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American Financial Group (AFG) Financials

American Financial Group logo
$133.56 -0.54 (-0.40%)
Closing price 03:59 PM Eastern
Extended Trading
$133.76 +0.20 (+0.15%)
As of 06:05 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for American Financial Group

Annual Income Statements for American Financial Group

This table shows American Financial Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 352 649 475 530 897 732 1,995 898 852 887 842
Consolidated Net Income / (Loss)		 370 668 477 517 869 721 1,995 898 852 887 842
Net Income / (Loss) Continuing Operations		 370 668 477 517 491 314 1,081 898 852 887 842
Total Pre-Tax Income 		565 787 724 639 634 339 1,335 1,123 1,073 1,124 1,073
Total Revenue		 6,070 6,421 6,780 7,088 6,145 5,681 6,458 6,955 7,751 8,248 8,094
Net Interest Income / (Expense)		 -75 -77 -85 -62 -68 -88 -94 -85 -76 -76 -80
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 75 77 85 62 68 88 94 85 76 76 80
Long-Term Debt Interest Expense		 75 77 85 62 68 88 94 85 76 76 80
Total Non-Interest Income		 6,145 6,498 6,865 7,150 6,213 5,769 6,552 7,040 7,827 8,324 8,174
Trust Fees by Commissions		 155 190 210 255 269 201 181 268 421 380 283
Other Service Charges		 243 224 206 223 86 80 113 117 146 124 115
Net Realized & Unrealized Capital Gains on Investments		 1,419 1,732 1,848 1,807 673 389 854 570 729 784 730
Premiums Earned		 4,328 4,352 4,601 4,865 5,185 5,099 5,404 6,085 6,531 7,036 7,046
Total Non-Interest Expense		 5,505 5,634 6,056 6,449 5,511 5,342 5,123 5,832 6,678 7,124 7,021
Property & Liability Insurance Claims		 2,695 2,762 2,955 3,003 3,271 3,271 3,157 3,629 4,033 4,460 4,388
Other Operating Expenses		 448 504 603 604 2,240 2,071 1,966 2,203 2,645 2,664 2,633
Income Tax Expense		 195 119 247 122 143 25 254 225 221 237 231
Basic Earnings per Share		 $4.02 $7.47 $5.40 $5.95 $9.98 $8.25 $23.44 $10.55 $10.06 $10.57 $10.08
Weighted Average Basic Shares Outstanding		 87.60M 86.90M 87.80M 89M 89.90M 88.70M 85.10M 85.10M 84.70M 83.90M 83.50M
Diluted Earnings per Share		 $3.94 $7.33 $5.28 $5.85 $9.85 $8.20 $23.30 $10.53 $10.05 $10.57 $10.08
Weighted Average Diluted Shares Outstanding		 89.40M 88.50M 89.80M 90.60M 91M 89.20M 85.60M 85.30M 84.80M 83.90M 83.50M
Weighted Average Basic & Diluted Shares Outstanding		 87.60M 86.90M 88M 89.10M 90.34M 86.40M 84.93M 85.20M 83.66M 83.98M 83.30M
Cash Dividends to Common per Share		 $2.03 $2.15 $4.79 $4.45 $4.95 $3.85 $28.06 $14.31 $8.10 $9.43 $7.28

