Globe Life (GL) Financials

$156.46 -0.14 (-0.09%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$156.31 -0.15 (-0.10%)

As of 05/22/2026 07:11 PM Eastern

Annual Income Statements for Globe Life

This table shows Globe Life'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	527	550	1,454	701	761	732	1,031	894	971	1,071	1,161
Consolidated Net Income / (Loss)	527	550	1,454	701	761	732	1,031	894	971	1,071	1,161
Net Income / (Loss) Continuing Operations	516	540	1,458	702	761	732	1,031	894	971	1,071	1,161
Total Pre-Tax Income	766	772	831	864	931	897	1,275	1,102	1,194	1,327	1,436
Total Operating Income	2,217	856	-2,368	954	1,016	983	1,358	1,193	1,297	1,454	1,577
Total Gross Profit	3,124	1,806	-1,355	2,029	2,170	2,165	2,453	2,401	2,583	2,884	3,110
Total Revenue	3,766	3,935	873	4,304	4,528	4,738	5,112	5,227	5,448	5,778	5,994
Operating Revenue	3,766	3,935	871	4,304	4,528	4,738	5,112	5,227	5,448	5,778	5,994
Total Cost of Revenue	642	2,129	2,228	2,275	2,357	2,573	2,659	2,825	2,864	2,894	2,884
Operating Cost of Revenue	642	2,129	2,228	2,275	2,357	2,573	2,659	2,825	2,864	2,894	2,884
Total Operating Expenses	907	950	1,013	1,075	1,155	1,182	1,095	1,209	1,287	1,430	1,533
Selling, General & Admin Expense	224	232	257	280	305	301	322	354	348	419	442
Amortization Expense	446	469	490	517	552	576	318	349	380	410	448
Other Operating Expenses / (Income)	238	249	265	278	298	305	455	506	559	601	643
Total Other Income / (Expense), net	-1,451	-83	3,198	-90	-84	-87	-83	-90	-102	-127	-141
Interest Expense	77	83	85	90	84	87	83	90	102	127	141
Income Tax Expense	250	233	-628	162	170	165	243	208	224	256	275
Basic Earnings per Share	$4.21	$4.58	$12.50	$6.22	$6.97	$6.90	$10.10	$9.13	$10.21	$11.99	$14.27
Weighted Average Basic Shares Outstanding	121.26M	117.76M	114.08M	110.24M	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
Diluted Earnings per Share	$4.16	$4.49	$12.22	$6.09	$6.83	$6.82	$9.99	$9.04	$10.07	$11.94	$14.07
Weighted Average Diluted Shares Outstanding	121.26M	117.76M	114.08M	110.24M	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
Weighted Average Basic & Diluted Shares Outstanding	121.26M	117.76M	114.08M	110.24M	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
Cash Dividends to Common per Share	$0.54	$0.56	$0.60	$0.64	$0.69	$0.75	$0.79	$0.83	$0.90	$0.96	$1.08

This table shows Globe Life'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	257	275	254	258	303	255	255	253	388	266	271
Consolidated Net Income / (Loss)	257	275	254	258	303	255	255	253	388	266	271
Net Income / (Loss) Continuing Operations	257	275	254	258	303	255	255	253	388	266	271
Total Pre-Tax Income	319	337	315	322	377	312	316	313	477	329	334
Total Operating Income	345	362	344	354	408	348	351	348	513	365	368
Total Gross Profit	665	696	684	705	767	728	730	725	896	759	770
Total Revenue	1,384	1,416	1,416	1,440	1,455	1,466	1,480	1,481	1,513	1,520	1,560
Operating Revenue	1,384	1,416	1,416	1,440	1,455	1,466	1,480	1,481	1,513	1,520	1,560
Total Cost of Revenue	719	720	732	736	688	739	751	756	617	761	790
Operating Cost of Revenue	719	720	732	736	688	739	751	756	617	761	790
Total Operating Expenses	320	334	341	351	359	379	379	377	383	394	402
Selling, General & Admin Expense	86	92	93	99	105	122	109	108	112	114	114
Amortization Expense	96	98	99	102	104	104	106	111	114	117	118
Other Operating Expenses / (Income)	139	144	148	150	150	153	164	157	157	163	170
Total Other Income / (Expense), net	-26	-26	-29	-31	-31	-36	-35	-35	-36	-35	-34
Interest Expense	26	26	29	31	31	36	35	35	36	35	34
Income Tax Expense	62	62	61	64	74	57	62	61	89	63	64
Basic Earnings per Share	$2.72	$2.91	$2.71	$2.83	$3.45	$3.00	$3.05	$3.09	$4.81	$3.32	$3.45
Weighted Average Basic Shares Outstanding	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
Diluted Earnings per Share	$2.68	$2.87	$2.67	$2.83	$3.44	$3.00	$3.01	$3.05	$4.73	$3.28	$3.39
Weighted Average Diluted Shares Outstanding	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
Weighted Average Basic & Diluted Shares Outstanding	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
Cash Dividends to Common per Share	$0.23	-	$0.24	$0.24	$0.24	-	$0.27	$0.27	$0.27	-	$0.33

