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Aflac (AFL) Financials

Aflac logo
$117.74 +0.52 (+0.44%)
Closing price 03:59 PM Eastern
Extended Trading
$117.10 -0.64 (-0.54%)
As of 07:57 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 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 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		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
Consolidated Net Income / (Loss)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
Net Income / (Loss) Continuing Operations		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
Total Pre-Tax Income 		3,862 4,067 4,018 3,983 4,445 4,159 5,208 4,869 5,262 6,417 4,533
Total Revenue		 19,280 20,923 20,111 20,216 22,079 20,589 21,316 19,140 18,701 18,927 17,164
Net Interest Income / (Expense)		 -289 -268 -240 -222 -228 -242 -238 0.00 0.00 0.00 0.00
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		 289 268 240 222 228 242 238 0.00 0.00 0.00 0.00
Total Non-Interest Income		 19,569 21,191 20,351 20,438 22,307 20,831 21,554 19,140 18,701 18,927 17,164
Other Service Charges		 - - - - 84 - 173 220 177 100 112
Net Realized & Unrealized Capital Gains on Investments		 3,093 3,264 3,069 3,012 3,443 3,368 4,286 4,019 4,401 5,387 3,504
Premiums Earned		 17,570 19,225 18,531 18,677 18,780 18,622 17,095 14,901 14,123 13,440 13,548
Total Non-Interest Expense		 15,418 16,856 16,093 16,233 17,634 16,430 16,108 14,271 13,439 12,510 12,631
Salaries and Employee Benefits		 - - - - 1,321 - 1,256 1,117 1,052 998 991
Property & Liability Insurance Claims		 11,746 12,919 12,181 12,000 11,942 11,796 10,476 8,887 8,211 7,450 7,293
Other Operating Expenses		 2,606 2,796 2,780 2,988 3,089 3,420 3,541 3,475 3,360 3,211 3,473
Amortization Expense		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851 874
Income Tax Expense		 1,329 1,408 -586 1,063 1,141 -619 977 451 603 974 887
Basic Earnings per Share		 $5.88 $3.23 $5.81 $3.79 $4.45 $6.69 $6.28 $6.96 $7.81 $9.68 $6.84
Weighted Average Basic Shares Outstanding		 430.65M 822.94M 792.04M 769.59M 742.41M 713.70M 673.62M 634.82M 596.17M 562.49M 532.89M
Diluted Earnings per Share		 $5.85 $3.21 $5.77 $3.77 $4.43 $6.67 $6.25 $6.93 $7.78 $9.63 $6.82
Weighted Average Diluted Shares Outstanding		 433.17M 827.84M 797.86M 774.65M 746.43M 716.19M 676.73M 637.66M 598.75M 565.02M 534.88M
Weighted Average Basic & Diluted Shares Outstanding		 430.80M 401.43M 792.40M 750.33M 722.52M 688.59M 649.86M 612.21M 577.01M 546.59M 516.37M
Cash Dividends to Common per Share		 - - - - $1.08 $1.12 $1.32 $1.60 $1.68 $2.00 $2.32

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 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		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
Consolidated Net Income / (Loss)		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
Net Income / (Loss) Continuing Operations		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
Total Pre-Tax Income 		1,805 290 2,170 2,019 92 2,136 145 822 1,994 1,572 1,225
Total Revenue		 4,950 2,826 5,436 4,892 2,949 5,756 3,398 3,909 4,740 5,117 4,346
Net Interest Income / (Expense)		 0.00 99 0.00 0.00 0.00 97 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -99 0.00 0.00 0.00 -97 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 4,950 2,727 5,436 4,892 2,949 5,659 3,398 3,909 4,740 5,117 4,346
Other Service Charges		 47 39 29 22 23 26 25 30 26 31 31
Net Realized & Unrealized Capital Gains on Investments		 1,427 354 1,951 1,791 -402 2,047 -8.00 660 1,342 1,510 1,005
Premiums Earned		 3,476 3,386 3,456 3,325 3,328 3,331 3,381 3,470 3,372 3,325 3,310
Total Non-Interest Expense		 3,145 2,536 3,266 2,873 2,857 3,620 3,253 3,087 2,746 3,545 3,121
Salaries and Employee Benefits		 250 - 255 - 251 - 240 - 254 - 237
Property & Liability Insurance Claims		 1,860 2,103 2,010 1,921 1,595 1,516 1,945 2,010 1,436 1,902 1,832
Other Operating Expenses		 834 1,023 786 744 797 1,389 852 856 838 927 831
Amortization Expense		 201 208 215 208 214 214 216 221 218 219 221
Income Tax Expense		 236 22 291 264 185 234 116 223 355 193 206
Basic Earnings per Share		 $2.65 $0.50 $3.27 $3.11 ($0.17) $3.47 $0.05 $1.12 $3.09 $2.58 $1.99
Weighted Average Basic Shares Outstanding		 591.25M 596.17M 574.89M 564.57M 557.90M 562.49M 544.71M 536.69M 530.05M 532.89M 513.07M
Diluted Earnings per Share		 $2.64 $0.49 $3.25 $3.10 ($0.17) $3.45 $0.05 $1.11 $3.08 $2.58 $1.98
Weighted Average Diluted Shares Outstanding		 593.60M 598.75M 577.48M 566.84M 560.41M 565.02M 546.88M 538.43M 532.02M 534.88M 514.79M
Weighted Average Basic & Diluted Shares Outstanding		 584.38M 577.01M 568.22M 560.03M 555.53M 546.59M 540.65M 534.83M 524.11M 516.37M 508.98M
Cash Dividends to Common per Share		 $0.42 $0.42 $0.50 $0.50 $0.50 $0.50 $0.58 $0.58 $0.58 $0.58 $0.61

