8-K Announcements
6Material company update
Apr 29, 2026·SEC
Material company update
Feb 4, 2026·SEC
Material company update
Nov 4, 2025·SEC
Aflac Incorporated(AFL)Earnings, Financials & Key Ratios
AFL•NYSE•Insurance & Managed Care
16.9× P/E·Price updated Jun 19, 2026
AboutAflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care income support, GIFT, and whole and term life insurance products, as well as WAYS and child endowment plans under saving type insurance products in Japan. The Aflac U.S. segment provides cancer, accident, short-term disability, critical illness, hospital indemnity, dental, vision, long-term care and disability, and term and whole life insurance products in the United States. It sells its products through sales associates, brokers, independent corporate agencies, individual agencies, and affiliated corporate agencies. The company was founded in 1955 and is based in Columbus, Georgia.Show more
- Revenue$17.44B-8.8%
- Combined Ratio73.39%+10.4%
- Net Income$3.65B-33.0%
- Return on Equity13.12%-42.1%
- Medical Cost Ratio61.07%-5.1%
- Operating Margin26.61%-20.7%
- Net Margin20.91%-26.5%
- ROA3.12%-30.1%
- Equity / Assets25.32%+14.1%
AFL Key Insights
Aflac Incorporated (AFL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Dividend Aristocrat: 42 years of consecutive increases
- ✓Profitable underwriting: 73.4% combined ratio
- ✓Good 3Y average ROE of 19.3%
- ✓Share count reduced 5.8% through buybacks
- ✓Trading near 52-week high
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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AFL Price & Volume
Aflac Incorporated (AFL) stock price & volume — 10-year historical chart
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AFL Growth Metrics
Aflac Incorporated (AFL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-1.75%
5 Years-4.77%
3 Years-3.08%
TTM-9.24%
Profit CAGR
10 Years3.71%
5 Years-5.26%
3 Years-6.2%
TTM-33.01%
EPS CAGR
10 Years8.83%
5 Years0.48%
3 Years-0.48%
TTM-28.82%
Return on Capital
10 Years3.47%
5 Years3.98%
3 Years4.43%
Last Year3.97%
AFL Recent Earnings
Aflac Incorporated (AFL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 29, 2026Metric
Actual
Est
EPS
$1.75-2.2%
$1.79
Rev
$4.3B+3.4%
$4.2B
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$1.57-7.1%
$1.69
Rev
$4.9B+14.5%
$4.3B
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$2.49+40.7%
$1.77
Rev
$4.8B+9.8%
$4.4B
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$1.78+4.7%
$1.70
Rev
$4.2B-2.6%
$4.3B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $1.75vs $1.79-2.2% | $4.3Bvs $4.2B+3.4% |
| Q1 2026 | Feb 4, 2026 | $1.57vs $1.69-7.1% | $4.9Bvs $4.3B+14.5% |
| Q4 2025 | Nov 4, 2025 | $2.49vs $1.77+40.7% | $4.8Bvs $4.4B+9.8% |
| Q3 2025 | Aug 5, 2025 | $1.78vs $1.70+4.7% | $4.2Bvs $4.3B-2.6% |
