MetLife Q2 FY2026: adjusted EPS up 20%, GAAP net income up 1%
MetLife's second quarter of fiscal 2026 was a strong operating quarter behind a flat-looking headline: adjusted earnings per share rose 20.3% to $2.43 and beat the $2.3159 consensus, while GAAP net income of $705 million was only 1% higher than a year ago. Read the adjusted lines for how the businesses performed, and the GAAP lines for what markets did to the portfolio.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.09 versus $1.03, a 5.8% increase, while adjusted EPS rose 20.3% to $2.43 and beat the $2.3159 analyst estimate by roughly 4.9%. That gap is the story: adjusted earnings of $1.57 billion strip out $428 million of net investment losses and $772 million of net derivative losses before tax. Adjusted EPS is 122.9% above GAAP EPS, so $1.34 per share of the difference comes from items management calls non-operating.
Total revenues were $19.15 billion, up 10.5% from $17.34 billion a year earlier, and premiums, fees and other revenues rose 7.1% to $13.65 billion. The segment table sums to $13.00 billion, essentially matching the $13.0 billion of adjusted premiums, fees and other revenues excluding pension risk transfers that management highlights. One warning: the machine-readable revenue field attached to this filing says $724 million, which does not match the press release at all.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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