BHFAOHIGH SIGNALMANAGEMENT10-K

Brighthouse Financial has agreed to be acquired for $70.00 per share in cash, representing a definitive merger agreement that will take the company private.

This merger agreement represents a complete exit opportunity for shareholders at a fixed cash price of $70.00 per share. The transaction eliminates ongoing business risk and market volatility exposure, converting equity holdings into a near-term cash payment subject to standard closing conditions and regulatory approvals.

Comparing 2026-02-24 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The company delivered strong financial performance in its final year as a public entity, with revenue growing substantially to $6.8 billion and net income increasing modestly to $433 million. Share buyback activity was meaningfully reduced to $102 million as the company likely preserved cash ahead of the pending merger, while stockholders' equity expanded to $6.8 billion, reflecting the overall business growth and capital accumulation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-59.2%
$250.0M→$102.0M

Buyback activity reduced 59.2% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+43.2%
$4.7B→$6.8B

Strong top-line growth of 43.2% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+36.5%
$5.0B→$6.8B

Equity base grew 36.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+11.6%
$388.0M→$433.0M

Net income grew 11.6% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-28
ADDED
As of February 20, 2026, 57,184,099 shares of the registrant s common stock were outstanding.
Such 2026 Proxy Statement will be filed within 120 days of the registrant s fiscal year ended December 31, 2025.
Form 10-K Summary 209 Glossary 210 Exhibit Index 214 Signatures 218 Tab le of Contents Throughout this Annual Report on Form 10-K, Brighthouse Financial, the Company, we, our and us refer to Brighthouse Financial, Inc.
Pursuant to the Merger Agreement, at the effective time of the Merger (the Effective Time ), each share of our common stock issued and outstanding immediately prior to the Effective Time will be converted into the right to receive $70.00 per share, net in cash, without interest and less any amounts that are required to be deducted or withheld under applicable law.
and global economy, as well as geopolitical events, tariffs imposed or threatened by the U.S.
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REMOVED
As of February 21, 2025, 58,060,494 shares of the registrant s common stock were outstanding.
Such 2025 Proxy Statement will be filed within 120 days of the registrant s fiscal year ended December 31, 2024.
with over 2.2 million annuity contracts and insurance policies in force at December 31, 2024.
We earned fees and charges on our variable annuity contracts that invest through a separate account of $2.6 billion, net of pass-through amounts, for both years ended December 31, 2024 and 2023.
A portion of the investment management fees charged on proprietary funds managed by subadvisors unaffiliated with us are paid by us to such subadvisors.
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