Revenue performance remains highly erratic, evidenced by a swing from 57.9% growth in 2025Q3 to a 36.5% contraction in 2025Q1, while the combined ratio has fluctuated significantly, peaking at 97.0% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 18.22B | 17.44B | 19.13B | 18.84B | 19.15B | 21.55B | 22.26B | 22.24B | 21.71B | 21.6B | 22.49B | 20.81B | 22.61B | 23.83B | 25.27B | 22.09B | 20.66B | 18.25B | 16.55B | 15.39B | 14.62B | 14.36B | 13.28B | 11.45B | 10.26B | 9.6B | 9.7B | 8.64B | 7.1B | 7.25B | 7.1B |
| Revenue Growth % | 6.29% | -8.84% | 1.52% | -1.62% | -11.12% | -3.21% | 0.09% | 2.46% | 0.5% | -3.95% | 8.06% | -7.94% | -5.12% | -5.72% | 14.4% | 6.93% | 13.17% | 10.27% | 7.54% | 5.32% | 1.76% | 8.15% | 16.02% | 11.6% | 6.87% | -1.08% | 12.3% | 21.62% | -2.03% | 2.13% | -1.26% |
| Medical Costs & Claims | 9.52B | 10.65B | 12.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 52.24% | 61.07% | 64.37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 8.7B | 6.79B | 6.82B | 18.84B | 19.15B | 21.55B | 22.26B | 22.24B | 21.71B | 21.6B | 22.49B | 20.81B | 22.61B | 23.83B | 25.27B | 22.09B | 20.66B | 18.25B | 16.55B | 15.39B | 14.62B | 14.36B | 13.28B | 11.45B | 10.26B | 9.6B | 9.7B | 8.64B | 7.1B | 7.25B | 7.1B |
| Gross Margin % | 47.76% | 38.93% | 35.63% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -0.4% | -63.83% | -1.62% | -11.12% | -3.21% | 0.09% | 2.46% | 0.5% | -3.95% | 8.06% | -7.94% | -5.12% | -5.72% | 14.4% | 6.93% | 13.17% | 10.27% | 7.54% | 5.32% | 1.76% | 8.15% | 16.02% | 11.6% | 6.87% | -1.08% | 12.3% | 21.62% | -2.03% | 2.13% | -1.26% |
| Operating Expenses | 3.06B | 2.15B | 398M | 13.58B | 14.28B | 16.34B | 18.1B | 17.8B | 17.73B | 17.58B | 18.42B | 16.95B | 18.11B | 19.01B | 20.97B | 19.14B | 17.1B | 16.02B | 14.64B | 12.89B | 12.35B | 12.14B | 11.51B | 10.25B | 9B | 8.52B | 8.69B | 7.86B | 6.55B | 7.25B | 7.1B |
| OpEx / Revenue % | 16.79% | 12.31% | 2.08% | 72.07% | 74.58% | 75.83% | 81.32% | 80.01% | 81.65% | 81.4% | 81.92% | 81.44% | 80.13% | 79.79% | 82.98% | 86.65% | 82.76% | 87.76% | 88.44% | 83.77% | 84.51% | 84.5% | 86.65% | 89.53% | 87.73% | 88.74% | 89.57% | 91% | 92.24% | 100% | 100% |
| Depreciation & Amortization | 905M | 874M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43M | 45M | 48M |
| Combined Ratio % | 69.03% | 73.39% | 66.45% | 72.07% | 74.58% | 75.83% | 81.32% | 80.01% | 81.65% | 81.4% | 81.92% | 81.44% | 80.13% | 79.79% | 82.98% | 86.65% | 82.76% | 87.76% | 88.44% | 83.77% | 84.51% | 84.5% | 86.65% | 89.53% | 87.73% | 88.74% | 89.57% | 91% | 92.24% | 100% | 100% |
| Operating Income | 5.64B | 4.64B | 6.42B | 5.26B | 4.87B | 5.21B | 4.16B | 4.45B | 3.98B | 4.02B | 4.07B | 3.86B | 4.49B | 4.82B | 4.3B | 2.95B | 3.56B | 2.23B | 1.91B | 2.5B | 2.26B | 2.23B | 1.77B | 1.2B | 1.26B | 1.08B | 1.01B | 778M | 551M | 0 | 0 |
| Operating Margin % | 30.97% | 26.61% | 33.55% | 27.93% | 25.42% | 24.17% | 18.68% | 19.99% | 18.35% | 18.6% | 18.08% | 18.56% | 19.87% | 20.21% | 17.02% | 13.35% | 17.24% | 12.24% | 11.56% | 16.23% | 15.49% | 15.5% | 13.35% | 10.47% | 12.27% | 11.26% | 10.43% | 9% | 7.76% | 0% | 0% |
| Operating Income Growth % | - | -27.68% | 21.95% | 8.07% | -6.51% | 25.22% | -6.43% | 11.6% | -0.87% | -1.2% | 5.31% | -14.01% | -6.75% | 11.95% | 45.83% | -17.16% | 59.33% | 16.77% | -23.41% | 10.38% | 1.71% | 25.55% | 48% | -4.85% | 16.47% | 6.82% | 30.08% | 41.2% | - | - | - |
| EBITDA | 6.61B | 5.51B | 6.42B | 5.26B | 4.87B | 5.21B | 4.16B | 4.45B | 3.98B | 4.02B | 4.07B | 3.86B | 4.49B | 4.82B | 4.3B | 2.95B | 3.56B | 2.23B | 1.99B | 2.5B | 2.26B | 2.23B | 1.77B | 1.2B | 1.26B | 1.08B | 1.01B | 778M | 594M | 45M | 48M |
