Prudential Financial Inc.
06/18/2026 | Press release | Distributed by Public on 06/18/2026 15:07
Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 11-K
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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FOR THE FISCAL YEAR ENDED December 31, 2025
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 001-16707
______________________________________________________________________________________________
Full title of the plan and the address of the plan, if different from that of the issuer named below:
The Prudential Employee Savings Plan
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Prudential Financial, Inc.
751 Broad Street
Newark, New Jersey 07102
Financial Statements and Exhibits
(a)Financial Statements for the Year Ended December 31, 2025, and Independent Registered Public Accounting Firm's Report.
(b)The financial statements required to be filed hereunder appear commencing at page 3 hereof.
(c)Exhibits
(1)Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm
| The Prudential Employee Savings Plan | ||
| Table of Contents | ||
| December 31, 2025 and 2024 | ||
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Page
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Report of Independent Registered Public Accounting Firm
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1
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Financial Statements
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| Statements of Net Assets Available for Benefits as of December 31, 2025 and December 31, 2024 | |||||
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(Modified Cash Basis)
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3 | ||||
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025 | |||||
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(Modified Cash Basis)
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4 | ||||
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Notes to Financial Statements
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5 | ||||
| Supplemental Information* | |||||
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Schedule H, line 4i - Schedule of Assets (Held at End of Year)
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13 | ||||
* Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA are not included as they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrative Committee of
The Prudential Employee Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits (modified cash basis) of The Prudential Employee Savings Plan (the Plan) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits (modified cash basis) for the year ended December 31, 2025, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits (modified cash basis) of the Plan as of December 31, 2025 and 2024, and the changes in its net assets available for benefits (modified cash basis) for the year ended December 31, 2025, in conformity with the modified cash basis of accounting described in Note 2.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
80 Pine Street
New York, NY 10005
T +1 212 709 4500
F +1 212 709 4680
mitchelltitus.com
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Emphasis-of-Matter-Basis of Accounting
We draw attention to Note 2 of the financial statements, which describes the basis of accounting. The financial statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Supplemental Information
The supplemental information in the accompanying schedule of assets (held at year end) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as the Plan's auditor since 2019.
/s/ Mitchell & Titus, LLP
New York, New York
June 18, 2026
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| The Prudential Employee Savings Plan | ||||||||||||||||||||
| Statements of Net Assets Available for Benefits | ||||||||||||||||||||
| (Modified Cash Basis) | ||||||||||||||||||||
| December 31, 2025 and 2024 | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments at fair value (See Note 3) | $ | 8,251,159,242 | $ | 7,537,476,969 | ||||||||||||||||
| Investments at contract value (See Note 4) | 2,837,577,933 | 3,161,373,107 | ||||||||||||||||||
| Total investments | 11,088,737,175 | 10,698,850,076 | ||||||||||||||||||
| Notes receivable from participants | 25,254,130 | 31,661,402 | ||||||||||||||||||
| Net assets available for benefits | $ | 11,113,991,305 | $ | 10,730,511,478 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
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| The Prudential Employee Savings Plan | ||||||||||||||
| Statement of Changes in Net Assets Available for Benefits | ||||||||||||||
| (Modified Cash Basis) | ||||||||||||||
| Year Ended December 31, 2025 | ||||||||||||||
| Additions to net assets: | ||||||||||||||
| Investment income: | ||||||||||||||
| Net appreciation in fair value of investments | $ | 1,063,846,124 | ||||||||||||
| Interest | 116,356,317 | |||||||||||||
| Dividends | 47,639,900 | |||||||||||||
| Total investment income | 1,227,842,341 | |||||||||||||
| Interest income on notes receivable from participants | 2,139,468 | |||||||||||||
| Contributions: | ||||||||||||||
| Employee | 248,764,835 | |||||||||||||
| Employer | 88,945,315 | |||||||||||||
| Rollover | 55,294,134 | |||||||||||||
| Total contributions | 393,004,284 | |||||||||||||
| Total additions | 1,622,986,093 | |||||||||||||
| Deductions from net assets: | ||||||||||||||
| Benefits paid to participants | 1,239,506,266 | |||||||||||||
| Total deductions | 1,239,506,266 | |||||||||||||
| Net increase | 383,479,827 | |||||||||||||
| Net assets available for benefits: | ||||||||||||||
| Beginning of year | 10,730,511,478 | |||||||||||||
| End of year | $ | 11,113,991,305 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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1. Description of the Plan
The following description of The Prudential Employee Savings Plan (the "Plan" or "PESP") provides only general information. Participants should refer to the Plan documents and Summary Plan Description for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan generally covering all United States employees and statutory agents of The Prudential Insurance Company of America (the "Company") and its participating affiliates. Each eligible employee may enroll in the Plan at any time, starting on their first day of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
Contributions
Employee contributions: Each year, participants may contribute from 1% to 50% of eligible earnings, as defined in the Plan, in any combination of before-tax, Roth 401(k) (after-tax contributions), and/or traditional after-tax contributions. Participants who have attained age 50 by the end of the Plan year are eligible to make catch-up contributions. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4% of eligible compensation, which is characterized as Roth 401(k) and invested in a designated qualified default investment alternative fund, until changed by the participant. Participants may elect to increase, decrease or stop their contributions at any time, subject to the Company's Personal Securities Trading Policy and Internal Revenue Service ("IRS") rules.
Rollover contributions: Participants may contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover). Participants may also elect to rollover all or a portion of their vested Plan account that is then available for distribution or in-service withdrawal into Roth (after-tax) funds. Participants are required to pay income taxes on the amount rolled over and, assuming the applicable holding period and distribution requirements are satisfied, the Roth In-Plan Rollover held in the Plan together with subsequent investment earnings will not be subject to Federal income taxes at the time of distribution. Roth In-Plan Rollovers, totaling $7,036,973 in 2025, are included in "Rollover" and "Benefits paid to participants" in the Statement of Changes in Net Assets Available for Benefits.
Employer contributions: The Company matches 100% of before-tax and Roth 401(k) contributions up to a maximum of 4% of eligible earnings. In addition to matching contributions, the Company may, in its sole discretion, make discretionary contributions in a given plan year to eligible participants. Traditional after-tax and catch-up contributions are not matched.
Contributions are subject to certain limitations imposed by applicable provisions of the Plan and the Internal Revenue Code of 1986, as amended ("IRC"), including compliance with applicable statutory limits and non-discrimination rules.