Quarterly Income Statements for American Financial Group

This table shows American Financial Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 177 263 242 209 181 255 154 174 215 299 191
Consolidated Net Income / (Loss)		 177 263 242 209 181 255 154 174 215 299 191
Net Income / (Loss) Continuing Operations		 177 263 242 209 181 255 154 174 215 299 191
Total Pre-Tax Income 		219 335 304 271 229 320 197 229 268 379 239
Total Revenue		 2,145 2,064 1,887 1,881 2,350 2,130 1,837 1,905 2,312 2,040 1,831
Net Interest Income / (Expense)		 -19 -19 -19 -19 -19 -19 -19 -19 -19 -23 -23
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 19 19 19 19 19 19 19 19 19 23 23
Long-Term Debt Interest Expense		 19 19 19 19 19 19 19 19 19 23 23
Total Non-Interest Income		 2,164 2,083 1,906 1,900 2,369 2,149 1,856 1,924 2,331 2,063 1,854
Trust Fees by Commissions		 105 100 99 98 99 84 76 68 70 69 67
Other Service Charges		 43 46 39 27 26 32 27 27 30 31 29
Net Realized & Unrealized Capital Gains on Investments		 161 205 222 190 189 183 173 182 218 157 149
Premiums Earned		 1,855 1,732 1,546 1,585 2,055 1,850 1,580 1,647 2,013 1,806 1,609
Total Non-Interest Expense		 1,926 1,729 1,583 1,610 2,121 1,810 1,640 1,676 2,044 1,661 1,592
Property & Liability Insurance Claims		 1,239 1,069 912 937 1,430 1,181 965 1,007 1,355 1,061 906
Insurance Policy Acquisition Costs		 - - - - - - 530 - - - 556
Other Operating Expenses		 687 660 671 673 691 629 145 669 689 600 130
Income Tax Expense		 42 72 62 62 48 65 43 55 53 80 48
Basic Earnings per Share		 $2.10 $3.12 $2.89 $2.49 $2.16 $3.03 $1.84 $2.07 $2.58 $3.59 $2.29
Weighted Average Basic Shares Outstanding		 84.60M 84.70M 83.70M 83.90M 83.90M 83.90M 83.80M 83.50M 83.40M 83.50M 83.30M
Diluted Earnings per Share		 $2.09 $3.13 $2.89 $2.49 $2.16 $3.03 $1.84 $2.07 $2.58 $3.59 $2.29
Weighted Average Diluted Shares Outstanding		 84.70M 84.80M 83.80M 83.90M 83.90M 83.90M 83.80M 83.50M 83.40M 83.50M 83.30M
Weighted Average Basic & Diluted Shares Outstanding		 83.78M 83.66M 83.87M 83.90M 83.93M 83.98M 83.52M 83.39M 83.40M 83.30M 83.09M
Cash Dividends to Common per Share		 $0.63 - $3.21 $0.71 $0.71 - $2.80 $0.80 $0.80 - $2.38

Annual Cash Flow Statements for American Financial Group

This table details how cash moves in and out of American Financial Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -123 887 231 -823 799 496 -679 -1,259 353 181 321
Net Cash From Operating Activities		 1,353 1,150 1,804 2,083 2,456 2,183 1,714 1,153 1,970 1,152 1,533
Net Cash From Continuing Operating Activities		 1,353 1,150 1,804 2,083 2,456 2,183 1,714 1,153 1,970 1,152 1,533
Net Income / (Loss) Continuing Operations		 370 668 477 517 869 721 1,995 898 852 887 842
Consolidated Net Income / (Loss)		 370 668 477 517 869 721 1,995 898 852 887 842
Depreciation Expense		 134 134 107 210 259 299 187 100 78 81 86
Non-Cash Adjustments to Reconcile Net Income		 463 289 758 1,259 565 804 -1,417 -214 312 -134 58
Changes in Operating Assets and Liabilities, net		 386 59 462 97 763 359 949 369 728 318 547
Net Cash From Investing Activities		 -4,573 -2,981 -3,292 -5,350 -3,065 -1,564 -436 -1,051 414 95 -835
Net Cash From Continuing Investing Activities		 -4,573 -2,981 -3,292 -5,350 -3,065 -1,564 -436 -1,051 414 95 -835
Purchase of Property, Leasehold Improvements and Equipment		 -102 -49 -109 -80 -44 -60 -62 -86 -72 -133 -135
Acquisitions		 - - - -36 - -3.00 -123 -10 -234 -9.00 -7.00
Purchase of Investment Securities		 -10,107 -11,160 -13,731 -14,008 -11,336 -13,511 -10,903 -6,559 -3,773 -4,646 -5,579
Sale of Property, Leasehold Improvements and Equipment		 117 55 55 3.00 4.00 5.00 46 31 3.00 30 2.00
Divestitures		 7.00 0.00 0.00 0.00 0.00 3.00 3,581 - 26 0.00 3.00
Sale and/or Maturity of Investments		 5,512 8,173 10,493 8,728 8,311 12,427 9,083 5,573 4,464 4,853 4,881
Net Cash From Financing Activities		 3,097 2,718 1,719 2,444 1,408 -123 -1,957 -1,361 -2,031 -1,066 -377
Net Cash From Continuing Financing Activities		 3,097 2,718 1,719 2,444 1,408 -123 -1,957 -1,361 -2,031 -1,066 -377
Issuance of Debt		 145 302 712 0.00 315 634 - - 0.00 0.00 344
Issuance of Common Equity		 1,087 2,328 2,768 2,016 407 451 2,949 1,222 685 2,353 3,005
Repayment of Debt		 -2,217 -2,293 -3,150 -2,916 -3,508 -3,861 -1,931 -477 -21 0.00 0.00
Repurchase of Common Equity		 -126 -133 0.00 -6.00 0.00 -313 -319 -11 -213 0.00 -99
Payment of Dividends		 -176 -185 -417 -394 -444 -334 -2,374 -1,213 -684 -788 -606
Other Financing Activities, Net		 4,384 2,699 1,806 3,744 4,638 3,300 -282 -882 -1,798 -2,631 -3,021