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 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		 -308 509 -1,368 846 559 245 -90 -1,108 363 1,923 16
Net Cash From Operating Activities		 6,776 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707 2,555
Net Cash From Continuing Operating Activities		 6,776 5,987 6,128 6,014 5,455 5,958 5,051 3,879 3,190 2,707 2,555
Net Income / (Loss) Continuing Operations		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
Consolidated Net Income / (Loss)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
Amortization Expense		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851 874
Non-Cash Adjustments to Reconcile Net Income		 -458 -1,093 -1,167 -503 -959 -696 -957 -1,553 -633 -2,943 -806
Changes in Operating Assets and Liabilities, net		 3,635 3,280 1,559 2,352 1,828 662 942 222 -1,652 -644 -1,159
Net Cash From Investing Activities		 -4,897 -3,855 -5,431 -3,582 -3,171 -4,619 -2,378 -1,540 817 2,781 1,561
Net Cash From Continuing Investing Activities		 -4,897 -3,855 -5,431 -3,582 -3,171 -4,619 -2,378 -1,540 817 2,781 1,561
Purchase of Investment Securities		 -8,392 -13,495 -13,528 -15,029 -11,541 -10,667 -10,902 -8,721 -5,042 -7,644 -12,149
Sale and/or Maturity of Investments		 3,495 9,738 8,097 11,271 8,370 6,048 8,524 7,181 5,859 10,425 13,710
Net Cash From Financing Activities		 -2,187 -1,619 -2,065 -1,616 -1,713 -1,115 -2,739 -3,551 -3,723 -3,486 -4,069
Net Cash From Continuing Financing Activities		 -2,187 -1,619 -2,065 -1,616 -1,713 -1,115 -2,739 -3,551 -3,723 -3,486 -4,069
Issuance of Debt		 998 986 1,040 1,020 615 1,545 1,153 1,277 204 823 1,039
Issuance of Common Equity		 36 46 33 58 49 34 26 17 17 14 8.00
Repayment of Debt		 -1,272 -610 -1,161 -569 0.00 -350 -700 -1,416 0.00 -194 -84
Repurchase of Common Equity		 -1,315 -1,422 -1,351 -1,301 -1,627 -1,537 -2,301 -2,401 -2,801 -2,800 -3,530
Payment of Dividends		 -656 -658 -661 -793 -771 -769 -855 -979 -966 -1,087 -1,198
Other Financing Activities, Net		 22 39 35 -31 21 -38 -62 -49 -177 -242 -304
Effect of Exchange Rate Changes		 0.00 -4.00 0.00 30 -12 21 -24 104 79 -79 -31
Cash Interest Paid		 236 211 196 181 190 210 213 211 185 180 197
Cash Income Taxes Paid		 996 1,526 780 998 1,384 800 880 961 1,569 1,367 1,165

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 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		 782 -1,196 792 962 -448 617 -998 1,734 -197 -523 -591
Net Cash From Operating Activities		 1,276 582 849 255 1,270 333 589 399 1,252 315 968
Net Cash From Continuing Operating Activities		 1,276 582 849 255 1,270 333 589 399 1,252 315 968
Net Income / (Loss) Continuing Operations		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
Consolidated Net Income / (Loss)		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
Amortization Expense		 201 208 215 209 214 213 216 221 218 219 221
Non-Cash Adjustments to Reconcile Net Income		 -640 1,412 -1,527 -1,182 1,199 -1,433 400 33 -447 -792 -985
Changes in Operating Assets and Liabilities, net		 146 -1,306 282 -527 -50 -349 -56 -454 -158 -491 713
Net Cash From Investing Activities		 490 -1,161 227 2,067 -1,030 1,517 -359 1,533 28 359 244
Net Cash From Continuing Investing Activities		 490 -1,161 227 2,067 -1,030 1,517 -359 1,533 28 359 244
Purchase of Investment Securities		 -731 -3,277 -4,422 -102 -2,953 -1,884 -6,830 -1,069 -2,183 -2,007 -2,057
Sale and/or Maturity of Investments		 1,221 2,116 4,649 2,169 1,923 3,401 6,471 2,602 2,211 2,366 2,301
Net Cash From Financing Activities		 -992 -787 -256 -1,320 -826 -1,084 -1,261 -162 -1,462 -1,184 -1,762
Net Cash From Continuing Financing Activities		 -992 -787 -256 -1,320 -826 -1,084 -1,261 -162 -1,462 -1,184 -1,762
Issuance of Debt		 - 204 823 - - - 0.00 1,039 - - 0.00
Issuance of Common Equity		 4.00 8.00 6.00 6.00 9.00 -7.00 4.00 -2.00 3.00 3.00 4.00
Repayment of Debt		 - - 0.00 -194 - - 0.00 - -84 - -400
Repurchase of Common Equity		 -700 -701 -750 -800 -500 -750 -900 -829 -1,000 -801 -1,000
Payment of Dividends		 -239 -236 -278 -272 -270 -267 -306 -301 -299 -292 -304
Other Financing Activities, Net		 -57 -62 -57 -60 -65 -60 -59 -69 -82 -94 -62
Effect of Exchange Rate Changes		 8.00 170 -28 -40 138 -149 33 -36 -15 -13 -41
Cash Interest Paid		 38 53 34 53 40 53 40 52 41 64 51
Cash Income Taxes Paid		 105 699 0.00 777 28 562 -1.00 606 -3.00 563 -18

