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AFL logoAflac Incorporated(AFL)Earnings, Financials & Key Ratios

AFL•NYSE•Insurance & Managed Care
$114.46
$58.97B mkt cap·16.8× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryLife InsuranceSub-IndustryGroup and voluntary benefits insurers
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%
  • Book Value per Share55.43+20.0%
  • Tangible BV/Share38.45+27.2%
  • Debt/Equity0.29-0.7%
Analysis→Technical→

AFL Key Insights

Aflac Incorporated (AFL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Dividend Aristocrat: 37 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.

AFL Price & Volume

Aflac Incorporated (AFL) stock price & volume — 10-year historical chart

Loading chart...

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

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 29, 2026
EPS
$1.75
Est $1.79
-2.2%
Revenue
$4.3B
Est $4.2B
+3.4%
Q1 2026
Feb 4, 2026
EPS
$1.57
Est $1.69
-7.1%
Revenue
$4.9B
Est $4.3B
+14.5%
Q4 2025
Nov 4, 2025
EPS
$2.49
Est $1.77
+40.7%
Revenue
$4.8B
Est $4.4B
+9.8%
Q3 2025
Aug 5, 2025
EPS
$1.78
Est $1.70
+4.7%
Revenue
$4.2B
Est $4.3B
-2.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$1.75vs $1.79-2.2%
$4.3Bvs $4.2B+3.4%
Q1 2026Feb 4, 2026
$1.57vs $1.69-7.1%
$4.9Bvs $4.3B+14.5%
Q4 2025Nov 4, 2025
$2.49vs $1.77+40.7%
$4.8Bvs $4.4B+9.8%
Q3 2025Aug 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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MET logoMETMetLife, Inc.Direct Competitor52.79B79.9013.453.29%5.43%13.16%28.63%0.68
PRU logoPRUPrudential Financial, Inc.Direct Competitor34.89B100.279.81-14.01%5.87%10.54%17.97%0.94
UNM logoUNMUnum GroupDirect Competitor13.05B80.8318.892.07%5.87%7.07%4.25%0.35
GNW logoGNWGenworth Financial, Inc.Direct Competitor3.44B8.8716.43-10.86%3.25%2.28%9.52%0.15
CNO logoCNOCNO Financial Group, Inc.Direct Competitor4.27B45.5219.370.94%4.94%8.6%15.84%1.54
GL logoGLGlobe Life Inc.Direct Competitor12.09B154.1410.963.82%19.36%20.64%10.37%0.44
CI logoCICigna CorporationProduct Competitor72.68B275.6612.4311.26%2.26%15.08%11.54%0.75
EQH logoEQHEquitable Holdings, Inc.Product Competitor12.4B44.04-9.12-6.21%-12.55%-49.32%5.48%3.67

Compare AFL vs Peers

Aflac Incorporated (AFL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MET

Most directly comparable listed peer for AFL.

Scale Benchmark

vs UNH

Larger-name benchmark to compare AFL against a more recognizable public peer.

Peer Set

Compare Top 5

vs MET, PRU, UNM, GNW

AFL Income Statement

Aflac Incorporated (AFL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue21.6B21.71B22.24B22.26B21.55B19.15B18.84B19.13B17.44B
Revenue Growth %-3.95%0.5%2.46%0.09%-3.21%-11.12%-1.62%1.52%-8.84%
Medical Costs & Claims000000012.31B10.65B
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 Expenses17.58B17.73B17.8B18.1B16.34B14.28B13.58B398M2.15B
OpEx / Revenue %81.4%81.65%80.01%81.32%75.83%74.58%72.07%2.08%12.31%
Depreciation & Amortization00000000874M
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%
EBITDA4.02B3.98B4.45B4.16B5.21B4.87B5.26B6.42B5.51B
EBITDA Margin %18.6%18.35%19.99%18.68%24.17%25.42%27.93%33.55%31.63%
Interest Expense240M222M228M242M238M226M195M197M220M
Non-Operating Income000000000
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-586M1.06B1.14B-619M977M451M603M974M887M
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)5.523.794.456.696.426.967.819.686.86
Diluted Shares Outstanding797.86M774.65M746.43M716.19M676.73M637.65M598.75M565.01M532.01M