Participant Accounts
Each participant's account is credited with the participant's contributions and allocations of (a) the employer's matching contributions, and (b) the net earnings of the Plan investment options elected by the participant. Allocations are made pursuant to the terms of the Plan based on the participant's eligible earnings and account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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Vesting
Participants are vested immediately in their before-tax, Roth 401(k), after-tax, and rollover contributions plus earnings thereon. Generally, participants become 100% vested in employer matching contributions upon the completion of three years of vesting service.
Vesting will be accelerated, and participants will be 100% vested in the employer's matching contribution and earnings thereon upon reaching age 65, or as a result of death, or becoming totally disabled while an employee. A participant will be totally disabled for purposes of the Plan if he or she is eligible for long-term disability benefits.
Notes Receivable from Participants
Participants may borrow from their Before-Tax Contribution Account and Before-Tax Rollover Account a minimum of $500 up to a maximum equal to the lesser of $50,000 (reduced by the participant's highest outstanding loan balance during the preceding twelve months in the Plan), 50% of their entire vested Plan account balance, or 100% of the value of the sum of the balance of the participant's Before-Tax Contribution Account and Before-Tax Rollover Account. The loans are secured by the balance in the participant's account.
The loan repayment period may range from one to five years and only one loan is permitted to be outstanding at any time. The loan interest rate, determined quarterly, is set at the prime rate, as defined in the Plan. Repayments of principal and interest related to the loan are credited to the participant's account on a pro-rata basis based on their selected investment options. Special grandfathering rules apply to outstanding loans held by former participants in the Assurance Savings Plan that were transferred to the Plan as part of the plan merger.
Payment of Benefits
When employment with the Company and its affiliates ends, if the value of a vested participant's account is in excess of $7,000, the participant may elect to (a) receive a lump sum distribution equal to the value of the participant's vested interest in his or her account, (b) receive an annuity from the Company in the amount that can be purchased with the vested value in his or her account, (c) receive a combination of a single payment for less than the total vested value of his or her account plus an annuity, (d) receive partial distributions, or (e) delay taking a distribution of the vested value of his or her account until it is required by law. If the value of a terminated vested participant's account is $7,000 or less, the participant may not defer distribution of his or her account.
Actively employed participants can take in-service withdrawals from PESP. The amount available for in-service withdrawals includes amounts credited to a participant's After-Tax Contribution Account, After-Tax Rollover Account, Before-Tax Rollover Account, Roth 401(k) Rollover Account and Prior Company Matching Contributions Account. Participants who have attained age 59½ can also withdraw amounts from their Before-Tax Contribution Account, Roth 401(k) Account, and Roth In-Plan Contribution Account. Withdrawals are subject to a 10% Federal early distribution tax for participants less than 59½ years of age, in addition to the regular income tax that applies, except for After-Tax Contribution amounts. Other penalties may apply to Roth 401(k) and Roth In-Plan Rollover amounts if the withdrawals are not qualified distributions. Special rules apply to former Assurance Savings Plan participants.
Financial hardship withdrawals are available under the Plan. Participants may apply for a hardship withdrawal without first taking a loan from the Plan. To qualify for a hardship withdrawal under the Plan, participants must demonstrate that they need the money to meet an immediate and heavy financial need for which they have no other resources available to them.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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Forfeitures
As of December 31, 2025 and 2024, forfeited non-vested amounts totaled $9,703,665 and $6,701,411, respectively. In accordance with IRS Regulations and the Plan document, these amounts will be used to restore non-vested amounts previously forfeited by rehired participants and to reduce future employer contributions; these amounts will also be used to pay permissible Plan expenses to the extent that the Company has not paid them. During the year ended December 31, 2025, the Company utilized $3,457,658 from forfeited non-vested accounts.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and amend or terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their employer contributions account.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles in the United States of America ("U.S. GAAP"). The modified cash basis of accounting is a cash receipt and disbursement method of accounting unlike U.S. GAAP where information is reported on an accrual basis. However, under the modified basis of accounting investments are stated at their respective fair value or contract value, which is consistent with U.S. GAAP.
Use of Estimates
The preparation of financial statements in accordance with a modified cash basis of accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value (except for the fully benefit-responsive investment contract, which is reported at contract value, see Note 4). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
Purchases and sales of investments are recorded on a trade-date basis. Interest, dividend and other income are recorded when received. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded when received. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2025 or 2024.
Payment of Benefits
Benefits are recorded when paid.
Expenses
In general, the Company pays the expenses of maintaining the Plan. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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receivable from participants are charged directly to the participant's account. Investment related expenses are included in net appreciation of fair value of investments.
Recently Issued Accounting Pronouncements - Not Yet Adopted
Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASU") to the FASB Accounting Standards Codification ("ASC"). The Plan considers the applicability and impact of all ASU. All ASU were assessed and determined to be not applicable or not material to the Plan.
Subsequent Events
The Plan administrator has evaluated events subsequent to December 31, 2025, and through June 18, 2026, the date the financial statements were issued, and determined there have not been any events that occurred that require adjustments to these financial statements and there were no events or transactions that required disclosure other than the Plan spinoff described below.
On January 1, 2026, the account balances of 6,229 active and terminated vested Financial Professionals and Financial Professional Associates and their beneficiaries and alternate payees in the Plan on December 31, 2025, were spun off to create The Prudential Savings Plan for Advisors ("Advisors Savings Plan"). The total value of the account balances transferred from the Plan to the Advisors Savings Plan on January 1, 2026 was $744,433,196. In addition, $591,731 held in the Plan's unallocated forfeiture account was transferred to the Advisors Savings Plan. The spin-off transaction was executed in full compliance with all relevant legal requirements.
3. Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1" measurements), and the lowest priority to unobservable inputs ("Level 3" measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2 Inputs to the valuation methodology include:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable for the asset or liability;
•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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The methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.
Registered Investment Companies - are mutual funds registered with the Securities and Exchange Commission. The investments held by the Plan are deemed to be actively traded and the mutual funds are required to publish their daily net asset values ("NAV") and to transact at that price. The Plan values these investments at the closing price reported by the registered investment companies on the reporting date. Registered investment companies also include Prudential Financial, Inc. ("PFI") common stock which is valued at the closing price of shares on the New York Stock Exchange.
Separately Managed Accounts and Short Term - Investments in separately managed accounts are valued using NAV based on the underlying assets comprised of common stock and registered investment companies. The underlying investments in common stock are valued at the closing price reported on the active market on which the individual securities are traded. Investments in short-term investment funds, are valued using NAV based on the underlying assets in the fund. The NAV is provided by the trustee, transfer agent or other agent of the fund.