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 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		 118,256 129,819 137,217 140,406 152,768 165,086 157,542 131,738 126,724 117,566 116,470
Cash and Due from Banks		 4,350 4,859 3,491 4,337 4,896 5,141 5,051 3,943 4,306 6,229 6,245
Trading Account Securities		 106,398 110,052 115,743 114,200 122,149 130,346 122,299 95,888 92,197 82,031 81,128
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 10,554 11,786 13,496 12,527 10,869 9,765
Loans and Leases		 - - - - - 10,554 11,786 13,496 12,527 10,869 9,765
Accrued Investment Income		 768 754 769 773 772 780 737 745 731 710 718
Premises and Equipment, Net		 427 433 434 443 581 601 538 530 445 387 351
Unearned Premiums Asset		 705 669 827 851 828 796 672 647 848 779 835
Deferred Acquisition Cost		 8,511 8,993 9,505 9,875 10,128 10,441 9,525 9,239 9,132 8,758 9,034
Other Assets		 2,242 4,059 6,448 3,008 3,845 5,144 6,934 7,250 6,538 7,803 8,394
Total Liabilities & Shareholders' Equity		 118,256 129,819 137,217 140,406 152,768 165,086 157,542 131,738 126,724 117,566 116,470
Total Liabilities		 100,548 109,337 112,619 116,944 123,809 131,527 124,289 111,598 104,739 91,468 86,980
Long-Term Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498 8,409
Claims and Claim Expense		 3,802 4,045 4,392 4,584 4,659 5,187 4,836 201 261 381 495
Future Policy Benefits		 69,687 76,106 81,857 86,368 90,335 97,783 90,588 88,241 83,718 70,381 62,320
Unearned Premiums Liability		 7,857 6,916 5,959 5,090 4,243 3,597 2,576 1,825 1,451 1,286 1,323
Participating Policy Holder Equity		 6,285 6,659 6,939 7,146 7,317 7,824 7,072 6,643 6,169 5,460 5,445
Other Long-Term Liabilities		 7,005 10,251 8,183 7,978 8,810 8,273 11,261 7,246 5,776 6,462 8,988
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		 17,708 20,482 24,598 23,462 28,959 33,559 33,253 20,140 21,985 26,098 29,490
Total Preferred & Common Equity		 17,708 20,482 24,598 23,462 28,959 33,559 33,253 20,140 21,985 26,098 29,490
Total Common Equity		 17,708 20,482 24,598 23,462 28,959 33,593 33,283 20,140 21,985 26,098 29,490
Common Stock		 1,895 2,043 2,187 2,312 2,448 2,545 2,664 2,776 2,907 3,030 3,160
Retained Earnings		 24,007 25,981 29,895 31,788 34,291 37,984 41,381 44,367 47,993 52,277 54,682
Treasury Stock		 -8,819 -10,172 -11,512 -12,789 -14,395 -15,904 -18,185 -20,574 -23,395 -26,231 -29,804
Accumulated Other Comprehensive Income / (Loss)		 625 2,630 4,028 2,151 6,615 8,968 7,423 -6,429 -5,520 -2,978 1,452

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 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 3/31/2026
Total Assets		 130,626 125,111 126,724 124,742 120,168 128,442 117,566 120,258 124,736 122,306 116,280
Cash and Due from Banks		 4,720 5,502 4,306 5,098 6,060 5,612 6,229 5,231 6,965 6,768 5,654
Trading Account Securities		 74,505 87,690 92,197 87,581 82,672 90,798 82,031 84,796 86,313 85,116 79,831
Loans and Leases, Net of Allowance		 18,401 12,873 12,527 12,360 11,795 11,544 10,869 10,656 882 10,137 9,770
Loans and Leases		 18,401 12,873 12,527 12,360 11,795 11,544 10,869 10,656 882 10,137 9,770
Accrued Investment Income		 719 687 731 693 726 696 710 682 753 702 695
Premises and Equipment, Net		 500 445 445 418 398 421 387 391 390 367 354
Unearned Premiums Asset		 755 712 848 1,038 880 814 779 894 873 852 947
Deferred Acquisition Cost		 8,860 8,771 9,132 8,819 8,550 9,232 8,758 9,083 9,296 9,216 8,976
Other Assets		 22,166 8,431 6,538 8,735 9,087 9,325 7,803 8,525 19,264 9,148 10,053
Total Liabilities & Shareholders' Equity		 130,626 125,111 126,724 124,742 120,168 128,442 117,566 120,258 124,736 122,306 116,280
Total Liabilities		 110,187 102,442 104,739 101,205 94,121 103,612 91,468 93,920 97,536 93,618 86,319
Long-Term Debt		 7,087 6,961 7,364 7,912 7,430 7,978 7,498 7,751 8,933 8,685 7,908
Claims and Claim Expense		 244 249 261 344 359 381 381 411 426 460 522
Future Policy Benefits		 85,904 78,448 83,718 77,867 70,339 79,672 70,381 71,197 71,099 67,143 59,519
Unearned Premiums Liability		 1,544 1,447 1,451 1,322 1,216 1,406 1,286 1,357 1,377 1,349 1,318
Participating Policy Holder Equity		 6,115 5,884 6,169 5,831 5,439 6,095 5,460 5,863 6,002 5,785 5,423
Other Long-Term Liabilities		 9,293 9,453 5,776 7,929 9,338 8,080 6,462 7,341 9,699 10,196 11,629
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		 20,439 22,669 21,985 23,537 26,047 24,830 26,098 26,338 27,200 28,688 29,961
Total Preferred & Common Equity		 20,439 22,669 21,985 23,537 26,047 24,830 26,098 26,338 27,200 28,688 29,961
Total Common Equity		 20,439 22,669 21,985 23,537 26,047 24,850 26,098 26,338 27,200 28,688 29,961
Common Stock		 2,833 2,865 2,907 2,942 2,971 3,012 3,030 3,055 3,094 3,113 3,200
Retained Earnings		 46,937 48,257 47,993 49,872 51,345 50,972 52,277 52,308 52,595 53,923 55,702
Treasury Stock		 -21,993 -22,693 -23,395 -24,175 -24,977 -25,477 -26,231 -27,166 -27,998 -29,001 -30,842
Accumulated Other Comprehensive Income / (Loss)		 -7,338 -5,760 -5,520 -5,102 -3,292 -3,657 -2,978 -1,859 -491 653 1,901