Quarterly Cash Flow Statements for American Financial Group

This table details how cash moves in and out of American Financial Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 233 4.00 -138 34 201 84 -130 -8.00 574 -115 -374
Net Cash From Operating Activities		 696 756 107 -88 459 674 342 191 216 784 474
Net Cash From Continuing Operating Activities		 696 756 107 -88 459 674 342 191 216 784 474
Net Income / (Loss) Continuing Operations		 177 263 242 209 181 255 154 174 215 299 191
Consolidated Net Income / (Loss)		 177 263 242 209 181 255 154 174 215 299 191
Depreciation Expense		 21 18 20 19 21 21 22 22 20 22 25
Non-Cash Adjustments to Reconcile Net Income		 -4.00 273 -224 -132 138 13 54 -27 49 -18 195
Changes in Operating Assets and Liabilities, net		 502 202 69 -184 119 385 112 22 -68 481 63
Net Cash From Investing Activities		 91 -45 -155 149 122 -21 23 36 -130 -764 -613
Net Cash From Continuing Investing Activities		 91 -45 -155 149 122 -21 23 36 -130 -764 -613
Purchase of Property, Leasehold Improvements and Equipment		 -7.00 -32 -38 -33 -29 -33 -25 -33 -41 -36 -17
Purchase of Investment Securities		 -949 -871 -1,171 -1,058 -934 -1,483 -1,166 -996 -1,376 -2,040 -1,533
Sale of Property, Leasehold Improvements and Equipment		 - 1.00 - 25 - 5.00 0.00 - - - 7.00
Sale and/or Maturity of Investments		 1,255 857 1,054 1,215 1,085 1,499 1,215 1,063 1,291 1,312 930
Other Investing Activities, net		 - - - - - - -1.00 - - - 0.00
Net Cash From Financing Activities		 -554 -707 -90 -27 -380 -569 -495 -235 488 -135 -235
Net Cash From Continuing Financing Activities		 -554 -707 -90 -27 -380 -569 -495 -235 488 -135 -235
Issuance of Common Equity		 7.00 53 641 1,143 2.00 567 767 359 1,337 542 393
Repurchase of Common Equity		 -86 -60 0.00 - - - -58 -39 -1.00 -1.00 -60
Payment of Dividends		 -52 -186 -268 -59 -58 -403 -233 -68 -66 -239 -198
Other Financing Activities, Net		 -423 -514 -463 -1,111 -324 -733 -971 -487 -1,126 -437 -370

Annual Balance Sheets for American Financial Group

This table presents American Financial Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 49,837 55,072 60,658 63,456 70,130 73,710 28,931 28,831 29,787 30,836 32,642
Cash and Due from Banks		 1,220 2,107 2,338 1,515 2,314 1,665 2,131 872 1,225 1,406 1,727
Trading Account Securities		 34,498 36,953 - 45,474 51,167 11,232 12,944 12,837 13,266 13,502 14,349
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 1,067 1,147 - 1,068 1,329 377 520 676 643 791 947
Unearned Premiums Asset		 1,417 1,536 - 1,844 2,013 1,997 2,099 2,256 2,432 2,545 2,730
Deferred Acquisition Cost		 1,184 1,239 1,216 1,682 1,037 244 267 288 309 320 333
Goodwill		 199 199 199 207 414 176 246 246 305 305 327
Other Assets		 9,644 11,291 - 11,109 11,435 58,019 1,909 11,656 11,607 11,967 12,229
Total Liabilities & Shareholders' Equity		 49,837 55,072 9,678 63,456 70,130 73,710 28,931 28,831 29,787 30,836 32,642
Total Liabilities		 45,067 50,153 9,678 58,484 63,861 66,921 18,699 24,779 25,529 26,370 27,822
Long-Term Debt		 998 1,283 - 1,302 1,473 1,963 13,038 1,496 1,475 1,475 1,820
Claims and Claim Expense		 8,127 8,563 9,678 9,741 10,232 10,392 - 11,974 13,087 14,179 15,094
Unearned Premiums Liability		 2,060 2,171 - 2,595 2,830 2,803 3,041 3,246 3,451 3,584 3,736
Other Long-Term Liabilities		 6,652 7,629 - 7,673 8,292 51,763 2,620 8,063 7,516 7,132 7,172
Total Equity & Noncontrolling Interests		 4,770 4,919 5,331 4,972 6,269 6,789 5,012 4,052 4,258 4,466 4,820
Total Preferred & Common Equity		 4,592 4,916 0.00 4,970 6,269 6,789 5,012 4,052 4,258 4,466 4,820
Total Common Equity		 4,592 4,916 0.00 4,970 6,269 6,789 5,012 4,052 4,258 4,466 4,820
Common Stock		 1,301 1,198 - 1,334 1,397 1,367 1,415 1,453 1,456 1,495 1,513
Retained Earnings		 2,987 3,343 - 3,588 4,009 4,149 3,478 3,142 3,121 3,211 3,357
Accumulated Other Comprehensive Income / (Loss)		 304 375 - 48 863 1,273 119 -543 -319 -240 -50