Based on last 12 quarters of dataView full earnings history →
AFL Peer Comparison
Aflac Incorporated (AFL) competitors in Group and voluntary benefits insurers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MET | 55.8B | 85.58 | 17.83 | 10.22% | 4.7% | 12.72% | 0.70 | |
 PRU | 37.05B | 106.53 | 10.42 | -14.01% | 5.62% | 10.26% | 0.65 | |
 UNM | 14.53B | 89.98 | 21.02 | 2.07% | 5.87% | 7.07% | 0.35 | |
 GNW | 3.45B | 8.95 | 16.57 | -10.86% | 3.62% | 2.54% | 0.15 | |
 CNO | 4.76B | 50.83 | 21.63 | 0.94% | 4.94% | 8.6% | 1.54 | |
 GL | 13.4B | 170.76 | 12.15 | 3.82% | 19.36% | 20.64% | 0.44 | |
 CI | 73.63B | 279.27 | 12.60 | 11.26% | 2.26% | 15.08% | 0.75 | |
 EQH | 12.75B | 45.29 | -9.38 | -6.21% | -12.55% | -49.32% | 3.67 |
Compare AFL vs Peers
Aflac Incorporated (AFL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AFL Income Statement
Aflac Incorporated (AFL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 21.6B | 21.71B | 22.24B | 22.26B | 21.55B | 19.15B | 18.84B | 19.13B | 17.44B |
Revenue Growth % | -3.95% | 0.5% | 2.46% | 0.09% | -3.21% | -11.12% | -1.62% | 1.52% | -8.84% |
Medical Costs & Claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.31B | 10.65B |
Medical Cost Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 64.37% | 61.07% |
Gross Profit | 21.6B▲ 0% | 21.71B▲ 0.5% | 22.24B▲ 2.5% | 22.26B▲ 0.1% | 21.55B▼ 3.2% | 19.15B▼ 11.1% | 18.84B▼ 1.6% | 6.82B▼ 63.8% | 6.79B▼ 0.4% |
Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 35.63% | 38.93% |
Gross Profit Growth % | -3.95% | 0.5% | 2.46% | 0.09% | -3.21% | -11.12% | -1.62% | -63.83% | -0.4% |
Operating Expenses | 17.58B | 17.73B | 17.8B | 18.1B | 16.34B | 14.28B | 13.58B | 398M | 2.15B |
OpEx / Revenue % | 81.4% | 81.65% | 80.01% | 81.32% | 75.83% | 74.58% | 72.07% | 2.08% | 12.31% |
Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 874M |
Combined Ratio % | 81.4% | 81.65% | 80.01% | 81.32% | 75.83% | 74.58% | 72.07% | 66.45% | 73.39% |
Operating Income | 4.02B▲ 0% | 3.98B▼ 0.9% | 4.45B▲ 11.6% | 4.16B▼ 6.4% | 5.21B▲ 25.2% | 4.87B▼ 6.5% | 5.26B▲ 8.1% | 6.42B▲ 21.9% | 4.64B▼ 27.7% |
Operating Margin % | 18.6% | 18.35% | 19.99% | 18.68% | 24.17% | 25.42% | 27.93% | 33.55% | 26.61% |
Operating Income Growth % | -1.2% | -0.87% | 11.6% | -6.43% | 25.22% | -6.51% | 8.07% | 21.95% | -27.68% |
EBITDA | 4.02B | 3.98B | 4.45B | 4.16B | 5.21B | 4.87B | 5.26B | 6.42B | 5.51B |
EBITDA Margin % | 18.6% | 18.35% | 19.99% | 18.68% | 24.17% | 25.42% | 27.93% | 33.55% | 31.63% |
Interest Expense | 240M | 222M | 228M | 242M | 238M | 226M | 195M | 197M | 220M |
Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pretax Income | 4.02B▲ 0% | 3.98B▼ 0.9% | 4.45B▲ 11.6% | 4.16B▼ 6.4% | 5.21B▲ 25.2% | 4.87B▼ 6.5% | 5.26B▲ 8.1% | 6.42B▲ 21.9% | 4.53B▼ 29.4% |
Pretax Margin % | 18.6% | 18.35% | 19.99% | 18.68% | 24.17% | 25.42% | 27.93% | 33.55% | 25.99% |