Insurance Company Separate Accounts, Common/Collective Trusts - The Plan values these investments at unit value, which is based on the aggregate fair value of the underlying assets (primarily equity securities and bonds) in relation to the total number of units outstanding. The unit value represents the price at which the participant-directed transactions are affected. Unit value is the equivalent of NAV, which is a practical expedient for estimating the fair value of these investments.
As of December 31, 2025 and 2024, there were no unfunded commitments and the redemption frequency was daily on these investment options. The following summarizes the investor-level redemption restrictions for these investments:
| Redemptions | ||||||||
| Investment | Restrictions | |||||||
| Insurance company separate accounts |
Under severe adverse economic conditions, delay up to 6 months. The real estate separate account may delay up to 12 months, if negative impact on other investor.
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| Common/collective trusts |
Withdrawals may be limited to the greater of $2 million or 5% of the value of the assets in the fund.
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For more recent and detailed information on the terms and conditions under which participants may redeem investments, please see the relevant Plan and investment documentation (e.g., prospectus) for each investment.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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The following tables set forth by level, within the fair value hierarchy, the Plan's investments carried at fair value as of December 31, 2025 and 2024:
| Investments at Fair Value as of December 31, 2025 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Registered investment companies | $ | 1,016,399,989 | $ | - | $ | - | $ | 1,016,399,989 | ||||||||||||||||||
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Investments measured at NAV *
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| Separately managed accounts | 1,643,301,356 | |||||||||||||||||||||||||
| Insurance company separate accounts | 3,879,752,579 | |||||||||||||||||||||||||
| Common/collective trusts | 1,711,705,318 | |||||||||||||||||||||||||
| Total investments, at fair value | $ | 8,251,159,242 | ||||||||||||||||||||||||
| Investments at Fair Value as of December 31, 2024 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Registered investment companies | $ | 1,016,585,516 | $ | - | $ | - | $ | 1,016,585,516 | ||||||||||||||||||
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Investments measured at NAV *
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| Separately managed accounts | 1,552,479,257 | |||||||||||||||||||||||||
| Insurance company separate accounts | 3,429,685,672 | |||||||||||||||||||||||||
| Common/collective trusts | 1,538,726,524 | |||||||||||||||||||||||||
| Total investments, at fair value | $ | 7,537,476,969 | ||||||||||||||||||||||||
* The Plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value.
4. Investment Contract with Insurance Company
The PESP Fixed Rate Fund is a traditional fully benefit-responsive guaranteed investment contract with the Company. The assets of the contract are maintained within the Company's general account. The general account is credited with earnings on the underlying investments and charged for participant withdrawals. Under the terms of the contract, the Company is required to repay the principal along with a guaranteed crediting rate to the Plan. The crediting rate is based on a formula established by the contract, with a minimum rate of 3.50%. The crediting rate is reviewed on a quarterly basis for resetting. Effective December 27, 2024, the Company ceased accepting new contributions or transfers to the contract. Effective December 30, 2024, the assets of the contract were transferred to the PESP Principal Protection Fund. The assets of the contract will be liquidated in annual installments over four years, beginning in January 2025 and ending in January 2029. The liquidated assets will be allocated to a mix of stable value contracts and short-term fixed income investments.
The contract meets the fully benefit-responsive investment contract criteria and therefore is reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value, as reported to the Plan by the Company, represents contributions made under the contract, plus credited earnings, less participant withdrawals. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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The Plan's ability to receive amounts due is dependent on the issuer's ability to meet its financial obligations. The issuer's ability to meet its contractual obligations may be affected by future economic and regulatory developments.
Certain events might limit the ability of the Plan to transact at contract value with the issuer. Such events include (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA (5) premature termination of the contract. No events are probable of occurring that might limit the ability of the Plan to transact at contract value with the contract issuers and that also would limit the ability of the plan to transact at contract value with the participants.
In addition, certain events allow the issuer to terminate the contract with the Plan and settle at an amount different from contract value. Such events include (1) an uncured violation of the Plan's investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, (4) a material amendment to the agreement without the consent of the issuer.
