MetLife, Inc.: EPS $2.78 vs $2.77 expected; revenue $20.5B vs $19.9B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 2.78 | 2.77 | +0.4% | 2.34 |
| Revenue (USD bn) | 20.52 | 19.86 | +3.4% | 16.88 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | Q3 FY2026 | 2.78 | 2.77 | +0.4% | 20.52 | 19.86 | +3.4% |
| Aug 5, 2026 | Q2 FY2026 | 2.43 | 2.30 | +5.7% | 19.08 | 19.67 | −3.0% |
| May 6, 2026 | Q1 FY2026 | 2.42 | 2.27 | +6.6% | 19.68 | 19.49 | +1.0% |
| Feb 4, 2026 | Q4 FY2025 | 2.58 | 2.34 | +10.3% | 23.81 | 27.22 | −12.5% |
| Nov 5, 2025 | Q3 FY2025 | 2.34 | 2.31 | +1.3% | 16.88 | 18.64 | −9.4% |
| Aug 6, 2025 | Q2 FY2025 | 2.02 | 2.15 | −6.0% | 17.34 | 18.53 | −6.4% |
| Apr 30, 2025 | Q1 FY2025 | 1.96 | 2.00 | −2.0% | 18.28 | 18.37 | −0.5% |
| Feb 5, 2025 | Q4 FY2024 | 2.08 | 2.11 | −1.4% | 18.38 | 19.50 | −5.8% |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
MetLife, Inc. results: EPS $2.78 vs $2.77 expected; revenue $20.5B vs $19.9B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 0.4%; revenue above the estimate by 3.4%.
Revenue was up 21.6% from $16.9 billion a year earlier (Q3 FY2025). EPS was up 18.8% from $2.34 a year earlier. On its record, EPS topped analysts' estimates in 4 of 7 earlier comparable reports.
What the results mean
MetLife’s results reflect broad business growth, with revenue rising across segments and profitability supported by volume growth, favorable underwriting and increased variable investment income. The improvement therefore combined insurance activity with investment portfolio contributions, while net income also benefited from derivative gains associated with ceded reinsurance.
In Group Benefits, favorable underwriting supported profitability alongside growth in core and voluntary products. In Retirement and Income Solutions, sales of post-retirement benefits and longevity reinsurance in the United Kingdom supported business growth, but actuarial assumption adjustments weighed on segment adjusted earnings despite growth when those items were excluded.
Management emphasized disciplined execution and converting business performance into free cash flow while reinvesting and returning capital to shareholders. This highlights the importance of distinguishing business growth and underwriting results from the effects of variable investment income, derivatives and actuarial adjustments when assessing the sources of profitability.
What to watch on the earnings call: The durability of core and voluntary product growth in Group Benefits, the drivers of underwriting results, and the nature of variable investment income’s contribution to profitability. Other topics include post-retirement benefit and longevity reinsurance sales, explanations of actuarial assumption adjustments, expense control, and the conversion of earnings into free cash flow allocated between reinvestment and capital returns.
For the full analysis of MetLife, Inc. stock — valuation, scores and financial statements — see the stock page linked with this story.