Income Tax | -586M | 1.06B | 1.14B | -619M | 977M | 451M | 603M | 974M | 887M |
Effective Tax Rate % | -14.58% | 26.69% | 25.67% | -14.88% | 18.76% | 9.26% | 11.46% | 15.18% | 19.57% |
Net Income | 4.6B▲ 0% | 2.92B▼ 36.6% | 3.3B▲ 13.2% | 4.78B▲ 44.6% | 4.23B▼ 11.4% | 4.42B▲ 4.4% | 4.66B▲ 5.5% | 5.44B▲ 16.8% | 3.65B▼ 33.0% |
Net Margin % | 21.31% | 13.45% | 14.86% | 21.46% | 19.64% | 23.07% | 24.73% | 28.46% | 20.91% |
Net Income Growth % | 73.15% | -36.58% | 13.15% | 44.61% | -11.45% | 4.42% | 5.46% | 16.83% | -33.01% |
EPS (Diluted) | 5.48▲ 0% | 3.77▼ 31.2% | 4.43▲ 17.5% | 6.67▲ 50.6% | 6.39▼ 4.2% | 6.93▲ 8.5% | 7.78▲ 12.3% | 9.63▲ 23.8% | 6.83▼ 29.1% |
EPS Growth % | 70.72% | -31.2% | 17.51% | 50.56% | -4.2% | 8.45% | 12.27% | 23.78% | -29.08% |
EPS (Basic) | 5.52 | 3.79 | 4.45 | 6.69 | 6.42 | 6.96 | 7.81 | 9.68 | 6.86 |
Diluted Shares Outstanding | 797.86M | 774.65M | 746.43M | 716.19M | 676.73M | 637.65M | 598.75M | 565.01M | 532.01M |
AFL Balance Sheet
Aflac Incorporated (AFL) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 137.22B | 140.41B | 152.77B | 165.09B | 157.54B | 131.74B | 126.72B | 117.57B | 116.47B |
Asset Growth % | 5.7% | 2.32% | 8.8% | 8.06% | -4.57% | -16.38% | -3.81% | -7.23% | -0.93% |
Total Investment Assets | 0 | 0 | 0 | 0 | 221B | 171.63B | 165.49B | 147.3B | 97.52B |
Long-Term Investments | -84.31B | -82.89B | -91.26B | -105.88B | 122.3B | 95.89B | 92.2B | 82.03B | 97.52B |
Short-Term Investments | 84.31B | 82.89B | 91.26B | 105.88B | 98.7B | 75.74B | 73.29B | 65.27B | 0 |
Total Current Assets | 88.63B | 88.08B | 96.99B | 111.82B | 0 | 0 | 0 | 0 | 7.8B |
Cash & Equivalents | 3.49B | 4.34B | 4.9B | 5.14B | 5.05B | 3.94B | 4.31B | 6.23B | 6.25B |
Receivables | 827M | 851M | 828M | 796M | 672M | 647M | 848M | 779M | 835M |
Other Current Assets | 0 | 0 | 0 | 0 | -104.42B | -80.33B | -78.44B | -72.28B | 718M |
Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.02B | 9.03B |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 263M | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.76B | 9.03B |
PP&E (Net) | 434M | 443M | 581M | 601M | 538M | 530M | 445M | 387M | 351M |
Other Assets | 132.47B | 134.78B | 146.46B | 158.55B | -122.84B | -96.42B | -92.64B | -91.44B | 1.77B |
Total Liabilities | 112.62B | 116.94B | 123.81B | 131.53B | 124.29B | 111.6B | 104.74B | 91.47B | 86.98B |
Total Debt | 5.29B | 5.78B | 6.57B | 7.9B | 7.96B | 7.44B | 7.36B | 7.5B | 8.41B |
Net Debt | 1.8B | 1.44B | 1.67B | 2.76B | 2.9B | 3.5B | 3.06B | 1.27B | 2.16B |
Long-Term Debt | 4.72B | 5.76B | 6.41B | 7.75B | 7.84B | 7.29B | 7.24B | 7.4B | 8.41B |
Short-Term Debt | 548M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 548M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Current Liabilities | 0 | 0 | 0 | 0 | -4.34B | -698M | -154M | -573M | 0 |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