Annual Metrics And Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac'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
DEI Shares Outstanding		 - - - - - - - - - - 524,113,917.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 524,113,917.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 6.96
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -8.08% 8.52% -3.88% 0.52% 9.22% -6.75% 3.53% -10.21% -7.79% 7.24% -9.31%
EBITDA Growth		 -11.98% 5.68% -1.11% 1.51% 9.54% -6.18% 12.47% -6.32% 7.37% 19.58% -25.61%
EBIT Growth		 -14.01% 5.31% -1.20% -0.87% 11.60% -6.43% 25.22% -6.51% 8.07% 21.95% -29.36%
NOPAT Growth		 -14.16% 4.97% 73.15% -36.58% 13.15% 44.61% -11.45% 4.42% 5.46% 16.83% -33.01%
Net Income Growth		 -14.16% 4.97% 73.15% -36.58% 13.15% 44.61% -11.45% 4.42% 5.46% 16.83% -33.01%
EPS Growth		 -10.00% 4.97% 73.15% -34.66% 17.51% 50.56% -6.30% 10.88% 12.27% 23.78% -29.18%
Operating Cash Flow Growth		 3.45% -11.64% 2.36% -1.86% -9.30% 9.22% -15.22% -23.20% -17.76% -15.14% -5.62%
Free Cash Flow Firm Growth		 241.17% -90.77% 27.92% 538.10% -236.25% 114.90% 518.78% 302.79% -83.97% -58.64% -154.93%
Invested Capital Growth		 -8.53% 9.41% 15.65% -2.16% 27.92% 10.84% -0.60% -33.07% 6.41% 14.47% 12.81%
Revenue Q/Q Growth		 -2.49% 4.73% -2.43% -1.41% 8.78% -4.67% -1.78% -3.80% -7.02% 12.30% -3.01%
EBITDA Q/Q Growth		 0.92% 0.95% -2.87% -4.51% 6.23% 134.94% -35.83% -5.87% -3.71% 34.17% -9.35%
EBIT Q/Q Growth		 0.94% 1.04% -3.67% -6.48% 8.12% 293.10% -36.86% -10.66% -4.50% 40.39% -11.07%
NOPAT Q/Q Growth		 1.08% 0.80% 66.09% -41.33% 8.40% 3.67% -0.14% -14.50% 1.57% 42.90% -12.55%
Net Income Q/Q Growth		 1.08% 0.80% 66.09% -41.33% 8.40% 3.67% -0.14% -14.50% 1.57% 42.90% -12.55%
EPS Q/Q Growth		 0.00% 0.80% 66.09% -41.91% 7.52% 185.04% 1.79% -13.70% 1.97% 44.38% -11.31%
Operating Cash Flow Q/Q Growth		 0.49% -2.27% -5.18% -2.86% -2.90% 2.85% -8.79% 4.39% -12.39% -8.42% -0.70%
Free Cash Flow Firm Q/Q Growth		 78.48% 111.98% -86.36% -3.31% -18.25% 147.66% 185.53% 0.45% -56.36% 89.54% -65.91%
Invested Capital Q/Q Growth		 6.09% -9.49% 9.78% 2.55% 4.86% -0.82% -7.33% -12.91% -0.95% 2.40% 1.41%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 25.56% 24.89% 25.61% 25.86% 25.94% 26.10% 28.35% 29.58% 34.44% 38.40% 31.50%
EBIT Margin		 20.03% 19.44% 19.98% 19.70% 20.13% 20.20% 24.43% 25.44% 29.81% 33.90% 26.41%
Profit (Net Income) Margin		 13.14% 12.71% 22.89% 14.44% 14.96% 23.21% 19.85% 23.08% 26.40% 28.76% 21.24%
Tax Burden Percent		 65.59% 65.38% 114.58% 73.31% 74.33% 114.88% 81.24% 90.74% 88.54% 84.82% 80.43%
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		 34.41% 34.62% -14.58% 26.69% 25.67% -14.88% 18.76% 9.26% 11.46% 15.18% 19.57%
Return on Invested Capital (ROIC)		 10.25% 10.75% 16.52% 9.88% 9.92% 12.12% 10.24% 12.84% 16.37% 17.29% 10.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.25% 10.75% 16.52% 9.88% 9.92% 12.12% 10.24% 12.84% 16.37% 17.29% 10.20%
Return on Net Nonoperating Assets (RNNOA)		 3.80% 3.17% 3.90% 2.27% 2.69% 3.17% 2.43% 3.70% 5.75% 5.35% 2.92%
Return on Equity (ROE)		 14.05% 13.93% 20.43% 12.15% 12.61% 15.29% 12.67% 16.55% 22.12% 22.64% 13.12%
Cash Return on Invested Capital (CROIC)		 19.15% 1.77% 2.01% 12.07% -14.59% 1.84% 10.84% 52.46% 10.16% 3.80% -1.84%
Operating Return on Assets (OROA)		 3.25% 3.28% 3.01% 2.87% 3.03% 2.62% 3.23% 3.37% 4.07% 5.25% 3.87%
Return on Assets (ROA)		 2.13% 2.14% 3.45% 2.10% 2.25% 3.01% 2.62% 3.05% 3.61% 4.46% 3.12%
Return on Common Equity (ROCE)		 14.05% 13.93% 20.43% 12.15% 12.61% 15.29% 12.68% 16.56% 22.12% 22.64% 13.12%
Return on Equity Simple (ROE_SIMPLE)		 14.30% 12.98% 18.72% 12.45% 11.41% 14.24% 12.72% 21.94% 21.19% 20.86% 12.36%
Net Operating Profit after Tax (NOPAT)		 2,533 2,659 4,604 2,920 3,304 4,778 4,231 4,418 4,659 5,443 3,646
NOPAT Margin		 13.14% 12.71% 22.89% 14.44% 14.96% 23.21% 19.85% 23.08% 26.40% 28.76% 21.24%
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		 0.00% 0.00% 0.00% 0.00% 5.98% 0.00% 5.89% 5.84% 0.00% 5.27% 5.77%
Operating Expenses to Revenue		 79.97% 80.56% 80.02% 80.30% 79.87% 79.80% 75.57% 74.56% 70.19% 66.10% 73.59%
Earnings before Interest and Taxes (EBIT)		 3,862 4,067 4,018 3,983 4,445 4,159 5,208 4,869 5,262 6,417 4,533
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,928 5,208 5,150 5,228 5,727 5,373 6,043 5,661 6,078 7,268 5,407
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.17 1.15 1.19 1.29 1.19 0.85 1.09 2.11 2.13 2.19 1.95
Price to Tangible Book Value (P/TBV)		 1.17 1.15 1.19 1.29 1.19 0.85 1.09 2.11 2.13 2.19 1.95
Price to Revenue (P/Rev)		 1.08 1.13 1.46 1.49 1.56 1.39 1.70 2.22 2.66 3.02 3.35
Price to Earnings (P/E)		 8.19 8.89 6.38 10.34 10.45 5.97 8.55 9.63 10.07 10.50 15.77
Dividend Yield		 3.25% 2.87% 2.33% 2.62% 2.30% 2.76% 2.41% 2.34% 2.09% 1.94% 2.12%
Earnings Yield		 12.21% 11.25% 15.67% 9.67% 9.57% 16.74% 11.70% 10.38% 9.93% 9.53% 6.34%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.93 1.04 1.08 1.02 0.76 0.95 1.67 1.70 1.74 1.57
Enterprise Value to Revenue (EV/Rev)		 1.16 1.15 1.55 1.57 1.72 1.52 1.83 2.41 2.83 3.09 3.48
Enterprise Value to EBITDA (EV/EBITDA)		 4.53 4.63 6.05 6.05 6.65 5.83 6.47 8.13 8.22 8.04 11.03