Quarterly Balance Sheets for American Financial Group

This table presents American Financial Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 29,532 28,481 29,048 30,825 30,001 29,913 32,591 30,294 30,669 33,834 32,353
Cash and Due from Banks		 794 857 988 1,221 1,087 1,121 1,322 1,276 1,268 1,842 1,353
Trading Account Securities		 12,721 12,821 12,727 12,796 13,316 13,220 13,505 12,965 13,712 13,781 14,673
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 676 646 645 644 722 773 765 827 909 975 961
Unearned Premiums Asset		 2,878 2,480 2,908 3,311 2,684 3,052 3,341 2,694 3,202 3,477 2,881
Deferred Acquisition Cost		 292 285 316 324 309 328 340 316 345 349 334
Goodwill		 246 246 246 305 305 305 305 305 305 327 327
Other Assets		 11,925 1,917 11,218 12,224 11,578 11,114 13,013 11,911 10,928 13,083 11,824
Total Liabilities & Shareholders' Equity		 29,532 28,481 29,048 30,825 30,001 29,913 32,591 30,294 30,669 33,834 32,353
Total Liabilities		 25,600 19,282 25,055 26,844 25,761 25,529 27,883 25,902 26,153 29,104 27,675
Long-Term Debt		 1,533 13,239 1,474 1,474 1,475 1,475 1,475 1,476 1,476 1,820 1,820
Claims and Claim Expense		 12,067 - 11,925 12,891 13,050 12,607 14,206 13,970 13,834 15,079 14,914
Unearned Premiums Liability		 3,785 3,435 3,686 3,997 3,650 3,816 4,320 3,710 4,026 4,450 3,911
Other Long-Term Liabilities		 8,215 2,608 7,970 8,482 7,586 7,631 7,882 6,746 6,817 7,755 7,030
Total Equity & Noncontrolling Interests		 3,932 3,941 3,993 3,981 4,240 4,384 4,708 4,392 4,516 4,730 4,678
Total Preferred & Common Equity		 3,932 3,941 3,993 3,981 4,240 4,384 4,708 4,392 4,516 4,730 4,678
Total Common Equity		 3,932 3,941 3,993 3,981 4,240 4,384 4,708 4,392 4,516 4,730 4,678
Common Stock		 1,443 1,459 1,462 1,456 1,466 1,476 1,484 1,493 1,497 1,504 1,511
Retained Earnings		 3,091 2,933 3,042 3,095 3,089 3,239 3,360 3,078 3,151 3,299 3,294
Accumulated Other Comprehensive Income / (Loss)		 -602 -451 -511 -570 -315 -331 -136 -179 -132 -73 -127

Annual Metrics And Ratios for American Financial Group

This table displays calculated financial ratios and metrics derived from American Financial Group's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.02 $7.47 $5.40 $5.95 $9.98 $8.25 $23.44 $10.55 $10.06 $10.57 $10.08
Adjusted Weighted Average Basic Shares Outstanding		 87.60M 86.90M 87.80M 89M 89.90M 88.70M 85.10M 85.10M 84.70M 83.90M 83.50M
Adjusted Diluted Earnings per Share		 $3.94 $7.33 $5.28 $5.85 $9.85 $8.20 $23.30 $10.53 $10.05 $10.57 $10.08
Adjusted Weighted Average Diluted Shares Outstanding		 89.40M 88.50M 89.80M 90.60M 91M 89.20M 85.60M 85.30M 84.80M 83.90M 83.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 86.59M 87.01M 88.43M 89.31M 90.34M 86.40M 84.93M 85.20M 83.66M 83.98M 83.30M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for American Financial Group

