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Corebridge Financial Inc. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue fell 1.2% in FY25, net margin −2.1%.
The lines that matter · FY21–FY25
Revenue ($M)▼1.2%
18,481.0
FY21→FY25CAGR −5.6%/yr
Net income ($M)—
−390.0
one-off year: see footnoteCAGR —
Diluted EPS—
−0.68
FY21→FY25CAGR —
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
-2¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 68.2% → 55.8%. Net margin -2.1% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 20,061.0 | 18,481.0 | 18,707.0 | 18,800.0 | 24,697.0 | 23,257.0 | ▼1.2% | −5.6% |
Cost of revenue | 7,828.0 | 8,173.0 | 6,632.0 | 9,362.0 | 6,720.0 | 7,387.0 | ▲23.2% | +2.6% |
Gross profit | 12,233.0 | 10,308.0 | 12,075.0 | 9,438.0 | 17,977.0 | 15,870.0 | ▼14.6% | −10.2% |
Selling, general & admin | 1,893.0 | 2,002.0 | 2,016.0 | 2,282.0 | 2,323.0 | 2,104.0 | ▼0.7% | −1.2% |
Total operating expenses | 3,567.0 | 3,880.0 | 3,950.0 | 4,173.0 | 4,177.0 | 4,000.0 | ▼1.8% | −0.8% |
Operating incomefeeds ROC rank | 8,666.0 | 6,428.0 | 8,125.0 | 5,265.0 | 13,800.0 | 11,870.0 | ▼20.9% | −14.2% |
Other income, net | −7,588.0 | −6,969.0 | −5,322.0 | −4,325.0 | −3,309.0 | −616.0 | — | — |
Pretax income | 1,078.0 | −541.0 | 2,803.0 | 940.0 | 10,491.0 | 11,254.0 | — | — |
Income tax | 202.0 | −151.0 | 600.0 | −96.0 | 2,012.0 | 2,082.0 | — | — |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | 876.0 | −390.0 | 2,203.0 | 1,036.0 | 8,479.0 | 9,172.0 | — | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 1.56 | −0.68 | 3.72 | 1.71 | 12.60 | 0.00 | — | — |
Diluted shares (mn) | 454.20 | 539.30 | 599.20 | 645.20 | 647.40 | — | ▼10.0% | −5.9% |
| Margins | ||||||||
Gross margin44th pct in Financial Services | 61.0% | 55.8% | 64.5% | 50.2% | 72.8% | 68.2% | ▼8.8pp | −12.5pp |
Operating margin | 43.2% | 34.8% | 43.4% | 28.0% | 55.9% | 51.0% | ▼8.7pp | −16.3pp |
Net margin10th pct in Financial Services | 4.4% | −2.1% | 11.8% | 5.5% | 34.3% | 39.4% | ▼13.9pp | −41.5pp |
† TTM = trailing four quarters through 2026-06-30.FY23 effective tax rate was −10% vs a 19% norm for this window, likely a one-time item; see the filing.FY25 effective tax rate was 28% vs a 19% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-11 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.