Equitable Holdings (EQH)

NYSEFinancialsAsset ManagementSnapshot 2026-10-23

$52.75-4.16%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Equitable Holdings’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.4%

+10% or more+5%0%−5%−10% or less

9.01 → 8.97 EPS · FY ending Dec 31, 2027 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 9 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	4.03B
EPS	—	1.967
Annual ending 2026-12-31
Revenue	—	15.66B
EPS	—	7.135
Annual ending 2027-12-31
Revenue	—	17.34B
EPS	—	8.973

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Generate at least $1.8 billion cash in 2026	Equitable aims to generate $1.8 billion cash in 2026.	Intact	cash generation falls below $1.2 billion in FY26	Cash from operations: $643M FY2026-Q2; GAAP. Published target: >=1800 USD_MILLIONS. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026643,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Management stated this priority in 3 quarters including 2025-Q4, 2026-Q1, and 2026-Q2. Financials show organic cash generation was $1.6 billion in 2025 and management projects approximately $1.8 billion in 2026. The trajectory is delivering as projected. Delivery assessment Oct 24, 2026
Achieve over 15% EPS growth in 2026	EPS should grow over 15% this year.	Improving	EPS growth falls below 10% in FY26	Diluted EPS: $-1.68 per share FY2026-Q2; GAAP. Published target: >15% YoY EPS growth. Target and observation units differ. Source published Aug 6, 2026-1.68 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 224a7632-5879-4579-bb0b-e7d598052e97. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Management stated this priority in 3 quarters including 2025-Q4, 2026-Q1, and 2026-Q2. Non-GAAP operating earnings per share increased from $1.10 in 2025-Q2 to $1.70 in 2026-Q2, reflecting over 15% growth. The trajectory is delivering consistent EPS growth as targeted. Delivery assessment Oct 24, 2026
Execute announced share buyback program	The company has a share buyback plan.	Intact	Buyback program is canceled or materially reduced	Buyback active (announced 2026-04-16) EQH announced a share buyback program on April 16, 2026, via Form 8-K. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$8.97

