BHF earnings analysis
What we found in BHF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Brighthouse Financial faced a significant net loss in Q1 2026 of $792 million, worsening from a loss of $294 million in the same quarter last year. Although total revenue dipped to $2.09 billion from $2.39 billion in Q1 2025, adjusted earnings slightly rose to $239 million from $235 million. The company reported poor performance across all its segments amidst challenging market conditions, particularly affecting annuity-related products, and did not provide explicit forward guidance due to ongoing regulatory considerations surrounding its planned merger.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Adjusted Earnings Up Slightly
- Adjusted earnings increased to $239 million in Q1 2026, up from $235 million in Q1 2025.
- Worsening Net Loss
- Net loss for Q1 2026 was $792 million, compared to a loss of $294 million in the prior year.
- Revenue Declines
- Total revenues fell to $2.09 billion in Q1 2026, down from $2.39 billion year-over-year.
- Solid Annuity Sales Persist
- Despite the dip in overall revenue, annuity sales reached $2.2 billion.
- Cash and Liquid Assets Reduced
- Short-term liquidity decreased to $3.9 billion from $4.3 billion as of December 31, 2025.
- Merger Agreement Approved
- A merger with Aquarian Holdings is expected to close in 2026, bringing uncertainty to future operations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Losses
- Q1 2026 reported a net loss of $792 million, worsening from $294 million in Q1 2025.
- Volatility in Investment Portfolio
- The company faced net investment losses, impacting profitability, exacerbated by equity market declines.
- Merger Completion Risks
- The merger with Aquarian Holdings is subject to multiple regulatory approvals, timeframe, and associated risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.35
- Segment
- Annuities
- Segment
- Life
- Segment
- Run-off
- Segment
- Corporate & Other
What they said about what is next.
No specific numeric guidance provided, pending merger closure.
The filing reads worse than the one before it.
What came before.
- 10-K · February 24, 2026
- Brighthouse Financial’s 2025 10-K centers on its scale in annuities (over 2.0 million contracts in force) and an agreed sale announced Nov 6, 2025 under a Merger Agreement that converts each share into $70.00 per share…
- 10-Q · November 7, 2025
- Brighthouse Financial delivered materially higher profitability in Q3 2025 despite lower total revenues. Total revenues were $1,816,000,000 (down from $2,018,000,000 in Q3 2024), while income before tax rose to…
- 10-Q · November 8, 2024
- Brighthouse reported Q3 2024 total revenues of $2,018 million, up from $1,170 million in Q3 2023 (+$848 million), driven by Annuities and higher net investment income. GAAP diluted EPS declined to $2.47 from $6.89 in Q3…
- 10-Q · August 8, 2024
- Brighthouse reported Q2 2024 adjusted earnings improvement driven by Annuities and Life results; GAAP total revenues were $1,427 million (Q2 2024) vs $263 million (Q2 2023) and GAAP pre-tax income swung to $14 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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