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Aflac (AFL) Financials

Aflac logo
$103.44 +0.91 (+0.89%)
As of 09:37 AM Eastern
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Annual Income Statements for Aflac

Annual Income Statements for Aflac

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
Consolidated Net Income / (Loss)		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
Net Income / (Loss) Continuing Operations		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
Total Pre-Tax Income 		6,417 5,262 4,869 5,208 4,159 4,445 3,983 4,018 4,067 3,862
Total Revenue		 18,927 17,649 19,140 21,316 20,589 22,079 20,216 20,111 20,923 19,280
Net Interest Income / (Expense)		 0.00 0.00 0.00 -238 -242 -228 -222 -240 -268 -289
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 238 242 228 222 240 268 289
Total Non-Interest Income		 18,927 17,649 19,140 21,554 20,831 22,307 20,438 20,351 21,191 19,569
Other Service Charges		 100 177 220 173 - 84 - - - -
Net Realized & Unrealized Capital Gains on Investments		 5,387 4,401 4,019 4,286 3,368 3,443 3,012 3,069 3,264 3,093
Premiums Earned		 13,440 14,123 14,901 17,095 18,622 18,780 18,677 18,531 19,225 17,570
Total Non-Interest Expense		 12,510 12,387 14,271 16,108 16,430 17,634 16,233 16,093 16,856 15,418
Salaries and Employee Benefits		 998 - 1,117 1,256 - 1,321 - - - -
Property & Liability Insurance Claims		 7,450 8,211 8,887 10,476 11,796 11,942 12,000 12,181 12,919 11,746
Other Operating Expenses		 3,211 3,360 3,475 3,541 3,420 3,089 2,988 2,780 2,796 2,606
Amortization Expense		 851 816 792 835 1,214 1,282 1,245 1,132 1,141 1,066
Income Tax Expense		 974 603 451 977 -619 1,141 1,063 -586 1,408 1,329
Basic Earnings per Share		 $9.68 $7.81 $6.96 $6.28 $6.69 $4.45 $3.79 $5.81 $3.23 $5.88
Weighted Average Basic Shares Outstanding		 562.49M 596.17M 634.82M 673.62M 713.70M 742.41M 769.59M 792.04M 822.94M 430.65M
Diluted Earnings per Share		 $9.63 $7.78 $6.93 $6.25 $6.67 $4.43 $3.77 $5.77 $3.21 $5.85
Weighted Average Diluted Shares Outstanding		 565.02M 598.75M 637.66M 676.73M 716.19M 746.43M 774.65M 797.86M 827.84M 433.17M
Weighted Average Basic & Diluted Shares Outstanding		 546.59M 577.01M 612.21M 649.86M 688.59M 722.52M 750.33M 792.40M 401.43M 430.80M
Cash Dividends to Common per Share		 $2.00 $1.68 $1.60 $1.32 $1.12 $1.08 - - - -

Quarterly Income Statements for Aflac

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
Consolidated Net Income / (Loss)		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
Net Income / (Loss) Continuing Operations		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
Total Pre-Tax Income 		145 2,136 92 2,019 2,170 290 1,805 1,825 1,342 538 1,329
Total Revenue		 3,398 5,756 2,949 5,088 5,134 2,826 4,950 5,121 4,752 4,385 4,378
Net Interest Income / (Expense)		 0.00 97 0.00 -50 -47 99 0.00 -51 -48 170 -59
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -97 0.00 50 47 -99 0.00 51 48 -170 59
Total Non-Interest Income		 3,398 5,659 2,949 5,138 5,181 2,727 4,950 5,172 4,800 4,215 4,437
Other Service Charges		 25 26 23 22 29 39 47 45 46 51 50
Net Realized & Unrealized Capital Gains on Investments		 -8.00 2,047 -402 1,791 1,951 354 1,427 1,554 1,066 374 1,119
Premiums Earned		 3,381 3,331 3,328 3,325 3,456 3,386 3,476 3,573 3,688 3,523 3,535
Total Non-Interest Expense		 3,253 3,620 2,857 3,069 2,964 2,536 3,145 3,296 3,410 3,847 3,049
Salaries and Employee Benefits		 240 - 251 246 - - 250 268 280 - -
Property & Liability Insurance Claims		 1,945 1,516 2,003 1,921 2,010 2,103 1,860 2,098 2,150 2,054 2,076
Other Operating Expenses		 852 1,389 389 694 739 1,023 834 728 775 1,061 779
Amortization Expense		 216 214 214 208 215 208 201 202 205 194 194
Income Tax Expense		 116 234 185 264 291 22 236 191 154 342 -452
Basic Earnings per Share		 $0.05 $3.47 ($0.17) $3.11 $3.27 $0.50 $2.65 $2.72 $1.94 $0.34 $2.83
Weighted Average Basic Shares Outstanding		 544.71M 562.49M 557.90M 564.57M 574.89M 596.17M 591.25M 600.74M 611.21M 634.82M 629.35M
Diluted Earnings per Share		 $0.05 $3.45 ($0.17) $3.10 $3.25 $0.49 $2.64 $2.71 $1.94 $0.34 $2.82
Weighted Average Diluted Shares Outstanding		 546.88M 565.02M 560.41M 566.84M 577.48M 598.75M 593.60M 602.93M 613.95M 637.66M 631.95M
Weighted Average Basic & Diluted Shares Outstanding		 540.65M 546.59M 555.53M 560.03M 568.22M 577.01M 584.38M 594.06M 604.23M 612.21M 621.79M
Cash Dividends to Common per Share		 $0.58 $0.50 $0.50 $0.50 $0.50 $0.42 $0.42 $0.42 $0.42 $0.40 $0.40