Enterprise Value to EBIT (EV/EBIT)		 5.78 5.93 7.76 7.95 8.57 7.53 7.50 9.46 9.50 9.10 13.16
Enterprise Value to NOPAT (EV/NOPAT)		 8.81 9.08 6.77 10.84 11.52 6.55 9.24 10.42 10.73 10.73 16.36
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.29 4.03 5.09 5.26 6.98 5.25 7.74 11.87 15.67 21.58 23.35
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.71 55.23 55.77 8.87 0.00 43.24 8.72 2.55 17.29 48.84 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.33 0.26 0.22 0.25 0.29 0.24 0.24 0.37 0.34 0.29 0.29
Long-Term Debt to Equity		 0.33 0.26 0.22 0.25 0.29 0.24 0.24 0.37 0.34 0.29 0.29
Financial Leverage		 0.37 0.30 0.24 0.23 0.27 0.26 0.24 0.29 0.35 0.31 0.29
Leverage Ratio		 6.60 6.50 5.92 5.78 5.59 5.08 4.83 5.42 6.14 5.08 4.21
Compound Leverage Factor		 6.60 6.50 5.92 5.78 5.59 5.08 4.83 5.42 6.14 5.08 4.21
Debt to Total Capital		 25.03% 20.74% 17.70% 19.76% 22.58% 19.05% 19.31% 26.98% 25.09% 22.32% 22.19%
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		 25.03% 20.74% 17.70% 19.76% 22.58% 19.05% 19.31% 26.98% 25.09% 22.32% 22.19%
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		 74.97% 79.26% 82.30% 80.24% 77.42% 81.03% 80.77% 73.02% 74.91% 77.68% 77.81%
Debt to EBITDA		 1.20 1.03 1.03 1.11 1.47 1.47 1.32 1.31 1.21 1.03 1.56
Net Debt to EBITDA		 0.32 0.10 0.35 0.28 0.62 0.51 0.48 0.62 0.50 0.17 0.40
Long-Term Debt to EBITDA		 1.20 1.03 1.03 1.11 1.47 1.47 1.32 1.31 1.21 1.03 1.56
Debt to NOPAT		 2.33 2.02 1.15 1.98 2.56 1.65 1.88 1.68 1.58 1.38 2.31
Net Debt to NOPAT		 0.62 0.19 0.39 0.49 1.07 0.58 0.69 0.79 0.66 0.23 0.59
Long-Term Debt to NOPAT		 2.33 2.02 1.15 1.98 2.56 1.65 1.88 1.68 1.58 1.38 2.31
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.05% -0.10% -0.06% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,735 437 559 3,567 -4,860 724 4,480 18,045 2,892 1,196 -657
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		 16.38 1.63 2.33 16.07 -21.32 2.99 18.82 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 23.45 22.34 25.53 27.09 23.93 24.62 21.22 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 23.45 22.34 25.53 27.09 23.93 24.62 21.22 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.17 0.15 0.15 0.15 0.13 0.13 0.13 0.14 0.16 0.15
Fixed Asset Turnover		 45.05 48.66 46.39 46.10 43.12 34.84 37.43 35.84 36.20 45.50 46.51
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,620 25,842 29,887 29,240 37,404 41,458 41,209 27,582 29,349 33,596 37,899
Invested Capital Turnover		 0.78 0.85 0.72 0.68 0.66 0.52 0.52 0.56 0.62 0.60 0.48
Increase / (Decrease) in Invested Capital		 -2,202 2,222 4,045 -647 8,164 4,054 -249 -13,627 1,767 4,247 4,303
Enterprise Value (EV)		 22,312 24,135 31,174 31,646 38,075 31,305 39,078 46,047 49,989 58,413 59,653
Market Capitalization		 20,750 23,634 29,376 30,205 34,526 28,547 36,173 42,548 46,931 57,144 57,489
Book Value per Share		 $41.50 $50.19 $62.57 $30.82 $39.45 $47.82 $50.31 $32.39 $37.62 $46.98 $56.27
Tangible Book Value per Share		 $41.50 $50.19 $62.57 $30.82 $39.45 $47.82 $50.31 $32.39 $37.62 $46.98 $56.27
Total Capital		 23,620 25,842 29,887 29,240 37,404 41,458 41,209 27,582 29,349 33,596 37,899
Total Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498 8,409
Total Long-Term Debt		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498 8,409
Net Debt		 1,562 501 1,798 1,441 3,549 2,758 2,905 3,499 3,058 1,269 2,164
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)		 5,912 5,360 5,289 5,778 8,445 7,899 7,956 7,442 7,364 7,498 8,409
Total Depreciation and Amortization (D&A)		 1,066 1,141 1,132 1,245 1,282 1,214 835 792 816 851 874
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.94 $3.23 $5.82 $0.00 $4.45 $6.69 $6.42 $6.62 $7.81 $9.68 $6.84
Adjusted Weighted Average Basic Shares Outstanding		 861.31M 822.94M 792.04M 0.00 742.41M 713.70M 673.62M 634.82M 596.17M 562.49M 532.89M
Adjusted Diluted Earnings per Share		 $2.93 $3.21 $5.77 $0.00 $4.43 $6.67 $6.39 $6.59 $7.78 $9.63 $6.82
Adjusted Weighted Average Diluted Shares Outstanding		 866.34M 827.84M 797.86M 0.00 746.43M 716.19M 676.73M 637.66M 598.75M 565.02M 534.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $4.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 840.00M 802.85M 779.37M 0.00 722.52M 688.59M 649.86M 612.21M 577.01M 546.59M 516.37M
Normalized Net Operating Profit after Tax (NOPAT)		 2,533 2,659 2,813 2,920 3,304 2,911 4,231 4,418 4,659 5,443 3,646
Normalized NOPAT Margin		 13.14% 12.71% 13.99% 14.44% 14.96% 14.14% 19.85% 23.08% 26.40% 28.76% 21.24%
Pre Tax Income Margin		 20.03% 19.44% 19.98% 19.70% 20.13% 20.20% 24.43% 25.44% 29.81% 33.90% 26.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 13.36 15.18 16.74 17.94 19.50 17.19 21.88 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 8.76 9.92 19.18 13.15 14.49 19.74 17.78 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 13.36 15.18 16.74 17.94 19.50 17.19 21.88 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 8.76 9.92 19.18 13.15 14.49 19.74 17.78 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 25.90% 24.75% 14.36% 27.16% 23.34% 16.09% 20.21% 22.16% 20.73% 19.97% 32.86%
Augmented Payout Ratio		 77.81% 78.22% 43.70% 71.71% 72.58% 48.26% 74.59% 76.51% 80.85% 71.41% 129.68%