5. Related Party Transactions
The Company (or an affiliate) acts as the investment manager for a number of the investment options currently offered by the Plan. The Plan participants can also invest in shares of PFI, a parent of the Company. To the extent a party-in-interest is involved, the transactions in these investments qualify as exempt party-in-interest transactions under ERISA.
6. Tax Status
The IRS issued a favorable determination letter dated April 20, 2017, confirming that the Plan continues to satisfy the requirements for tax-qualified status under Section 401(a) of the IRC. The Plan administrator and the Company's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC and no provision for income tax is necessary.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
7. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
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| The Prudential Employee Savings Plan | ||
| Notes to Financial Statements | ||
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December 31, 2025 and 2024
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8. Reconciliation of Financial Statements to Form 5500
The following are reconciliations of net assets available for benefits and notes receivable from participants per the financial statements to Form 5500:
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Net assets available for benefits per the financial statements | $ | 11,113,991,305 | $ | 10,730,511,478 | |||||||||||||
| Deemed distributions of notes receivable from participants | (170,459) | (1,204,885) | |||||||||||||||
| Net assets per Form 5500 | $ | 11,113,820,846 | $ | 10,729,306,593 | |||||||||||||
| Notes receivable from participants per the financial statements | $ | 25,254,130 | $ | 31,661,402 | |||||||||||||
| Deemed distributions of notes receivable from participants | (170,459) | (1,204,885) | |||||||||||||||
| Participant loans per Form 5500 | $ | 25,083,671 | $ | 30,456,517 | |||||||||||||
The following is a reconciliation of the changes in net assets available for benefits per the financial statements to Form 5500:
| For the Year Ended December 31, 2025 | ||||||||||||||||||||
| Per Financial Statements | Adjustment for Deemed Distributions | Total Per Form 5500 | ||||||||||||||||||
| Benefits paid to participants | $ | 1,239,506,266 | $ | (1,034,426) | $ | 1,238,471,840 | ||||||||||||||
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| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
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December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| Russell 3000 Index Fund F | Insurance Company Separate Account | ** | $ | 2,714,397,196 | ||||||||||||||||||||||
| BlackRock MSCI ACWI Ex-US Index Fund F | Insurance Company Separate Account | ** | 889,293,828 | |||||||||||||||||||||||
| * | PGIM Retirement Real Estate Fund | Insurance Company Separate Account | ** | 276,061,555 | ||||||||||||||||||||||
| Sub-Total | 3,879,752,579 | |||||||||||||||||||||||||
| Blackrock SMCP (Russell 2000) | Common/Collective Trust | ** | 689,995,914 | |||||||||||||||||||||||
| * | Prudential Core Conservative Bond Fund | Common/Collective Trust | ** | 423,383,012 | ||||||||||||||||||||||
| Wellington TR CO CIF II DIV INFLT | Common/Collective Trust | ** | 227,151,800 | |||||||||||||||||||||||
| Wellington TR CO CIF II INTNL OPPTS | Common/Collective Trust | ** | 205,566,940 | |||||||||||||||||||||||
| * | Prudential High Yield CIT | Common/Collective Trust | ** | 165,607,652 | ||||||||||||||||||||||
| Sub-Total | 1,711,705,318 | |||||||||||||||||||||||||
| Vanguard Cash Rsrv Federal | Registered Investment Company | ** | 108,342,251 | |||||||||||||||||||||||
| Vanguard Short-Term Investment-Grade I | Registered Investment Company | ** | 98,465,841 | |||||||||||||||||||||||
| * | PGIM Global Total Return | Registered Investment Company | ** | 65,798,929 | ||||||||||||||||||||||
| DFA Global Allocation 60/40 Port Instl | Registered Investment Company | ** | 42,156,682 | |||||||||||||||||||||||
| Sub-Total | 314,763,703 | |||||||||||||||||||||||||
| * | PESP Principal Protection Fund | Stable Value Fund | ** | 2,837,577,933 | ||||||||||||||||||||||
| * | Notes receivable from participants |
Maturity through 2030 at 3.25% - 8.50%***
|
** | 25,083,671 | ||||||||||||||||||||||
| Tencent Holdings Ltd |
International Common Stock, shares: 78,350
|
** | 6,012,857 | |||||||||||||||||||||||
| Ero Copper Corp |
International Common Stock, shares: 155,768
|
** | 4,406,740 | |||||||||||||||||||||||
| Sub-Total | 10,419,597 | |||||||||||||||||||||||||
| Sea Ltd |
Common Stock - ADR, shares: 260,669
|
** | 33,253,544 | |||||||||||||||||||||||
| Taiwan Semiconductor |
Common Stock - ADR, shares: 51,400
|
** | 15,619,946 | |||||||||||||||||||||||
| Tencent Holdings Ltd |
Common Stock - ADR, shares: 126,338
|
** | 9,671,174 | |||||||||||||||||||||||
| Argenx Se |
Common Stock - ADR, shares: 6,260
|
** | 5,264,347 | |||||||||||||||||||||||
| Sub-Total | 63,809,011 | |||||||||||||||||||||||||
| * | Prudential Financial, Inc. |
Common Stock, shares: 17,054,910
|
** | 701,636,286 | ||||||||||||||||||||||
| Nvidia Corp |
Common Stock, shares: 565,945
|
** | 105,548,743 | |||||||||||||||||||||||
| Apple Inc |
Common Stock, shares: 376,751
|
** | 102,423,527 | |||||||||||||||||||||||
| Microsoft Corp |
Common Stock, shares: 184,230
|
** | 89,097,313 | |||||||||||||||||||||||
| Alphabet Inc |
Common Stock, shares: 231,282
|
** | 72,576,292 | |||||||||||||||||||||||
| Broadcom Inc |