Annual Cash Flow Statements for Aflac

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents		 1,923 363 -1,108 -90 245 559 846 -1,368 509 -308
Net Cash From Operating Activities		 2,707 3,190 3,879 5,051 5,958 5,455 6,014 6,128 5,987 6,776
Net Cash From Continuing Operating Activities		 2,707 3,190 3,879 5,051 5,958 5,455 6,014 6,128 5,987 6,776
Net Income / (Loss) Continuing Operations		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
Consolidated Net Income / (Loss)		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
Amortization Expense		 851 816 792 835 1,214 1,282 1,245 1,132 1,141 1,066
Non-Cash Adjustments to Reconcile Net Income		 -2,943 -633 -1,553 -957 -696 -959 -503 -1,167 -1,093 -458
Changes in Operating Assets and Liabilities, net		 -644 -1,652 222 942 662 1,828 2,352 1,559 3,280 3,635
Net Cash From Investing Activities		 2,781 817 -1,540 -2,378 -4,619 -3,171 -3,582 -5,431 -3,855 -4,897
Net Cash From Continuing Investing Activities		 2,781 817 -1,540 -2,378 -4,619 -3,171 -3,582 -5,431 -3,855 -4,897
Purchase of Investment Securities		 -7,644 -5,042 -8,721 -10,902 -10,667 -11,541 -15,029 -13,528 -13,495 -8,392
Sale and/or Maturity of Investments		 10,425 5,859 7,181 8,524 6,048 8,370 11,271 8,097 9,738 3,495
Net Cash From Financing Activities		 -3,486 -3,723 -3,551 -2,739 -1,115 -1,713 -1,616 -2,065 -1,619 -2,187
Net Cash From Continuing Financing Activities		 -3,486 -3,723 -3,551 -2,739 -1,115 -1,713 -1,616 -2,065 -1,619 -2,187
Issuance of Debt		 823 204 1,277 1,153 1,545 615 1,020 1,040 986 998
Issuance of Common Equity		 14 17 17 26 34 49 58 33 46 36
Repayment of Debt		 -194 0.00 -1,416 -700 -350 0.00 -569 -1,161 -610 -1,272
Repurchase of Common Equity		 -2,800 -2,801 -2,401 -2,301 -1,537 -1,627 -1,301 -1,351 -1,422 -1,315
Payment of Dividends		 -1,087 -966 -979 -855 -769 -771 -793 -661 -658 -656
Other Financing Activities, Net		 -242 -177 -49 -62 -38 21 -31 35 39 22
Effect of Exchange Rate Changes		 -79 79 104 -24 21 -12 30 0.00 -4.00 0.00
Cash Interest Paid		 180 185 211 213 210 190 181 196 211 236
Cash Income Taxes Paid		 1,367 1,569 961 880 800 1,384 998 780 1,526 996

Quarterly Cash Flow Statements for Aflac

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents		 -998 617 -448 962 792 -1,196 782 911 -134 -767 -463
Net Cash From Operating Activities		 589 333 1,270 255 849 582 1,276 442 890 1,033 1,076
Net Cash From Continuing Operating Activities		 589 333 1,270 255 849 582 1,276 442 890 1,033 1,076
Net Income / (Loss) Continuing Operations		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
Consolidated Net Income / (Loss)		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
Amortization Expense		 216 213 214 209 215 208 201 202 205 194 193
Non-Cash Adjustments to Reconcile Net Income		 400 -1,433 1,199 -1,182 -1,527 1,412 -640 -773 -632 657 -595
Changes in Operating Assets and Liabilities, net		 -56 -349 -50 -527 282 -1,306 146 -621 129 -14 -303
Net Cash From Investing Activities		 -359 1,517 -1,030 2,067 227 -1,161 490 1,565 -77 -693 -930
Net Cash From Continuing Investing Activities		 -359 1,517 -1,030 2,067 227 -1,161 490 1,565 -77 -693 -930
Purchase of Investment Securities		 -6,890 -1,884 -2,953 -102 -2,705 -3,277 -731 1,812 -2,846 -2,509 -2,619
Sale and/or Maturity of Investments		 6,531 3,401 1,923 2,169 2,932 2,116 1,221 -247 2,769 1,816 1,689
Net Cash From Financing Activities		 -1,261 -1,084 -826 -1,320 -256 -787 -992 -1,011 -933 -1,295 -612
Net Cash From Continuing Financing Activities		 -1,261 -1,084 -826 -1,320 -256 -787 -992 -1,011 -933 -1,295 -612
Issuance of Debt		 0.00 - - - 823 204 - - 0.00 - 1,277
Issuance of Common Equity		 4.00 -7.00 9.00 6.00 6.00 8.00 4.00 3.00 2.00 2.00 5.00
Repayment of Debt		 0.00 - - -194 0.00 - - - 0.00 -450 -966
Repurchase of Common Equity		 -900 -750 -500 -800 -750 -701 -700 -700 -700 -600 -651
Payment of Dividends		 -306 -267 -270 -272 -278 -236 -239 -243 -248 -239 -242
Other Financing Activities, Net		 -59 -60 -65 -60 -57 -62 -57 -71 13 -8.00 -35
Effect of Exchange Rate Changes		 33 -149 138 -40 -28 170 8.00 -85 -14 188 3.00
Cash Interest Paid		 40 53 40 53 34 53 38 57 37 58 49
Cash Income Taxes Paid		 -1.00 562 28 777 0.00 699 105 765 0.00 361 95

