Empower Delivers Record Earnings of $1.1 billion as Workplace and Wealth Businesses Accelerate

Executive Summary

• Empower reported record base earnings of $1.1 billion for FY 2025, up 11% year‑over‑year and 17% growth in Q4 2025.
• Average assets under administration (AUA) grew 12% in the Workplace Solutions unit and 23% in Personal Wealth; total AUA now exceeds $2 trillion for over 19.5 million individuals.
• The company added roughly 500,000 net new plan participants in 2025 (≈3% increase) and achieved a record pre‑tax base operating margin in Empower Personal Wealth.

Key Details

• Base earnings FY 2025: $1.1 billion, +11% vs. 2024.
• Q4 2025 base earnings growth: 17% versus prior quarter.
• Base return on equity (ROE) increased from ~18.1% to 20.1%.
• Workplace Solutions generated $23 billion in net plan flows for 2025; expects positive net flows in 2026.
• Net new assets growth: 14% in 2025, driven by strong sales and client retention.
• Average AUA growth:
• Workplace Solutions unit: 12% YoY.
• Personal Wealth unit: 23% YoY.
• Total AUA now $2 trillion, serving 19.5 million individuals.
• Employer‑sponsored retirement plans managed: ~89,000 plans for 61,000 employers.
• Net new plan participants added in 2025: ≈500,000 (3% increase).
• CEO Edmund F. Murphy III highlighted continued focus on expense discipline, operational efficiency, and expanding access to financial advice as drivers of growth.

Notable Quotes

“At the center of Empower’s growth strategy is expanding access to financial advice and helping more people navigate increasingly complex financial decisions,” – Edmund F. Murphy III, President & CEO.

“The momentum we built throughout 2025 positions Empower well for continued growth as we enter 2026,” – Murphy.