Direct Answer
Principal Financial Group reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Segment Retirement and Income Solutions is the largest, with $8.2 billion of revenue (52% of the total), followed by Segment Benefits and Protection at $5.0 billion (32%).
How Does Principal Financial Group Make Money?
No single line supplies a majority of revenue: the largest, Segment Retirement and Income Solutions, is 52%, which spreads Principal Financial Group's exposure across several demand drivers. Between fiscal 2024 and 2025, Segment Corporate grew fastest (+31.8%) and Segment Principal Asset Management slowest (+0.7%), so the revenue mix tilts toward Segment Corporate while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Segment Retirement and Income Solutions | $8.2 billion | $8.0 billion | 52.4% | 2.6% |
| Segment Benefits and Protection | $5.0 billion | $4.8 billion | 31.8% | 3.7% |
| Segment Principal Asset Management | $2.8 billion | $2.8 billion | 18.0% | 0.7% |
| Segment Corporate | $101 million | $77 million | 0.6% | 31.8% |
What the Segment Figures Do Not Show
The rows above add up to 103% of Principal Financial Group's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Principal Financial Group reported in the segment note and revenue disclosures of its Form 10-K filed February 18, 2026 (accession 0001104659-26-017031), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Principal Financial Group's business segments?
In its fiscal 2025 Form 10-K, Principal Financial Group reports revenue for Segment Retirement and Income Solutions, Segment Benefits and Protection, Segment Principal Asset Management and Segment Corporate.
Which part of Principal Financial Group brings in the most revenue?
Segment Retirement and Income Solutions, with $8.2 billion of revenue in fiscal 2025, or 52% of the total.
Where does Principal Financial Group report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 18, 2026, alongside management's discussion of each segment's results.