Annual Balance Sheets for Aflac

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets		 117,566 126,724 131,738 157,542 165,086 152,768 140,406 137,217 129,819 118,256
Cash and Due from Banks		 6,229 4,306 3,943 5,051 5,141 4,896 4,337 3,491 4,859 4,350
Trading Account Securities		 82,031 92,197 95,888 122,299 130,346 122,149 114,200 115,743 110,052 106,398
Loans and Leases, Net of Allowance		 10,869 12,527 13,496 11,786 10,554 0.00 0.00 0.00 0.00 0.00
Loans and Leases		 10,869 12,527 13,496 11,786 10,554 - - - - -
Accrued Investment Income		 710 731 745 737 780 772 773 769 754 768
Premises and Equipment, Net		 387 445 530 538 601 581 443 434 433 427
Unearned Premiums Asset		 779 848 647 672 796 828 851 827 669 705
Deferred Acquisition Cost		 8,758 9,132 9,239 9,525 10,441 10,128 9,875 9,505 8,993 8,511
Other Assets		 7,803 6,538 7,250 6,934 5,144 3,845 3,008 6,448 4,059 2,242
Total Liabilities & Shareholders' Equity		 117,566 126,724 131,738 157,542 165,086 152,768 140,406 137,217 129,819 118,256
Total Liabilities		 91,468 104,739 111,598 124,289 131,527 123,809 116,944 112,619 109,337 100,548
Long-Term Debt		 7,498 7,364 7,442 7,956 7,899 8,445 5,778 5,289 5,360 5,912
Claims and Claim Expense		 381 261 201 4,836 5,187 4,659 4,584 4,392 4,045 3,802
Future Policy Benefits		 70,381 83,718 88,241 90,588 97,783 90,335 86,368 81,857 76,106 69,687
Unearned Premiums Liability		 1,286 1,451 1,825 2,576 3,597 4,243 5,090 5,959 6,916 7,857
Participating Policy Holder Equity		 5,460 6,169 6,643 7,072 7,824 7,317 7,146 6,939 6,659 6,285
Other Long-Term Liabilities		 6,462 5,776 7,246 11,261 8,273 8,810 7,978 8,183 10,251 7,005
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 26,098 21,985 20,140 33,253 33,559 28,959 23,462 24,598 20,482 17,708
Total Preferred & Common Equity		 26,098 21,985 20,140 33,253 33,559 28,959 23,462 24,598 20,482 17,708
Total Common Equity		 26,098 21,985 20,140 33,283 33,593 28,959 23,462 24,598 20,482 17,708
Common Stock		 3,030 2,907 2,776 2,664 2,545 2,448 2,312 2,187 2,043 1,895
Retained Earnings		 52,277 47,993 44,367 41,381 37,984 34,291 31,788 29,895 25,981 24,007
Treasury Stock		 -26,231 -23,395 -20,574 -18,185 -15,904 -14,395 -12,789 -11,512 -10,172 -8,819
Accumulated Other Comprehensive Income / (Loss)		 -2,978 -5,520 -6,429 7,423 8,968 6,615 2,151 4,028 2,630 625

Quarterly Balance Sheets for Aflac

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Total Assets		 120,258 117,566 128,442 120,168 124,742 126,724 125,111 130,626 134,966 131,738 128,100
Cash and Due from Banks		 5,231 6,229 5,612 6,060 5,098 4,306 5,502 4,720 3,809 3,943 4,710
Trading Account Securities		 84,796 82,031 90,798 82,672 87,581 92,197 87,690 74,505 78,099 95,888 92,173
Loans and Leases, Net of Allowance		 10,656 10,869 11,544 11,795 12,360 12,527 12,873 18,401 33,351 13,496 13,459
Loans and Leases		 10,656 10,869 11,544 11,795 12,360 12,527 12,873 18,401 33,351 13,496 13,459
Accrued Investment Income		 682 710 696 726 693 731 687 719 701 745 684
Premises and Equipment, Net		 391 387 421 398 418 445 445 500 528 530 488
Unearned Premiums Asset		 894 779 814 880 1,038 848 712 755 789 647 655
Deferred Acquisition Cost		 9,083 8,758 9,232 8,550 8,819 9,132 8,771 8,860 9,267 9,239 8,155
Other Assets		 8,525 7,803 9,325 9,087 8,735 6,538 8,431 22,166 8,422 7,250 7,776
Total Liabilities & Shareholders' Equity		 120,258 117,566 128,442 120,168 124,742 126,724 125,111 130,626 134,966 131,738 128,100
Total Liabilities		 93,920 91,468 103,612 94,121 101,205 104,739 102,442 110,187 115,182 111,598 103,948
Long-Term Debt		 7,751 7,498 7,978 7,430 7,912 7,364 6,961 7,087 7,420 7,442 7,518
Claims and Claim Expense		 411 381 381 359 344 261 249 244 229 201 4,516
Future Policy Benefits		 71,197 70,381 79,672 70,339 77,867 83,718 78,448 85,904 91,293 88,241 74,629
Unearned Premiums Liability		 1,357 1,286 1,406 1,216 1,322 1,451 1,447 1,544 1,743 1,825 1,763
Participating Policy Holder Equity		 5,863 5,460 6,095 5,439 5,831 6,169 5,884 6,115 6,668 6,643 5,632
Other Long-Term Liabilities		 7,341 6,462 8,080 9,338 7,929 5,776 9,453 9,293 7,829 7,246 9,890
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 26,338 26,098 24,830 26,047 23,537 21,985 22,669 20,439 19,784 20,140 24,152
Total Preferred & Common Equity		 26,338 26,098 24,830 26,047 23,537 21,985 22,669 20,439 19,784 20,140 24,152
Total Common Equity		 26,338 26,098 24,850 26,047 23,537 21,985 22,669 20,439 19,784 20,140 24,152
Common Stock		 3,055 3,030 3,012 2,971 2,942 2,907 2,865 2,833 2,800 2,776 2,750
Retained Earnings		 52,308 52,277 50,972 51,345 49,872 47,993 48,257 46,937 45,555 44,367 44,892
Treasury Stock		 -27,166 -26,231 -25,477 -24,977 -24,175 -23,395 -22,693 -21,993 -21,293 -20,574 -19,979
Accumulated Other Comprehensive Income / (Loss)		 -1,859 -2,978 -3,657 -3,292 -5,102 -5,520 -5,760 -7,338 -7,278 -6,429 -3,511