Other Liabilities | 107.33B | 111.17B | 117.24B | 123.63B | -7.96B | -7.44B | -7.36B | -7.5B | 77.2B |
Total Equity | 24.36B▲ 0% | 23.46B▼ 3.7% | 28.96B▲ 23.4% | 33.56B▲ 15.9% | 33.25B▼ 0.9% | 20.14B▼ 39.4% | 21.98B▲ 9.2% | 26.1B▲ 18.7% | 29.49B▲ 13.0% |
Equity Growth % | 18.96% | -3.71% | 23.43% | 15.88% | -0.91% | -39.43% | 9.16% | 18.71% | 13% |
Shareholders Equity | 24.36B | 23.46B | 28.96B | 33.56B | 33.25B | 20.14B | 21.98B | 26.1B | 29.49B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | 29.89B | 31.79B | 34.29B | 37.98B | 41.38B | 44.37B | 47.99B | 52.28B | 54.68B |
Common Stock | 67M | 135M | 135M | 135M | 135M | 135M | 136M | 136M | 136M |
Accumulated OCI | 4.03B | 2.15B | 6.62B | 8.93B | 7.39B | -6.43B | -5.52B | -2.98B | 1.45B |
Return on Equity (ROE) | 20.53% | 12.21% | 12.61% | 15.29% | 12.67% | 16.55% | 22.12% | 22.64% | 13.12% |
Return on Assets (ROA) | 3.45% | 2.1% | 2.25% | 3.01% | 2.62% | 3.05% | 3.61% | 4.46% | 3.12% |
Equity / Assets | 17.76% | 16.71% | 18.96% | 20.33% | 21.11% | 15.29% | 17.35% | 22.2% | 25.32% |
Debt / Equity | 0.22x | 0.25x | 0.23x | 0.24x | 0.24x | 0.37x | 0.33x | 0.29x | 0.29x |
Book Value per Share | 30.54 | 30.29 | 38.80 | 46.86 | 49.14 | 31.58 | 36.72 | 46.19 | 55.43 |
Tangible BV per Share | 30.54 | 30.29 | 38.80 | 46.86 | 49.14 | 31.58 | 36.72 | 30.22 | 38.45 |
AFL Cash Flow Statement
Aflac Incorporated (AFL) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 6.13B | 6.01B | 5.46B | 5.96B | 5.05B | 3.88B | 3.19B | 2.71B | 2.56B |
Operating CF Growth % | 2.36% | -1.86% | -9.29% | 9.22% | -15.22% | -23.2% | -17.76% | -15.14% | -5.62% |
Operating CF / Revenue % | 28.37% | 27.7% | 24.53% | 26.76% | 23.44% | 20.25% | 16.93% | 14.15% | 14.65% |
Net Income | 4.6B | 2.92B | 3.3B | 4.78B | 4.23B | 4.42B | 4.66B | 5.44B | 3.65B |
Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -35M | 742M | 323M | 518M | -122M | -761M | 183M | -2.09B | 341M |
Working Capital Changes | 1.56B | 2.35B | 1.83B | 662M | 942M | 222M | -1.65B | -644M | -1.43B |
Cash from Investing | -5.43B | -3.58B | -3.17B | -4.62B | -2.38B | -1.54B | 817M | 2.78B | 1.56B |
Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Investments | -11.14B | -10.18B | -7.94B | -6.13B | -7.37B | -4.26B | -3.58B | -7.11B | -14.01B |
Sale/Maturity of Investments | 7.79B | 9.99B | 6.56B | 3.98B | 4.62B | 4.99B | 4.3B | 7.99B | 13.71B |
Other Investing | -2.08B | -3.39B | -1.78B | -2.47B | 369M | -2.27B | 95M | 1.9B | 1.86B |
Cash from Financing | -2.06B | -1.62B | -1.71B | -1.11B | -2.74B | -3.55B | -3.72B | -3.49B | -4.07B |
Dividends Paid | -661M | -793M | -771M | -769M | -855M | -979M | -966M | -1.09B | -1.2B |
Share Repurchases | -1.35B | -1.3B | -1.63B | -1.54B | -2.3B | -2.4B | -2.8B | -2.8B | -3.53B |
