Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($)
$ in Millions |
12 Months Ended |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Revenue disaggregated by segment |
|
|
|
| Total revenues |
$ 18,911
|
$ 17,926
|
$ 16,096
|
| Banking and deposit interest expense |
(431)
|
(662)
|
(561)
|
| Total net revenues |
18,480
|
17,264
|
15,535
|
| Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
11,109
|
10,143
|
8,907
|
| Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
2,117
|
2,060
|
1,931
|
| Reportable segments |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
14,111
|
13,041
|
11,579
|
| Revenue from other sources |
6,097
|
6,173
|
5,707
|
| Total revenues |
20,208
|
19,214
|
17,286
|
| Banking and deposit interest expense |
(464)
|
(692)
|
(581)
|
| Total net revenues |
19,744
|
18,522
|
16,705
|
| Reportable segments | Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
10,573
|
9,591
|
8,372
|
| Reportable segments | Asset Management: Retail |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
2,170
|
2,132
|
1,959
|
| Reportable segments | Asset Management: Institutional |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
671
|
618
|
612
|
| Reportable segments | Asset Management: Model delivery |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
95
|
82
|
65
|
| Reportable segments | Advisory fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
6,481
|
5,634
|
4,687
|
| Reportable segments | Financial planning fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
496
|
470
|
426
|
| Reportable segments | Transaction and other fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
660
|
655
|
623
|
| Reportable segments | Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
3,241
|
3,182
|
2,960
|
| Reportable segments | Mutual funds |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
1,117
|
1,049
|
932
|
| Reportable segments | Insurance and annuity |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
1,538
|
1,538
|
1,373
|
| Reportable segments | Off-balance sheet brokerage cash |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
102
|
154
|
316
|
| Reportable segments | Other products |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
484
|
441
|
339
|
| Reportable segments | Other revenues |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
297
|
268
|
247
|
| Reportable segments | Advice & Wealth Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
10,170
|
9,200
|
7,985
|
| Revenue from other sources |
2,002
|
2,242
|
1,994
|
| Total revenues |
12,172
|
11,442
|
9,979
|
| Banking and deposit interest expense |
(431)
|
(662)
|
(561)
|
| Total net revenues |
11,741
|
10,780
|
9,418
|
| Reportable segments | Advice & Wealth Management | Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
7,371
|
6,492
|
5,485
|
| Reportable segments | Advice & Wealth Management | Asset Management: Retail |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Advice & Wealth Management | Asset Management: Institutional |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Advice & Wealth Management | Asset Management: Model delivery |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Advice & Wealth Management | Advisory fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
6,481
|
5,634
|
4,687
|
| Reportable segments | Advice & Wealth Management | Financial planning fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
496
|
470
|
426
|
| Reportable segments | Advice & Wealth Management | Transaction and other fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
394
|
388
|
372
|
| Reportable segments | Advice & Wealth Management | Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
2,520
|
2,453
|
2,273
|
| Reportable segments | Advice & Wealth Management | Mutual funds |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
890
|
821
|
723
|
| Reportable segments | Advice & Wealth Management | Insurance and annuity |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
1,044
|
1,037
|
895
|
| Reportable segments | Advice & Wealth Management | Off-balance sheet brokerage cash |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
102
|
154
|
316
|
| Reportable segments | Advice & Wealth Management | Other products |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
484
|
441
|
339
|
| Reportable segments | Advice & Wealth Management | Other revenues |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
279
|
255
|
227
|
| Reportable segments | Asset Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
3,541
|
3,440
|
3,214
|
| Revenue from other sources |
80
|
75
|
64
|
| Total revenues |
3,621
|
3,515
|
3,278
|
| Banking and deposit interest expense |
0
|
0
|
0
|
| Total net revenues |
3,621
|
3,515
|
3,278
|
| Reportable segments | Asset Management | Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
3,142
|
3,039
|
2,831
|
| Reportable segments | Asset Management | Asset Management: Retail |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
2,170
|
2,132
|
1,959
|
| Reportable segments | Asset Management | Asset Management: Institutional |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
671
|
618
|
612
|
| Reportable segments | Asset Management | Asset Management: Model delivery |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
95
|
82
|
65
|
| Reportable segments | Asset Management | Advisory fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Asset Management | Financial planning fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Asset Management | Transaction and other fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
206
|
207
|
195
|
| Reportable segments | Asset Management | Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
384
|
388
|
363
|
