NYSE : AFL
Aflac Incorporated — Financial statements
Financials · Insurance - Life · United States
Last price 123.89 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 62.11B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 13.26B | 13.55B | 13.44B | 14.12B | 14.90B | 17.09B |
| Total Interest & Dividend Income | 3.98B | 4.08B | 4.12B | 3.81B | 3.66B | 3.82B |
| Gain (Loss) on Sale of Investments | 708.00M | -572.00M | 1.27B | 590.00M | 363.00M | 468.00M |
| Other Revenue | 122.00M | 112.00M | 100.00M | 177.00M | 220.00M | 173.00M |
| Total Revenue | 18.07B | 17.16B | 18.93B | 18.70B | 19.14B | 21.55B |
| Policy Benefits | 7.02B | 7.29B | 7.45B | 8.21B | 8.89B | 10.48B |
| Policy Acquisition & Underwriting Costs | 1.85B | 1.86B | 1.85B | 1.87B | 1.91B | 2.09B |
| Selling, General & Administrative | 3.17B | 3.25B | 3.01B | 3.17B | 3.25B | 3.54B |
| Total Operating Expenses | 12.04B | 12.41B | 12.31B | 13.24B | 14.04B | 16.11B |
| Operating Income | 6.03B | 4.75B | 6.61B | 5.46B | 5.09B | 5.45B |
| Interest Expense | -242.00M | -220.00M | -197.00M | -195.00M | -226.00M | -238.00M |
| Pretax Income | 5.79B | 4.53B | 6.42B | 5.26B | 4.87B | 5.21B |
| Income Tax Expense | 924.00M | 887.00M | 974.00M | 603.00M | 451.00M | 977.00M |
| Net Income | 4.86B | 3.65B | 5.44B | 4.66B | 4.42B | 4.23B |
| Net Income to Common | 4.86B | 3.65B | 5.44B | 4.66B | 4.42B | 4.23B |
| Shares Outstanding (Basic) | 516.83M | 532.88M | 562.49M | 596.17M | 634.82M | 673.62M |
| Shares Outstanding (Diluted) | 518.64M | 534.88M | 565.01M | 598.75M | 637.65M | 676.73M |
| EPS (Basic) | 9.41 | 6.84 | 9.68 | 7.81 | 6.96 | 6.28 |
| EPS (Diluted) | 9.37 | 6.82 | 9.63 | 7.78 | 6.93 | 6.25 |
| Dividend Per Share | 2.38 | 2.32 | 2.00 | 1.68 | 1.60 | 1.32 |
| Operating Margin | 33.36% | 27.69% | 34.95% | 29.18% | 26.62% | 25.27% |
| Profit Margin | 26.91% | 21.24% | 28.76% | 24.91% | 23.08% | 19.63% |
| EBITDA | 6.07B | 4.79B | 6.65B | 5.50B | 5.14B | 5.49B |
| EBITDA Margin | 33.57% | 27.90% | 35.16% | 29.39% | 26.86% | 25.48% |
| D&A For EBITDA | 37.00M | 36.00M | 40.00M | 39.00M | 45.00M | 45.00M |
| EBIT | 6.03B | 4.75B | 6.61B | 5.46B | 5.09B | 5.45B |
| EBIT Margin | 33.36% | 27.69% | 34.95% | 29.18% | 26.62% | 25.27% |
| Effective Tax Rate | 15.97% | 19.57% | 15.18% | 11.46% | 9.26% | 18.76% |
| Revenue as Reported | 18.07B | 17.16B | 18.93B | 18.70B | 19.14B | 21.55B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 78.35B | 80.24B | 81.23B | 91.11B | 94.80B | 120.70B |
| Investments in Equity & Preferred Securities | 5.27B | 5.00B | 4.23B | 3.84B | 3.38B | 3.46B |
| Policy Loans | 204.00M | 210.00M | 203.00M | 214.00M | 214.00M | 236.00M |
| Other Investments | 2.85B | 1.40B | 1.64B | 1.34B | 1.57B | 1.75B |
| Total Investments | 91.92B | 92.82B | 94.21B | 104.43B | 108.19B | 133.33B |
| Cash & Equivalents | 6.12B | 6.25B | 6.23B | 4.31B | 3.94B | 5.05B |
| Reinsurance Recoverable | 444.00M | 161.00M | 163.00M | 183.00M | 912.00M | 957.00M |
| Other Receivables | 6.59B | 6.27B | 6.13B | 6.41B | 6.66B | 6.01B |
| Deferred Policy Acquisition Cost | 8.95B | 9.03B | 8.76B | 9.13B | 9.24B | 9.53B |
| Property, Plant & Equipment | 351.00M | 351.00M | 387.00M | 445.00M | 530.00M | 538.00M |
| Goodwill | 260.00M | 263.00M | 265.00M | 265.00M | 268.00M | |
