Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MetLife's Q2 FY2026 results were defined by robust top-line growth with total revenues rising 10.5%, driven by higher premiums and net investment income, while adjusted earnings per share increased 15.5% to $1.57 on strong underwriting. However, GAAP net income was nearly flat as net investment losses of $428 million and net derivative losses of $772 million weighed on bottom-line results. The tension lies in the contrast between underlying operational strength and the drag from market-sensitive investment and derivative results, which could continue to cause volatility in reported earnings.
Revenue
$19.15B
+10.46% YoY
EPS (Diluted)
$1.09
+5.83% YoY
Operating Income
$1.6B
+15.15% YoY
Source: SEC XBRL
Metlife (MET) reported Q2 FY2026 revenue of $19.15B, up 10.5% year over year. Operating margin was 8.4%, up 0.4 points from 8.0% a year earlier. MET's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 2.43 | 2.32 | Beat +4.9% |
| Mar 2026 | 2.42 | 2.29 | Beat +5.5% |
| Dec 2025 | 2.58 | 2.37 | Beat +9.1% |
| Sep 2025 | 2.37 | 2.34 | Beat +1.2% |
Adjusted (non-GAAP) EPS of $2.43 versus the $2.32 analyst consensus — a +4.9% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.09.
Compiled by AI from 10-Q Item 2 of this filing
Adjusted earnings available to common shareholders rose $211 million primarily due to favorable underwriting, particularly improved mortality in Group Benefits, along with higher market factors and volume growth.
Source: 10-Q Item 2 MD&A
Adjusted earnings for Group Benefits increased $102 million, mainly from favorable mortality results due to lower claims incidence and severity in the life business, and improved morbidity experience.
Source: 10-Q Item 2 MD&A
The acquisition of PineBridge in December 2025 contributed to growth in the MIM segment's other revenues, reflecting the company's strategic expansion in asset management.
Source: 10-Q Item 2 MD&A
Net investment losses increased due to higher losses on sales of fixed maturity securities and subsidiaries, higher mark-to-market losses on FVO securities, and lower mark-to-market gains on equity securities.
Source: 10-Q Item 2 MD&A
The effective tax rate fell to 24% from 28%, driven by tax benefits from non-taxable investment income, low-income housing tax credits, and the corporate tax deduction for stock compensation.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
The debt-to-equity ratio stands at 26.65, significantly above typical levels, indicating substantial reliance on debt financing which could elevate financial risk and limit flexibility.
Source: 10-Q Balance Sheet (XBRL)
Net investment losses of $1,098 million for the six months ended June 30, 2026, driven by losses on fixed maturity and equity securities, highlight exposure to credit and market risk.
Source: 10-Q Income Statement (XBRL)
Net derivative losses of $698 million for the six months, primarily from currency and interest rate movements, demonstrate sensitivity to financial market fluctuations that can erode profits.
Source: 10-Q Income Statement (XBRL)
Cash and equivalents decreased 13% year-over-year to $19.3 billion, reducing the liquidity buffer available to meet unexpected obligations or take advantage of opportunities.
Source: 10-Q Balance Sheet (XBRL)
Operating cash flow fell 23.8% to $4.9 billion for the six months, potentially signaling difficulties in converting premiums and investment income into cash due to higher claims or timing differences.
Source: 10-Q Cash Flow Statement (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 19.15 $B | 17.34 $B | +10.46% |
Operating Income $B | 1.60 $B | 1.39 $B | +15.15% |
Net Income $M | 736.00 $M | 729.00 $M | +0.96% |
EPS (Basic) $ | 1.10 $ | 1.04 $ | +5.77% |
EPS (Diluted) $ | 1.09 $ | 1.03 $ | +5.83% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
MetLife (MET) delivered strong Q1 FY2026 results with revenue of $19.1B (+2.7% YoY), net income surging 25.4% to $1.19B, and diluted EPS jumping 35.9% to $1.74, reflecting improved operating leverage despite a significant decline in operating cash flow.
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.
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