AI Takeaway
MetLife (MET) delivered strong revenue growth of 8.6% to $77.1B in FY2025, but net income fell 20.0% to $3.4B, reflecting higher costs and investment-related headwinds, while operating cash flow surged 17.1% to $17.1B.
Revenue
$77.08B
++8.59% YoY
EPS (Basic)
$4.74
-20.74% YoY
Operating Income
$6.14B
++2.35% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenues grew 8.6% year-over-year from $71.0B to $77.1B in FY2025, reflecting expansion across MetLife's diversified insurance and financial services businesses, including growth in premiums, fees, and net investment income.
Source: Source: 10-K Income Statement, Financial Data
Net income dropped 20.0% from $4.2B to $3.4B, and basic EPS fell from $5.98 to $4.74, suggesting that higher claims, benefit costs, or investment losses offset the top-line growth achieved during the year.
Source: Source: 10-K Income Statement, Financial Data
Operating margin contracted from 8.4% to 8.0%, indicating that cost growth outpaced revenue growth; this margin pressure is a key concern for profitability sustainability going forward.
Source: Source: 10-K Key Ratios, Financial Data
2 more insights available
Upgrade to unlockMetLife carries an extremely high debt-to-equity ratio of approximately 25.2x, reflecting the leverage inherent in insurance operations. While common for large insurers, this level of leverage amplifies sensitivity to adverse market or credit events and constrains financial flexibility.
Source: Source: 10-K Key Ratios, Financial Data
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $2.58 versus the $2.37 analyst consensus — a +9.1% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $77.08B | $70.99B | +8.59% |
Operating Income | $6.14B | $6B | +2.35% |
Net Income | $3.38B | $4.23B | -20.04% |
EPS (Basic) | $4.74 | $5.98 | -20.74% |
EPS (Diluted) | $4.71 | $5.94 | -20.71% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $745.17B | $677.46B | +9.99% |
Total Liabilities | $716.25B | $649.75B | +10.23% |
Stockholders' Equity | $28.4B | $27.45B | +3.47% |
Cash & Equivalents | $22.03B | $20.07B | +9.79% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $17.09B | $14.6B | +17.08% |
Investing Cash Flow | $-15.61B | $-11.49B | -35.80% |
Financing Cash Flow | $163M | $-3.13B | +105.21% |
Share Buybacks | $2.88B | $3.21B | -10.10% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 8.0% | 8.4% | -0.49% |
Net Margin | 4.4% | — | — |
ROE | 11.9% | — | — |
ROA | 0.5% | — | — |
Debt to Equity | $25.222 | — | — |
Other companies in Life & Health Insurance
MetLife grew total revenue 8.6% to $77.1B in FY2025, but net income fell sharply by 20.0% to $3.4B, with basic EPS declining from $5.98 to $4.74. The divergence between strong revenue growth and declining net income suggests elevated costs, investment-related losses, or higher insurance claims weighed on profitability.
MetLife's net income fell 20.0% to $3.4B even as revenues rose 8.6% to $77.1B, indicating that below-the-line items such as investment losses, actuarial adjustments, or higher benefit costs significantly impacted earnings. Operating margin also compressed from 8.4% to 8.0%, confirming that cost growth outpaced revenue growth during the year.
MetLife's balance sheet expanded to $745.2B in total assets with $22.0B in cash, and operating cash flow surged 17.1% to $17.1B, reflecting strong liquidity. However, the company carries a very high debt-to-equity ratio of approximately 25.2x and saw net income decline 20%, which are key factors investors should monitor.
MetLife repurchased approximately $2.9B in shares during FY2025, a 10.1% reduction from the $3.2B bought back in the prior year. The reduction in buybacks coincided with the 20% decline in net income, suggesting management exercised some caution in capital return amid earnings pressure.
MetLife's operating cash flow grew strongly by 17.1% to $17.1B in FY2025, well above the prior year's $14.6B, demonstrating robust cash generation from its insurance operations. However, investing cash outflows also increased significantly to -$15.6B from -$11.5B, reflecting accelerated deployment of capital into the investment portfolio.