| EBITDA Margin % | 36.26% | 31.63% | 33.55% | 27.93% | 25.42% | 24.17% | 18.68% | 19.99% | 18.35% | 18.6% | 18.08% | 18.56% | 19.87% | 20.21% | 17.02% | 13.35% | 17.24% | 12.24% | 12.01% | 16.23% | 15.49% | 15.5% | 13.35% | 10.47% | 12.27% | 11.26% | 10.43% | 9% | 8.36% | 0.62% | 0.68% |
| Interest Expense | 230M | 220M | 197M | 195M | 226M | 238M | 242M | 228M | 222M | 240M | 268M | 289M | 317M | 293M | 261M | 196M | 149M | 72M | 29M | 27M | 19M | 23M | 23M | 22M | 20M | 19M | 19M | 18M | 13M | 14M | 16M |
| Non-Operating Income | -117M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 5.61B | 4.53B | 6.42B | 5.26B | 4.87B | 5.21B | 4.16B | 4.45B | 3.98B | 4.02B | 4.07B | 3.86B | 4.49B | 4.82B | 4.3B | 2.95B | 3.56B | 2.23B | 1.91B | 2.5B | 2.26B | 2.23B | 1.77B | 1.2B | 1.26B | 1.08B | 1.01B | 778M | 551M | 0 | 0 |
| Pretax Margin % | 30.8% | 25.99% | 33.55% | 27.93% | 25.42% | 24.17% | 18.68% | 19.99% | 18.35% | 18.6% | 18.08% | 18.56% | 19.87% | 20.21% | 17.02% | 13.35% | 17.24% | 12.24% | 11.56% | 16.23% | 15.49% | 15.5% | 13.35% | 10.47% | 12.27% | 11.26% | 10.43% | 9% | 7.76% | 0% | 0% |
| Income Tax | 977M | 887M | 974M | 603M | 451M | 977M | -619M | 1.14B | 1.06B | -586M | 1.41B | 1.33B | 1.54B | 1.66B | 1.44B | 1.01B | 1.23B | 738M | 660M | 865M | 781M | 743M | 507M | 430M | 438M | 394M | 325M | 207M | 64M | 280M | 256M |
| Effective Tax Rate % | 17.41% | 19.57% | 15.18% | 11.46% | 9.26% | 18.76% | -14.88% | 25.67% | 26.69% | -14.58% | 34.62% | 34.41% | 34.29% | 34.43% | 33.38% | 34.34% | 34.63% | 33.02% | 34.48% | 34.61% | 34.5% | 33.38% | 28.6% | 35.89% | 34.79% | 36.45% | 32.11% | 26.61% | 11.62% | - | - |
| Net Income | 4.64B | 3.65B | 5.44B | 4.66B | 4.42B | 4.23B | 4.78B | 3.3B | 2.92B | 4.6B | 2.66B | 2.53B | 2.95B | 3.16B | 2.87B | 1.94B | 2.33B | 1.5B | 1.25B | 1.63B | 1.48B | 1.48B | 1.27B | 768M | 821M | 687M | 687M | 571M | 487M | 585M | 394M |
| Net Margin % | 25.44% | 20.91% | 28.46% | 24.73% | 23.07% | 19.64% | 21.46% | 14.86% | 13.45% | 21.31% | 11.82% | 12.17% | 13.05% | 13.25% | 11.34% | 8.77% | 11.27% | 8.2% | 7.58% | 10.62% | 10.15% | 10.33% | 9.53% | 6.71% | 8% | 7.16% | 7.08% | 6.61% | 6.86% | 8.07% | 5.55% |
| Net Income Growth % | 29.03% | -33.01% | 16.83% | 5.46% | 4.42% | -11.45% | 44.61% | 13.15% | -36.58% | 73.15% | 4.97% | -14.16% | -6.55% | 10.19% | 47.96% | -16.8% | 55.51% | 19.38% | -23.26% | 10.18% | 0% | 17.14% | 64.84% | -6.46% | 19.51% | 0% | 20.32% | 17.25% | -16.75% | 48.48% | 12.86% |
| EPS (Diluted) | 9.01 | 6.83 | 9.63 | 7.78 | 6.93 | 6.39 | 6.67 | 4.43 | 3.77 | 5.48 | 3.21 | 2.93 | 3.25 | 3.38 | 3.06 | 2.06 | 2.46 | 1.60 | 1.31 | 1.66 | 1.48 | 1.46 | 1.23 | 0.74 | 0.78 | 0.64 | 0.63 | 0.52 | 0.44 | 0.52 | 0.34 |
| EPS Growth % | 36.81% | -29.08% | 23.78% | 12.27% | 8.45% | -4.2% | 50.56% | 17.51% | -31.2% | 70.72% | 9.56% | -9.85% | -3.85% | 10.46% | 48.54% | -16.26% | 53.75% | 22.14% | -21.08% | 12.16% | 1.37% | 18.7% | 66.22% | -5.13% | 21.88% | 1.59% | 21.15% | 18.18% | -15.38% | 52.94% | 13.33% |
| EPS (Basic) | - | 6.86 | 9.68 | 7.81 | 6.96 | 6.42 | 6.69 | 4.45 | 3.79 | 5.52 | 3.23 | 2.94 | 3.27 | 3.40 | 3.07 | 2.08 | 2.48 | 1.61 | 1.33 | 1.68 | 1.50 | 1.48 | 1.25 | 0.75 | 0.80 | 0.66 | 0.65 | 0.54 | 0.46 | 0.54 | 0.36 |
| Diluted Shares Outstanding | 514.78M | 532.01M | 565.01M | 598.75M | 637.65M | 676.73M | 716.19M | 746.43M | 774.65M | 797.86M | 827.84M | 866.34M | 908M | 934.82M | 938.57M | 938.74M | 946.17M | 938.13M | 957.63M | 987.94M | 1B | 1.02B | 1.03B | 1.04B | 1.06B | 1.07B | 1.09B | 1.1B | 1.1B | 1.13B | 1.16B |