AFL Balance Sheet

Aflac Incorporated (AFL) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets137.22B140.41B152.77B165.09B157.54B131.74B126.72B117.57B116.47B
Asset Growth %5.7%2.32%8.8%8.06%-4.57%-16.38%-3.81%-7.23%-0.93%
Total Investment Assets0000221B171.63B165.49B147.3B97.52B
Long-Term Investments-84.31B-82.89B-91.26B-105.88B122.3B95.89B92.2B82.03B97.52B
Short-Term Investments84.31B82.89B91.26B105.88B98.7B75.74B73.29B65.27B0
Total Current Assets88.63B88.08B96.99B111.82B00007.8B
Cash & Equivalents3.49B4.34B4.9B5.14B5.05B3.94B4.31B6.23B6.25B
Receivables827M851M828M796M672M647M848M779M835M
Other Current Assets0000-104.42B-80.33B-78.44B-72.28B718M
Goodwill & Intangibles00000009.02B9.03B
Goodwill0000000263M0
Intangible Assets00000008.76B9.03B
PP&E (Net)434M443M581M601M538M530M445M387M351M
Other Assets132.47B134.78B146.46B158.55B-122.84B-96.42B-92.64B-91.44B1.77B
Total Liabilities112.62B116.94B123.81B131.53B124.29B111.6B104.74B91.47B86.98B
Total Debt5.29B5.78B6.57B7.9B7.96B7.44B7.36B7.5B8.41B
Net Debt1.8B1.44B1.67B2.76B2.9B3.5B3.06B1.27B2.16B
Long-Term Debt4.72B5.76B6.41B7.75B7.84B7.29B7.24B7.4B8.41B
Short-Term Debt548M00000000
Total Current Liabilities548M00000000
Accounts Payable000000000
Deferred Revenue000000000
Other Current Liabilities0000-4.34B-698M-154M-573M0
Deferred Taxes000000001000K
Other Liabilities107.33B111.17B117.24B123.63B-7.96B-7.44B-7.36B-7.5B77.2B
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 Equity24.36B23.46B28.96B33.56B33.25B20.14B21.98B26.1B29.49B
Minority Interest000000000
Retained Earnings29.89B31.79B34.29B37.98B41.38B44.37B47.99B52.28B54.68B
Common Stock67M135M135M135M135M135M136M136M136M
Accumulated OCI4.03B2.15B6.62B8.93B7.39B-6.43B-5.52B-2.98B1.45B
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 / Assets17.76%16.71%18.96%20.33%21.11%15.29%17.35%22.2%25.32%
Debt / Equity0.22x0.25x0.23x0.24x0.24x0.37x0.33x0.29x0.29x
Book Value per Share30.5430.2938.8046.8649.1431.5836.7246.1955.43
Tangible BV per Share30.5430.2938.8046.8649.1431.5836.7230.2238.45

AFL Cash Flow Statement

Aflac Incorporated (AFL) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations6.13B6.01B5.46B5.96B5.05B3.88B3.19B2.71B2.56B
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 Income4.6B2.92B3.3B4.78B4.23B4.42B4.66B5.44B3.65B
Depreciation & Amortization000000000
Stock-Based Compensation000000000
Deferred Taxes000000000
Other Non-Cash Items-35M742M323M518M-122M-761M183M-2.09B341M
Working Capital Changes1.56B2.35B1.83B662M942M222M-1.65B-644M-1.43B
Cash from Investing-5.43B-3.58B-3.17B-4.62B-2.38B-1.54B817M2.78B1.56B
Capital Expenditures000000000
Acquisitions000000000
Purchase of Investments-11.14B-10.18B-7.94B-6.13B-7.37B-4.26B-3.58B-7.11B-14.01B
Sale/Maturity of Investments7.79B9.99B6.56B3.98B4.62B4.99B4.3B7.99B13.71B
Other Investing-2.08B-3.39B-1.78B-2.47B369M-2.27B95M1.9B1.86B
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 Issued33M58M49M34M26M17M17M14M8M
Debt Issuance (Net)-1000K1000K1000K1000K1000K-1000K1000K1000K1000K
Other Financing35M-50M21M-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 Effect030M-12M21M-24M104M79M-79M-31M
Cash at Beginning4.86B3.49B4.34B4.9B5.14B5.05B3.94B4.31B6.23B
Cash at End3.49B4.34B4.9B5.14B5.05B3.94B4.31B6.23B6.25B
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 Share7.687.767.318.327.466.085.334.794.8

AFL Key Ratios

Aflac Incorporated (AFL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio81.92%81.4%81.65%80.01%81.32%75.83%74.58%72.07%66.45%73.39%
Medical Cost Ratio0%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 / Assets15.78%17.76%16.71%18.96%20.33%21.11%15.29%17.35%22.2%25.32%
Book Value / Share24.7430.5430.2938.846.8649.1431.5836.7246.1955.43
Debt / Equity0.26x0.22x0.25x0.23x0.24x0.24x0.37x0.33x0.29x0.29x
Revenue Growth8.06%-3.95%0.5%2.46%0.09%-3.21%-11.12%-1.62%1.52%-8.84%

AFL SEC Filings & Documents

Aflac Incorporated (AFL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Feb 4, 2026·SEC

Material company update

Nov 4, 2025·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 5, 2025·SEC

FY 2025

May 7, 2025·SEC

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 1.97%. 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.

Explore More AFL

Aflac Incorporated (AFL) financial analysis — history, returns, DCA and operating performance tools

Full AFL Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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