Annual Metrics And Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac's official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 7.24% -7.79% -10.21% 3.53% -6.75% 9.22% 0.52% -3.88% 8.52% -8.08%
EBITDA Growth		 19.58% 7.37% -6.32% 12.47% -6.18% 9.54% 1.51% -1.11% 5.68% -11.98%
EBIT Growth		 21.95% 8.07% -6.51% 25.22% -6.43% 11.60% -0.87% -1.20% 5.31% -14.01%
NOPAT Growth		 16.83% 5.46% 4.42% -11.45% 44.61% 13.15% -36.58% 73.15% 4.97% -14.16%
Net Income Growth		 16.83% 5.46% 4.42% -11.45% 44.61% 13.15% -36.58% 73.15% 4.97% -14.16%
EPS Growth		 23.78% 12.27% 10.88% -6.30% 50.56% 17.51% -34.66% 73.15% 4.97% -10.00%
Operating Cash Flow Growth		 -15.14% -17.76% -23.20% -15.22% 9.22% -9.30% -1.86% 2.36% -11.64% 3.45%
Free Cash Flow Firm Growth		 -58.64% -83.97% 302.79% 518.78% 114.90% -236.25% 538.10% 27.92% -90.77% 241.17%
Invested Capital Growth		 14.47% 6.41% -33.07% -0.60% 10.84% 27.92% -2.16% 15.65% 9.41% -8.53%
Revenue Q/Q Growth		 12.30% -7.02% -3.80% -1.78% -4.67% 8.78% -1.41% -2.43% 4.73% -2.49%
EBITDA Q/Q Growth		 34.17% -3.71% -5.87% -35.83% 134.94% 6.23% -4.51% -2.87% 0.95% 0.92%
EBIT Q/Q Growth		 40.39% -4.50% -10.66% -36.86% 293.10% 8.12% -6.48% -3.67% 1.04% 0.94%
NOPAT Q/Q Growth		 42.90% 1.57% -14.50% -0.14% 3.67% 8.40% -41.33% 66.09% 0.80% 1.08%
Net Income Q/Q Growth		 42.90% 1.57% -14.50% -0.14% 3.67% 8.40% -41.33% 66.09% 0.80% 1.08%
EPS Q/Q Growth		 44.38% 1.97% -13.70% 1.79% 185.04% 7.52% -41.91% 66.09% 0.80% 0.00%
Operating Cash Flow Q/Q Growth		 -8.42% -12.39% 4.39% -8.79% 2.85% -2.90% -2.86% -5.18% -2.27% 0.49%
Free Cash Flow Firm Q/Q Growth		 89.54% -56.36% 0.45% 185.53% 147.66% -18.25% -3.31% -86.36% 111.98% 78.48%
Invested Capital Q/Q Growth		 2.40% -0.95% -12.91% -7.33% -0.82% 4.86% 2.55% 9.78% -9.49% 6.09%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 38.40% 34.44% 29.58% 28.35% 26.10% 25.94% 25.86% 25.61% 24.89% 25.56%
EBIT Margin		 33.90% 29.81% 25.44% 24.43% 20.20% 20.13% 19.70% 19.98% 19.44% 20.03%
Profit (Net Income) Margin		 28.76% 26.40% 23.08% 19.85% 23.21% 14.96% 14.44% 22.89% 12.71% 13.14%
Tax Burden Percent		 84.82% 88.54% 90.74% 81.24% 114.88% 74.33% 73.31% 114.58% 65.38% 65.59%
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		 15.18% 11.46% 9.26% 18.76% -14.88% 25.67% 26.69% -14.58% 34.62% 34.41%
Return on Invested Capital (ROIC)		 17.29% 16.37% 12.84% 10.24% 12.12% 9.92% 9.88% 16.52% 10.75% 10.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.29% 16.37% 12.84% 10.24% 12.12% 9.92% 9.88% 16.52% 10.75% 10.25%
Return on Net Nonoperating Assets (RNNOA)		 5.35% 5.75% 3.70% 2.43% 3.17% 2.69% 2.27% 3.90% 3.17% 3.80%
Return on Equity (ROE)		 22.64% 22.12% 16.55% 12.67% 15.29% 12.61% 12.15% 20.43% 13.93% 14.05%
Cash Return on Invested Capital (CROIC)		 3.80% 10.16% 52.46% 10.84% 1.84% -14.59% 12.07% 2.01% 1.77% 19.15%
Operating Return on Assets (OROA)		 5.25% 4.07% 3.37% 3.23% 2.62% 3.03% 2.87% 3.01% 3.28% 3.25%
Return on Assets (ROA)		 4.46% 3.61% 3.05% 2.62% 3.01% 2.25% 2.10% 3.45% 2.14% 2.13%
Return on Common Equity (ROCE)		 22.64% 22.12% 16.56% 12.68% 15.29% 12.61% 12.15% 20.43% 13.93% 14.05%
Return on Equity Simple (ROE_SIMPLE)		 20.86% 21.19% 21.94% 12.72% 14.24% 11.41% 12.45% 18.72% 12.98% 14.30%
Net Operating Profit after Tax (NOPAT)		 5,443 4,659 4,418 4,231 4,778 3,304 2,920 4,604 2,659 2,533
NOPAT Margin		 28.76% 26.40% 23.08% 19.85% 23.21% 14.96% 14.44% 22.89% 12.71% 13.14%
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		 5.27% 0.00% 5.84% 5.89% 0.00% 5.98% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 66.10% 70.19% 74.56% 75.57% 79.80% 79.87% 80.30% 80.02% 80.56% 79.97%
Earnings before Interest and Taxes (EBIT)		 6,417 5,262 4,869 5,208 4,159 4,445 3,983 4,018 4,067 3,862
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7,268 6,078 5,661 6,043 5,373 5,727 5,228 5,150 5,208 4,928
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 2.19 2.13 2.11 1.09 0.85 1.19 1.29 1.19 1.15 1.17
Price to Tangible Book Value (P/TBV)		 2.19 2.13 2.11 1.09 0.85 1.19 1.29 1.19 1.15 1.17
Price to Revenue (P/Rev)		 3.02 2.66 2.22 1.70 1.39 1.56 1.49 1.46 1.13 1.08
Price to Earnings (P/E)		 10.50 10.07 9.63 8.55 5.97 10.45 10.34 6.38 8.89 8.19
Dividend Yield		 1.94% 2.09% 2.34% 2.41% 2.76% 2.30% 2.62% 2.33% 2.87% 3.25%
Earnings Yield		 9.53% 9.93% 10.38% 11.70% 16.74% 9.57% 9.67% 15.67% 11.25% 12.21%
Enterprise Value to Invested Capital (EV/IC)		 1.74 1.70 1.67 0.95 0.76 1.02 1.08 1.04 0.93 0.94
Enterprise Value to Revenue (EV/Rev)		 3.09 2.83 2.41 1.83 1.52 1.72 1.57 1.55 1.15 1.16
Enterprise Value to EBITDA (EV/EBITDA)		 8.04 8.22 8.13 6.47 5.83 6.65 6.05 6.05 4.63 4.53
Enterprise Value to EBIT (EV/EBIT)		 9.10 9.50 9.46 7.50 7.53 8.57 7.95 7.76 5.93 5.78
Enterprise Value to NOPAT (EV/NOPAT)		 10.73 10.73 10.42 9.24 6.55 11.52 10.84 6.77 9.08 8.81