Quarterly Metrics And Ratios for Aflac

This table displays calculated financial ratios and metrics derived from Aflac'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		 - - - - - - - - - 524,113,917.00 516,369,452.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 524,113,917.00 516,369,452.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.63 1.97
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.07% -35.55% 8.04% -0.64% -40.42% 103.68% -37.49% -20.09% 60.73% -9.43% 27.90%
EBITDA Growth		 31.80% -31.97% 54.17% 9.92% -84.75% 371.69% -84.86% -53.19% 622.88% -23.75% 300.55%
EBIT Growth		 35.82% -46.10% 61.70% 10.63% -94.90% 636.55% -93.32% -59.29% 2,067.39% -26.40% 744.83%
NOPAT Growth		 -11.90% 36.73% 58.17% 7.41% -105.93% 609.70% -98.46% -65.87% 1,862.37% -27.50% 3,413.79%
Net Income Growth		 -11.90% 36.73% 58.17% 7.41% -105.93% 609.70% -98.46% -65.87% 1,862.37% -27.50% 3,413.79%
EPS Growth		 -6.38% 44.12% 67.53% 14.39% -106.44% 604.08% -98.46% -64.19% 1,911.76% -25.22% 3,860.00%
Operating Cash Flow Growth		 18.59% -43.66% -4.61% -42.31% -0.47% -42.78% -30.62% 56.47% -1.42% -5.41% 64.35%
Free Cash Flow Firm Growth		 -75.24% -110.84% -120.98% -153.04% -190.63% -56.44% -10.36% 50.98% 10.55% -24.69% -5.74%
Invested Capital Growth		 -6.44% 6.41% 15.60% 21.62% 10.73% 14.47% 8.39% 7.93% 13.91% 12.81% 11.09%
Revenue Q/Q Growth		 -3.34% -42.91% 37.57% -0.90% -42.04% 95.18% -40.97% 15.04% 21.26% 7.95% -15.07%
EBITDA Q/Q Growth		 -1.04% -75.17% 378.92% -6.58% -86.27% 667.65% -84.63% 188.92% 112.08% -19.03% -19.26%
EBIT Q/Q Growth		 -1.10% -83.93% 648.28% -6.96% -95.44% 2,221.74% -93.21% 466.90% 142.58% -21.16% -22.07%
NOPAT Q/Q Growth		 -3.98% -82.92% 601.12% -6.60% -105.30% 2,145.16% -98.48% 1,965.52% 173.62% -15.86% -26.11%
Net Income Q/Q Growth		 -3.98% -82.92% 601.12% -6.60% -105.30% 2,145.16% -98.48% 1,965.52% 173.62% -15.86% -26.11%
EPS Q/Q Growth		 -2.58% -81.44% 563.27% -4.62% -105.48% 2,129.41% -98.55% 2,120.00% 177.48% -16.23% -23.26%
Operating Cash Flow Q/Q Growth		 188.69% -54.39% 1.92% -69.96% 398.04% -73.78% 76.88% -32.26% 213.78% -74.84% 207.30%
Free Cash Flow Firm Q/Q Growth		 -54.38% -141.54% -57.84% -77.35% 22.04% 28.31% -11.34% 21.22% -42.25% 0.07% 5.57%
Invested Capital Q/Q Growth		 7.64% -0.95% 7.16% 6.45% -2.00% 2.40% 1.47% 6.00% 3.43% 1.41% -0.08%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 40.53% 17.62% 46.46% 43.79% 10.38% 40.81% 10.62% 26.68% 46.67% 35.00% 33.27%
EBIT Margin		 36.46% 10.26% 42.27% 39.68% 3.12% 37.11% 4.27% 21.03% 42.07% 30.72% 28.19%
Profit (Net Income) Margin		 31.70% 9.48% 36.60% 34.49% -3.15% 33.04% 0.85% 15.32% 34.58% 26.95% 23.45%
Tax Burden Percent		 86.93% 92.41% 86.59% 86.92% -101.09% 89.04% 20.00% 72.87% 82.20% 87.72% 83.18%
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		 13.07% 7.59% 13.41% 13.08% 201.09% 10.96% 80.00% 27.13% 17.80% 12.28% 16.82%
Return on Invested Capital (ROIC)		 19.63% 5.88% 23.57% 21.32% -1.70% 19.87% 0.44% 7.00% 17.44% 12.94% 11.80%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.63% 5.88% 23.57% 21.32% -1.70% 19.87% 0.44% 7.00% 17.44% 12.94% 11.80%
Return on Net Nonoperating Assets (RNNOA)		 6.07% 2.07% 8.34% 6.66% -0.54% 6.14% 0.14% 2.15% 5.43% 3.70% 3.28%
Return on Equity (ROE)		 25.70% 7.95% 31.91% 27.98% -2.24% 26.01% 0.58% 9.16% 22.87% 16.64% 15.09%
Cash Return on Invested Capital (CROIC)		 21.62% 10.16% 3.77% -1.57% 2.02% 3.80% 2.91% -0.63% -1.13% -1.84% 2.38%
Operating Return on Assets (OROA)		 5.47% 1.40% 6.15% 5.97% 0.41% 5.75% 0.59% 2.73% 5.94% 4.51% 4.32%
Return on Assets (ROA)		 4.75% 1.30% 5.32% 5.19% -0.42% 5.12% 0.12% 1.99% 4.88% 3.95% 3.59%
Return on Common Equity (ROCE)		 25.70% 7.95% 31.91% 27.98% -2.24% 26.01% 0.58% 9.16% 22.88% 16.64% 15.09%
Return on Equity Simple (ROE_SIMPLE)		 20.23% 0.00% 22.73% 21.00% 15.34% 0.00% 13.64% 8.96% 14.53% 0.00% 15.47%
Net Operating Profit after Tax (NOPAT)		 1,569 268 1,879 1,755 -93 1,902 29 599 1,639 1,379 1,019
NOPAT Margin		 31.70% 9.48% 36.60% 34.49% -3.15% 33.04% 0.85% 15.32% 34.58% 26.95% 23.45%
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		 5.05% 0.00% 0.00% 4.83% 8.51% 0.00% 7.06% 0.00% 5.36% 0.00% 5.45%
Operating Expenses to Revenue		 63.54% 89.74% 57.73% 60.32% 96.88% 62.89% 95.73% 78.97% 57.93% 69.28% 71.81%
Earnings before Interest and Taxes (EBIT)		 1,805 290 2,170 2,019 92 2,136 145 822 1,994 1,572 1,225
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,006 498 2,385 2,228 306 2,349 361 1,043 2,212 1,791 1,446
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.97 2.13 2.11 1.94 2.52 2.19 2.31 2.10 2.08 1.95 1.89
Price to Tangible Book Value (P/TBV)		 1.97 2.13 2.11 1.94 2.52 2.19 2.31 2.10 2.08 1.95 1.89
Price to Revenue (P/Rev)		 2.35 2.66 2.63 2.68 3.71 3.02 3.60 3.58 3.38 3.35 3.13
Price to Earnings (P/E)		 9.72 10.07 9.28 9.23 16.44 10.50 16.91 23.40 14.33 15.77 12.22
Dividend Yield		 2.21% 2.09% 2.07% 2.07% 1.72% 1.94% 1.87% 2.05% 2.01% 2.12% 2.14%
Earnings Yield		 10.28% 9.93% 10.78% 10.83% 6.08% 9.53% 5.91% 4.27% 6.98% 6.34% 8.18%
Enterprise Value to Invested Capital (EV/IC)		 1.55 1.70 1.67 1.55 1.98 1.74 1.86 1.63 1.65 1.57 1.56