Yen volatility and claims
As indicated by the provided quarterly data, Aflac's top-line performance has exhibited significant volatility, with revenue growth swinging from a 57.9% expansion in 2025Q3 to a 36.5% contraction in 2025Q1, largely reflecting the sensitivity of the Japanese segment to fluctuating foreign exchange rates and shifting product demand.
The erratic revenue trajectory suggests that the company's reliance on the Japanese market creates substantial translation risk that obscures underlying operational momentum. Investors should monitor whether the recent 25.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary reversal of previous currency-driven declines.
Based on the reported financial figures, the combined ratio has demonstrated notable instability, peaking at a concerning 97.0% in 2024Q3 before improving to 71.6% in 2026Q1, which highlights the inherent difficulty in maintaining consistent underwriting margins when claims ratios experience sharp, periodic upward pressure.
The fluctuation in the loss ratio, which reached as high as 85.8% in 2025Q1, suggests that Aflac's supplemental health products may be susceptible to unexpected spikes in medical utilization or demographic-driven claims. This volatility warrants further investigation into whether current pricing models are sufficiently robust to absorb future medical inflation.
As evidenced by the 2025Q1 period, where net income plummeted to $29 million and the combined ratio hit 95.8%, the company faced a critical inflection point that tested its ability to manage underwriting costs during periods of elevated claims activity and significant top-line revenue compression.
This period appears to have served as a stress test for the company's capital allocation strategy, forcing a pivot toward more disciplined underwriting. The subsequent recovery in profitability suggests that management may have successfully adjusted pricing or product mix to mitigate the impact of the prior period's operational strain.
While headline EPS growth of 36.4% in 2026Q1 appears positive, the historical data suggests that Aflac's earnings are heavily dependent on non-operating factors, as evidenced by the extreme 106.4% EPS decline in 2024Q3, which may indicate that core insurance profitability is more fragile than reported figures imply.
The reliance on the Japanese market creates a structural vulnerability where currency translation can mask deteriorating underwriting performance. Analysts should remain cautious, as the company's profitability may be more sensitive to macroeconomic shifts in Japan than to the competitive success of its U.S. supplemental benefits business.
Quick answers to the most common questions about buying AFL stock.
For fiscal year 2025, Aflac Incorporated (AFL) reported total revenue of $17.44B. This represents a 145.6% increase compared to $7.10B in 1996.
Aflac Incorporated (AFL) is profitable, generating $3.65B in net income for the fiscal year ending 2025 with a net profit margin of 20.9%.
Aflac Incorporated (AFL) reported an operating income of $4.64B, resulting in an operating profit margin of 26.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Aflac Incorporated (AFL) generated $6.79B in gross profit for the year, representing a gross profit margin of 38.9%. This demonstrates the company's core pricing power and production efficiency.