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.58 15.67 11.87 7.74 5.25 6.98 5.26 5.09 4.03 3.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 48.84 17.29 2.55 8.72 43.24 0.00 8.87 55.77 55.23 4.71
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.29 0.34 0.37 0.24 0.24 0.29 0.25 0.22 0.26 0.33
Long-Term Debt to Equity		 0.29 0.34 0.37 0.24 0.24 0.29 0.25 0.22 0.26 0.33
Financial Leverage		 0.31 0.35 0.29 0.24 0.26 0.27 0.23 0.24 0.30 0.37
Leverage Ratio		 5.08 6.14 5.42 4.83 5.08 5.59 5.78 5.92 6.50 6.60
Compound Leverage Factor		 5.08 6.14 5.42 4.83 5.08 5.59 5.78 5.92 6.50 6.60
Debt to Total Capital		 22.32% 25.09% 26.98% 19.31% 19.05% 22.58% 19.76% 17.70% 20.74% 25.03%
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		 22.32% 25.09% 26.98% 19.31% 19.05% 22.58% 19.76% 17.70% 20.74% 25.03%
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		 77.68% 74.91% 73.02% 80.77% 81.03% 77.42% 80.24% 82.30% 79.26% 74.97%
Debt to EBITDA		 1.03 1.21 1.31 1.32 1.47 1.47 1.11 1.03 1.03 1.20
Net Debt to EBITDA		 0.17 0.50 0.62 0.48 0.51 0.62 0.28 0.35 0.10 0.32
Long-Term Debt to EBITDA		 1.03 1.21 1.31 1.32 1.47 1.47 1.11 1.03 1.03 1.20
Debt to NOPAT		 1.38 1.58 1.68 1.88 1.65 2.56 1.98 1.15 2.02 2.33
Net Debt to NOPAT		 0.23 0.66 0.79 0.69 0.58 1.07 0.49 0.39 0.19 0.62
Long-Term Debt to NOPAT		 1.38 1.58 1.68 1.88 1.65 2.56 1.98 1.15 2.02 2.33
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% -0.06% -0.10% -0.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,196 2,892 18,045 4,480 724 -4,860 3,567 559 437 4,735
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 18.82 2.99 -21.32 16.07 2.33 1.63 16.38
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 21.22 24.62 23.93 27.09 25.53 22.34 23.45
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 21.22 24.62 23.93 27.09 25.53 22.34 23.45
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.16 0.14 0.13 0.13 0.13 0.15 0.15 0.15 0.17 0.16
Fixed Asset Turnover		 45.50 36.20 35.84 37.43 34.84 43.12 46.10 46.39 48.66 45.05
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 33,596 29,349 27,582 41,209 41,458 37,404 29,240 29,887 25,842 23,620
Invested Capital Turnover		 0.60 0.62 0.56 0.52 0.52 0.66 0.68 0.72 0.85 0.78
Increase / (Decrease) in Invested Capital		 4,247 1,767 -13,627 -249 4,054 8,164 -647 4,045 2,222 -2,202
Enterprise Value (EV)		 58,413 49,989 46,047 39,078 31,305 38,075 31,646 31,174 24,135 22,312
Market Capitalization		 57,144 46,931 42,548 36,173 28,547 34,526 30,205 29,376 23,634 20,750
Book Value per Share		 $46.98 $37.62 $32.39 $50.31 $47.82 $39.45 $30.82 $62.57 $50.19 $41.50
Tangible Book Value per Share		 $46.98 $37.62 $32.39 $50.31 $47.82 $39.45 $30.82 $62.57 $50.19 $41.50
Total Capital		 33,596 29,349 27,582 41,209 41,458 37,404 29,240 29,887 25,842 23,620
Total Debt		 7,498 7,364 7,442 7,956 7,899 8,445 5,778 5,289 5,360 5,912
Total Long-Term Debt		 7,498 7,364 7,442 7,956 7,899 8,445 5,778 5,289 5,360 5,912
Net Debt		 1,269 3,058 3,499 2,905 2,758 3,549 1,441 1,798 501 1,562
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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)		 7,498 7,364 7,442 7,956 7,899 8,445 5,778 5,289 5,360 5,912
Total Depreciation and Amortization (D&A)		 851 816 792 835 1,214 1,282 1,245 1,132 1,141 1,066
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $9.68 $7.81 $6.62 $6.42 $6.69 $4.45 $0.00 $5.82 $3.23 $2.94
Adjusted Weighted Average Basic Shares Outstanding		 562.49M 596.17M 634.82M 673.62M 713.70M 742.41M 0.00 792.04M 822.94M 861.31M
Adjusted Diluted Earnings per Share		 $9.63 $7.78 $6.59 $6.39 $6.67 $4.43 $0.00 $5.77 $3.21 $2.93
Adjusted Weighted Average Diluted Shares Outstanding		 565.02M 598.75M 637.66M 676.73M 716.19M 746.43M 0.00 797.86M 827.84M 866.34M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $4.45 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 546.59M 577.01M 612.21M 649.86M 688.59M 722.52M 0.00 779.37M 802.85M 840.00M
Normalized Net Operating Profit after Tax (NOPAT)		 5,443 4,659 4,418 4,231 2,911 3,304 2,920 2,813 2,659 2,533
Normalized NOPAT Margin		 28.76% 26.40% 23.08% 19.85% 14.14% 14.96% 14.44% 13.99% 12.71% 13.14%
Pre Tax Income Margin		 33.90% 29.81% 25.44% 24.43% 20.20% 20.13% 19.70% 19.98% 19.44% 20.03%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 21.88 17.19 19.50 17.94 16.74 15.18 13.36
NOPAT to Interest Expense		 0.00 0.00 0.00 17.78 19.74 14.49 13.15 19.18 9.92 8.76
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 21.88 17.19 19.50 17.94 16.74 15.18 13.36
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 17.78 19.74 14.49 13.15 19.18 9.92 8.76
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 19.97% 20.73% 22.16% 20.21% 16.09% 23.34% 27.16% 14.36% 24.75% 25.90%
Augmented Payout Ratio		 71.41% 80.85% 76.51% 74.59% 48.26% 72.58% 71.71% 43.70% 78.22% 77.81%