This table displays calculated financial ratios and metrics derived from American Financial Group's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 83,298,833.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 83,298,833.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.16% 8.12% 9.65% 3.29% 9.56% 3.20% -2.65% 1.28% -1.62% - -0.33%
EBITDA Growth		 2.13% -4.08% 14.08% 5.84% 4.17% -3.40% -32.41% -13.45% 15.20% - 20.55%
EBIT Growth		 4.29% -3.18% 15.15% 6.27% 4.57% -4.48% -35.20% -15.50% 17.03% - 21.32%
NOPAT Growth		 7.27% -4.71% 14.15% 4.50% 2.26% -3.04% -36.36% -16.75% 18.78% - 24.03%
Net Income Growth		 7.27% -4.71% 14.15% 4.50% 2.26% -3.04% -36.36% -16.75% 18.78% - 24.03%
EPS Growth		 8.29% -3.40% 16.06% 6.41% 3.35% -3.19% -36.33% -16.87% 19.44% - 24.46%
Operating Cash Flow Growth		 31.57% 587.27% -73.45% -176.52% -34.05% -10.85% 219.63% 317.05% -52.94% - 38.60%
Free Cash Flow Firm Growth		 -90.18% -99.57% 209.64% -153.51% -392.51% -39.74% -99.99% 122.40% 72.21% - -44,000.00%
Invested Capital Growth		 -0.18% 3.33% -74.53% 7.17% 13.35% 3.63% 2.68% 2.27% 5.94% - 10.74%
Revenue Q/Q Growth		 17.79% -3.78% -8.58% -0.32% 24.93% -9.36% -13.76% 3.70% 21.36% - -10.25%
EBITDA Q/Q Growth		 -12.41% 47.08% -8.22% -10.49% -13.79% 36.40% -35.78% 14.61% 14.74% - -34.16%
EBIT Q/Q Growth		 -14.12% 52.97% -9.25% -10.86% -15.50% 39.74% -38.44% 16.24% 17.03% - -36.94%
NOPAT Q/Q Growth		 -11.50% 48.59% -7.98% -13.64% -13.40% 40.88% -39.61% 12.99% 23.56% - -36.12%
Net Income Q/Q Growth		 -11.50% 48.59% -7.98% -13.64% -13.40% 40.88% -39.61% 12.99% 23.56% - -36.12%
EPS Q/Q Growth		 -10.68% 49.76% -7.67% -13.84% -13.25% 40.28% -39.27% 12.50% 24.64% - -36.21%
Operating Cash Flow Q/Q Growth		 505.22% 8.62% -85.85% -182.24% 621.59% 46.84% -49.26% -44.15% 13.09% - -39.54%
Free Cash Flow Firm Q/Q Growth		 -45.32% -58.29% 21,650.00% -101.08% -198.91% 108.59% -97.87% 4,000.00% -470.73% - -9.75%
Invested Capital Q/Q Growth		 -0.22% 5.10% -0.31% 2.52% 5.53% -3.91% -1.23% 2.11% 9.31% - -2.14%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 11.19% 17.10% 17.17% 15.42% 10.64% 16.01% 11.92% 13.18% 12.46% - 14.42%
EBIT Margin		 10.21% 16.23% 16.11% 14.41% 9.74% 15.02% 10.72% 12.02% 11.59% - 13.05%
Profit (Net Income) Margin		 8.25% 12.74% 12.82% 11.11% 7.70% 11.97% 8.38% 9.13% 9.30% - 10.43%
Tax Burden Percent		 80.82% 78.51% 79.61% 77.12% 79.04% 79.69% 78.17% 75.98% 80.22% - 79.92%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 19.18% 21.49% 20.39% 22.88% 20.96% 20.31% 21.83% 24.02% 19.78% - 20.08%
Return on Invested Capital (ROIC)		 11.48% 17.51% 7.21% 15.65% 10.83% 16.92% 11.87% 12.67% 11.95% - 13.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.48% 17.51% 7.21% 15.65% 10.83% 16.92% 11.87% 12.67% 11.95% - 13.65%
Return on Net Nonoperating Assets (RNNOA)		 4.36% 6.26% 17.61% 5.51% 3.68% 5.72% 4.06% 4.20% 4.17% - 4.96%
Return on Equity (ROE)		 15.84% 23.77% 24.82% 21.16% 14.51% 22.64% 15.92% 16.88% 16.13% - 18.60%
Cash Return on Invested Capital (CROIC)		 16.03% 11.83% 125.07% 8.81% 2.87% 11.63% 11.15% 10.65% 6.77% - 4.03%
Operating Return on Assets (OROA)		 2.57% 4.29% 4.36% 3.90% 2.51% 4.09% 2.92% 3.26% 2.86% - 3.37%
Return on Assets (ROA)		 2.08% 3.37% 3.47% 3.01% 1.99% 3.26% 2.28% 2.48% 2.29% - 2.69%
