Aflac Incorporated (AFL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.76	$1.75	-0.6%	—	—	—
Q3 26	$1.8	$1.75	-2.8%	—	—	—
Q2 26	$1.69	$1.57	-7.1%	—	—	—
Q1 26	$1.78	$2.49	+39.9%	—	—	—
Q4 25	$1.71	$1.78	+4.1%	—	—	—
Q3 25	$1.67	$1.66	-0.6%	—	—	—
Q2 25	$1.62	$1.56	-3.7%	—	—	—
Q1 25	$1.68	$2.16	+28.6%	—	—	—
Q4 24	$1.6	$1.83	+14.4%	—	—	—
Q3 24	$1.58	$1.66	+5.1%	—	—	—
Q2 24	$1.45	$1.25	-13.8%	—	—	—
Q1 24	$1.49	$1.84	+23.5%	—	—	—
Q4 23	$1.44	$1.62	+12.5%	—	—	—
Q3 23	$1.4	$1.55	+10.7%	—	—	—
Q2 23	$1.21	$1.4	+15.7%	—	—	—
Q1 23	$1.21	$1.15	-5.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.84	—	—	$17.4B	—
FY24	—	$9.68	—	—	$19.1B	—
FY23	—	$7.81	—	—	$18.8B	—
FY22	—	$6.96	—	—	$19.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$22.5B	$21.6B	$21.7B	$22.2B	$22.3B	$21.5B	$19.2B	$18.8B	$19.1B	$17.4B
YoY change	+8.06%	-3.95%	+0.5%	+2.46%	+0.09%	-3.21%	-11.1%	-1.62%	+1.52%	-9.27%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	22.5B	21.6B	21.7B	22.2B	22.3B	21.5B	19.2B	18.8B	19.1B	17.4B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	-70M	-67M	-50M	-66M	114M	-8M	11M	140M	201M	191M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	157M	173M	220M	177M	100M	112M
Pretax income	4.1B	4B	4B	4.4B	4.2B	5.2B	4.9B	5.3B	6.4B	4.5B
Income tax	1.4B	-586M	1.1B	1.1B	-619M	977M	451M	603M	974M	887M
Net income	2.7B	4.6B	2.9B	3.3B	4.8B	4.2B	4.4B	4.7B	5.4B	3.6B
Net margin	11.8%	21.3%	13.5%	14.9%	21.5%	19.6%	23.1%	24.7%	28.5%	21%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	3.23	5.52	3.79	4.45	6.69	6.42	6.96	7.81	9.68	6.84
Diluted EPS	3.21	5.48	3.77	4.43	6.67	6.39	6.93	7.78	9.63	6.82

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5B	3.9B	5.4B	5.2B	3B	5.5B	3.5B	4.2B	4.8B	4.9B	4.4B	4.2B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	29M	79M	1M	19M	86M	95M	55M	58M	53M	25M	62M	77M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	47M	38M	29M	22M	23M	24M	25M	30M	26M	31M	31M	34M
Pretax income	1.8B	290M	2.2B	2B	92M	2.1B	145M	822M	2B	1.6B	1.2B	995M
Income tax	236M	22M	291M	264M	185M	233M	116M	223M	355M	193M	206M	170M
Net income	1.6B	268M	1.9B	1.8B	-93M	1.9B	29M	599M	1.6B	1.4B	1B	825M
Net margin	31.5%	6.95%	34.6%	34%	-3.06%	34.6%	0.84%	14.2%	34.2%	28.2%	23.1%	19.7%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	2.65	0.46	3.27	3.11	-0.17	3.44	0.05	1.12	3.09	2.65	1.99	1.64
Diluted EPS	2.64	0.46	3.25	3.1	-0.17	3.42	0.05	1.11	3.08	2.64	1.98	1.63

