F&G Annuities & Life, Inc. (FG) · Oct 5, 2026 · Earnings

F&G Q3 earnings warning: alternative income falls short

Miss — $47–57M alternative income; $70M pre-tax below the 12% long-term benchmark

F&G issued a preliminary Q3 earnings warning: alternative-investment income is tracking well below its 12% long-term return target.

F&G is growing annuity, life-insurance and pension-risk-transfer assets while shifting toward a more fee-based, higher-margin, less capital-intensive model. Its retained portfolio was about $56 billion at midyear, with alternative investments representing roughly 8% of that portfolio; the company has already warned that alternative returns can create meaningful quarter-to-quarter earnings volatility.

Metric	Q3 2026 preliminary	Benchmark / comparison
Alternative-investment income	$47M–$57M pre-tax (Item 2.02 disclosure)	$70M pre-tax below management’s 12% long-term expected return
Annualized return	Approximately 5% (Item 2.02 disclosure)	12% long-term expected return
Prior-quarter alternative-investment income	$49M (Q2 2026 results)	6% annualized return in Q2

The immediate message is an earnings shortfall, not an operating collapse. F&G estimates third-quarter alternative-investment income at $47 million to $57 million pre-tax. The midpoint implies an annualized return of about 5%, materially below the 12% long-term assumption. 〔0〕

The weakness is concentrated in a volatile earnings component. The filing says alternative-investment income includes mark-to-market movements from limited partnerships, unconsolidated affiliates and certain company-owned life-insurance investments, many reported with a one-quarter lag. That makes this a hit to near-term adjusted earnings rather than clear evidence that annuity sales, fee income or core underwriting economics have deteriorated.

Still, the gap is large enough to reset the quarter’s earnings setup. Management quantifies the shortfall at $70 million pre-tax and $55 million after tax versus its long-term return assumption. The direction was partly known because Q2 alternative returns were also below the long-term benchmark, but the new disclosure confirms another quarter in which portfolio marks will weigh materially on reported profitability.

The next earnings release matters because this is not the full result. F&G has not completed its financial close, and the estimate excludes the rest of the income statement, sales, capital position and any potential offsets from core operations. Full third-quarter results are scheduled for November 5, with further detail expected on the November 6 earnings call. 〔1〕

Bottom line: This is a meaningful near-term earnings negative driven by alternative-asset returns, not yet a verdict on F&G’s underlying insurance franchise. The business story remains intact, but the quarter will likely carry a sizable investment-income drag versus its long-term earnings framework.

What to watch next

Q3 earnings release November 5; earnings call November 6

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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F&G Q3 earnings warning: alternative income falls short

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