Return on Common Equity (ROCE)		 15.84% 23.77% 24.82% 21.16% 14.51% 22.64% 15.92% 16.88% 16.13% - 18.60%
Return on Equity Simple (ROE_SIMPLE)		 21.73% 0.00% 20.80% 20.32% 19.01% 0.00% 18.19% 16.92% 16.87% - 18.79%
Net Operating Profit after Tax (NOPAT)		 177 263 242 209 181 255 154 174 215 - 191
NOPAT Margin		 8.25% 12.74% 12.82% 11.11% 7.70% 11.97% 8.38% 9.13% 9.30% - 10.43%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 89.79% 83.77% 83.89% 85.59% 90.26% 84.98% 89.28% 87.98% 88.41% - 86.95%
Earnings before Interest and Taxes (EBIT)		 219 335 304 271 229 320 197 229 268 - 239
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 240 353 324 290 250 341 219 251 288 - 264
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.23 2.16 2.67 2.34 2.38 2.56 2.50 2.32 2.55 - 2.26
Price to Tangible Book Value (P/TBV)		 2.42 2.33 2.87 2.52 2.55 2.75 2.68 2.49 2.74 - 2.43
Price to Revenue (P/Rev)		 1.17 1.19 1.43 1.29 1.37 1.38 1.34 1.27 1.48 - 1.31
Price to Earnings (P/E)		 10.28 10.81 12.82 11.51 12.54 12.88 13.72 13.71 15.13 - 12.02
Dividend Yield		 8.13% 7.37% 4.95% 5.53% 5.11% 6.93% 6.91% 7.26% 6.35% - 0.00%
Earnings Yield		 9.73% 9.25% 7.80% 8.68% 7.97% 7.77% 7.29% 7.29% 6.61% - 8.32%
Enterprise Value to Invested Capital (EV/IC)		 1.68 1.65 2.05 1.81 1.84 1.93 1.90 1.78 1.84 - 1.70
Enterprise Value to Revenue (EV/Rev)		 1.20 1.22 1.48 1.33 1.39 1.39 1.36 1.30 1.47 - 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 7.84 8.22 9.82 8.79 9.35 9.54 10.15 10.07 10.97 - 9.16
Enterprise Value to EBIT (EV/EBIT)		 8.43 8.82 10.51 9.40 9.99 10.22 10.98 10.96 11.89 - 9.90
Enterprise Value to NOPAT (EV/NOPAT)		 10.57 11.10 13.26 11.91 12.72 12.96 13.97 13.98 15.11 - 12.55
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.91 4.80 6.99 7.21 9.22 9.98 8.05 6.41 8.47 - 6.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.45 14.18 0.66 21.27 68.15 16.92 17.28 16.93 27.97 - 44.31
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.37 0.35 0.35 0.34 0.31 0.33 0.34 0.33 0.38 - 0.39
Long-Term Debt to Equity		 0.37 0.35 0.35 0.34 0.31 0.33 0.34 0.33 0.38 - 0.39
Financial Leverage		 0.38 0.36 2.44 0.35 0.34 0.34 0.34 0.33 0.35 - 0.36
Leverage Ratio		 7.63 7.05 7.15 7.04 7.30 6.95 6.99 6.81 7.04 - 6.91
Compound Leverage Factor		 7.63 7.05 7.15 7.04 7.30 6.95 6.99 6.81 7.04 - 6.91
Debt to Total Capital		 27.02% 25.73% 25.81% 25.17% 23.86% 24.83% 25.15% 24.63% 27.79% - 28.01%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 27.02% 25.73% 25.81% 25.17% 23.86% 24.83% 25.15% 24.63% 27.79% - 28.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 72.98% 74.27% 74.19% 74.83% 76.14% 75.17% 74.85% 75.37% 72.21% - 71.99%
Debt to EBITDA		 1.26 1.28 1.24 1.22 1.21 1.22 1.34 1.39 1.66 - 1.51
Net Debt to EBITDA		 0.22 0.22 0.33 0.29 0.13 0.06 0.18 0.20 -0.02 - 0.39
Long-Term Debt to EBITDA		 1.26 1.28 1.24 1.22 1.21 1.22 1.34 1.39 1.66 - 1.51
Debt to NOPAT		 1.70 1.73 1.67 1.66 1.65 1.66 1.85 1.93 2.28 - 2.07
Net Debt to NOPAT		 0.29 0.29 0.44 0.40 0.17 0.08 0.25 0.27 -0.03 - 0.53
Long-Term Debt to NOPAT		 1.70 1.73 1.67 1.66 1.65 1.66 1.85 1.93 2.28 - 2.07
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 187 78 16,965 -183 -547 47 1.00 41 -152 - -439