| Other Current Assets | 183.00M | 165.00M | 240.00M | 326.00M | 610.00M | 936.00M |
| Other Long-Term Assets | 1.40B | 1.17B | 1.18B | 1.22B | 1.39B | 931.00M |
| Total Assets | 115.96B | 116.47B | 117.57B | 126.72B | 131.74B | 157.54B |
| Insurance & Annuity Liabilities | 62.19B | 67.64B | 75.69B | 89.71B | 94.19B | 96.80B |
| Unpaid Claims | 553.00M | 495.00M | 381.00M | 261.00M | 201.00M | 4.84B |
| Unearned Premiums | 1.33B | 1.32B | 1.29B | 1.45B | 1.82B | 2.58B |
| Current Portion of Long-Term Debt | 775.00M | 888.00M | 408.00M | 630.00M | 583.00M | 54.00M |
| Current Portion of Leases | 39.00M | |||||
| Short-Term Debt | 7.34B | 3.99B | 2.04B | 1.50B | 1.81B | 2.16B |
| Current Income Taxes Payable | 1.59B | 1.37B | 573.00M | 154.00M | 698.00M | 4.34B |
| Long-Term Debt | 7.97B | 7.63B | 7.32B | 7.03B | 7.29B | 7.84B |
| Long-Term Leases | 86.00M | 40.00M | 96.00M | 124.00M | 147.00M | 117.00M |
| Other Current Liabilities | 965.00M | 783.00M | 604.00M | 1.01B | 1.11B | 1.56B |
| Other Long-Term Liabilities | 2.57B | 2.50B | 2.77B | 2.69B | 3.04B | 3.14B |
| Total Liabilities | 85.65B | 86.98B | 91.47B | 104.74B | 111.60B | 124.29B |
| Common Stock | 136.00M | 136.00M | 136.00M | 136.00M | 135.00M | 135.00M |
| Additional Paid-In Capital | 3.10B | 3.02B | 2.89B | 2.77B | 2.64B | 2.53B |
| Retained Earnings | 56.22B | 54.68B | 52.28B | 47.99B | 44.37B | 41.38B |
| Treasury Stock | -31.83B | -29.80B | -26.23B | -23.39B | -20.57B | -18.18B |
| Comprehensive Income & Other | 2.68B | 1.45B | -2.98B | -5.52B | -6.43B | 7.39B |
| Shareholders' Equity | 30.31B | 29.49B | 26.10B | 21.98B | 20.14B | 33.25B |
| Total Liabilities & Equity | 115.96B | 116.47B | 117.57B | 126.72B | 131.74B | 157.54B |
| Filing Date Shares Outstanding | 501.34M | 516.37M | 546.59M | 577.01M | 612.21M | 649.86M |
| Total Common Shares Outstanding | 502.26M | 518.69M | 549.96M | 578.48M | 615.26M | 652.13M |
| Total Debt | 16.18B | 12.59B | 9.86B | 9.29B | 9.83B | 10.17B |
| Net Cash (Debt) | -10.06B | -6.34B | -3.63B | -4.98B | -5.89B | -5.12B |
| Net Cash Per Share | -19.39 | -11.86 | -6.43 | -8.32 | -9.24 | -7.57 |
| Book Value Per Share | 60.35 | 56.85 | 47.45 | 38.00 | 32.73 | 50.99 |
| Tangible Book Value | 30.31B | 29.23B | 25.84B | 21.72B | 19.88B | 32.98B |
| Tangible Book Value Per Share | 60.35 | 56.35 | 46.98 | 37.55 | 32.30 | 50.58 |
| Land | 168.00M | 168.00M | 168.00M | 168.00M | 168.00M | |
| Buildings | 399.00M | 392.00M | 421.00M | 437.00M | 491.00M | |
| Machinery | 451.00M | 478.00M | 510.00M | 587.00M | 542.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.86B | 3.65B | 5.44B | 4.66B | 4.42B | 4.23B |
| Depreciation & Amortization | 37.00M | 36.00M | 40.00M | 39.00M | 45.00M | 45.00M |
| Other Amortization | 876.00M | 874.00M | 851.00M | 816.00M | 792.00M | 835.00M |
| Gain (Loss) on Sale of Investments | -708.00M | 572.00M | -1.27B | -590.00M | -363.00M | -468.00M |
| Change in Accounts Receivable | -50.00M | -66.00M | 51.00M | -133.00M | 5.00M | 72.00M |
| Change in Income Taxes | -139.00M | -278.00M | -393.00M | -967.00M | -509.00M | 96.00M |
| Change in Insurance Reserves / Liabilities | -189.00M | -815.00M | -302.00M | -552.00M | 726.00M | 774.00M |
