Company file · PFG

Principal Financial Group

Segment Benefits and Protection was Principal Financial Group's fastest-growing segment in FY2025, up 3.7%

Revenue fell 3.1% to $15.6B in FY2025, from $16.1B in FY2024. Net income fell 24.6% to $1.2B. Segment Retirement and Income Solutions was the largest segment, at 51% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 18, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

Principal Financial Group (Nasdaq: PFG) closed fiscal 2025 on Dec 31, 2025 with revenue of $15.6B, down 3.1% from a year before; net income came to $1.2B, down 24.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $4.6B, up 25.4% on the same stretch of the prior year, and net income of $632M. Broken down by segment, Segment Retirement and Income Solutions led with 51% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$15.6BFY2025 · −3.1% vs FY2024

Net income$1.2BFY2025 · −24.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 18, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Segment Retirement and Income Solutions$8.2B51%+2.6%
Segment Benefits and Protection$5.0B31%+3.7%
Segment Principal Asset Management$2.8B18%+0.7%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Segment Retirement and Income Solutions (51%), Segment Benefits and Protection (31%) and Segment Principal Asset Management (18%), as shares of the segment total. Total revenue was $15.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

50%31%19%

FY2024

51%31%18%

FY2025

51%31%18%

Segment Retirement and Income SolutionsSegment Benefits and ProtectionSegment Principal Asset Management

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.6B Q3 2026

$3.7B Q3 2025

25.4% increase

Net income

$632M Q3 2026

$214M Q3 2025

195.6% increase

Source: Principal Financial Group 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

Segment Retirement and Income Solutions

$2.3B Q3 2026

$1.9B Q3 2025

21.6% increase

Segment Benefits and Protection

$1.3B Q3 2026

$1.3B Q3 2025

2.8% increase

Segment Principal Asset Management

$647M Q3 2026

$727M Q3 2025

11.0% decrease

Source: Principal Financial Group 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

The bull case and the bear case

The bull case

Diluted shares fell 4.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.6B, up 25.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $632M, up 195.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Segment Benefits and Protection revenue grew 3.7% in FY2025 to $5.0B. 10-K, FY2025

The bear case

Revenue fell 3.1% in FY2025 to $15.6B, from $16.1B a year earlier. 10-K, FY2025
Net income fell 24.6% in FY2025 to $1.2B, from $1.6B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include catastrophes and claims; reserves; investments and rates. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Principal Financial Group is in the life & health insurance industry, part of the financials sector. The SEC files it under Accident & Health Insurance.

Principal Financial Group reports 3 segments: Segment Retirement and Income Solutions, Segment Benefits and Protection and Segment Principal Asset Management.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the life & health insurance industry. They are not a summary of Principal Financial Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Catastrophes and claimsStorms, disasters and large claims can cause losses that are hard to predict.
ReservesInsurers estimate future claims, and estimates can turn out too low.
Investments and ratesReturns on the investment portfolio move with interest rates and markets.
RegulationState and national insurance rules shape pricing, capital and products.
Competition and pricingRivals can cut prices, and premiums may not keep pace with claims costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$13.7B	$16.1B	$15.6B
Net income	$623M	$1.6B	$1.2B
Diluted shares	245M	235M	226M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Principal Financial Group's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

What we left out

Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Apr 6, 2026	May 19, 2026
10-K	Feb 18, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Principal Financial Group

How does Principal Financial Group make money?

Fiscal 2025 revenue: $15.6B. By segment in FY2025: Segment Retirement and Income Solutions (51%), Segment Benefits and Protection (31%) and Segment Principal Asset Management (18%), as shares of the segment total. Total revenue was $15.6B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What was Principal Financial Group's revenue in fiscal 2025?

$15.6B, down 3.1% from fiscal 2024 ($16.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $13.7B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

Is Principal Financial Group profitable?

Net income was $1.2B in fiscal 2025 (down 24.6%; fiscal 2024 was $1.6B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $632M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What did Principal Financial Group report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $4.6B (up 25.4% from $3.7B) and net income $632M (up 195.6% from $214M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

What are the main risks Principal Financial Group faces?

Principal Financial Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the life & health insurance industry include Catastrophes and claims; reserves; investments and rates; regulation; competition and pricing. The first: Storms, disasters and large claims can cause losses that are hard to predict. Source: 10-K, Item 1A Risk Factors.

Where do these Principal Financial Group numbers come from?

The 10-K filed Feb 18, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Principal Financial Group

Citadel Advisors: 84,779 shares, reported value $9.1M at Jun 30, 2026 (+54.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 50,500 shares, reported value $5.4M at Jun 30, 2026 (−83.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 23,674 shares, reported value $2.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 16,012 shares, reported value $1.7M at Jun 30, 2026 (−92.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in PFG: The editor holds no position in Principal Financial Group (PFG). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell PFG from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PFG, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Principal Financial GroupPFG	FY2025	$15.6B	−3.1%	$1.2B
MetLifeMET	FY2025	$77.1B	+8.6%	$3.4B
AflacAFL	FY2025	$17.2B	−9.3%	$3.6B
Prudential FinancialPRU	FY2025	$60.8B	−13.7%	$3.6B
Globe LifeGL	FY2025	$6.0B	+3.7%	$1.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.