Operating Cash Flow to CapEx		 9,942.86% 2,438.71% 281.58% -1,100.00% 1,582.76% 2,407.14% 1,368.00% 578.79% 526.83% - 4,740.00%
Free Cash Flow to Firm to Interest Expense		 9.84 4.11 892.89 -9.63 -28.79 2.47 0.05 2.16 -8.00 - -19.09
Operating Cash Flow to Interest Expense		 36.63 39.79 5.63 -4.63 24.16 35.47 18.00 10.05 11.37 - 20.61
Operating Cash Flow Less CapEx to Interest Expense		 36.26 38.16 3.63 -5.05 22.63 34.00 16.68 8.32 9.21 - 20.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.25 0.26 0.27 0.27 0.26 0.27 0.27 0.27 0.25 - 0.26
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,455 5,733 5,715 5,859 6,183 5,941 5,868 5,992 6,550 - 6,498
Invested Capital Turnover		 1.39 1.37 0.56 1.41 1.41 1.41 1.42 1.39 1.29 - 1.31
Increase / (Decrease) in Invested Capital		 -10 185 -16,723 392 728 208 153 133 367 - 630
Enterprise Value (EV)		 9,143 9,461 11,695 10,613 11,381 11,492 11,162 10,683 12,054 - 11,033
Market Capitalization		 8,890 9,211 11,307 10,259 11,228 11,423 10,962 10,475 12,076 - 10,566
Book Value per Share		 $46.91 $50.82 $50.66 $52.27 $56.11 $53.21 $52.30 $54.07 $56.72 - $56.16
Tangible Book Value per Share		 $43.32 $47.18 $47.01 $48.64 $52.48 $49.58 $48.67 $50.42 $52.80 - $52.23
Total Capital		 5,455 5,733 5,715 5,859 6,183 5,941 5,868 5,992 6,550 - 6,498
Total Debt		 1,474 1,475 1,475 1,475 1,475 1,475 1,476 1,476 1,820 - 1,820
Total Long-Term Debt		 1,474 1,475 1,475 1,475 1,475 1,475 1,476 1,476 1,820 - 1,820
Net Debt		 253 250 388 354 153 69 200 208 -22 - 467
Capital Expenditures (CapEx)		 7.00 31 38 8.00 29 28 25 33 41 - 10
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 1,474 1,475 1,475 1,475 1,475 1,475 1,476 1,476 1,820 - 1,820
Total Depreciation and Amortization (D&A)		 21 18 20 19 21 21 22 22 20 - 25
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.10 $3.12 $2.89 $2.49 $2.16 $3.03 $1.84 $2.07 $2.58 $3.59 $2.29
Adjusted Weighted Average Basic Shares Outstanding		 84.60M 84.70M 83.70M 83.90M 83.90M 83.90M 83.80M 83.50M 83.40M 83.50M 83.30M
Adjusted Diluted Earnings per Share		 $2.09 $3.13 $2.89 $2.49 $2.16 $3.03 $1.84 $2.07 $2.58 $3.59 $2.29
Adjusted Weighted Average Diluted Shares Outstanding		 84.70M 84.80M 83.80M 83.90M 83.90M 83.90M 83.80M 83.50M 83.40M 83.50M 83.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 83.78M 83.66M 83.87M 83.90M 83.93M 83.98M 83.52M 83.39M 83.40M 83.30M 83.09M
Normalized Net Operating Profit after Tax (NOPAT)		 177 263 242 209 181 255 154 174 215 - 191
Normalized NOPAT Margin		 8.25% 12.74% 12.82% 11.11% 7.70% 11.97% 8.38% 9.13% 9.30% - 10.43%
Pre Tax Income Margin		 10.21% 16.23% 16.11% 14.41% 9.74% 15.02% 10.72% 12.02% 11.59% - 13.05%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.53 17.63 16.00 14.26 12.05 16.84 10.37 12.05 14.11 - 10.39
NOPAT to Interest Expense		 9.32 13.84 12.74 11.00 9.53 13.42 8.11 9.16 11.32 - 8.30
EBIT Less CapEx to Interest Expense		 11.16 16.00 14.00 13.84 10.53 15.37 9.05 10.32 11.95 - 9.96
NOPAT Less CapEx to Interest Expense		 8.95 12.21 10.74 10.58 8.00 11.95 6.79 7.42 9.16 - 7.87
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 83.47% 80.28% 63.38% 63.41% 63.80% 88.84% 94.24% 99.74% 96.49% - 64.96%
Augmented Payout Ratio		 101.27% 105.28% 84.81% 79.80% 70.50% 88.84% 101.50% 112.43% 108.77% - 76.45%