Common Stock, shares: 126,901
|
** | 43,920,436 | |||||||||||||||||||||||
| Visa Inc |
Common Stock, shares: 123,717
|
** | 43,388,789 | |||||||||||||||||||||||
| Amazon.Com Inc |
Common Stock, shares: 177,696
|
** | 41,015,791 | |||||||||||||||||||||||
| T Mobile Us Inc |
Common Stock, shares: 152,479
|
** | 30,959,336 | |||||||||||||||||||||||
| JPMorgan Chase & Co |
Common Stock, shares: 94,402
|
** | 30,418,212 | |||||||||||||||||||||||
| Meta Platforms Inc |
Common Stock, shares: 45,024
|
** | 29,719,892 | |||||||||||||||||||||||
| Booking Holdings Inc |
Common Stock, shares: 5,256
|
** | 28,147,615 | |||||||||||||||||||||||
| MasterCard Inc |
Common Stock, shares: 44,876
|
** | 25,618,811 | |||||||||||||||||||||||
| Bank of America Corp |
Common Stock, shares: 456,211
|
** | 25,091,605 | |||||||||||||||||||||||
| Applovin Corp |
Common Stock, shares: 34,994
|
** | 23,579,657 | |||||||||||||||||||||||
- 13 -
| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
|
December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| Home Depot Inc |
Common Stock, shares: 62,543
|
** | 21,521,046 | |||||||||||||||||||||||
| Marsh & Mclennan Companies Inc |
Common Stock, shares: 108,592
|
** | 20,145,988 | |||||||||||||||||||||||
| CME Group Inc |
Common Stock, shares: 69,942
|
** | 19,099,761 | |||||||||||||||||||||||
| Carvana Co |
Common Stock, shares: 43,107
|
** | 18,192,016 | |||||||||||||||||||||||
| Gilead Sciences Inc |
Common Stock, shares: 140,997
|
** | 17,305,972 | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc |
Common Stock, shares: 29,537
|
** | 17,115,215 | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc |
Common Stock, shares: 444,434
|
** | 16,444,058 | |||||||||||||||||||||||
| General Electric Co |
Common Stock, shares: 52,677
|
** | 16,226,096 | |||||||||||||||||||||||
| Danaher Corp |
Common Stock, shares: 68,507
|
** | 15,682,622 | |||||||||||||||||||||||
| Planet Fitness Inc Cl A |
Common Stock, shares: 140,217
|
** | 15,209,338 | |||||||||||||||||||||||
| Chubb Limited |
Common Stock, shares: 46,896
|
** | 14,637,180 | |||||||||||||||||||||||
| Palantir Technologies Inc |
Common Stock, shares: 81,382
|
** | 14,465,651 | |||||||||||||||||||||||
| KLA Tencor Corp |
Common Stock, shares: 11,900
|
** | 14,459,452 | |||||||||||||||||||||||
| Morgan Stanley |
Common Stock, shares: 75,777
|
** | 13,452,691 | |||||||||||||||||||||||
| Western Alliance Bancorp |
Common Stock, shares: 159,642
|
** | 13,421,103 | |||||||||||||||||||||||
| Marriott International Inc |
Common Stock, shares: 43,164
|
** | 13,391,199 | |||||||||||||||||||||||
| Abbvie Inc |
Common Stock, shares: 58,543
|
** | 13,376,490 | |||||||||||||||||||||||
| Citigroup Inc |
Common Stock, shares: 113,044
|
** | 13,191,104 | |||||||||||||||||||||||
| Idexx Labs Inc |
Common Stock, shares: 17,480
|
** | 11,825,744 | |||||||||||||||||||||||
| Eli Lilly & Co |
Common Stock, shares: 10,400
|
** | 11,176,672 | |||||||||||||||||||||||
| Evercore Partners Inc |
Common Stock, shares: 32,340
|
** | 11,003,685 | |||||||||||||||||||||||
| Deere & Co |
Common Stock, shares: 23,129
|
** | 10,768,169 | |||||||||||||||||||||||
| Repligen Corp |
Common Stock, shares: 64,286
|
** | 10,533,904 | |||||||||||||||||||||||
| McDonalds Corp |
Common Stock, shares: 33,388
|
** | 10,204,374 | |||||||||||||||||||||||
| Moodys Corp |
Common Stock, shares: 18,697
|
** | 9,551,362 | |||||||||||||||||||||||
| Intuitive Surgical Inc |
Common Stock, shares: 16,769
|
** | 9,497,291 | |||||||||||||||||||||||
| Interdigital Inc |
Common Stock, shares: 29,189
|
** | 9,293,194 | |||||||||||||||||||||||
| Cbre Group Inc |
Common Stock, shares: 54,103
|
** | 8,699,221 | |||||||||||||||||||||||
| Charles Schwab Corp |
Common Stock, shares: 85,732
|
** | 8,565,484 | |||||||||||||||||||||||
| Zscaler Inc |
Common Stock, shares: 37,920
|
** | 8,528,966 | |||||||||||||||||||||||
| Cencora Inc |
Common Stock, shares: 25,137
|
** | 8,490,022 | |||||||||||||||||||||||
| KKR & Co Inc |
Common Stock, shares: 65,103
|
** | 8,299,330 | |||||||||||||||||||||||
| Analog Devices Inc |
Common Stock, shares: 30,590
|
** | 8,296,008 | |||||||||||||||||||||||
| Teledyne Technologies Inc |
Common Stock, shares: 15,836
|
** | 8,087,920 | |||||||||||||||||||||||
| Cyberark Software Ltd/Israel |
Common Stock, shares: 18,022
|
** | 8,038,893 | |||||||||||||||||||||||
| Palo Alto Networks Inc |
Common Stock, shares: 42,391
|
** | 7,808,422 | |||||||||||||||||||||||
| Vertiv Holdings Co |
Common Stock, shares: 47,398
|
** | 7,678,950 | |||||||||||||||||||||||
| Southern Copper Corp |
Common Stock, shares: 52,421
|
** | 7,520,841 | |||||||||||||||||||||||
| Natera Inc |
Common Stock, shares: 32,315
|
** | 7,403,043 | |||||||||||||||||||||||
| Caterpillar Inc |
Common Stock, shares: 12,660
|
** | 7,252,534 | |||||||||||||||||||||||
| Cava Group Inc |
Common Stock, shares: 120,657
|
** | 7,081,359 | |||||||||||||||||||||||
| Nextera Energy Inc |
Common Stock, shares: 86,800
|
** | 6,968,304 | |||||||||||||||||||||||
| Ferrari NV |
Common Stock, shares: 18,690
|
** | 6,907,076 | |||||||||||||||||||||||
| Toll Brothers Inc |
Common Stock, shares: 49,500
|
** | 6,693,390 | |||||||||||||||||||||||
| Crown Castle Intl Corp |
Common Stock, shares: 74,398
|
** | 6,611,750 | |||||||||||||||||||||||
| Cigna Corp |
Common Stock, shares: 23,892
|
** | 6,575,795 | |||||||||||||||||||||||
| Bruker Corporation |
Common Stock, shares: 139,103
|
** | 6,553,142 | |||||||||||||||||||||||
- 14 -
| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
|
