MetLife reported Q2 2025 revenue of $17.18 billion, marking a YoY decline of 1.8% and a QoQ decrease of 5.95%. Despite the revenue headwinds, the company delivered a solid gross margin of 26.4% and an operating margin of 5.71%, with operating income of $0.98 billion and net income of $0.729 billion (EPS of $1.04). Profitability trends reflect a compression in operating efficiency versus prior periods, evidenced by a 18.5% YoY drop in operating income and a 22.9% decline in net income. The company also posted a diluted EPS of $1.03. On the balance sheet, MetLife exhibits substantial liquidity with cash and cash equivalents of $22.18 billion and a large asset base, supporting a net cash position (net debt) of approximately -$2.27 billion. Free cash flow for the quarter was robust at $2.19 billion, underscoring a strong cash-generating capability that funds dividends and buybacks while maintaining a conservative leverage profile. The LTM revenue stands near $72.18 billion with an estimated LTM diluted EPS around $1.48, consistent with a resilient but mature insurance franchise.