PRINCIPAL FINANCIAL GROUP (PFG) Company Report

EQB Inc agrees to purchase President’s Choice Bank for $800 million, paid primarily in EQB shares, valuing PC Financial at 1.15× book value (ex-CET1 excess), with closing expected in 2026.
Post-transaction, EQB becomes exclusive partner for Loblaw’s PC Optimum loyalty program, expanding its customer base to over three million Canadians.
Loblaw will extract about $500 million of excess capital pre-closing and retain at least 17% ownership of EQB after completion.
The acquisition is projected to be earnings-accretive and enhance EQB’s return on equity, marking a strategic expansion into retail banking and credit cards.

1 day ago

Bloomberg

Surf Air Mobility announces $100 M strategic financing to accelerate SurfOS

PFG

Debt Issuance

Convertible Preferred Issuance

New Projects/Investments

Surf Air Mobility completed a $100 million strategic transaction combining a $74 million zero-coupon convertible note and $26 million in equity to fund its SurfOS platform and strengthen the balance sheet.
The equity raise includes $20 million from an institutional investor and co-founder via common stock and warrants at $3.32 per share, with warrants exercisable immediately and expiring in two years.
An additional $6 million of common stock was issued to Palantir Technologies as prepayment for continued AI and Foundry software and services to support SurfOS development.
The $74 million note, convertible at $3.98 (20% premium), was sold at 87.8% of face value, generating $65 million in proceeds used to repay $59 million of existing debt, reducing consolidated net debt by 37.3% to $87.2 million post-transaction.

Nov 10, 2025, 1:35 PM

Press Release

Performance Food Group reports Q1 FY2026 results

PFG

Earnings

Guidance Update

Net sales rose 10.8% to $17.1 billion, and gross profit increased 14.3% to $2.0 billion in Q1 FY2026.
GAAP net income declined 13.3% to $93.6 million, while Adjusted EBITDA grew 16.6% to $480.1 million year-over-year.
Diluted EPS fell 13.0% to $0.60, whereas Adjusted Diluted EPS rose 1.7% to $1.18 per share.
Total case volume increased 9.4%, with independent Foodservice cases up 16.6% (organic independent +6.3%).
Fiscal 2026 guidance raised: net sales now expected at $67.5 billion–$68.5 billion; Adjusted EBITDA forecast remains $1.9 billion–$2.0 billion.

Nov 5, 2025, 12:00 PM

Press Release

Principal Asset Management invests in Stream Data Centers acquisition

PFG

M&A

New Projects/Investments

Apollo-managed funds completed the acquisition of a majority interest in Stream Data Centers.
Principal Asset Management acquired a minority stake in SDC through a Principal-managed fund.
SDC’s management team retains a minority ownership and remains in leadership, with a 4+ gigawatt development pipeline across key U.S. markets.
Since 2022, Apollo-managed funds have deployed over $40 billion into next-generation infrastructure, including renewable energy and compute capacity.

Nov 3, 2025, 1:00 PM

Press Release

Principal Financial Group reports Q3 2025 results

PFG

Earnings

Dividends

Share Buyback

Delivered non-GAAP operating earnings of $474 million, or $2.10 EPS (+19% YoY), returned $400 million of capital—including $225 million in share buybacks—and raised the Q4 dividend to $0.79 per share (+$0.01).
Ended the quarter with $1.6 billion of excess and available capital, $784 billion of AUM (+4% sequentially), and total net cash flow of $400 million driven by private asset inflows.
Retirement & Income Solutions posted 4% top-line growth, expanded margins to 42%, and generated $315 million of pre-tax earnings (+8% YoY) ; Asset Management earnings rose 9% with $800 million of net inflows and international pension AUM reached $151 billion (+9% YoY).
Specialty Benefits achieved a record $147 million of pre-tax earnings (+28% YoY), improved its loss ratio by 340 bps, and expanded operating margin to 17%.

