AXA SA

CS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AXA Earnings: In Line With Better Underlying Performance; Shares Undervalued

Henry Heathfield

Feb 26, 2026

For 2025, AXA's results are in line, with underlying earnings of EUR 8.368 billion versus the EUR 8.359 billion company-compiled consensus. However, the company has delivered ahead of what we were forecasting.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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AXA SA

AXA Earnings: In Line With Better Underlying Performance; Shares Undervalued

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