8-K Announcements
6Apr 29, 2026·SEC
Feb 4, 2026·SEC
Nov 4, 2025·SEC
Aflac Incorporated (AFL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Aflac Incorporated (AFL) stock price & volume — 10-year historical chart
Aflac Incorporated (AFL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Aflac Incorporated (AFL) EPS & revenue vs analyst estimates — last 4 quarters
| 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% |
Aflac Incorporated (AFL) competitors in Group and voluntary benefits insurers — business model, growth, and fundamentals comparison
Aflac Incorporated (AFL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Aflac Incorporated (AFL) annual income statement — 10-year revenue, gross profit & net income history
| Line item | 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 |
Aflac Incorporated (AFL) balance sheet — assets, liabilities & shareholders' equity
| Line item | 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 |
Aflac Incorporated (AFL) cash flow — operating, investing & free cash flow history
| Line item | 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 |
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% |
Aflac Incorporated (AFL) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 29, 2026·SEC
Feb 4, 2026·SEC
Nov 4, 2025·SEC
Aflac Incorporated (AFL) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
Aflac Incorporated (AFL) has a combined ratio of 73.4%. A ratio below 100% indicates underwriting profitability.
Aflac Incorporated (AFL) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates