Revenue growth has moderated to 5.5% in 2026Q3 from 8.6% in 2024Q2, while combined ratios have ranged from 68.5% to 139.4%, indicating earnings highly sensitive to claim timing.
Globe Life Inc. (GL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 6.28B | 6B | 5.78B | 5.45B | 5.23B | 5.12B | 4.74B | 4.53B | 4.31B | 4.16B | 3.93B | 3.77B | 3.62B | 3.49B | 3.59B | 3.38B | 3.37B | 3.12B | 3.2B | 3.49B | 3.42B | 3.13B | 3.07B | 2.93B | 2.76B | 2.71B | 2.52B | 2.23B | 2.16B | 2.07B | 2.21B |
| Revenue Growth % | 5.69% | 3.82% | 6.07% | 4.22% | 2.06% | 8.08% | 4.66% | 4.93% | 3.82% | 5.63% | 4.48% | 4.02% | 3.61% | -2.65% | 6.28% | 0.29% | 8.11% | -2.54% | -8.33% | 1.92% | 9.45% | 1.77% | 4.79% | 6.16% | 2% | 7.47% | 13.11% | 3.2% | 4.19% | -6.11% | 6.69% |
| Medical Costs & Claims | 4.95B | 3.99B | 3.91B | 3.81B | 3.69B | 3.43B | 3.45B | 3.21B | 3.07B | 257.25M | 2.85B | 2.7B | 2.54B | 2.45B | 2.54B | 2.37B | 2.37B | 2.17B | 2.18B | 2.29B | 2.24B | 2.01B | 1.99B | 1.91B | 1.69B | 1.76B | 1.61B | 2.72B | 2.53B | 1.25B | 1.28B |
| Medical Cost Ratio % | 78.81% | 66.6% | 67.63% | 69.89% | 70.51% | 67.06% | 72.9% | 70.85% | 71.2% | 6.19% | 72.37% | 71.68% | 70.21% | 70.03% | 70.9% | 70.29% | 70.24% | 69.64% | 68.23% | 65.78% | 65.5% | 64.34% | 64.88% | 65.23% | 61.3% | 64.88% | 64.09% | 122.18% | 117.32% | 60.36% | 57.89% |
| Gross Profit | 1.33B | 2B | 1.87B | 1.64B | 1.54B | 1.69B | 1.28B | 1.32B | 1.24B | 3.9B | 1.09B | 1.07B | 1.08B | 1.05B | 1.04B | 1B | 1B | 945.76M | 1.02B | 1.19B | 1.18B | 1.11B | 1.08B | 1.02B | 1.07B | 950.61M | 904.48M | -493.95M | -373.72M | 820.9M | 928.9M |
| Gross Margin % | 21.19% | 33.4% | 32.37% | 30.11% | 29.49% | 32.94% | 27.1% | 29.15% | 28.8% | 93.81% | 27.63% | 28.32% | 29.79% | 29.97% | 29.1% | 29.71% | 29.76% | 30.36% | 31.77% | 34.22% | 34.5% | 35.66% | 35.12% | 34.77% | 38.7% | 35.12% | 35.91% | -22.18% | -17.32% | 39.64% | 42.11% |
| Gross Profit Growth % | - | 7.14% | 14.02% | 6.43% | -8.65% | 31.38% | -2.71% | 6.19% | -68.12% | 258.64% | 1.91% | -1.1% | 3% | 0.24% | 4.12% | 0.1% | 5.99% | -6.85% | -14.91% | 1.11% | 5.87% | 3.35% | 5.83% | -4.63% | 12.42% | 5.1% | 283.11% | -32.17% | -145.53% | -11.63% | 8.76% |
| Operating Expenses | 756.62M | 540.97M | 543.62M | 445.98M | 439.04M | 412.39M | 387.34M | 388.49M | 379.16M | 3.24B | 314.86M | 300.5M | 293.92M | 291.9M | 278.69M | 279.54M | 251.8M | 368.68M | 386.91M | 396.45M | 406.59M | 383.24M | 357.82M | 366.1M | 478.59M | 349.18M | 338.62M | -896.36M | -820.72M | 55.2M | 433.77M |
| OpEx / Revenue % | 12.05% | 9.02% | 9.41% | 8.19% | 8.4% | 8.05% | 8.17% | 8.58% | 8.79% | 77.96% | 8% | 7.98% | 8.12% | 8.35% | 7.76% | 8.28% | 7.48% | 11.84% | 12.11% | 11.37% | 11.88% | 12.26% | 11.65% | 12.49% | 17.33% | 12.9% | 13.44% | -40.25% | -38.03% | 2.67% | 19.66% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 391.01M | 377.49M | 349.96M | 347.25M | 4.81M | 302.73M | 5.82M | 6.86M | 8.84M | 7.93M | 8M | 9.06M |
| Combined Ratio % | 90.86% | 75.62% | 77.04% | 78.08% | 78.91% | 75.11% | 81.08% | 79.43% | 79.98% | 84.15% | 80.37% | 79.66% | 78.33% | 78.38% | 78.66% | 78.57% | 77.71% | 81.47% | 80.34% | 77.15% | 77.39% | 76.6% | 76.53% | 77.72% | 78.63% | 77.78% | 77.53% | 81.93% | 79.29% | 63.03% | 77.55% |
| Operating Income | 573.81M | 1.46B | 1.33B | 1.19B | 1.1B | 1.27B | 896.68M | 931.28M | 863.67M | 923.93M | 772.24M | 766.19M | 784.68M | 755.32M | 765.99M | 723.78M | 750.57M | 577.08M | 628.4M | 796.8M | 773.57M | 731.52M | 720.8M | 653.1M | 590.05M | 601.43M | 565.86M | 402.41M | 446.99M | 765.7M | 495.13M |
| Operating Margin % | 9.14% | 24.38% | 22.96% | 21.92% | 21.09% | 24.89% | 18.92% | 20.57% | 20.02% | 22.23% | 19.63% | 20.34% | 21.67% | 21.62% | 21.34% | 21.43% | 22.29% | 18.53% | 19.66% | 22.85% | 22.61% | 23.4% | 23.47% | 22.28% | 21.37% | 22.22% | 22.47% | 18.07% | 20.71% | 36.97% | 22.45% |
| Operating Income Growth % | - | 10.26% | 11.08% | 8.36% | -13.53% | 42.15% | -3.71% | 7.83% | -6.52% | 19.64% | 0.79% | -2.36% | 3.89% | -1.39% | 5.83% | -3.57% | 30.06% | -8.17% | -21.14% | 3% | 5.75% | 1.49% | 10.37% | 10.69% | -1.89% | 6.29% | 40.62% | -9.97% | -41.62% | 54.65% | 15.64% |
| EBITDA | 596.82M | 1.59B | 1.45B | 1.3B | 1.19B | 1.36B | 983.39M | 1.02B | 953.75M | 915.18M | 855.58M | 842.83M | 860.8M | 835.78M | 846.5M | 801.69M | 826.1M | 647.01M | 691.63M | 1.19B | 1.15B | 1.08B | 1.07B | 657.91M | 892.78M | 607.25M | 572.72M | 411.25M | 454.93M | 773.7M | 504.19M |
| EBITDA Margin % | 9.5% | 26.54% | 25.16% | 23.8% | 22.82% | 26.52% | 20.75% | 22.43% | 22.1% | 22.02% | 21.74% | 22.38% | 23.78% | 23.92% | 23.58% | 23.74% | 24.53% | 20.77% | 21.64% | 34.07% | 33.65% | 34.6% | 34.77% | 22.45% | 32.33% | 22.43% | 22.74% | 18.47% | 21.08% | 37.36% | 22.86% |
| Interest Expense | 143.07M | 141.22M | 127.09M | 102.32M | 90.39M | 83.49M | 86.7M | 84.31M | 90.08M | 85M | 83.34M | 76.64M | 76.13M | 80.46M | 80.51M | 77.91M | 75.53M | 69.93M | 63.23M | 67.56M | 73.14M | 60.93M | 56.49M | 56.1M | 28.59M | 44.51M | 54.49M | 52.34M | 56.33M | 71.9M | 73.61M |
| Non-Operating Income | -23.01M | -129.02M | -127.09M | -102.32M | -90.39M | -83.49M | -86.7M | -84.31M | -90.08M | 8.75M | -83.34M | -76.64M | -76.13M | -80.46M | -80.51M | -77.91M | -75.53M | -69.93M | -63.23M | -67.56M | -73.14M | -60.93M | -56.49M | -56.1M | -28.59M | -44.51M | -51.58M | -52.34M | -56.33M | 693.8M | -73.61M |
| Pretax Income | 1.46B | 1.44B | 1.33B | 1.19B | 1.1B | 1.27B | 896.68M | 931.28M | 863.67M | 830.65M | 772.24M | 766.19M | 784.68M | 755.32M | 765.99M | 723.78M | 750.57M | 577.08M | 628.4M | 796.8M | 773.57M | 731.52M | 720.8M | 653.1M | 590.05M | 601.43M | 562.96M | 402.41M | 446.99M | 408.7M | 495.13M |
| Pretax Margin % | 23.31% | 24% | 22.96% | 21.92% | 21.09% | 24.89% | 18.92% | 20.57% | 20.02% | 19.99% | 19.63% | 20.34% | 21.67% | 21.62% | 21.34% | 21.43% | 22.29% | 18.53% | 19.66% | 22.85% | 22.61% | 23.4% | 23.47% | 22.28% | 21.37% | 22.22% | 22.35% | 18.07% | 20.71% | 19.73% | 22.45% |
| Income Tax | 278.12M | 278.57M | 255.88M | 223.51M | 207.72M | 243.5M | 164.91M | 170.4M | 162.16M | -627.62M | 232.65M | 249.89M | 256.6M | 248.11M | 236.67M | 226.17M | 246.47M | 191.02M | 198.7M | 269.27M | 254.94M | 236.13M | 245.08M | 223M | 197.04M | 205.97M | 190.84M | 134.32M | 154.34M | 138.4M | 180.62M |
| Effective Tax Rate % | 19% | 19.35% | 19.29% | 18.72% | 18.85% | 19.1% | 18.39% | 18.3% | 18.78% | -75.56% | 30.13% | 32.62% | 32.7% | 32.85% | 30.9% | 31.25% | 32.84% | 33.1% | 31.62% | 33.79% | 32.96% | 32.28% | 34% | 34.14% | 33.39% | 34.25% | 33.9% | 33.38% | 34.53% | 33.86% | 36.48% |
| Net Income | 1.19B | 1.16B | 1.07B | 970.75M | 894.39M | 1.03B | 731.77M | 760.79M | 701.47M | 1.45B | 549.78M | 527.1M | 542.94M | 528.47M | 529.32M | 497.16M | 498.87M | 404.95M | 452.26M | 527.53M | 518.63M | 495.39M | 468.56M | 430.1M | 387.28M | 356.51M | 362M | 273.96M | 244.44M | 347.6M | 311.37M |
| Net Margin % | 18.88% | 19.36% | 18.53% | 17.82% | 17.11% | 20.13% | 15.44% | 16.8% | 16.26% | 34.99% | 13.97% | 14% | 15% | 15.12% | 14.75% | 14.72% | 14.81% | 13% | 14.15% | 15.13% | 15.16% | 15.85% | 15.25% | 14.67% | 14.03% | 13.17% | 14.37% | 12.3% | 11.33% | 16.78% | 14.12% |
| Net Income Growth % | 3.05% | 8.44% | 10.3% | 8.54% | -13.26% | 40.91% | -3.81% | 8.46% | -51.76% | 164.47% | 4.3% | -2.92% | 2.74% | -0.16% | 6.47% | -0.34% | 23.19% | -10.46% | -14.27% | 1.72% | 4.69% | 5.73% | 8.94% | 11.06% | 8.63% | -1.52% | 32.14% | 12.07% | -29.68% | 11.63% | 117.39% |
| EPS (Diluted) | 15.15 | 14.06 | 11.94 | 10.07 | 9.04 | 7.22 | 6.82 | 6.83 | 6.08 | 12.22 | 4.49 | 4.16 | 4.09 | 3.79 | 3.60 | 3.14 | 2.80 | 2.17 | 2.27 | 2.45 | 2.28 | 2.08 | 1.86 | 1.66 | 1.41 | 1.27 | 1.25 | 0.94 | 0.80 | 1.08 | 0.97 |
| EPS Growth % | 8.93% | 17.76% | 18.57% | 11.39% | 25.21% | 5.87% | -0.15% | 12.34% | -50.25% | 172.16% | 7.93% | 1.71% | 7.92% | 5.28% | 14.65% | 12.14% | 29.03% | -4.41% | -7.35% | 7.46% | 9.62% | 11.83% | 12.05% | 17.73% | 11.02% | 1.6% | 32.98% | 17.5% | -25.93% | 11.34% | 120.45% |
| EPS (Basic) | - | 14.30 | 11.99 | 10.21 | 9.13 | 7.30 | 6.90 | 6.97 | 6.22 | 12.50 | 4.58 | 4.21 | 4.15 | 3.84 | 3.65 | 3.19 | 2.83 | 2.17 | 2.28 | 2.49 | 2.31 | 2.10 | 1.89 | 1.67 | 1.42 | 1.28 | 1.26 | 0.95 | 0.81 | 1.08 | 0.97 |
| Diluted Shares Outstanding | 78.22M | 80.85M | 84.75M | 96.36M | 98.98M | 103.17M | 107.22M | 111.38M | 115.25M | 118.98M | 122.37M | 126.76M | 132.64M | 139.56M | 146.85M | 164.72M | 184.69M | 186.83M | 199.16M | 215.65M | 227.47M | 238.17M | 251.61M | 259.44M | 271.3M | 279.84M | 288.83M | 292.06M | 305.2M | 312.69M | 322.16M |
Quick answers to the most common questions about buying GL stock.
For fiscal year 2025, Globe Life Inc. (GL) reported total revenue of $6.00B. This represents a 171.9% increase compared to $2.21B in 1996.
Globe Life Inc. (GL) is profitable, generating $1.16B in net income for the fiscal year ending 2025 with a net profit margin of 19.4%.
Globe Life Inc. (GL) reported an operating income of $1.46B, resulting in an operating profit margin of 24.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Globe Life Inc. (GL) generated $2.00B in gross profit for the year, representing a gross profit margin of 33.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unresolved EEOC sales-practice review
Metrics are mathematically derived from official filings.
Top-Line Growth Decelerating From Earlier Pace
Based on reported quarterly figures, GL's revenue growth moderated from 8.6% in 2024Q2 to 5.5% in 2026Q3, with the 2026Q3 print on about $1.6B suggesting top-line expansion is slowing as the Medicare Supplement mix shift weighs on volume.
The deceleration in revenue growth suggests the premium base is expanding more slowly than in 2024, which may reflect a combination of agent recruitment constraints and a deliberate pivot toward lower-margin products. Investors should monitor whether growth stabilizes in the mid-single digits or continues to fade, since a persistent slowdown would increase reliance on margin preservation for earnings growth.
Underwriting Results Volatile Quarter to Quarter
As reported in the quarterly income statements, GL's loss ratio ranged from 43.5% in 2026Q3 to 150.3% in 2026Q2, while the combined ratio swung between 68.5% and 139.4%, indicating underwriting results that are highly sensitive to claim timing.
The wide dispersion suggests that periodic claim spikes, rather than a steady underlying trend, drive much of the reported underwriting result, and the 2026Q2 quarter with a combined ratio above 100% implies a reliance on other income that quarter. Excluding the outlier, the typical combined ratio near 70% to 78% appears consistent with underwriting profitability, though the sustainability of the lower 2026Q3 loss ratio warrants further investigation.
Investment Income Contribution Not Disclosed
Investment income and investment yield fields are unavailable in the provided quarterly data, so the contribution of investment returns to GL's reported earnings cannot be quantified from these figures.
Without disclosed investment income, the extent to which net income depends on portfolio yield versus underwriting cannot be assessed directly from the supplied dataset. Analysts should consult the underlying filings for net investment income and realized gains before drawing conclusions about earnings quality.
2026Q2 Quarter Marks Earnings Inflection
According to the reported quarterly figures, GL's 2026Q2 operating income turned negative at roughly -$629.6M on a loss ratio of 150.3%, followed by an EPS rebound to $4.62 in 2026Q3 against a $3.61 consensus estimate.
The 2026Q2 quarter appears to be a discrete loss event rather than a trend, given the immediate recovery in 2026Q3 operating income to $479.0M. The quarter may reflect a concentrated claims or reserve charge, and the absence of disclosed cause in this dataset warrants investigation before treating the rebound as evidence of durable margin recovery.
Quarterly Beat May Reflect Timing
Based on GL's reported 2026Q3 EPS of $4.62 versus a $3.61 consensus, the beat coincides with an unusually low loss ratio of 43.5%, which may reflect favorable claim timing rather than sustainable underwriting improvement.
A single-quarter beat driven by a loss ratio well below the 60% to 70% range seen across most other quarters could reverse in subsequent periods. The unresolved EEOC review and ongoing product-mix transition add uncertainty that the headline beat does not resolve, so investors should weigh the earnings rebound cautiously.