Quarterly Metrics And Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac's official financial filings.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -37.49% 103.68% -40.42% -0.64% 8.04% -35.55% 13.07% -2.64% -7.13% -14.72% -15.48%
EBITDA Growth		 -84.86% 371.69% -84.75% 9.92% 54.17% -31.97% 31.80% 6.35% 3.06% -32.53% 9.50%
EBIT Growth		 -93.32% 636.55% -94.90% 10.63% 61.70% -46.10% 35.82% 6.85% 3.71% -51.92% 19.41%
NOPAT Growth		 -98.46% 609.70% -105.93% 7.41% 58.17% 36.73% -11.90% 17.22% 13.47% -79.26% 100.56%
Net Income Growth		 -98.46% 609.70% -105.93% 7.41% 58.17% 36.73% -11.90% 17.22% 13.47% -79.26% 100.56%
EPS Growth		 -98.46% 604.08% -106.44% 14.39% 67.53% 44.12% -6.38% 24.88% 21.25% -76.39% 113.64%
Operating Cash Flow Growth		 -30.62% -42.78% -0.47% -42.31% -4.61% -43.66% 18.59% -13.33% -29.37% 18.74% -41.93%
Free Cash Flow Firm Growth		 -10.36% -56.44% -190.63% -153.04% -120.98% -110.84% -75.24% -37.11% 93.17% 1,057.71% 918.99%
Invested Capital Growth		 8.39% 14.47% 10.73% 21.62% 15.60% 6.41% -6.44% -18.57% -27.06% -33.07% -28.78%
Revenue Q/Q Growth		 -40.97% 95.18% -42.04% -0.90% 37.57% -42.91% -3.34% 7.77% 14.26% 0.16% -16.77%
EBITDA Q/Q Growth		 -84.63% 667.65% -86.27% -6.58% 378.92% -75.17% -1.04% 31.03% 111.34% -51.91% -20.15%
EBIT Q/Q Growth		 -93.21% 2,221.74% -95.44% -6.96% 648.28% -83.93% -1.10% 35.99% 149.44% -59.52% -22.19%
NOPAT Q/Q Growth		 -98.48% 2,145.16% -105.30% -6.60% 601.12% -82.92% -3.98% 37.54% 506.12% -88.99% 27.76%
Net Income Q/Q Growth		 -98.48% 2,145.16% -105.30% -6.60% 601.12% -82.92% -3.98% 37.54% 506.12% -88.99% 27.76%
EPS Q/Q Growth		 -98.55% 2,129.41% -105.48% -4.62% 563.27% -81.44% -2.58% 39.69% 470.59% -87.94% 29.95%
Operating Cash Flow Q/Q Growth		 76.88% -73.78% 398.04% -69.96% 1.92% -54.39% 188.69% -50.34% -13.84% -4.00% 110.98%
Free Cash Flow Firm Q/Q Growth		 -11.34% 28.31% 22.04% -77.35% -57.84% -141.54% -54.38% -29.86% -18.40% -5.18% 15.88%
Invested Capital Q/Q Growth		 1.47% 2.40% -2.00% 6.45% 7.16% -0.95% 7.64% 1.18% -1.37% -12.91% -6.31%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 10.62% 40.81% 10.38% 43.79% 46.46% 17.62% 40.53% 39.58% 32.55% 16.69% 34.76%
EBIT Margin		 4.27% 37.11% 3.12% 39.68% 42.27% 10.26% 36.46% 35.64% 28.24% 12.27% 30.36%
Profit (Net Income) Margin		 0.85% 33.04% -3.15% 34.49% 36.60% 9.48% 31.70% 31.91% 25.00% 4.47% 40.68%
Tax Burden Percent		 20.00% 89.04% -101.09% 86.92% 86.59% 92.41% 86.93% 89.53% 88.52% 36.43% 134.01%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 80.00% 10.96% 201.09% 13.08% 13.41% 7.59% 13.07% 10.47% 11.48% 63.57% -34.01%
Return on Invested Capital (ROIC)		 0.44% 19.87% -1.70% 21.32% 23.57% 5.88% 19.63% 19.16% 14.38% 2.49% 21.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.44% 19.87% -1.70% 21.32% 23.57% 5.88% 19.63% 19.16% 14.38% 2.49% 21.26%
Return on Net Nonoperating Assets (RNNOA)		 0.14% 6.14% -0.54% 6.66% 8.34% 2.07% 6.07% 5.93% 4.43% 0.72% 6.79%
Return on Equity (ROE)		 0.58% 26.01% -2.24% 27.98% 31.91% 7.95% 25.70% 25.09% 18.81% 3.20% 28.05%
Cash Return on Invested Capital (CROIC)		 2.91% 3.80% 2.02% -1.57% 3.77% 10.16% 21.62% 36.12% 45.43% 52.46% 47.19%
Operating Return on Assets (OROA)		 0.59% 5.75% 0.41% 5.97% 6.15% 1.40% 5.47% 4.93% 3.72% 1.62% 4.18%
Return on Assets (ROA)		 0.12% 5.12% -0.42% 5.19% 5.32% 1.30% 4.75% 4.41% 3.29% 0.59% 5.61%
Return on Common Equity (ROCE)		 0.58% 26.01% -2.24% 27.98% 31.91% 7.95% 25.70% 25.09% 18.82% 3.21% 28.05%
Return on Equity Simple (ROE_SIMPLE)		 13.64% 0.00% 15.34% 21.00% 22.73% 0.00% 20.23% 23.48% 23.04% 0.00% 21.39%
Net Operating Profit after Tax (NOPAT)		 29 1,902 -93 1,755 1,879 268 1,569 1,634 1,188 196 1,781
NOPAT Margin		 0.85% 33.04% -3.15% 34.49% 36.60% 9.48% 31.70% 31.91% 25.00% 4.47% 40.68%
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% 0.00%
SG&A Expenses to Revenue		 7.06% 0.00% 8.51% 4.83% 0.00% 0.00% 5.05% 5.23% 5.89% 0.00% 0.00%
Operating Expenses to Revenue		 95.73% 62.89% 96.88% 60.32% 57.73% 89.74% 63.54% 64.36% 71.76% 87.73% 69.64%
Earnings before Interest and Taxes (EBIT)		 145 2,136 92 2,019 2,170 290 1,805 1,825 1,342 538 1,329
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 361 2,349 306 2,228 2,385 498 2,006 2,027 1,547 732 1,522
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.31 2.19 2.52 1.94 2.11 2.13 1.97 2.01 1.93 2.11 1.40
Price to Tangible Book Value (P/TBV)		 2.31 2.19 2.52 1.94 2.11 2.13 1.97 2.01 1.93 2.11 1.40
Price to Revenue (P/Rev)		 3.60 3.02 3.71 2.68 2.63 2.66 2.35 2.23 2.06 2.22 1.71
Price to Earnings (P/E)		 16.91 10.50 16.44 9.23 9.28 10.07 9.72 8.55 8.37 9.63 6.57
Dividend Yield		 1.87% 1.94% 1.72% 2.07% 2.07% 2.09% 2.21% 2.42% 2.60% 2.34% 2.85%
Earnings Yield		 5.91% 9.53% 6.08% 10.83% 10.78% 9.93% 10.28% 11.70% 11.94% 10.38% 15.23%
Enterprise Value to Invested Capital (EV/IC)		 1.86 1.74 1.98 1.55 1.67 1.70 1.55 1.58 1.54 1.67 1.16
Enterprise Value to Revenue (EV/Rev)		 3.75 3.09 3.86 2.75 2.78 2.83 2.43 2.36 2.25 2.41 1.85
Enterprise Value to EBITDA (EV/EBITDA)		 12.07 8.04 12.00 7.29 7.59 8.22 7.30 7.45 7.32 8.13 6.11
Enterprise Value to EBIT (EV/EBIT)		 14.41 9.10 14.22 8.26 8.61 9.50 8.36 8.62 8.50 9.46 6.74
Enterprise Value to NOPAT (EV/NOPAT)		 17.62 10.73 17.06 9.48 9.81 10.73 10.04 9.04 9.17 10.42 7.11
