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PFG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 6.4% y/y to $3.91B, pre-tax margin 12.7% vs 13.7%, net income $403M (−0.7% y/y).
Net income attributable to Principal Financial Group, Inc.
$403M
down 0.7% y/y
Total revenues
$3,906M
up 6.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues | $3,906 · +6.4% |
| Benefits, claims and settlement expenses | $1,992 · +8.3% |
| Liability for future policy benefits remeasurement (gain) loss | $7.4 · vs −$4.3 |
| Market risk benefit remeasurement (gain) loss | $14.5 · vs −$14.3 |
| Dividends to policyholders | $23.9 · +4.4% |
| Operating expenses | $1,401 · +8.1% |
| Income before income taxes | $496 · −1.4% · 12.7% margin |
| Income taxes | $66 · −5.2% · 13.3% effective rate |
| Net income attributable to noncontrolling interest | $26.9 · −1.5% |
| Net income attributable to Principal Financial Group, Inc. | $403 · −0.7% · $1.84/sh · 10.3% margin |
Verdict: revenue grew 6.4% y/y to $3.91B, pre-tax margin 12.7% vs 13.7%, net income $403M (−0.7% y/y).
Diluted EPS $1.84 vs $1.79 a year earlier; non-GAAP operating earnings per share $2.50, up 16%; assets under management $808 billion within assets under administration of $1.9 trillion; $427 million returned to shareholders; third-quarter dividend raised to $0.84 per share.
Source and notation
Source: Principal Financial Form 10-Q filed 07/29/2026 (SEC EDGAR); results date from the 8-K of 07/27/2026. The press release has no income statement, so every figure was matched against the income statement in the 10-Q and checked against the company's 10-Q.
Open as an image: PFG, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “PFG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pfg/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pfg/q2-2026"><img src="https://whoreportstoday.com/t/pfg/q2-2026/sankey.png" alt="PFG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pfg/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/pfg/q2-2026">PFG Q2 2026 earnings chart (Who Reports Today)</a>
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- GAAP net income attributable to PFG was flat at $403.4M, while non-GAAP net income excluding the exited business rose 24% to $535.0M — the difference is mainly results of businesses Principal has exited.
- Pre-tax income was $496M, a 12.7% margin vs 13.7% a year earlier.
- The effective tax rate was 13.3% vs 13.8% a year earlier.
- Diluted EPS was $1.84 vs $1.79 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
PFG — Principal Financial Group provides retirement plans, asset management (Principal Asset Management) and insurance for individuals and small and midsized businesses in the U.S. and abroad.
Headquarters: Des Moines, Iowa.
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