Financials Breakdown Chart

Key Financial Trends

American Financial Group (NYSE: AFG) entered 2026 with a stronger balance sheet than it had a year earlier, but the latest quarter also showed a notable step down in operating cash flow and continued pressure from insurance claims and dividend outflows. The company remains profitable, but recent results suggest earnings are being supported in part by investment gains and equity issuance rather than purely by steady underwriting and operating cash generation.

What stands out over the last several years:

  • Equity has improved materially. Total common equity rose to $4.68 billion in Q1 2026 from $4.39 billion in Q1 2025, reflecting retained earnings growth and a larger equity base.
  • Cash position improved year over year. Cash and due from banks increased to $1.353 billion in Q1 2026 from $1.276 billion in Q1 2025.
  • Book value growth has been supported by earnings. Retained earnings increased from $3.078 billion in Q1 2025 to $3.294 billion in Q1 2026.
  • The company remained profitable in every quarter shown. Q1 2026 net income was $191 million, following $299 million in Q4 2025 and $215 million in Q3 2025.
  • Underwriting results were still solid enough to keep the business in the black. Q1 2026 pre-tax income was $239 million despite higher claims and lower net cash generation.
  • Operating cash flow was strong in several prior quarters. AFG generated $784 million in operating cash flow in Q4 2025 and $474 million in Q1 2026, showing the business can still convert earnings into cash.
  • Investment securities remain a major asset base. Trading account securities were $14.673 billion in Q1 2026, up from $12.965 billion in Q1 2025, underscoring the importance of the investment portfolio to the company’s balance sheet.
  • Debt levels were fairly stable. Long-term debt was $1.82 billion in Q1 2026 versus $1.476 billion in Q1 2025, a modest increase relative to the overall asset base.
  • Share count has drifted lower at times, but financing activity has been active. Shares outstanding remained around 83 million in recent quarters, but common equity issuance has been meaningful in some periods.
  • Q1 2026 operating cash flow weakened sharply from the prior quarter. Net cash from operating activities fell to $474 million from $784 million in Q4 2025, suggesting a softer start to the year.
  • Claims expense remains a large and volatile cost item. Property and liability insurance claims were $906 million in Q1 2026, up from $906 million in Q1 2026? More importantly, recent quarters show recurring claim pressure, including $1.061 billion in Q4 2025 and $1.355 billion in Q3 2025.
  • Non-operating items have been helping income. Net realized and unrealized capital gains on investments were a large contributor to revenue, including $149 million in Q1 2026 and even higher amounts in prior quarters.
  • Dividend outflows are substantial relative to quarterly earnings. Cash dividends to common were $198 million in Q1 2026, exceeding reported net income of $191 million.
  • Other financing activities have been a drag on cash. “Other financing activities, net” was negative $370 million in Q1 2026, after negative $437 million in Q4 2025 and negative $1.126 billion in Q3 2025.

Bottom line: AFG still looks financially sound, with a solid equity base and consistent profitability. However, the latest quarter shows that cash generation is not always keeping pace with dividends and financing needs, and underwriting/claims trends deserve close attention. For retail investors, the key question is whether AFG can sustain earnings quality without leaning too heavily on investment gains and balance-sheet support.

06/15/26 09:29 PM ETAI Generated. May Contain Errors.

American Financial Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Financial Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

American Financial Group's net income appears to be on an upward trend, with a most recent value of $842 million in 2025, rising from $370 million in 2015. The previous period was $887 million in 2024. Check out American Financial Group's forecast to explore projected trends and price targets.

Over the last 10 years, American Financial Group's total revenue changed from $6.07 billion in 2015 to $8.09 billion in 2025, a change of 33.3%.

American Financial Group's total liabilities were at $27.82 billion at the end of 2025, a 5.5% increase from 2024, and a 38.3% decrease since 2015.

In the past 10 years, American Financial Group's cash and equivalents has ranged from $872 million in 2022 to $2.34 billion in 2017, and is currently $1.73 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:AFG last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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