Principal Financial Group (PFG) 10-K Summaries & Annual Filing History
Review Principal Financial Group, Inc. (PFG) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Principal Financial Group reported a decrease in revenue for the latest annual period, while net income and operating cash flow remained positive. The company continues to face regulatory oversight across multiple jurisdictions as it expands globally.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$15.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.2B
Net income reported for the year.
Operating cash flow
$4.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $17.5B | +21.5% |
| Dec 31, 2023 | $13.7B | -22.1% |
| Dec 31, 2024 | $16.1B | +18.0% |
| Dec 31, 2025 | $15.6B | -3.1% |
Business overview
Principal Financial Group is a holding company whose subsidiaries are engaged in insurance, investment advisory, and broker-dealer services. Its insurance companies are primarily regulated by state insurance departments, with Principal Life and PNLIC domiciled in Iowa. The company is subject to U.S. federal, state, and non-U.S. regulatory and tax laws, and its parent holding company is not licensed as an insurer or other regulated entity but is regulated as an insurance holding company.
Financial performance
Revenue for the latest annual period was reported at a level lower than the prior year, following a pattern of fluctuation over recent periods. Net income and operating cash flow were both positive for the period, though operating income was not disclosed.
Material risks
The company is subject to extensive regulation by U.S. federal, state, and non-U.S. authorities, and changes in laws or regulatory actions could materially affect operations. As the company expands globally, it must comply with laws in jurisdictions where it sells products, even without a physical presence. The parent holding company's status as an unlicensed entity may expose it to additional regulatory scrutiny.
Liquidity and capital
The filing discusses liquidity and capital resources in the context of financial strength and credit ratings, but no specific capital allocation actions or plans are detailed in the supplied context.
What to watch
Monitor any changes in regulatory requirements across the jurisdictions where the company operates, particularly those affecting insurance holding companies.