December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| Uranium Energy Corp |
Common Stock, shares: 548,047
|
** | 6,401,189 | |||||||||||||||||||||||
| Pinterest Inc |
Common Stock, shares: 239,776
|
** | 6,207,801 | |||||||||||||||||||||||
| Floor & Decor Holdings Inc |
Common Stock, shares: 97,800
|
** | 5,955,042 | |||||||||||||||||||||||
| Rambus Inc |
Common Stock, shares: 64,201
|
** | 5,899,430 | |||||||||||||||||||||||
| Robinhood Markets Inc |
Common Stock, shares: 51,600
|
** | 5,835,960 | |||||||||||||||||||||||
| Doordash Inc |
Common Stock, shares: 24,599
|
** | 5,571,182 | |||||||||||||||||||||||
| Insmed Inc |
Common Stock, shares: 29,982
|
** | 5,218,067 | |||||||||||||||||||||||
| Upwork Inc |
Common Stock, shares: 262,562
|
** | 5,203,979 | |||||||||||||||||||||||
| Soleno Therapeutics Inc |
Common Stock, shares: 110,103
|
** | 5,097,769 | |||||||||||||||||||||||
| Lauder Estee Cos Inc |
Common Stock, shares: 48,300
|
** | 5,057,976 | |||||||||||||||||||||||
| Colgate Palmolive Co |
Common Stock, shares: 62,155
|
** | 4,911,488 | |||||||||||||||||||||||
| Fortinet Inc |
Common Stock, shares: 60,711
|
** | 4,821,061 | |||||||||||||||||||||||
| Semtech Corp |
Common Stock, shares: 65,165
|
** | 4,802,009 | |||||||||||||||||||||||
| Bridgebio Pharma Inc |
Common Stock, shares: 51,426
|
** | 3,933,575 | |||||||||||||||||||||||
| Axsome Therapeutics Inc |
Common Stock, shares: 21,280
|
** | 3,886,579 | |||||||||||||||||||||||
| Federal Signal Corp |
Common Stock, shares: 34,133
|
** | 3,706,502 | |||||||||||||||||||||||
| Axis Capital Holdings Ltd |
Common Stock, shares: 32,520
|
** | 3,482,567 | |||||||||||||||||||||||
| Stryker Corp |
Common Stock, shares: 9,754
|
** | 3,428,238 | |||||||||||||||||||||||
| Travere Therapeutics Inc |
Common Stock, shares: 88,237
|
** | 3,371,536 | |||||||||||||||||||||||
| American Water Works Co Inc |
Common Stock, shares: 25,500
|
** | 3,327,750 | |||||||||||||||||||||||
| Hilton Worldwide Hldgs Inc |
Common Stock, shares: 11,563
|
** | 3,321,472 | |||||||||||||||||||||||
| Construction Partners Inc |
Common Stock, shares: 30,532
|
** | 3,314,249 | |||||||||||||||||||||||
| Ligand Pharmaceuticals Inc |
Common Stock, shares: 17,371
|
** | 3,284,335 | |||||||||||||||||||||||
| Tesla Inc |
Common Stock, shares: 7,174
|
** | 3,226,291 | |||||||||||||||||||||||
| Old Natl Bancorp Ind |
Common Stock, shares: 144,339
|
** | 3,220,203 | |||||||||||||||||||||||
| Transunion |
Common Stock, shares: 37,163
|
** | 3,186,727 | |||||||||||||||||||||||
| Supernus Pharmaceuticals Inc |
Common Stock, shares: 61,256
|
** | 3,044,423 | |||||||||||||||||||||||
| Imax Corp |
Common Stock, shares: 81,533
|
** | 3,013,460 | |||||||||||||||||||||||
| Cryolife Inc |
Common Stock, shares: 65,478
|
** | 2,986,452 | |||||||||||||||||||||||
| Urban Outfitters Inc |
Common Stock, shares: 39,217
|
** | 2,951,471 | |||||||||||||||||||||||
| Associated Banc Corp |
Common Stock, shares: 112,960
|
** | 2,909,850 | |||||||||||||||||||||||
| Q2 Holdings Inc |
Common Stock, shares: 37,889
|
** | 2,734,070 | |||||||||||||||||||||||
| MYR Group Inc |
Common Stock, shares: 12,469
|
** | 2,724,477 | |||||||||||||||||||||||
| Kaiser Aluminum Corp |
Common Stock, shares: 23,172
|
** | 2,661,536 | |||||||||||||||||||||||
| Modine Manufacturing Co |
Common Stock, shares: 19,932
|
** | 2,661,121 | |||||||||||||||||||||||
| CNO Financial Group Inc |
Common Stock, shares: 61,602
|
** | 2,616,237 | |||||||||||||||||||||||
| Zurn Water Solutions Corp |
Common Stock, shares: 56,002
|
** | 2,603,533 | |||||||||||||||||||||||
| Essent Group Ltd |
Common Stock, shares: 39,972
|
** | 2,598,580 | |||||||||||||||||||||||
| Datadog Inc |
Common Stock, shares: 19,033
|
** | 2,588,298 | |||||||||||||||||||||||
| Credo Technology Group Holding |
Common Stock, shares: 17,823
|
** | 2,564,551 | |||||||||||||||||||||||
| Casella Waste Systems Inc |
Common Stock, shares: 26,150
|
** | 2,561,131 | |||||||||||||||||||||||
| Cushman & Wakefield Ltd |
Common Stock, shares: 156,789
|
** | 2,538,414 | |||||||||||||||||||||||
| Kymera Therapeutics Inc |
Common Stock, shares: 32,374
|
** | 2,519,021 | |||||||||||||||||||||||
| Esco Technologies Inc |
Common Stock, shares: 12,864
|
** | 2,513,497 | |||||||||||||||||||||||
| Silicon Laboratories Inc |
Common Stock, shares: 18,914
|
** | 2,472,060 | |||||||||||||||||||||||
| Kite Realty Group Trust |
Common Stock, shares: 102,691
|
** | 2,461,503 | |||||||||||||||||||||||
| Atricure Inc |
Common Stock, shares: 61,923
|
** | 2,449,674 | |||||||||||||||||||||||
- 15 -
| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
|
December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| Arcosa Inc |
Common Stock, shares: 22,934
|
** | 2,438,343 | |||||||||||||||||||||||
| Minerals Technologies Inc |
Common Stock, shares: 39,843
|
** | 2,428,431 | |||||||||||||||||||||||
| WSFS Financial Corp |
Common Stock, shares: 43,767
|
** | 2,417,689 | |||||||||||||||||||||||
| Transmedics Group Inc |
Common Stock, shares: 19,711
|
** | 2,397,843 | |||||||||||||||||||||||
| Merit Medical Systems Inc |
Common Stock, shares: 27,037
|
** | 2,383,041 | |||||||||||||||||||||||
| Independent Bank Corp |
Common Stock, shares: 32,292
|
** | 2,359,899 | |||||||||||||||||||||||
| Prestige Brands Holdings Inc |
Common Stock, shares: 37,661
|
** | 2,323,307 | |||||||||||||||||||||||
| Black Hills Corp |
Common Stock, shares: 33,448
|
** | 2,321,960 | |||||||||||||||||||||||
| Wesbanco Inc |
Common Stock, shares: 69,498
|
** | 2,310,114 | |||||||||||||||||||||||
| Renasant Corp |
