Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue by segment

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:



	Three Months Ended June 30, 2025
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	515	$	—	$	—	$	515	$	—	$	515
Institutional	—		131		—		—		131		—		131
Model delivery	—		23		—		—		23		—		23
Advisory fees	1,517		—		—		—		1,517		—		1,517
Financial planning fees	120		—		—		—		120		—		120
Transaction and other fees	100		50		12		—		162		—		162
Total management and financial advice fees	1,737		719		12		—		2,468		—		2,468
Distribution fees:
Mutual funds	212		53		—		—		265		—		265
Insurance and annuity	258		38		81		—		377		—		377
Off-balance sheet brokerage cash	25		—		—		—		25		—		25
Other products	108		—		—		—		108		—		108
Total distribution fees	603		91		81		—		775		—		775
Other revenues	71		3		—		1		75		—		75
Total revenue from contracts with customers	2,411		813		93		1		3,318		—		3,318
Revenue from other sources (1)	511		17		843		123		1,494		44		1,538
Total segment gross revenues	2,922		830		936		124		4,812		44		4,856
Banking and deposit interest expense	(115)		—		—		(8)		(123)		—		(123)
Total segment net revenues	2,807		830		936		116		4,689		44		4,733
Elimination of intersegment revenues	(228)		(25)		(108)		7		(354)		(4)		(358)
Total net revenues	$	2,579	$	805	$	828	$	123	$	4,335	$	40	$	4,375



	Three Months Ended June 30, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	522	$	—	$	—	$	522	$	—	$	522
Institutional	—		140		—		—		140		—		140
Model delivery (2)	—		21		—		—		21		—		21
Advisory fees	1,361		—		—		—		1,361		—		1,361
Financial planning fees	110		—		—		—		110		—		110
Transaction and other fees	100		52		16		—		168		—		168
Total management and financial advice fees	1,571		735		16		—		2,322		—		2,322
Distribution fees:
Mutual funds	199		56		—		—		255		—		255
Insurance and annuity	260		40		84		—		384		—		384
Off-balance sheet brokerage cash	40		—		—		—		40		—		40
Other products	109		—		—		—		109		—		109
Total distribution fees	608		96		84		—		788		—		788
Other revenues	66		—		—		1		67		—		67
Total revenue from contracts with customers	2,245		831		100		1		3,177		—		3,177
Revenue from other sources (1)	571		17		828		117		1,533		51		1,584
Total segment gross revenues	2,816		848		928		118		4,710		51		4,761
Banking and deposit interest expense	(172)		—		—		(7)		(179)		—		(179)
Total segment net revenues	2,644		848		928		111		4,531		51		4,582
Elimination of intersegment revenues	(236)		(23)		(108)		7		(360)		(2)		(362)
Total net revenues	$	2,408	$	825	$	820	$	118	$	4,171	$	49	$	4,220


	Six Months Ended June 30, 2025
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	1,045	$	—	$	—	$	1,045	$	—	$	1,045
Institutional	—		265		—		—		265		—		265
Model delivery	—		45		—		—		45		—		45
Advisory fees	3,032		—		—		—		3,032		—		3,032
Financial planning fees	230		—		—		—		230		—		230
Transaction and other fees	194		100		27		—		321		—		321
Total management and financial advice fees	3,456		1,455		27		—		4,938		—		4,938
Distribution fees:
Mutual funds	426		108		—		—		534		—		534
Insurance and annuity	501		77		163		—		741		—		741
Off-balance sheet brokerage cash	61		—		—		—		61		—		61
Other products	228		—		—		—		228		—		228
Total distribution fees	1,216		185		163		—		1,564		—		1,564
Other revenues	140		8		—		1		149		—		149
Total revenue from contracts with customers	4,812		1,648		190		1		6,651		—		6,651
Revenue from other sources (1)	1,019		28		1,672		235		2,954		93		3,047
Total segment gross revenues	5,831		1,676		1,862		236		9,605		93		9,698
Banking and deposit interest expense	(242)		—		—		(16)		(258)		—		(258)
Total segment net revenues	5,589		1,676		1,862		220		9,347		93		9,440
Elimination of intersegment revenues	(450)		(51)		(217)		15		(703)		(8)		(711)
Total net revenues	$	5,139	$	1,625	$	1,645	$	235	$	8,644	$	85	$	8,729



	Six Months Ended June 30, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	1,052	$	—	$	—	$	1,052	$	—	$	1,052
Institutional	—		281		—		—		281		—		281
Model delivery (2)	—		39		—		—		39		—		39
Advisory fees	2,664		—		—		—		2,664		—		2,664
Financial planning fees	222		—		—		—		222		—		222
Transaction and other fees	194		102		30		—		326		—		326
Total management and financial advice fees	3,080		1,474		30		—		4,584		—		4,584
Distribution fees:
Mutual funds	395		112		—		—		507		—		507
Insurance and annuity	507		79		168		—		754		—		754
Off-balance sheet brokerage cash	90		—		—		—		90		—		90
Other products	214		—		—		—		214		—		214
Total distribution fees	1,206		191		168		—		1,565		—		1,565
Other revenues	126		5		—		1		132		—		132
Total revenue from contracts with customers	4,412		1,670		198		1		6,281		—		6,281
Revenue from other sources (1)	1,143		33		1,642		246		3,064		100		3,164
Total segment gross revenues	5,555		1,703		1,840		247		9,345		100		9,445
Banking and deposit interest expense	(351)		—		—		(15)		(366)		—		(366)
Total segment net revenues	5,204		1,703		1,840		232		8,979		100		9,079
Elimination of intersegment revenues	(461)		(47)		(214)		14		(708)		(5)		(713)
Total net revenues	$	4,743	$	1,656	$	1,626	$	246	$	8,271	$	95	$	8,366

(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

(2) Current year disclosure has been expanded to separately state model delivery revenue. Prior periods have been updated to conform to current year presentation.