Saturday 17 October 2026 Export PFG’s income statement to Excel — free account

Principal Financial Group, Inc.

Principal Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.6 billion, down 3.11% from fiscal 2024. In the quarter to June 2026, revenue grew 6.39%, EPS grew 3.31%, free cash flow grew 154.8% and total debt rose 9.97%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

108.81 0.15 −0.14%

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Market cap: $23.3B
P/E: 15.2×
Fwd P/E: 11.5×
Dividend yield: 2.99%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 5.40

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	4	—	—	3	1	—	—	—	—	—

Insider Ownership 1.61%

Capital & Financial Ratios $m

Market Cap 23,330.00

Revenue 15,693.20

Net Income 1,255.50

Free Cash Flow 4,852.20

Net Debt (918.90)

Current Ratio 0.24

Debt/Equity 0.36

P/E ratio 15.24

Fwd P/E 11.50

P/S ratio 1.50

P/B ratio 1.93

Past 5Y EPS Growth 0.78%

This Y EPS Growth 14.47%

Next Y EPS Growth 8.30%

Next Y revenue growth 4.37%

Next 5Y EPS Growth 10.19%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 85.81%

10-year low 10-year high

P/S against its own 10 years 94.95%

10-year low 10-year high

P/B against its own 10 years 92.70%

10-year low 10-year high

Dividends

Payout Ratio 0.46

Annual Dividend Rate 3.25

Annual Dividend Yield 2.99%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.31	0.80 0.82 0.84
2025	3.08	0.75 0.76 0.78 0.79
2024	2.85	0.69 0.71 0.72 0.73
2023	2.60	0.64 0.64 0.65 0.67
2022	2.56	0.64 0.64 0.64 0.64
2021	2.44	0.56 0.61 0.63 0.64
2020	2.24	0.56 0.56 0.56 0.56
2019	2.18	0.54 0.54 0.55 0.55
2018	2.10	0.51 0.52 0.53 0.54
2017	1.87	0.45 0.46 0.47 0.49
2016	1.61	0.38 0.39 0.41 0.43

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	4,708	4,212	4,431	5,260
Receivables	24,611	23,262	22,895	22,386
Inventory	—	—	—	—
Other	—	—	—	—
	29,318	27,474	27,326	27,645

	2023	2024	2025	Q'26
Payables	66,456	66,283	69,533	68,618
ST’ Debt	61	153	28	16
Other	42,418	44,066	46,321	48,012
	108,935	110,502	115,882	116,647

Compound Annual Growth %

	10y	5y	3y
Sales	2.71%	1.17%	(3.77%)
Cash Flow	0.36%	4.11%	12.66%
Earnings	(0.20%)	(3.22%)	(37.08%)
Book Value	2.43%	(6.43%)	5.96%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	3,529	3,906	—	—	—
’25	3,696	3,671	3,682	4,577	15,626
’24	4,053	4,311	3,012	4,752	16,128
’23	2,819	3,557	4,599	2,691	13,666
’22	3,096	6,665	4,625	3,151	17,536
’21	3,209	3,539	3,424	4,256	14,428
’20	4,551	3,115	3,311	3,765	14,742

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	187	2,077	—	—	—
’25	977	812	1,004	1,744	4,537
’24	584	1,432	1,128	1,459	4,603
’23	695	1,103	1,051	944	3,792
’22	32	807	1,171	1,163	3,173
’21	141	993	973	1,147	3,254
’20	1,589	457	1,064	599	3,709

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2,950)	2,010	—	—	—
’25	(1,577)	789	980	1,709	4,439
’24	(1,529)	1,414	1,111	1,442	4,534
’23	(1,496)	1,082	1,029	916	3,690
’22	(1,048)	781	1,136	1,133	3,057
’21	(3,045)	970	910	1,126	3,125
’20	1,571	429	1,028	573	3,601

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.93	1.84	—	—	—
’25	0.21	1.79	0.95	2.32	5.25
’24	2.22	1.49	(0.95)	3.92	6.68
’23	(0.57)	1.58	5.10	(3.66)	2.55
’22	1.43	11.94	5.50	(0.04)	18.85
’21	1.87	1.32	1.32	1.40	6.27
’20	1.04	1.45	0.85	1.70	5.05