Common Stock, shares: 65,500
|
** | 2,306,910 | |||||||||||||||||||||||
| Kadant Inc |
Common Stock, shares: 8,047
|
** | 2,293,556 | |||||||||||||||||||||||
| NMI Holdings Inc |
Common Stock, shares: 53,970
|
** | 2,201,436 | |||||||||||||||||||||||
| Southstate Bank Corp |
Common Stock, shares: 22,750
|
** | 2,141,003 | |||||||||||||||||||||||
| Glaukos Corp |
Common Stock, shares: 18,371
|
** | 2,074,270 | |||||||||||||||||||||||
| FTAI Aviation Ltd |
Common Stock, shares: 10,530
|
** | 2,072,831 | |||||||||||||||||||||||
| First Interstate Bancsys Mt |
Common Stock, shares: 59,699
|
** | 2,065,585 | |||||||||||||||||||||||
| Independence Realty Trust Inc |
Common Stock, shares: 117,573
|
** | 2,055,176 | |||||||||||||||||||||||
| Magnolia Oil & Gas Corp |
Common Stock, shares: 92,429
|
** | 2,023,271 | |||||||||||||||||||||||
| Amicus Therapeutics Inc |
Common Stock, shares: 141,729
|
** | 2,018,221 | |||||||||||||||||||||||
| Varonis Systems Inc |
Common Stock, shares: 61,422
|
** | 2,014,642 | |||||||||||||||||||||||
| Taylor Morrison Home Corp |
Common Stock, shares: 34,159
|
** | 2,010,940 | |||||||||||||||||||||||
| Northwestern Corp |
Common Stock, shares: 30,681
|
** | 1,980,152 | |||||||||||||||||||||||
| Selective Insurance Group Inc |
Common Stock, shares: 23,523
|
** | 1,968,169 | |||||||||||||||||||||||
| EXLService Holdings Inc |
Common Stock, shares: 45,584
|
** | 1,934,585 | |||||||||||||||||||||||
| Life Time Group Holdings Inc |
Common Stock, shares: 71,812
|
** | 1,908,763 | |||||||||||||||||||||||
| First Financial Bancorp |
Common Stock, shares: 75,549
|
** | 1,890,236 | |||||||||||||||||||||||
| Valley Natl Bancorp |
Common Stock, shares: 160,073
|
** | 1,869,653 | |||||||||||||||||||||||
| United Cmnty Bks Blairsvle Ga |
Common Stock, shares: 59,185
|
** | 1,847,756 | |||||||||||||||||||||||
| Kontoor Brands Inc |
Common Stock, shares: 30,237
|
** | 1,847,178 | |||||||||||||||||||||||
| Halozyme Therapeutics Inc |
Common Stock, shares: 27,034
|
** | 1,819,388 | |||||||||||||||||||||||
| ABM Industries Inc |
Common Stock, shares: 42,478
|
** | 1,796,819 | |||||||||||||||||||||||
| Workiva Inc |
Common Stock, shares: 20,483
|
** | 1,766,659 | |||||||||||||||||||||||
| SPX Technologies Inc |
Common Stock, shares: 8,745
|
** | 1,749,525 | |||||||||||||||||||||||
| Madden Steven Ltd |
Common Stock, shares: 41,048
|
** | 1,709,239 | |||||||||||||||||||||||
| ASGN Incorporated |
Common Stock, shares: 34,819
|
** | 1,677,231 | |||||||||||||||||||||||
| Ardelyx Inc |
Common Stock, shares: 284,717
|
** | 1,659,900 | |||||||||||||||||||||||
| Omnicell Inc |
Common Stock, shares: 36,495
|
** | 1,653,224 | |||||||||||||||||||||||
| Chefs Warehouse Inc |
Common Stock, shares: 26,487
|
** | 1,650,935 | |||||||||||||||||||||||
| Spire Inc |
Common Stock, shares: 19,892
|
** | 1,645,068 | |||||||||||||||||||||||
| Patterson Uti Energy Inc |
Common Stock, shares: 268,652
|
** | 1,641,464 | |||||||||||||||||||||||
| SM Energy Co |
Common Stock, shares: 87,592
|
** | 1,637,970 | |||||||||||||||||||||||
| Lantheus Holdings Inc |
Common Stock, shares: 24,386
|
** | 1,622,888 | |||||||||||||||||||||||
| Enterprise Financial Service |
Common Stock, shares: 30,050
|
** | 1,622,700 | |||||||||||||||||||||||
| Terreno Realty Corp |
Common Stock, shares: 27,205
|
** | 1,597,206 | |||||||||||||||||||||||
| Brinker International Inc |
Common Stock, shares: 10,972
|
** | 1,574,701 | |||||||||||||||||||||||
| Tecnoglass Inc |
Common Stock, shares: 31,121
|
** | 1,566,009 | |||||||||||||||||||||||
| Essential Properties Realty Tr |
Common Stock, shares: 52,782
|
** | 1,565,514 | |||||||||||||||||||||||
- 16 -
| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
|
December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| LXP Industrial Trust |
Common Stock, shares: 30,938
|
** | 1,533,906 | |||||||||||||||||||||||
| First Bancorp/Southern Pines N |
Common Stock, shares: 29,885
|
** | 1,517,859 | |||||||||||||||||||||||
| Liberty Oilfield Services Inc |
Common Stock, shares: 81,358
|
** | 1,501,869 | |||||||||||||||||||||||
| Onespaworld Holdings Ltd |
Common Stock, shares: 71,962
|
** | 1,492,492 | |||||||||||||||||||||||
| Neogenomics Inc |
Common Stock, shares: 125,521
|
** | 1,476,127 | |||||||||||||||||||||||
| Insmed Inc |
Common Stock, shares: 8,250
|
** | 1,435,830 | |||||||||||||||||||||||
| Agios Pharmaceuticals Inc |
Common Stock, shares: 52,270
|
** | 1,422,789 | |||||||||||||||||||||||
| Diamondrock Hospitality Co |
Common Stock, shares: 157,714
|
** | 1,413,117 | |||||||||||||||||||||||
| SPS Commerce Inc |
Common Stock, shares: 15,831
|
** | 1,411,017 | |||||||||||||||||||||||
| Sonic Automotive Inc |
Common Stock, shares: 21,543
|
** | 1,332,650 | |||||||||||||||||||||||
| BRP Group Inc |
Common Stock, shares: 53,326
|
** | 1,281,424 | |||||||||||||||||||||||
| Four Corners Property Trust |
Common Stock, shares: 55,364
|
** | 1,276,694 | |||||||||||||||||||||||
| Quaker Chem Corp |
Common Stock, shares: 9,282
|
** | 1,274,511 | |||||||||||||||||||||||
| Clearwater Analytics Holdings |
Common Stock, shares: 51,920
|
** | 1,252,310 | |||||||||||||||||||||||
| J&J Snack Foods Corp |
Common Stock, shares: 13,650
|
** | 1,233,551 | |||||||||||||||||||||||
| Warby Parker Inc |
Common Stock, shares: 56,149
|
** | 1,223,487 | |||||||||||||||||||||||
| KB Home |
Common Stock, shares: 21,190
|
** | 1,195,328 | |||||||||||||||||||||||
| Box Inc |
Common Stock, shares: 39,833
|
** | 1,191,405 | |||||||||||||||||||||||
| Phillips Edison & Co Inc |
Common Stock, shares: 33,316
|