Enterprise Value to Revenue (EV/Rev)		 2.43 2.83 2.78 2.75 3.86 3.09 3.75 3.71 3.48 3.48 3.25
Enterprise Value to EBITDA (EV/EBITDA)		 7.30 8.22 7.59 7.29 12.00 8.04 12.07 14.53 10.34 11.03 9.07
Enterprise Value to EBIT (EV/EBIT)		 8.36 9.50 8.61 8.26 14.22 9.10 14.41 18.46 12.10 13.16 10.49
Enterprise Value to NOPAT (EV/NOPAT)		 10.04 10.73 9.81 9.48 17.06 10.73 17.62 24.20 14.79 16.36 12.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.65 15.67 16.66 17.51 21.98 21.58 25.87 22.77 23.96 23.35 20.08
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.95 17.29 47.48 0.00 102.97 48.84 66.42 0.00 0.00 0.00 68.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.31 0.34 0.34 0.29 0.32 0.29 0.29 0.33 0.30 0.29 0.26
Long-Term Debt to Equity		 0.31 0.34 0.34 0.29 0.32 0.29 0.29 0.33 0.30 0.29 0.26
Financial Leverage		 0.31 0.35 0.35 0.31 0.31 0.31 0.31 0.31 0.31 0.29 0.28
Leverage Ratio		 5.41 6.14 6.00 5.40 5.34 5.08 4.91 4.60 4.69 4.21 4.20
Compound Leverage Factor		 5.41 6.14 6.00 5.40 5.34 5.08 4.91 4.60 4.69 4.21 4.20
Debt to Total Capital		 23.49% 25.09% 25.16% 22.19% 24.32% 22.32% 22.74% 24.72% 23.24% 22.19% 20.88%
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		 23.49% 25.09% 25.16% 22.19% 24.32% 22.32% 22.74% 24.72% 23.24% 22.19% 20.88%
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		 76.51% 74.91% 74.84% 77.81% 75.74% 77.68% 77.26% 75.28% 76.76% 77.81% 79.12%
Debt to EBITDA		 1.10 1.21 1.14 1.04 1.47 1.03 1.48 2.20 1.46 1.56 1.22
Net Debt to EBITDA		 0.23 0.50 0.41 0.19 0.44 0.17 0.48 0.48 0.32 0.40 0.35
Long-Term Debt to EBITDA		 1.10 1.21 1.14 1.04 1.47 1.03 1.48 2.20 1.46 1.56 1.22
Debt to NOPAT		 1.52 1.58 1.48 1.36 2.09 1.38 2.16 3.67 2.08 2.31 1.71
Net Debt to NOPAT		 0.32 0.66 0.53 0.25 0.62 0.23 0.70 0.81 0.46 0.59 0.49
Long-Term Debt to NOPAT		 1.52 1.58 1.48 1.36 2.09 1.38 2.16 3.67 2.08 2.31 1.71
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% -0.04% 0.00% 0.00% 0.00% -0.04% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,609 -1,499 -2,366 -4,196 -3,271 -2,345 -2,611 -2,057 -2,926 -2,924 -2,761
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 -50.34 -83.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 18.06 5.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 18.06 5.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.15 0.14 0.15 0.15 0.13 0.16 0.14 0.13 0.14 0.15 0.15
Fixed Asset Turnover		 40.69 36.20 39.93 41.99 38.92 45.50 41.75 40.37 44.92 46.51 48.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 29,630 29,349 31,449 33,477 32,808 33,596 34,089 36,133 37,373 37,899 37,869
Invested Capital Turnover		 0.62 0.62 0.64 0.62 0.54 0.60 0.52 0.46 0.50 0.48 0.50
Increase / (Decrease) in Invested Capital		 -2,040 1,767 4,245 5,951 3,178 4,247 2,640 2,656 4,565 4,303 3,780
Enterprise Value (EV)		 46,062 49,989 52,465 51,876 64,977 58,413 63,295 58,984 61,658 59,653 58,905
Market Capitalization		 44,603 46,931 49,651 50,506 62,611 57,144 60,775 57,016 59,741 57,489 56,651
Book Value per Share		 $38.16 $37.62 $40.94 $45.84 $44.37 $46.98 $48.19 $50.31 $53.64 $56.27 $58.02
Tangible Book Value per Share		 $38.16 $37.62 $40.94 $45.84 $44.37 $46.98 $48.19 $50.31 $53.64 $56.27 $58.02
Total Capital		 29,630 29,349 31,449 33,477 32,808 33,596 34,089 36,133 37,373 37,899 37,869
Total Debt		 6,961 7,364 7,912 7,430 7,978 7,498 7,751 8,933 8,685 8,409 7,908
Total Long-Term Debt		 6,961 7,364 7,912 7,430 7,978 7,498 7,751 8,933 8,685 8,409 7,908
Net Debt		 1,459 3,058 2,814 1,370 2,366 1,269 2,520 1,968 1,917 2,164 2,254
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)		 6,961 7,364 7,912 7,430 7,978 7,498 7,751 8,933 8,685 8,409 7,908
Total Depreciation and Amortization (D&A)		 201 208 215 209 214 213 216 221 218 219 221
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.65 $0.50 $3.27 $3.11 ($0.17) $3.47 $0.05 $1.12 $3.09 $2.58 $1.99
Adjusted Weighted Average Basic Shares Outstanding		 591.25M 596.17M 574.89M 564.57M 557.90M 562.49M 544.71M 536.69M 530.05M 532.89M 513.07M
Adjusted Diluted Earnings per Share		 $2.64 $0.49 $3.25 $3.10 ($0.17) $3.45 $0.05 $1.11 $3.08 $2.58 $1.98
Adjusted Weighted Average Diluted Shares Outstanding		 593.60M 598.75M 577.48M 566.84M 560.41M 565.02M 546.88M 538.43M 532.02M 534.88M 514.79M
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		 584.38M 577.01M 568.22M 560.03M 555.53M 546.59M 540.65M 534.83M 524.11M 516.37M 508.98M
Normalized Net Operating Profit after Tax (NOPAT)		 1,569 268 1,879 1,755 64 1,902 102 599 1,639 1,379 1,019
Normalized NOPAT Margin		 31.70% 9.48% 36.60% 34.49% 2.18% 33.04% 2.99% 15.32% 34.58% 26.95% 23.45%
Pre Tax Income Margin		 36.46% 10.26% 42.27% 39.68% 3.12% 37.11% 4.27% 21.03% 42.07% 30.72% 28.19%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 46.17 40.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 39.98 35.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 46.17 40.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 39.98 35.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 21.12% 20.73% 18.62% 18.74% 27.72% 19.97% 31.03% 46.94% 28.14% 32.86% 25.80%
Augmented Payout Ratio		 79.99% 80.85% 71.91% 72.67% 99.95% 71.41% 113.14% 169.18% 111.59% 129.68% 104.10%