Stock Issued | 33M | 58M | 49M | 34M | 26M | 17M | 17M | 14M | 8M |
Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
Other Financing | 35M | -50M | 21M | -38M | -62M | -49M | -177M | -242M | -304M |
Net Change in Cash | -1.37B▲ 0% | 846M▲ 161.8% | 559M▼ 33.9% | 245M▼ 56.2% | -90M▼ 136.7% | -1.11B▼ 1131.1% | 363M▲ 132.8% | 1.92B▲ 429.8% | 16M▼ 99.2% |
Exchange Rate Effect | 0 | 30M | -12M | 21M | -24M | 104M | 79M | -79M | -31M |
Cash at Beginning | 4.86B | 3.49B | 4.34B | 4.9B | 5.14B | 5.05B | 3.94B | 4.31B | 6.23B |
Cash at End | 3.49B | 4.34B | 4.9B | 5.14B | 5.05B | 3.94B | 4.31B | 6.23B | 6.25B |
Free Cash Flow | 6.13B▲ 0% | 6.01B▼ 1.9% | 5.46B▼ 9.3% | 5.96B▲ 9.2% | 5.05B▼ 15.2% | 3.88B▼ 23.2% | 3.19B▼ 17.8% | 2.71B▼ 15.1% | 2.56B▼ 5.6% |
FCF Growth % | 2.36% | -1.86% | -9.29% | 9.22% | -15.22% | -23.2% | -17.76% | -15.14% | -5.62% |
FCF Margin % | 28.37% | 27.7% | 24.53% | 26.76% | 23.44% | 20.25% | 16.93% | 14.15% | 14.65% |
FCF per Share | 7.68 | 7.76 | 7.31 | 8.32 | 7.46 | 6.08 | 5.33 | 4.79 | 4.8 |
AFL Key Ratios
Aflac Incorporated (AFL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Combined Ratio | 81.92% | 81.4% | 81.65% | 80.01% | 81.32% | 75.83% | 74.58% | 72.07% | 66.45% | 73.39% |
Medical Cost Ratio | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 64.37% | 61.07% |
Return on Equity (ROE) | 14.04% | 20.53% | 12.21% | 12.61% | 15.29% | 12.67% | 16.55% | 22.12% | 22.64% | 13.12% |
Return on Assets (ROA) | 2.14% | 3.45% | 2.1% | 2.25% | 3.01% | 2.62% | 3.05% | 3.61% | 4.46% | 3.12% |
Equity / Assets | 15.78% | 17.76% | 16.71% | 18.96% | 20.33% | 21.11% | 15.29% | 17.35% | 22.2% | 25.32% |
Book Value / Share | 24.74 | 30.54 | 30.29 | 38.8 | 46.86 | 49.14 | 31.58 | 36.72 | 46.19 | 55.43 |
Debt / Equity | 0.26x | 0.22x | 0.25x | 0.23x | 0.24x | 0.24x | 0.37x | 0.33x | 0.29x | 0.29x |
Revenue Growth | 8.06% | -3.95% | 0.5% | 2.46% | 0.09% | -3.21% | -11.12% | -1.62% | 1.52% | -8.84% |
Related:AFL Dividend History·AFL Revenue History·AFL Price History·AFL P/E History·AFL Financial Ratios·AFL Institutional Holders
AFL SEC Filings & Documents
Aflac Incorporated (AFL) SEC filings — annual & quarterly reports (10-K, 10-Q)
AFL Frequently Asked Questions
Aflac Incorporated (AFL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Aflac Incorporated (AFL) saw revenue decline by 8.8% over the past year.
Yes, Aflac Incorporated (AFL) is profitable, generating $3.65B in net income for fiscal year 2025 (20.9% net margin).
Dividend & Returns
Yes, Aflac Incorporated (AFL) pays a dividend with a yield of 1.95%. This makes it attractive for income-focused investors.
Aflac Incorporated (AFL) has a return on equity (ROE) of 13.1%. This is reasonable for most industries.
Industry Metrics
Aflac Incorporated (AFL) has a combined ratio of 73.4%. A ratio below 100% indicates underwriting profitability.