MET · Q2 2026 Earnings

Bullish

MetLife

Reported August 5, 2026

30-second summary

Adjusted EPS of $2.43 grew ~20% YoY versus the $2.02 Q2-2025 print that management had famously ringfenced as not showing "full earnings power," and adjusted ROE of 17.0% sits at the top of the 15–17% New Frontier band for a second consecutive quarter. RIS revenue +28% YoY and Latin America +16% carry the print; Group Non-Medical Health interest-adjusted benefit ratio at 73.9% is now inside the 70–75% FY target after Q1's 75.8% overshoot — the transitory framing held. No transcript was available, so tone and Q&A are unreadable this quarter, and no fresh forward guide was disclosed in the QFS.

Headline numbers

EPS

Q2 FY2026

$2.43

Revenue

Q2 FY2026

$13.65B

+7.1% YoY

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$13.65B	$12.75B	+7.1%	$14.31B	-4.6%
EPS	$2.43	$2.02	+20.3%	$2.42	+0.4%

Guidance

No forward guidance issued this quarter; unable to assess guidance changes.

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Group Benefits	$6.51B	$6.446B	+1.0%
RIS	$1.77B	$1.355B	+30.6%
ASIA	$1.7B	—	—
LATIN AMERICA	$1.9B	—	+16.3%
EMEA	$0.81B	$0.719B	+12.7%

Capital & returns

Q2 FY2026

Segment	Q2 FY2026
Adjusted Book Value Per Share	$57.71
Book Value Per Share (GAAP)	$38.59

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted Return on Common Stockholders' Equity	17.0%	14.6%	—
Return on Common Stockholders' Equity (GAAP)	11.5%	—	—
Expense Ratio	21.7%	—	—
Adjusted Expense Ratio	20.0%	19.3%	—
Group Life Mortality Ratio	79.0%	83.0%	—
Group Non-Medical Health Interest Adjusted Benefit Ratio	73.9%	74.8%	—

Management tone

No transcript was available for Q2-2026; tone analysis cannot be performed against the QFS alone. The narrative arc through Q1 — Q2-2025 cautious carve-out → Q3-2025 narrative repair → Q4-2025 conviction with segment guide → Q1-2026 year-two acceleration — remains the operative frame, and the Q2-2026 print (ROE at 17.0%, Non-Medical Health inside band, adjusted EPS +20% YoY) is consistent with that trajectory rather than a break from it. A directional tone assessment will resume when the transcript is available.

Answers to last quarter's watch list

Q2 Non-Medical Health benefit ratio trajectory after Q1's 75.8% print — Q2 printed at 73.9%, a 190bp sequential improvement and inside the 70–75% FY target band. The transitory framing (seasonal dental, PFL-driven disability normalization, flat LTD severity) held.

Resolved positively

First quantified Mexico rate-action mitigation against the LATAM VAT drag — LATAM revenue +16.3% YoY continues to run strong, but no standalone rate-action mitigation figure is disclosed in the QFS and no transcript is available. The 2026 $50–60M LATAM earnings headwind remains an unresolved bottom-line adjustment.

Continue monitoring

RIS core spread in Q2 against "close to Q1 with modest improvement" — Not disclosed in the QFS at the level of granularity needed; RIS revenue +28% YoY is not a spread readthrough. Without transcript, cannot verify against the 100–120bps FY total-spread band or the 95bps Q1 core ex-VII.

Not resolved

First disclosed Chariot Re third-party-originated transaction — Not addressed in the QFS. Absence through Q2 (1H) keeps the platform-vs-internal-vehicle question open, exactly as flagged.

Continue monitoring

Whether the $750M Q1 private equity divestiture is followed by additional opportunistic disposals — Not disclosed in the QFS.

Continue monitoring

EMEA quarterly earnings trajectory toward the mid-to-upper end of the $90–100M run rate — EMEA revenue +12.4% YoY confirms continued top-line momentum, but Q2 segment earnings figure not extracted. Continue watching whether a second sequential print above $100M forces a run-rate reset.

Continue monitoring

What to watch into next quarter

Whether Non-Medical Health stays inside 70–75% for a third consecutive move — Q1 75.8% → Q2 73.9%. A Q3 print at or below 73% would fully close the disability-stress question raised at the Q1 print and validate the 2026 target band.

RIS core spread ex-VII in Q3 versus the 100–120bps total-spread guide — the underlying Q2 spread trajectory could not be confirmed from the QFS this quarter; a transcript in Q3 with core ex-VII disclosed is the metric to anchor on.

First quantified Mexico rate-action mitigation — the $50–60M FY2026 LATAM headwind has now been on the watch list for three consecutive quarters without a mitigation number. Q3 is the last opportunity before FY setup crystallizes.

First disclosed Chariot Re third-party-originated transaction — through 1H FY2026 without a third-party deal, the platform question meaningfully re-opens; if 2H opens the same way, the "Chariot Re as capital-relief vehicle" read hardens.

EMEA Q3 quarterly earnings vs the $90–100M FY run-rate band — a second sequential print above $100M (Q1 was $110M) would warrant a guide reset; run-rate math from the Q2 QFS is not sufficient to confirm.

MIM Q2 standalone earnings against the $240–280M FY 2026 band — Q1 printed $47M, tracking to the lower end of the annual band with expected 2H improvement. Q2 progression not extracted; watch whether the FY glide path holds.

Sources

MetLife Q2 2026 Quarterly Financial Supplement, SEC filing — https://www.sec.gov/Archives/edgar/data/1099219/000109921926000048/ex992qfs8kdoc.htm
MetLife Q1 2026 Quarterly Financial Supplement (for prior-period comparison) — https://www.sec.gov/Archives/edgar/data/1099219/000109921926000032/ex992qfsq126.htm

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