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	33.09	56.12	40.42	43.25	23.31	47.52	61.05	65.17	72.21	68.39	Analyst estimates 2026–2028 Powerpack
	High	61.34	72.23	75.58	60.81	57.16	74.30	96.17	93.87	91.98	92.10
People
People	Employees	14,854	15,378	16,475	17,601	17,400	7,100	19,300	19,800	19,700	11,600
	Revenue/emp, $m	0.83	0.92	0.86	0.92	0.85	2.03	0.91	0.69	0.82	1.35
Income, $m
Income, $m	Revenue	12,394	14,093	14,237	16,222	14,742	14,428	17,536	13,666	16,128	15,626
	Gross margin, %	42.96	43.61	41.59	38.20	43.01	49.04	61.64	42.36	49.33	44.60
	EBT	1,592	2,252	1,784	1,693	1,694	1,911	5,987	739	1,890	1,416
	EBT margin, %	12.84	15.98	12.53	10.44	11.49	13.24	34.14	5.41	11.72	9.06
	Net income	1,362	2,325	1,554	1,444	1,429	1,627	4,798	670	1,598	1,256
	Depreciation	472	430	482	598	665	182	310	289	828	316
Per share, $
Per share, $	Revenue	42.83	48.78	49.82	58.23	53.66	53.63	69.84	56.63	69.52	70.13
	Earnings	4.55	8.00	5.41	5.00	5.08	6.36	19.16	2.58	6.68	5.32
	Cash flow	13.33	14.50	18.04	19.72	13.50	12.10	12.64	15.72	19.84	20.36
	Capex	(0.54)	(0.57)	(0.32)	(0.48)	(0.40)	(0.48)	(0.46)	(0.42)	(0.30)	(0.44)
	Free cash flow	12.80	13.93	17.72	19.24	13.11	11.62	12.17	15.29	19.54	19.92
	Book value	35.57	44.73	40.08	52.71	60.49	59.95	39.90	45.43	47.98	53.49
	Shares, m	289	289	286	279	275	269	251	241	232	223
Valuation, ×
Valuation, ×	P/E	12.96	8.83	8.21	11.04	9.77	12.06	4.38	31.27	11.49	16.52
	P/S	1.37	1.44	0.89	0.94	0.92	1.35	1.20	1.40	1.11	1.26
	P/B	1.65	1.57	1.10	1.04	0.82	1.21	2.10	1.74	1.61	1.65
	EV/Sales	1.40	1.50	0.91	1.03	1.03	1.49	1.16	1.34	1.11	1.23
	EV/FCF	4.70	5.24	2.56	3.10	4.21	6.88	6.63	4.98	(4.53)	(5.62)
Cash, $m
Cash, $m	Operating cash flow	3,858	4,188	5,157	5,493	3,709	3,254	3,173	3,792	4,603	4,537
	Capex	(155)	(165)	(92)	(132)	(109)	(130)	(116)	(102)	(69)	(98)
	Free cash flow	3,703	4,023	5,064	5,361	3,601	3,125	3,057	3,690	4,534	4,439
Balance, $m
Balance, $m	Working capital	(63,815)	(68,123)	(71,905)	(79,002)	(85,015)	(84,523)	(77,344)	(79,617)	(83,028)	(88,556)
	Total debt	3,177	3,218	3,303	3,828	4,364	4,360	4,078	3,992	4,108	3,954
	Net debt	458	747	325	1,312	1,514	2,028	(770)	(716)	(104)	(477)
	Shareholders’ equity	10,294	12,922	11,456	14,686	16,617	16,126	10,018	10,962	11,131	11,917
Returns, %
Returns, %	ROA	0.59	0.96	0.62	0.54	0.49	0.53	1.60	0.21	0.51	0.36
	ROIC	9.25	10.30	9.47	6.62	5.84	6.58	40.46	4.51	10.71	7.74
	ROE	13.39	19.90	12.69	10.67	8.92	9.65	36.39	5.94	14.22	10.28

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ARES Ares Management Corporation	$37.7B	51.5×	21.0×	+5.81% (above 0%: growing)	+6.52% (above 0%: growing)	−197.89% (below 0%: shrinking)	100.00%	17.40%	Compare
NTRS Northern Trust Corporation	$30.3B	14.1×	15.2×	+16.99% (above 0%: growing)	+98.60% (above 0%: growing)	−113.28% (below 0%: shrinking)	64.06%	0.00%	Compare
RJF Raymond James Financial, Inc.	$30.3B	13.4×	13.4×	+13.53% (above 0%: growing)	+41.67% (above 0%: growing)	−148.58% (below 0%: shrinking)	100.00%	26.55%	Compare
PFG Principal Financial Group, Inc.	$23.3B	15.2×	11.5×	+6.39% (above 0%: growing)	+3.31% (above 0%: growing)	+154.82% (above 0%: growing)	48.38%	12.71%
TROW T. Rowe Price Group, Inc.	$21.6B	10.1×	11.9×	+10.68% (above 0%: growing)	+28.57% (above 0%: growing)	−3.59% (below 0%: shrinking)	100.00%	28.34%	Compare
TPG TPG Inc.	$16.7B	36.0×	14.3×	+100.04% (above 0%: growing)	n/m	−14.25% (below 0%: shrinking)	100.00%	20.65%	Compare
BEN Franklin Resources Inc	$15.9B	21.1×	18.2×	+14.26% (above 0%: growing)	+106.67% (above 0%: growing)	−55.71% (below 0%: shrinking)	100.00%	9.15%	Compare
CRBG Corebridge Financial, Inc.	$15.4B	20.1×	7.5×	+43.58% (above 0%: growing)	n/m	+83.01% (above 0%: growing)	31.27%	4.68%	Compare
EQH Equitable Holdings, Inc.	$14.6B	— (loss-making)	6.8×	−29.81% (below 0%: shrinking)	n/m	+89.52% (above 0%: growing)	50.84%	(26.36%)	Compare
Median of peers	$19.2B	20.1×	13.9×	+13.90%	+41.67%	−34.98%	100.00%	13.27%

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