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	28.6B	34.8B	35.1B	39.3B	31.7B	39.3B	45.7B	49.2B	58.2B	58.8B	56.9B
Enterprise value	-47.6B	-47.8B	-46.4B	-50.3B	-71.4B	-56.5B	-26.6B	-21B	-5.8B	-3.2B	64.3B
Shares outstanding	822.9M	792M	769.6M	742.4M	713.7M	673.6M	634.8M	596.2M	562.5M	532.9M	532.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.8	7.55	12	11.9	6.64	9.3	10.3	10.6	10.7	16.1	12.3
P/S	1.27	1.61	1.62	1.77	1.43	1.83	2.38	2.61	3.04	3.39	3.15
P/B	1.4	1.41	1.49	1.36	0.95	1.18	2.27	2.24	2.23	1.99	1.88
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	10.6
EV/Sales	-2.11	-2.21	-2.14	-2.26	-3.21	-2.62	-1.39	-1.12	-0.3	-0.19	3.56
Earnings yield	9.28%	13.2%	8.33%	8.41%	15.1%	10.8%	9.67%	9.47%	9.35%	6.2%	8.16%
FCF yield	20.9%	17.6%	17.2%	13.9%	18.8%	12.8%	8.49%	6.49%	4.65%	4.35%	9.05%
PEG	—	—	—	—	—	—	—	—	—	—	0.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	25.7%
Net margin	11.8%	21.3%	13.5%	14.9%	21.5%	19.6%	23.1%	24.7%	28.5%	21%	26.9%
ROE	13%	18.7%	12.4%	11.4%	14.2%	12.7%	21.9%	21.2%	20.9%	12.4%	16.9%
ROA	—	—	—	—	—	—	—	—	4.63%	3.13%	3.13%
Return on tangible assets	—	—	—	—	—	—	—	—	4.63%	3.13%	4.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	0.89
Debt / equity	0.26	0.22	0.25	0.23	0.24	0.24	0.37	0.33	0.29	0.29	0.53
Debt / assets	—	—	—	—	—	—	—	—	0.06	0.07	0.08
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	1.19
Interest coverage	16.2	17.7	18.9	20.5	18.2	22.9	22.5	28	33.6	21.6	24.9
Effective tax rate	34.6%	0%	26.7%	25.7%	0%	18.8%	9.26%	11.5%	15.2%	19.6%	16%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	27.3	27.3	28.2	30	31.2	32	30.2	31.6	34	32.6	35
EPS (basic)	3.23	5.52	3.79	4.45	6.69	6.42	6.96	7.81	9.68	6.84	6.84
EPS (diluted)	3.21	5.48	3.77	4.43	6.67	6.39	6.93	7.78	9.63	6.82	9.27
Book value per share	24.9	31.1	30.5	39	47	49.4	31.7	36.9	46.4	55.3	60.4
FCF per share	7.28	7.74	7.81	7.35	8.35	7.5	6.11	5.35	4.81	4.79	5.24
Cash per share	99.1	110.9	113.3	129.5	155.6	154	125.5	130.2	127.1	132.1	17.8

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	24.7%	14.4%	27.2%	23.3%	16.1%	20.2%	22.2%	20.7%	20%	32.9%	25.7%
Dividend yield	2.3%	1.9%	2.26%	1.96%	2.42%	2.17%	2.14%	1.96%	1.87%	2.04%	2.15%

Yield

2.15%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.61

ex-dividend Aug 19, 2026

Payout ratio

26%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.61
May 20, 2026	$0.61
Feb 18, 2026	$0.61