Financials Breakdown Chart

Key Financial Trends

AFLAC Inc. (NYSE:AFL) shows a four-year view with a mix of revenue/earnings volatility and steady cash flow. In 2025, quarterly results bounced through mid-year strength before finishing the year with lower revenue and earnings versus 2024. The balance sheet remains well-capitalized, and operating cash flow stayed positive across the year, helping liquidity even as some profitability metrics softened late in 2025.

  • Net income (continuing operations) jumped to about $1.639 billion in Q3 2025, up from roughly $0.599 billion in Q2 2025.
  • Net cash from continuing operating activities remained positive in all 2025 quarters, peaking around $1.251 billion in Q3 2025.
  • Total equity rose to about $28.69 billion by Q3 2025, up modestly from about $28.34 billion at Q3 2024.
  • Dividend per share stayed at $0.58 across 2025, signaling stable shareholder returns.
  • Net cash from continuing investing activities was positive in Q3 2025 (+$28 million), supporting liquidity.
  • Total assets increased from around $120.26 billion at the start of 2025 to about $122.31 billion by Q3 2025.
  • Non-interest income is volatile due to capital gains; results can swing with market conditions.
  • Total revenue declined to about $5.12 billion in Q4 2025 from about $5.76 billion in Q4 2024.
  • Net income in Q4 2025 fell to about $1.38 billion from $1.90 billion in Q4 2024, with corresponding EPS softness.
  • Net financing cash flow was negative in Q4 2025, reflecting ongoing share repurchases and dividend outflows.
05/21/26 05:21 PM ETAI Generated. May Contain Errors.

Aflac Financials - Frequently Asked Questions

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

Aflac's net income appears to be on an upward trend, with a most recent value of $3.65 billion in 2025, rising from $2.53 billion in 2015. The previous period was $5.44 billion in 2024. Check out Aflac's forecast to explore projected trends and price targets.

Over the last 10 years, Aflac's total revenue changed from $19.28 billion in 2015 to $17.16 billion in 2025, a change of -11.0%.

Aflac's total liabilities were at $86.98 billion at the end of 2025, a 4.9% decrease from 2024, and a 13.5% decrease since 2015.

In the past 10 years, Aflac's cash and equivalents has ranged from $3.49 billion in 2017 to $6.25 billion in 2025, and is currently $6.25 billion as of their latest financial filing in 2025.

Over the last 10 years, Aflac's book value per share changed from 41.50 in 2015 to 56.27 in 2025, a change of 35.6%.


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Financial statements for NYSE:AFL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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