Oct 28, 2025, 2:00 PM

Transcript

Principal Financial Group reports Q3 2025 results

PFG

Earnings

Share Buyback

Dividends

Non-GAAP operating EPS of $2.10, up 19% year-over-year, on $474 million in operating earnings, reflecting strong earnings growth.
$400 million of capital returned in Q3—$225 million in share repurchases—and a $0.79 quarterly dividend (+8% y/y) announced for Q4, aligning with a ~40% payout ratio.
Total managed AUM of $784 billion (+4% sequentially) with $400 million of net cash flow, driven by $1.7 billion in private market inflows and $500 million in ETF inflows for the quarter.
Enterprise net revenue grew 4% y/y with 180 bps margin expansion; Retirement & Income Solutions pre-tax operating earnings were $315 million (+8% y/y) and Specialty Benefits delivered a record $147 million (+28% y/y) in pre-tax earnings.

Oct 28, 2025, 2:00 PM

Transcript

Principal Financial Group reports Q3 2025 results

PFG

Earnings

Dividends

Share Buyback

Delivered 13% adjusted EPS growth to $2.10 and non-GAAP operating earnings of $474 million (+19% y/y); year-to-date free capital flow conversion exceeded 90%; AUM reached $784 billion (+4% q/q) with net cash flow of $400 million
Returned $400 million of capital in Q3 (including $225 million share repurchases and $173 million dividends); announced $0.79 Q4 dividend (up 8% y/y); ended quarter with $1.6 billion of excess and available capital and targeting $1.4–1.7 billion full-year returns
Business segment highlights: Retirement ecosystem net revenue +4% with a 42% margin (+130 bps) and $315 million pre-tax earnings (+8%); Asset Management fees +5% with $800 million net cash flow and pre-tax earnings +9%; Specialty Benefits pre-tax earnings $147 million (+28%) with a 17% margin (+330 bps)
Reaffirmed full-year enterprise financial targets with continued margin expansion and disciplined expenses; Q3 actuarial assumption updates were GAAP-only, non-cash and had no impact on free capital flow

Oct 28, 2025, 2:00 PM

Transcript

Principal Financial Group reports Q3 2025 results

PFG

Earnings

Dividends

Share Buyback

Non-GAAP operating earnings were $474 million, up 15% year-over-year, with EPS of $2.10, up 19% vs. Q3 2024.
Returned $398 million of capital to shareholders ($225 million in share repurchases and $173 million in dividends) and raised the Q4 2025 dividend to $0.79 per share, an 8% increase from Q4 2024.
Assets under management were $784 billion, a 4% increase from Q2 2025, with managed net cash flow of +$0.4 billion in the quarter.
Segment highlights: Retirement & Income Solutions pre-tax earnings grew 8% to $315 million on 4% net revenue growth with a 42% margin ; Investment Management pre-tax earnings rose 9% to $246 million with margin expansion to 40% ; Specialty Benefits pre-tax earnings increased 28% to $177 million with a 17% margin.

Oct 28, 2025, 2:00 PM

Presentation

Principal Financial Group announces Q3 2025 results

PFG

Earnings

Dividends

Share Buyback

Diluted EPS of $0.95 and non-GAAP operating EPS of $2.10 (or $2.32 excluding significant variances), representing 19% and 13% growth year-over-year, respectively.
Returned $398 million of capital in the quarter—$225 million through share repurchases and $173 million via dividends—and raised the Q4 2025 dividend by 1¢ to $0.79 per share (an 8% increase YoY).
Assets under management reached $784.3 billion with net cash inflows of $0.4 billion, and assets under administration totaled $1.7925 trillion.
Maintained a strong financial position with $1.6 billion of excess and available capital.

Oct 27, 2025, 8:31 PM

8-K

Principal Financial Group reports third quarter 2025 results

PFG

Earnings

Dividends

Share Buyback

Principal reported GAAP net income attributable to PFG of $213.8 million, or $0.95 per share, versus a loss in 3Q 2024.
Non-GAAP operating earnings were $473.7 million or $2.10 per diluted share, up 15% and 19%, respectively, year-over-year; excluding significant variances, EPS was $2.32, up 13%.
Assets under management reached $784.3 billion (+6%) and assets under administration were $1.79 trillion (+6%), with net AUM cash flow of $0.4 billion.
Returned $398 million of capital to shareholders (including $225 million in share repurchases and $173 million in dividends) and raised the Q4 2025 dividend to $0.79 per share, up 8% year-over-year.

Oct 27, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for PRINCIPAL FINANCIAL GROUP.

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