$8.92 → $8.97 · observed estimates

FY2027 revenue$17.34B

$17.12B → $17.34B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$8.92	$17,116,252,871	9 / 5
2026-07-25	$8.92	$16,948,960,130	13 / 5
2026-07-26	$8.92	$17,123,022,911	9 / 5
2026-07-27	$8.93	$16,903,666,770	13 / 6
2026-07-28	$8.92	$17,123,022,911	9 / 5
2026-07-29	$8.93	$16,903,666,770	13 / 6
2026-07-30	$8.93	$16,903,666,770	13 / 6
2026-07-31	$8.92	$17,123,024,322	8 / 5
2026-08-01	$8.92	$17,123,024,322	8 / 5
2026-08-02	$8.93	$16,904,166,770	13 / 6
2026-08-03	$8.93	$16,904,166,770	13 / 6
2026-08-04	$8.92	$17,123,357,655	8 / 5
2026-08-05	$8.93	$16,904,166,770	13 / 6
2026-08-06	$8.92	$17,123,357,655	8 / 5
2026-08-07	$8.98	$16,622,468,766	8 / 5
2026-08-08	$8.99	$17,043,571,520	13 / 7
2026-08-09	$8.99	$17,043,571,520	13 / 7
2026-08-10	$8.98	$16,622,468,766	8 / 5
2026-08-11	$8.99	$17,043,571,520	13 / 7
2026-08-12	$8.99	$17,055,557,229	13 / 7
2026-08-13	$8.99	$17,055,557,229	13 / 7
2026-08-14	$8.98	$16,622,468,766	8 / 5
2026-08-15	$8.98	$16,622,468,766	8 / 5
2026-08-16	$8.98	$16,622,468,766	8 / 5
2026-08-17	$8.98	$16,622,468,766	8 / 5
2026-08-18	$8.98	$16,622,468,766	8 / 5
2026-08-19	$8.98	$16,622,468,766	8 / 5
2026-08-20	$9.00	$16,696,157,852	9 / 6
2026-08-21	$9.00	$16,696,157,852	9 / 6
2026-08-22	$9.00	$16,696,157,852	9 / 6
2026-08-23	$8.94	$16,559,072,588	9 / 6
2026-08-24	$8.94	$16,559,072,588	9 / 6
2026-08-25	$8.94	$16,751,754,873	9 / 6
2026-08-26	$8.94	$16,751,754,873	9 / 6
2026-08-27	$8.94	$16,751,754,873	9 / 6
2026-08-28	$8.94	$16,751,754,873	9 / 6
2026-08-29	$8.94	$16,751,754,873	9 / 6
2026-08-30	$8.94	$16,751,754,873	9 / 6
2026-08-31	$8.94	$16,751,754,873	9 / 6
2026-09-01	$8.94	$16,751,754,873	9 / 6
2026-09-02	$8.94	$16,751,754,873	9 / 6
2026-09-03	$8.94	$16,751,754,873	9 / 6
2026-09-04	$8.94	$16,751,754,873	9 / 6
2026-09-05	$9.01	$16,875,033,609	9 / 6
2026-09-06	$9.01	$16,875,033,609	9 / 6
2026-09-07	$9.01	$16,875,033,609	9 / 6
2026-09-08	$9.01	$16,875,033,609	9 / 6
2026-09-09	$9.01	$16,875,033,609	9 / 6
2026-09-10	$9.01	$16,875,033,609	9 / 6
2026-09-11	$9.01	$16,875,033,609	9 / 6
2026-09-12	$9.01	$16,875,033,609	9 / 6
2026-09-13	$9.01	$16,875,033,609	9 / 6
2026-09-14	$9.01	$16,875,033,609	9 / 6
2026-09-15	$9.01	$16,875,033,609	9 / 6
2026-09-16	$9.01	$16,875,033,609	9 / 6
2026-09-17	$9.01	$16,875,033,609	9 / 6
2026-09-18	$9.01	$16,875,033,609	9 / 6
2026-09-19	$9.01	$16,875,033,609	9 / 6
2026-09-20	$9.01	$16,875,033,609	9 / 6
2026-09-21	$9.01	$16,875,033,609	9 / 6
2026-09-22	$9.01	$16,875,033,609	9 / 6
2026-09-23	$9.01	$16,875,033,609	9 / 6
2026-09-24	$9.01	$16,875,033,609	9 / 6
2026-09-25	$9.01	$16,875,033,609	9 / 6
2026-09-26	$9.01	$16,875,033,609	9 / 6
2026-09-27	$9.01	$16,875,033,609	9 / 6
2026-09-28	$9.01	$16,875,033,609	9 / 6
2026-09-29	$9.01	$16,875,033,609	9 / 6
2026-09-30	$9.00	$16,875,033,609	9 / 6
2026-10-01	$9.00	$16,875,033,609	9 / 6
2026-10-02	$9.00	$16,875,033,609	9 / 6
2026-10-03	$9.00	$16,875,033,609	9 / 6
2026-10-04	$9.00	$16,875,033,609	9 / 6
2026-10-05	$9.00	$16,875,033,609	9 / 6
2026-10-06	$9.00	$16,875,033,609	9 / 6
2026-10-07	$9.01	$16,843,900,507	9 / 6
2026-10-08	$9.01	$17,372,567,175	8 / 6
2026-10-09	$9.01	$17,372,567,175	8 / 6
2026-10-10	$9.01	$17,372,567,175	8 / 6
2026-10-11	$8.99	$17,352,010,208	8 / 6
2026-10-12	$8.99	$17,352,010,208	8 / 6
2026-10-13	$8.99	$17,344,731,444	8 / 6
2026-10-14	$8.98	$17,344,698,111	8 / 6
2026-10-15	$8.98	$17,344,698,111	8 / 6
2026-10-16	$8.97	$17,344,698,111	8 / 6
2026-10-17	$8.97	$17,344,698,111	8 / 6
2026-10-18	$8.97	$17,344,698,111	8 / 6
2026-10-19	$8.97	$17,344,698,111	8 / 6
2026-10-20	$8.97	$17,344,698,111	8 / 6
2026-10-21	$8.97	$17,344,698,111	8 / 6
2026-10-22	$8.97	$17,344,698,111	8 / 6
2026-10-23	$8.97	$17,344,698,111	8 / 6
2026-10-24	$8.97	$17,344,698,111	8 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	13	0
2026-06-01	13	0
2026-07-01	12	1
2026-08-01	11	1
2026-09-01	11	1
2026-10-01	11	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 11 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Raymond JamesOct 9 · prior Apr 16

$58.00 → $65.00+12.1%

BarclaysOct 7 · prior Aug 5

$52.00 → $61.00+17.3%

$0$35.75$71.50

2 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Generate at least $1.8 billion cash in 2026Cash from operations: $643M
Achieve over 15% EPS growth in 2026Diluted EPS: $-1.68 per share

Next proof point

Nov 2, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

2 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.1%Typical daily move · historical

Downside history

-27.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Equitable Holdings outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a financial-sector execution and merger story, not a clearly durable compounder today. The long-term thesis is in a watch state: management priorities are on track, but recent performance trails its industry cohort and company momentum has weakened.

What's priced into Equitable Holdings

EQH is described as cheap versus peers, but the expectations gap is negative, meaning market expectations appear cautious relative to the valuation model. The priced-in assessment is tagged justified, with low fragility, so the evidence does not point to a broad mismatch between weak execution and valuation.

What the fundamentals likely do

Near term, management’s stated goals are progressing: the merger remains on track for year-end 2026, and cash generation and earnings growth are tracking their targets. Recent earnings beats are encouraging, but performance remains weak relative to the industry cohort, momentum has fallen, and a guidance cut is a key risk.

What Equitable Holdings hinges on

The multi-year view hinges on completing the Corebridge merger and sustaining the cash generation and earnings growth goals. Near term, a guidance cut or Federal Reserve rate cuts would add pressure; continued strong results from financial-sector bellwethers could support sector momentum.