Enterprise Value to Operating Cash Flow (EV/OCF)		 25.87 21.58 21.98 17.51 16.66 15.67 12.65 12.61 11.91 11.87 9.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 66.42 48.84 102.97 0.00 47.48 17.29 6.95 3.92 2.85 2.55 2.04
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.29 0.29 0.32 0.29 0.34 0.34 0.31 0.35 0.38 0.37 0.31
Long-Term Debt to Equity		 0.29 0.29 0.32 0.29 0.34 0.34 0.31 0.35 0.38 0.37 0.31
Financial Leverage		 0.31 0.31 0.31 0.31 0.35 0.35 0.31 0.31 0.31 0.29 0.32
Leverage Ratio		 4.91 5.08 5.34 5.40 6.00 6.14 5.41 5.69 5.72 5.42 5.00
Compound Leverage Factor		 4.91 5.08 5.34 5.40 6.00 6.14 5.41 5.69 5.72 5.42 5.00
Debt to Total Capital		 22.74% 22.32% 24.32% 22.19% 25.16% 25.09% 23.49% 25.75% 27.28% 26.98% 23.74%
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% 0.00%
Long-Term Debt to Total Capital		 22.74% 22.32% 24.32% 22.19% 25.16% 25.09% 23.49% 25.75% 27.28% 26.98% 23.74%
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% 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% 0.00%
Common Equity to Total Capital		 77.26% 77.68% 75.74% 77.81% 74.84% 74.91% 76.51% 74.25% 72.72% 73.02% 76.26%
Debt to EBITDA		 1.48 1.03 1.47 1.04 1.14 1.21 1.10 1.22 1.30 1.31 1.25
Net Debt to EBITDA		 0.48 0.17 0.44 0.19 0.41 0.50 0.23 0.41 0.63 0.62 0.47
Long-Term Debt to EBITDA		 1.48 1.03 1.47 1.04 1.14 1.21 1.10 1.22 1.30 1.31 1.25
Debt to NOPAT		 2.16 1.38 2.09 1.36 1.48 1.58 1.52 1.48 1.63 1.68 1.46
Net Debt to NOPAT		 0.70 0.23 0.62 0.25 0.53 0.66 0.32 0.49 0.79 0.79 0.54
Long-Term Debt to NOPAT		 2.16 1.38 2.09 1.36 1.48 1.58 1.52 1.48 1.63 1.68 1.46
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% -0.04% 0.00% 0.00% 0.00% 0.00% 0.00% -0.06% -0.06% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,611 -2,345 -3,271 -4,196 -2,366 -1,499 3,609 7,911 11,279 13,823 14,578
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -83.92 -50.34 0.00 0.00 155.12 234.98 0.00 247.08
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 5.10 18.06 0.00 0.00 8.67 18.54 0.00 18.24
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 5.10 18.06 0.00 0.00 8.67 18.54 0.00 18.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.16 0.13 0.15 0.15 0.14 0.15 0.14 0.13 0.13 0.14
Fixed Asset Turnover		 41.75 45.50 38.92 41.99 39.93 36.20 40.69 36.38 34.80 35.84 38.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 34,089 33,596 32,808 33,477 31,449 29,349 29,630 27,526 27,204 27,582 31,670
Invested Capital Turnover		 0.52 0.60 0.54 0.62 0.64 0.62 0.62 0.60 0.58 0.56 0.52
Increase / (Decrease) in Invested Capital		 2,640 4,247 3,178 5,951 4,245 1,767 -2,040 -6,277 -10,091 -13,627 -12,797
Enterprise Value (EV)		 63,295 58,413 64,977 51,876 52,465 49,989 46,062 43,392 41,789 46,047 36,732
Market Capitalization		 60,775 57,144 62,611 50,506 49,651 46,931 44,603 41,025 38,178 42,548 33,924
Book Value per Share		 $48.19 $46.98 $44.37 $45.84 $40.94 $37.62 $38.16 $33.83 $32.32 $32.39 $38.22
Tangible Book Value per Share		 $48.19 $46.98 $44.37 $45.84 $40.94 $37.62 $38.16 $33.83 $32.32 $32.39 $38.22
Total Capital		 34,089 33,596 32,808 33,477 31,449 29,349 29,630 27,526 27,204 27,582 31,670
Total Debt		 7,751 7,498 7,978 7,430 7,912 7,364 6,961 7,087 7,420 7,442 7,518
Total Long-Term Debt		 7,751 7,498 7,978 7,430 7,912 7,364 6,961 7,087 7,420 7,442 7,518
Net Debt		 2,520 1,269 2,366 1,370 2,814 3,058 1,459 2,367 3,611 3,499 2,808
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 7,751 7,498 7,978 7,430 7,912 7,364 6,961 7,087 7,420 7,442 7,518
Total Depreciation and Amortization (D&A)		 216 213 214 209 215 208 201 202 205 194 193
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.05 $3.47 ($0.17) $3.11 $3.27 $0.50 $2.65 $2.72 $1.94 $0.34 $2.54
Adjusted Weighted Average Basic Shares Outstanding		 544.71M 562.49M 557.90M 564.57M 574.89M 596.17M 591.25M 600.74M 611.21M 634.82M 629.35M
Adjusted Diluted Earnings per Share		 $0.05 $3.45 ($0.17) $3.10 $3.25 $0.49 $2.64 $2.71 $1.94 $0.34 $2.53
Adjusted Weighted Average Diluted Shares Outstanding		 546.88M 565.02M 560.41M 566.84M 577.48M 598.75M 593.60M 602.93M 613.95M 637.66M 631.95M
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		 540.65M 546.59M 555.53M 560.03M 568.22M 577.01M 584.38M 594.06M 604.23M 612.21M 621.79M
Normalized Net Operating Profit after Tax (NOPAT)		 102 1,902 64 1,755 1,879 268 1,569 1,634 1,188 377 930
Normalized NOPAT Margin		 2.99% 33.04% 2.18% 34.49% 36.60% 9.48% 31.70% 31.91% 25.00% 8.59% 21.25%
Pre Tax Income Margin		 4.27% 37.11% 3.12% 39.68% 42.27% 10.26% 36.46% 35.64% 28.24% 12.27% 30.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 40.38 46.17 0.00 0.00 35.78 27.96 0.00 22.53
NOPAT to Interest Expense		 0.00 0.00 0.00 35.10 39.98 0.00 0.00 32.04 24.75 0.00 30.19
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 40.38 46.17 0.00 0.00 35.78 27.96 0.00 22.53
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 35.10 39.98 0.00 0.00 32.04 24.75 0.00 30.19
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.03% 19.97% 27.72% 18.74% 18.62% 20.73% 21.12% 20.25% 21.43% 22.16% 18.35%
Augmented Payout Ratio		 113.14% 71.41% 99.95% 72.67% 71.91% 80.85% 79.99% 75.49% 78.48% 76.51% 65.30%