** | 1,185,050 | |||||||||||||||||||||||
| Healthequity Inc |
Common Stock, shares: 12,935
|
** | 1,184,975 | |||||||||||||||||||||||
| International Seaways Inc |
Common Stock, shares: 24,251
|
** | 1,177,386 | |||||||||||||||||||||||
| Montrose Environmental Group |
Common Stock, shares: 47,109
|
** | 1,169,716 | |||||||||||||||||||||||
| Applied Industrial Tech Inc |
Common Stock, shares: 4,553
|
** | 1,169,074 | |||||||||||||||||||||||
| City Holding Co |
Common Stock, shares: 9,646
|
** | 1,149,803 | |||||||||||||||||||||||
| Herc Holdings Inc |
Common Stock, shares: 7,720
|
** | 1,145,494 | |||||||||||||||||||||||
| Worthington Industries Inc |
Common Stock, shares: 21,809
|
** | 1,124,690 | |||||||||||||||||||||||
| Alamo Group Inc |
Common Stock, shares: 6,515
|
** | 1,093,673 | |||||||||||||||||||||||
| Boise Cascade Company |
Common Stock, shares: 14,762
|
** | 1,086,483 | |||||||||||||||||||||||
| Yeti Holdings Inc |
Common Stock, shares: 24,198
|
** | 1,068,826 | |||||||||||||||||||||||
| Hamilton Lane Inc |
Common Stock, shares: 7,941
|
** | 1,066,556 | |||||||||||||||||||||||
| Progress Software Corp |
Common Stock, shares: 24,129
|
** | 1,036,582 | |||||||||||||||||||||||
| Hub Group Inc Cl A |
Common Stock, shares: 23,508
|
** | 1,001,676 | |||||||||||||||||||||||
| TTM Technologies Inc |
Common Stock, shares: 14,203
|
** | 980,007 | |||||||||||||||||||||||
| LA Z Boy Inc |
Common Stock, shares: 25,695
|
** | 957,653 | |||||||||||||||||||||||
| Fabrinet |
Common Stock, shares: 2,008
|
** | 914,202 | |||||||||||||||||||||||
| Ionq Inc |
Common Stock, shares: 20,222
|
** | 907,361 | |||||||||||||||||||||||
| Gulfport Energy Corp |
Common Stock, shares: 4,340
|
** | 902,677 | |||||||||||||||||||||||
| VSE Corp |
Common Stock, shares: 4,466
|
** | 771,591 | |||||||||||||||||||||||
| PJT Partners |
Common Stock, shares: 4,407
|
** | 736,850 | |||||||||||||||||||||||
| Yelp Inc |
Common Stock, shares: 22,950
|
** | 697,451 | |||||||||||||||||||||||
| First Advantage Corp |
Common Stock, shares: 47,869
|
** | 695,537 | |||||||||||||||||||||||
| Bloom Energy Corp |
Common Stock, shares: 7,969
|
** | 692,426 | |||||||||||||||||||||||
| Malibu Boats Inc A |
Common Stock, shares: 24,232
|
** | 683,585 | |||||||||||||||||||||||
| Northern Oil And Gas Inc |
Common Stock, shares: 29,539
|
** | 634,202 | |||||||||||||||||||||||
| Werner Enterprises Inc |
Common Stock, shares: 20,794
|
** | 624,028 | |||||||||||||||||||||||
| Plexus Corp |
Common Stock, shares: 4,190
|
** | 615,930 | |||||||||||||||||||||||
| Arcbest Corp |
Common Stock, shares: 8,154
|
** | 604,945 | |||||||||||||||||||||||
- 17 -
| The Prudential Employee Savings Plan | |||||
| Schedule of Assets (Held at End of Year) | Supplemental Information | ||||
|
December 31, 2025
|
Schedule H, line 4i | ||||
| (a) | (b) Identity of issue, borrower, lessor or similar party | (c) Description of investment | (d) Cost ** | (e) Current value | ||||||||||||||||||||||
| D-Wave Quantum Inc |
Common Stock, shares: 22,696
|
** | 593,500 | |||||||||||||||||||||||
| Calix Inc |
Common Stock, shares: 10,620
|
** | 562,117 | |||||||||||||||||||||||
| Kratos Defense & Security Sol |
Common Stock, shares: 7,073
|
** | 536,911 | |||||||||||||||||||||||
| Rigetti Computing Inc |
Common Stock, shares: 23,553
|
** | 521,699 | |||||||||||||||||||||||
| Perella Weinberg Partners |
Common Stock, shares: 28,827
|
** | 498,707 | |||||||||||||||||||||||
| Rubrik Inc |
Common Stock, shares: 5,682
|
** | 434,559 | |||||||||||||||||||||||
| Hinge Health Inc |
Common Stock, shares: 8,220
|
** | 381,819 | |||||||||||||||||||||||
| Marathon Digital Holdings Inc |
Common Stock, shares: 31,842
|
** | 285,941 | |||||||||||||||||||||||
| Oklo Inc |
Common Stock, shares: 3,910
|
** | 280,582 | |||||||||||||||||||||||
| Riot Platforms Inc |
Common Stock, shares: 20,934
|
** | 265,234 | |||||||||||||||||||||||
| Hims & Hers Health Inc |
Common Stock, shares: 6,590
|
** | 213,977 | |||||||||||||||||||||||
| Aerovironment Inc |
Common Stock, shares: 777
|
** | 187,949 | |||||||||||||||||||||||
| Nuscale Power Corp |
Common Stock, shares: 5,535
|
** | 78,431 | |||||||||||||||||||||||
| Sub-Total | 2,246,488,089 | |||||||||||||||||||||||||
| Cash and cash equivalents | ** | 24,964,212 | ||||||||||||||||||||||||
| Investment payable net | ** | (743,267) | ||||||||||||||||||||||||
| Grand Total | $ | 11,113,820,846 | ||||||||||||||||||||||||
| * | Party-in-interest. | |||||||||||||||||||||||||
| ** | Cost is not required for participant directed investments. | |||||||||||||||||||||||||
| *** | Represents range of annual interest rates on outstanding loans. | |||||||||||||||||||||||||
- 18 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Prudential Administrative Committee (or other persons who administer The Prudential Employee Savings Plan) has duly caused this annual report to be signed on their behalf by the undersigned thereunto duly authorized.
THE PRUDENTIAL EMPLOYEE SAVINGS PLAN
/s/ Joseph Machewirth
Joseph Machewirth
Chairperson of the Prudential Administrative Committee
Dated: June 18, 2026
- 19 -
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-75242 on Form S-8 of our report dated June 18, 2026, appearing in this Annual Report on Form 11-K of The Prudential Employee Savings Plan, for the year ended December 31, 2025.
/s/ Mitchell & Titus, LLP
New York, New York
June 18, 2026
- 20 -
Prudential Financial Inc. published this content on June 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 18, 2026 at 21:07 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]