| Other Operating Activities | -2.04B | -1.41B | -1.71B | -82.00M | -1.24B | -534.00M |
| Operating Cash Flow | 2.65B | 2.56B | 2.71B | 3.19B | 3.88B | 5.05B |
| Investment in Securities | -1.56B | -965.00M | 1.06B | 643.00M | 789.00M | -2.95B |
| Other Investing Activities | 2.25B | 1.84B | 657.00M | -471.00M | -622.00M | 1.75B |
| Investing Cash Flow | 1.42B | 1.56B | 2.78B | 817.00M | -1.54B | -2.38B |
| Long-Term Debt Issued | 1.04B | 823.00M | 204.00M | 1.28B | 1.15B | |
| Total Debt Repaid | -484.00M | -84.00M | -194.00M | -1.42B | -700.00M | |
| Net Debt Issued (Repaid) | 427.00M | 955.00M | 629.00M | 204.00M | -139.00M | 453.00M |
| Issuance of Common Stock | 13.00M | 8.00M | 14.00M | 17.00M | 17.00M | 26.00M |
| Repurchases of Common Stock | -3.79B | -3.53B | -2.80B | -2.80B | -2.40B | -2.30B |
| Common Dividends Paid | -1.19B | -1.20B | -1.09B | -966.00M | -979.00M | -855.00M |
| Other Financing Activities | -30.00M | -38.00M | -28.00M | -17.00M | 34.00M | -26.00M |
| Financing Cash Flow | -4.85B | -4.07B | -3.49B | -3.72B | -3.55B | -2.74B |
| Foreign Exchange Rate Adjustments | -64.00M | -31.00M | -79.00M | 79.00M | 104.00M | -24.00M |
| Net Cash Flow | -845.00M | 16.00M | 1.92B | 363.00M | -1.11B | -90.00M |
| Levered Free Cash Flow | 5.15B | 5.18B | 4.85B | 4.31B | -4.95B | 2.64B |
| Unlevered Free Cash Flow | 5.30B | 5.31B | 4.98B | 4.43B | -4.81B | 2.79B |
| Cash Interest Paid | 219.00M | 197.00M | 180.00M | 185.00M | 211.00M | 213.00M |
| Cash Income Tax Paid | 1.06B | 1.17B | 1.37B | 1.57B | 961.00M | 880.00M |
| Change in Working Capital | -378.00M | -1.16B | -644.00M | -1.65B | 222.00M | 942.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 62.46B | 57.79B | 57.46B | 48.21B | 44.73B | 38.63B |
| Enterprise Value | 72.52B | 65.37B | 64.30B | 54.91B | 50.85B | 43.35B |
| PE Ratio | 13.30 | 15.85 | 10.56 | 10.35 | 10.12 | 9.13 |
| PS Ratio | 3.46 | 3.37 | 3.04 | 2.58 | 2.34 | 1.79 |
| PB Ratio | 2.06 | 1.96 | 2.20 | 2.19 | 2.22 | 1.16 |
| P/OCF Ratio | 23.60 | 22.62 | 21.23 | 15.11 | 11.53 | 7.65 |
| EV/Sales Ratio | 4.01 | 3.81 | 3.40 | 2.94 | 2.66 | 2.01 |
| EV/EBITDA Ratio | 11.96 | 13.65 | 9.66 | 9.99 | 9.89 | 7.89 |
| EV/EBIT Ratio | 12.03 | 13.75 | 9.72 | 10.06 | 9.98 | 7.96 |
| Debt / Equity Ratio | 0.53 | 0.43 | 0.38 | 0.42 | 0.49 | 0.31 |
| Debt / EBITDA Ratio | 2.65 | 2.61 | 1.47 | 1.67 | 1.89 | 1.83 |
| Net Debt / Equity Ratio | 0.33 | 0.21 | 0.14 | 0.23 | 0.29 | 0.15 |
| Net Debt / EBITDA Ratio | 1.66 | 1.32 | 0.55 | 0.91 | 1.15 | 0.93 |
| Quick Ratio | 0.78 | 0.95 | 1.63 | 1.29 | 0.98 | 0.48 |
| Current Ratio | 0.89 | 1.07 | 1.84 | 1.54 | 1.35 | 0.65 |
| Asset Turnover | 0.15 | 0.15 | 0.15 | 0.14 | 0.13 | 0.13 |
| Return on Equity (ROE) | 16.91% | 13.12% | 22.64% | 22.12% | 16.55% | 12.67% |
| Return on Assets (ROA) | 3.13% | 2.54% | 3.38% | 2.64% | 2.20% | 2.11% |
| Return on Invested Capital (ROIC) | 11.14% | 9.80% | 16.69% | 15.78% | 12.60% | 10.31% |
| Earnings Yield | 7.52% | 6.31% | 9.47% | 9.66% | 9.88% | 10.95% |
| Dividend Yield | 1.96% | 2.08% | 1.91% | 2.02% | 2.20% | 2.23% |
| Payout Ratio | 26.04% | 32.86% | 19.97% | 20.73% | 22.16% | 20.21% |
| Buyback Yield / Dilution | 5.75% | 5.33% | 5.63% | 6.10% | 5.77% | 5.51% |
| Total Shareholder Return | 7.70% | 7.42% | 7.55% | 8.12% | 7.98% | 7.74% |