| Reportable segments | Asset Management | Mutual funds |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
227
|
228
|
209
|
| Reportable segments | Asset Management | Insurance and annuity |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
157
|
160
|
154
|
| Reportable segments | Asset Management | Off-balance sheet brokerage cash |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Asset Management | Other products |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Asset Management | Other revenues |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
15
|
13
|
20
|
| Reportable segments | Retirement & Protection Solutions |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
397
|
401
|
380
|
| Revenue from other sources |
3,558
|
3,372
|
3,096
|
| Total revenues |
3,955
|
3,773
|
3,476
|
| Banking and deposit interest expense |
0
|
0
|
0
|
| Total net revenues |
3,955
|
3,773
|
3,476
|
| Reportable segments | Retirement & Protection Solutions | Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
60
|
60
|
56
|
| Reportable segments | Retirement & Protection Solutions | Asset Management: Retail |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Asset Management: Institutional |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Asset Management: Model delivery |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Advisory fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Financial planning fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Transaction and other fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
60
|
60
|
56
|
| Reportable segments | Retirement & Protection Solutions | Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
337
|
341
|
324
|
| Reportable segments | Retirement & Protection Solutions | Mutual funds |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Insurance and annuity |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
337
|
341
|
324
|
| Reportable segments | Retirement & Protection Solutions | Off-balance sheet brokerage cash |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Other products |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Retirement & Protection Solutions | Other revenues |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
3
|
0
|
0
|
| Revenue from other sources |
457
|
484
|
553
|
| Total revenues |
460
|
484
|
553
|
| Banking and deposit interest expense |
(33)
|
(30)
|
(20)
|
| Total net revenues |
427
|
454
|
533
|
| Reportable segments | Corporate & Other | Management and financial advice fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Asset Management: Retail |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Asset Management: Institutional |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Asset Management: Model delivery |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Advisory fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Financial planning fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Transaction and other fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Distribution fees |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Mutual funds |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Insurance and annuity |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Off-balance sheet brokerage cash |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Other products |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
0
|
0
|
0
|
| Reportable segments | Corporate & Other | Other revenues |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from contracts with customers |
3
|
0
|
0
|
| Non-operating |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from other sources |
202
|
196
|
160
|
| Total revenues |
202
|
196
|
160
|
| Total net revenues |
202
|
196
|
160
|
| Operating segments and non-operating |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Revenue from other sources |
6,299
|
6,369
|
5,867
|
| Total revenues |
20,410
|
19,410
|
17,446
|
| Total net revenues |
19,946
|
18,718
|
16,865
|
| Intersegment eliminations |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(1,451)
|
(1,443)
|
(1,318)
|
| Intersegment eliminations | Advice & Wealth Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(936)
|
(935)
|
(847)
|
| Intersegment eliminations | Asset Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(103)
|
(96)
|
(79)
|
| Intersegment eliminations | Retirement & Protection Solutions |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(443)
|
(441)
|
(411)
|
| Intersegment eliminations | Corporate & Other |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
31
|
29
|
19
|
| Segment reconciling items |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(15)
|
(11)
|
(12)
|
| Eliminations And Reconciling Items |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
(1,466)
|
(1,454)
|
(1,330)
|
| Operating segments excluding intersegment elimination |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
18,293
|
17,079
|
15,387
|
| Operating segments excluding intersegment elimination | Advice & Wealth Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
10,805
|
9,845
|
8,571
|
| Operating segments excluding intersegment elimination | Asset Management |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
3,518
|
3,419
|
3,199
|
| Operating segments excluding intersegment elimination | Retirement & Protection Solutions |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
3,512
|
3,332
|
3,065
|
| Operating segments excluding intersegment elimination | Corporate & Other |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
458
|
483
|
552
|
| Corporate and reconciling items |
|
|
|
| Revenue disaggregated by segment |
|
|
|
| Total net revenues |
$ 187
|
$ 185
|
$ 148
|