.13B | $13.67B | $17.54B | $14.43B | $14.74B | $16.22B | $14.24B | $14.09B | $12.39B |
| Pre-tax income | $1.42B | $1.89B | $738.8M | $6.04B | $2.04B | $1.66B | $1.64B | $1.78B | $2.38B | $1.55B |
| Income tax | $160.5M | $291.7M | $68.7M | $1.19B | $283.9M | $265.0M | $249.2M | $230.7M | $72.3M | $229.9M |
| Net income | $1.26B | $1.60B | $670.1M | $4.85B | $1.76B | $1.40B | $1.39B | $1.55B | $2.31B | $1.32B |
| EPS, basic | 5.32 | 6.77 | 2.58 | 18.94 | 5.87 | 5.08 | 5.00 | 5.41 | 8.00 | 4.55 |
| EPS, diluted | 5.25 | 6.68 | 2.55 | 18.63 | 5.79 | 5.05 | 4.96 | 5.36 | 7.88 | 4.50 |
| Shares, diluted (wtd. avg.) | $225.7M | $235.3M | $244.6M | $255.3M | $272.9M | $276.6M | $281.0M | $288.8M | $293.1M | $292.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.43B | $4.21B | $4.71B | $4.85B | $2.33B | $2.85B | $2.52B | $2.98B | $2.47B | $2.72B |
| Property, plant and equipment | — | — | — | — | — | — | $967.7M | $767.3M | $759.5M | $699.0M |
| Goodwill | $1.60B | $1.55B | $1.61B | $1.60B | $1.63B | $1.71B | $1.69B | $1.10B | $1.07B | $1.02B |
| Other intangibles | $1.27B | $1.39B | $1.47B | $1.53B | $1.60B | $1.72B | $1.79B | $1.32B | $1.31B | $1.33B |
| Total assets | $341.38B | $313.66B | $305.05B | $290.87B | $304.66B | $296.63B | $276.09B | $243.04B | $253.94B | $228.01B |
| Short-term debt | $27.7M | $152.7M | $61.1M | $80.7M | $79.8M | $84.7M | $93.4M | $42.9M | $39.5M | $51.4M |
| Long-term debt | $3.93B | $3.96B | $3.93B | $4.00B | $4.28B | $4.28B | $3.73B | $3.26B | $3.18B | $3.13B |
| Total liabilities | $328.99B | $302.19B | $293.84B | $280.59B | $288.20B | $279.75B | $261.14B | $231.19B | $240.92B | $217.62B |
| Retained earnings | $18.07B | $17.58B | $16.68B | $16.70B | $12.88B | $11.84B | $11.07B | $10.29B | $9.48B | $7.72B |
| Total equity | $11.88B | $11.09B | $10.96B | $10.02B | $12.14B | $16.62B | $14.69B | $11.46B | $12.92B | $10.29B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.54B | $4.60B | $3.79B | $3.17B | $3.25B | $3.71B | $5.49B | $5.16B | $4.19B | $3.86B |
| Depreciation and amortisation | $251.4M | $256.2M | $272.7M | $295.9M | $275.3M | $251.9M | $226.8M | $205.1M | $195.7M | $186.6M |
| Stock-based compensation | $109.9M | $108.7M | $99.4M | $91.3M | $96.1M | $87.2M | $82.6M | $77.4M | $82.7M | $84.4M |
| Investing cash flow | -$4.14B | -$5.40B | -$1.35B | $1.06B | -$5.69B | -$5.00B | -$7.69B | -$5.70B | -$4.05B | -$5.15B |
| Financing cash flow | -$181.8M | $300.3M | -$2.59B | -$1.72B | $1.92B | $1.62B | $1.73B | $1.05B | -$384.0M | $1.45B |
| Dividends paid | $684.0M | $658.4M | $625.5M | $642.3M | $654.1M | $614.5M | $606.0M | $598.6M | $540.0M | $464.9M |
| Buybacks | $902.7M | $1.04B | $740.4M | $1.66B | $937.2M | $307.0M | $281.0M | $671.6M | $220.4M | $277.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-039920.
Others in SIC 6321
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AFL | AFLAC INC | $58.76B | 17.2x | -9.3% |
| UNM | Unum Group | $15.17B | 22.4x | 1.5% |
| CNO | CNO Financial Group, Inc. | $5.25B | 24.7x | 0.9% |