EarningsQ2 2026 Earnings Report
MX:PFG Q2 2026 EPS Results
Actual EPS$45.24
Consensus EPS$42.31
Beat/MissBeat by +$2.93
One Year Ago EPS$39.09
MX:PFG Q2 2026 Revenue Results
Actual Revenue$70.68B
Expected Revenue$74.87B
Beat/MissMissed by -$4.19B
YoY Revenue Growth+6.39%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:PFG Upcoming Earnings
Principal Financial's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PFG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted robust operating performance across multiple businesses — double-digit EPS growth, margin expansion (200 bps), improved ROE, strong underwriting in Benefits & Protection, AUM growth, and disciplined capital returns (raised dividend, large buybacks). These positives were tempered by significant Investment Management net outflows (~$11 billion) driven by an unusual market environment concentrated in a few U.S. active equity strategies, some fee-rate and performance-metric pressure, and elevated corporate investments/severance. Management maintained guidance, emphasized portfolio actions (Beam acquisition, Hong Kong transition, Chile sale) and a strong capital position, indicating confidence in navigating the near-term fund flow challenges.Company Guidance
Strong Earnings and EPS Growth
Non-GAAP operating earnings of $547 million, up 12% year-over-year; adjusted EPS of $2.50, up 16% year-over-year (excluding significant variances EPS was $2.42, up 17%). Year-to-date EPS growth of 15% noted.
Margin Expansion and ROE Improvement
Total company margin expanded to 32%, a 200 basis-point improvement year-over-year. Non-GAAP operating ROE (excluding significant variances) improved to 16.4%, up 120 basis points year-over-year and above the midpoint of the 15%–17% target range.
Revenue Growth and Expense Discipline
Net revenue grew 6% year-over-year while the company maintained expense discipline, enabling margin expansion and continued investment in strategic priorities.
Capital Return and Strong Capital Position
Returned $430 million of capital to shareholders in Q2 (approx. $250 million in share repurchases and ~$180 million in dividends). Year-to-date capital returned totaled $800 million. Excess available capital of over $1.6 billion and a risk-based capital ratio ~400%, ~350 million in excess of targeted 375% level.
Dividend Increase and Shareholder Actions
Raised the common stock dividend for the 13th consecutive quarter with an 8% increase on both a quarterly and trailing 12-month basis; announced a $0.84 per share dividend for Q3 (a $0.02 increase from prior quarter, +8% year-over-year).
AUM Growth and Investment Management Sales Momentum
Total company managed AUM of $808 billion, up 5% sequentially and 7% year-over-year. Investment Management gross sales +2% year-over-year and +13% on a trailing 12-month basis; active ETF net inflows of $500 million in the quarter and $2 billion TTM.
Retirement Business Fundamentals
Strong retirement metrics: transfer deposits +30% year-over-year, recurring deposits +6%, $1.7 billion of roll-ins in the quarter and over $7 billion on a trailing 12-month basis (both ~+20%). DCIO sales $2 billion in the quarter and nearly $8 billion TTM; $500 million of PRT sales in the quarter.
Benefits & Protection — Underwriting Improvement
Benefits & Protection pretax operating earnings of $191 million, up 29% year-over-year. Specialty benefits pretax operating earnings $162 million (+29% YoY), with specialty benefits loss ratio improving to 57.4% (improved 280 bps) and operating margin rising to 19% (up 360 bps). Life pretax operating earnings $29 million (+29% YoY) with operating margin improving to 13% (+350 bps).
International and Private Markets Momentum
Private markets AUM +10% year-over-year; international pension AUM +18% year-over-year to a record $169 billion. International pension pretax operating earnings +11% YoY with operating margin >47%.
Strategic Portfolio Actions
Announced agreement to acquire Beam Benefits (25,000 employer customers, $175 million premium in 2025) to expand SMB digital-first capabilities; completed transition of Hong Kong pension business to BCT; pursuing portfolio optimizations (e.g., pending Chile annuity sale) while maintaining 2026 capital deployment and EPS outlook.
MX:PFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed