WallStSmart
PFG

Principal Financial Group Inc

NASDAQ: PFG · FINANCIAL SERVICES · ASSET MANAGEMENT

$100.19
+1.65% today

Updated 2026-06-05

Market cap
$24.00B
P/E ratio
15.94
P/S ratio
1.55x
EPS (TTM)
$6.97
Dividend yield
2.85%
52W range
$72 – $112
Volume
1.2M

Principal Financial Group Inc (PFG) Financial statements

SEC filings — annual and quarterly data.

Income statement — annual

Item20062007200820092010201120122013201420152016201720182019202020212022202320242025
Revenue$9.87B$10.91B$9.94B$8.85B$9.20B$8.67B$9.22B$9.29B$10.48B$11.96B$12.39B$14.09B$14.24B$16.22B$14.74B$14.43B$17.54B$13.67B$16.13B$15.63B
Revenue growth (YoY)+10.5%-8.9%-10.9%+3.9%-5.7%+6.3%+0.8%+12.8%+14.2%+3.6%+13.7%+1.0%+13.9%-9.1%-2.1%+21.5%-22.1%+18.0%-3.1%
Cost of revenue$5.69B$6.44B$6.22B$5.33B$5.20B$4.62B$5.12B$4.68B$5.23B$6.70B$6.91B$7.82B$8.19B$9.91B$8.28B$7.35B$6.49B$7.77B$8.77B$8.56B
Gross profit$4.18B$4.47B$3.72B$3.51B$3.99B$4.05B$4.09B$4.61B$5.25B$5.27B$5.48B$6.27B$6.04B$6.32B$6.46B$7.08B$11.04B$5.90B$7.35B$7.06B
Gross margin42.3%41.0%37.4%39.7%43.4%46.8%44.4%49.6%50.1%44.0%44.2%44.5%42.5%38.9%43.8%49.0%63.0%43.2%45.6%45.2%
R&D$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
SG&A$2.56B$3.00B$0.00$2.99B$2.97B$2.93B$3.29B$3.57B$3.67B$3.73B$3.89B$4.14B$4.50B$4.65B$4.83B
Operating income$1.33B$1.07B$461.30M$745.80M$785.70M$872.80M$960.00M$1.12B$1.49B$1.43B$1.59B$2.25B$1.78B$1.69B$1.69B$1.91B$5.99B$738.80M$1.89B$1.42B
Operating margin13.5%9.8%4.6%8.4%8.5%10.1%10.4%12.1%14.3%12.0%12.8%16.0%12.5%10.4%11.5%13.2%34.1%5.4%11.7%9.1%
EBITDA$1.43B$1.20B$606.30M$884.30M$950.40M$992.70M$1.09B$1.28B$1.66B$1.62B$1.78B$2.45B$1.99B$1.92B$1.95B$2.19B$6.28B$1.01B$2.15B$1.67B
EBITDA margin14.5%11.0%6.1%10.0%10.3%11.4%11.9%13.8%15.9%13.6%14.3%17.4%14.0%11.8%13.2%15.2%35.8%7.4%13.3%10.7%
EBIT$1.33B$1.07B$461.30M$745.80M$785.70M$872.80M$960.00M$1.12B$1.49B$1.43B$1.59B$2.25B$1.78B$1.69B$1.69B$1.91B$5.99B$738.80M$1.89B$1.42B
Interest expense$0.00$0.00$0.00$0.00$120.10M$0.00$132.70M$142.40M$134.10M$0.00$0.00$0.00$0.00$1.00M$1.00M$1.00M$1.20M$1.90M$2.60M$2.20M
Income tax$295.90M$208.10M$-4.50M$100.10M$104.90M$198.30M$134.60M$187.90M$318.50M$177.60M$229.90M$-72.30M$230.70M$249.20M$265.00M$283.90M$1.19B$68.70M$291.70M
Effective tax rate21.8%19.5%-1.0%13.8%13.7%23.7%14.3%17.1%21.8%12.6%14.9%-3.2%13.0%15.2%16.0%15.2%20.0%9.9%15.7%0.0%
Net income$1.06B$860.30M$458.10M$622.70M$662.90M$638.30M$806.60M$912.70M$1.14B$1.23B$1.32B$2.31B$1.55B$1.39B$1.40B$1.58B$4.76B$623.20M$1.57B$1.19B
Net income growth (YoY)-19.2%-46.8%+35.9%+6.5%-3.7%+26.4%+13.2%+25.4%+7.9%+6.7%+75.5%-33.1%-9.8%+0.1%+13.2%+201.0%-86.9%+152.1%-24.6%
Profit margin10.8%7.9%4.6%7.0%7.2%7.4%8.8%9.8%10.9%10.3%10.6%16.4%10.9%8.6%9.5%11.0%27.1%4.6%9.7%7.6%

Frequently asked questions

What is Principal Financial Group Inc's revenue?

Principal Financial Group Inc's trailing twelve-month revenue is $15.46B, and consensus projects about $20.42B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.

How profitable is PFG?

In its most recent fiscal year, PFG ran a gross margin of 45.19%, an operating margin of 9.06%, and a net margin of 7.58%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.

How much free cash flow does PFG generate?

PFG produced $4.44B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.

Is PFG's balance sheet healthy?

PFG holds $4.43B in cash and equivalents against $2.80M in long-term debt, on $11.88B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.