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5B	$3.9B	$5.4B	$5.2B	$3B	$5.5B	$3.5B	$4.2B	$4.8B	$4.9B	$4.4B	$4.2B
YoY change	+5.69%	-4.1%	+12.5%	-0.31%	-39%	+42.5%	-36.5%	-18.2%	+57.9%	-11%	+27.7%	-0.57%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	81.6B	87.8B	87.2B	96.2B	111B	103.7B	79.7B	77.6B	71.5B	70.4B
Receivables	669M	827M	851M	828M	796M	672M	647M	848M	779M	835M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	—	—	—	—	—	—	117.6B	116.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	649M	548M	0	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	4.7B	4.7B	5.8B	6.6B	7.9B	8B	7.4B	7.4B	7.5B	8.4B
Total liabilities	—	—	—	—	—	—	—	—	91.5B	87B
Shareholders' equity	20.5B	24.6B	23.5B	29B	33.6B	33.3B	20.1B	22B	26.1B	29.5B
Total debt	5.4B	5.3B	5.8B	6.6B	7.9B	8B	7.4B	7.4B	7.5B	8.4B
Net debt	501M	1.8B	1.4B	1.7B	2.8B	2.9B	3.5B	3.1B	1.3B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	75.3B	77.6B	75.2B	72.3B	10.7B	71.5B	72.4B	75.9B	76.4B	70.4B	71.5B	71.8B
Receivables	712M	848M	1B	880M	814M	779M	894M	873M	852M	835M	947M	895M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	124.7B	120.2B	128.4B	117.6B	120.3B	124.7B	122.3B	116.5B	116.3B	116B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	86M	0	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	7B	7.4B	7.9B	7.4B	8B	7.5B	7.8B	8.8B	8.7B	8.4B	7.9B	8.7B
Total liabilities	—	—	101.2B	94.1B	103.6B	91.5B	93.9B	97.5B	93.6B	87B	86.3B	85.6B
Shareholders' equity	22.7B	22B	23.5B	26B	24.8B	26.1B	26.3B	27.2B	28.7B	29.5B	30B	30.3B
Total debt	7B	7.4B	7.9B	7.4B	8B	7.5B	7.8B	8.9B	8.7B	8.4B	7.9B	8.7B
Net debt	1.5B	3.1B	2.8B	1.4B	2.4B	1.3B	2.5B	2B	1.9B	2.2B	2.3B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.7B	4.6B	2.9B	3.3B	4.8B	4.2B	4.4B	4.7B	5.4B	3.6B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	42M	-91M	-55M	-32M	58M	72M	5M	-133M	51M	-66M
Operating cash flow	3B	4.7B	3.4B	3.6B	5.1B	4.9B	4.3B	5.7B	5.1B	2.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-2.8B	-3.6B	330M	-584M	-3.4B	-1.2B	167M	172M	1.7B	878M
Dividends paid	-658M	-661M	-793M	-771M	-769M	-855M	-979M	-966M	-1.1B	-1.2B
Share repurchases	-1.4B	-1.4B	-1.3B	-1.6B	-1.5B	-2.3B	-2.4B	-2.8B	-2.8B	-3.5B
Financing cash flow	-1.6B	-2.1B	-1.6B	-1.7B	-1.1B	-2.7B	-3.6B	-3.7B	-3.5B	-4.1B
Net change in cash	-1.4B	-1B	2.1B	1.3B	570M	935M	914M	2.2B	3.3B	-636M
Free cash flow	6B	6.1B	6B	5.5B	6B	5.1B	3.9B	3.2B	2.7B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.6B	268M	1.9B	1.8B	-93M	1.9B	29M	599M	1.6B	1.4B	1B	825M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	77M	-175M	32M	-13M	9M	23M	-37M	-11M	20M	-38M	-30M	-2M
Operating cash flow	1.5B	1.6B	1.6B	1.5B	52M	1.9B	-270M	399M	1.3B	315M	968M	112M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	349M	-1.5B	99M	1.8B	-1.1B	1B	-467M	1.4B	-49M	29M	285M	425M
Dividends paid	-239M	-236M	-278M	-272M	-270M	-267M	-306M	-301M	-299M	-292M	-304M	-299M
Share repurchases	-700M	-701M	-750M	-800M	-500M	-750M	-900M	-829M	-1B	-801M	-1B	-984M
Financing cash flow	-992M	-787M	-256M	-1.1B	-826M	-1.1B	-1.3B	-162M	-1.5B	-1.2B	-1.8B	-1.4B
Net change in cash	843M	-706M	1.4B	2.2B	-1.9B	1.8B	-2B	1.6B	-259M	-840M	-509M	-816M
Free cash flow	1B	833M	849M	255M	1.3B	333M	589M	399M	1.3B	315M	968M	112M

Date	Ratio
Mar 19, 2018	2:1
Mar 16, 2018	1:1
Mar 19, 2001	2:1
Jun 9, 1998	2:1
Mar 18, 1996	3:2
Jun 15, 1993	5:4
Feb 3, 1987	2:1
Mar 3, 1986	4:3
Jun 4, 1985	3:2
Oct 22, 1984	11:10
Dec 14, 1983	6:5

Aflac Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history