Frequently Asked Questions About Aflac's Financials

When does Aflac's fiscal year end?

According to the most recent income statement we have on file, Aflac's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Aflac's net income changed over the last 9 years?

Aflac's net income appears to be on an upward trend, with a most recent value of $5.44 billion in 2024, rising from $2.53 billion in 2015. The previous period was $4.66 billion in 2023. See Aflac's forecast for analyst expectations on what’s next for the company.

How has Aflac revenue changed over the last 9 years?

Over the last 9 years, Aflac's total revenue changed from $19.28 billion in 2015 to $18.93 billion in 2024, a change of -1.8%.

How much debt does Aflac have?

Aflac's total liabilities were at $91.47 billion at the end of 2024, a 12.7% decrease from 2023, and a 9.0% decrease since 2015.

How much cash does Aflac have?

In the past 9 years, Aflac's cash and equivalents has ranged from $3.49 billion in 2017 to $6.23 billion in 2024, and is currently $6.23 billion as of their latest financial filing in 2024.

How has Aflac's book value per share changed over the last 9 years?

Over the last 9 years, Aflac's book value per share changed from 41.50 in 2015 to 46.98 in 2024, a change of 13.2%.


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This page (NYSE:AFL) was last updated on 5/28/2025 by MarketBeat.com Staff
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