This table details how cash moves in and out of Globe Life'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	-4.64	15	48	-10	-45	19	-2.68	0.40	11	62	-21
Net Cash From Operating Activities	1,120	1,399	1,429	1,278	1,364	1,476	1,438	1,422	1,482	1,402	1,396
Net Cash From Continuing Operating Activities	1,122	1,227	1,351	1,276	1,347	1,476	1,469	1,455	1,526	1,457	1,462
Net Income / (Loss) Continuing Operations	516	540	1,458	702	761	732	1,031	894	971	1,071	1,161
Consolidated Net Income / (Loss)	527	550	1,454	701	761	732	1,031	894	971	1,071	1,161
Amortization Expense	446	469	490	517	552	576	318	349	380	410	448
Non-Cash Adjustments To Reconcile Net Income	-589	41	72	-28	-712	47	-59	84	69	-121	-267
Changes in Operating Assets and Liabilities, net	749	177	-669	87	746	122	180	127	107	97	120
Net Cash From Investing Activities	-633	-1,062	-927	-896	-809	-1,182	-913	-943	-926	-642	-644
Net Cash From Continuing Investing Activities	-633	-1,062	-927	-896	-814	-1,182	-945	-976	-970	-696	-709
Purchase of Property, Plant & Equipment	-37	-25	-20	-45	-42	-42	-38	-28	-50	-71	-142
Purchase of Investments	-1,103	-1,568	-110	-1,185	-1,692	-1,567	-1,316	-1,780	-1,915	-2,044	-1,361
Sale and/or Maturity of Investments	568	578	560	376	919	442	471	858	1,037	1,462	836
Other Investing Activities, net	-62	-48	-1,356	-42	0.03	-16	-62	-25	-42	-43	-42
Net Cash From Financing Activities	-526	-320	-454	-392	-591	-274	-524	-492	-541	-716	-768
Net Cash From Continuing Financing Activities	-526	-320	-454	-392	-591	-274	-524	-492	-541	-716	-768
Repayment of Debt	0.00	-260	-129	-357	-6.88	-427	-233	-155	-166	-379	-707
Repurchase of Common Equity	-419	-405	-413	-422	-460	-444	-541	-455	-511	-1,002	-881
Payment of Dividends	-67	-67	-69	-71	-74	-78	-80	-81	-84	-85	-86
Issuance of Debt	1.98	422	186	550	-12	700	325	204	203	1,001	590
Issuance of Common Equity	36	61	61	36	83	48	70	107	114	52	164
Other Financing Activities, net	-78	-72	-91	-127	-121	-73	-64	-113	-97	-302	152
Effect of Exchange Rate Changes	34	-1.70	-	-	-	-1.73	-3.39	14	-4.19	17	-5.34

This table details how cash moves in and out of Globe Life'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	-281	1,108	-572	-180	-291	1,100	-364	-295	-126	764	-311
Net Cash From Operating Activities	287	391	351	374	341	337	432	308	306	351	421
Net Cash From Continuing Operating Activities	-461	2,667	0.00	-989	-117	2,562	-265	-309	575	1,462	-450
Net Income / (Loss) Continuing Operations	-	971	0.00	-	-	1,071	0.00	-	-	1,161	0.00
Non-Cash Adjustments To Reconcile Net Income	-461	1,210	-	-	-117	985	-265	-309	-	-	-450
Net Cash From Investing Activities	-418	-98	-732	105	-196	181	-240	-64	-74	-266	-281
Net Cash From Continuing Investing Activities	43	-1,283	-681	1,044	-80	-979	25	245	-550	-430	168
Purchase of Property, Plant & Equipment	-11	-13	-9.11	-18	-29	-15	-12	-13	-97	-21	-25
Purchase of Investments	-91	-1,842	-763	579	-280	-1,579	-65	-21	-778	-497	43
Sale and/or Maturity of Investments	172	531	112	499	255	596	132	299	348	58	165
Other Investing Activities, net	-27	42	-21	-16	-25	19	-30	-20	-22	30	-15
Net Cash From Financing Activities	137	-272	357	-477	-95	-501	-124	-231	-172	-241	-30
Net Cash From Continuing Financing Activities	137	-272	110	-235	-95	-501	-124	-231	-151	-262	-30
Repayment of Debt	-8.76	34	-	-357	61	-89	-193	-189	376	-701	75
Repurchase of Common Equity	-97	-145	-23	-336	-591	-52	-265	-250	-174	-192	-240
Payment of Dividends	-21	-21	-21	-23	-22	-20	-20	-22	-22	-22	-21
Issuance of Debt	198	-165	-	-	415	67	254	177	-	-	78
Issuance of Common Equity	19	53	30	-	5.09	17	81	12	52	19	21
Other Financing Activities, net	47	-27	124	-39	37	-424	17	42	48	44	58

This table presents Globe Life'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	19,853	21,436	23,475	23,096	25,977	29,047	29,768	25,987	28,051	29,076	30,814
Total Current Assets	671	16,002	871	536	518	926	900	17,559	733	18,367	19,090
Cash & Equivalents	61	76	119	121	76	95	92	93	103	165	145
Short-Term Investments	265	15,541	361	-	-	357	320	16,877	-	17,510	18,177
Accounts Receivable	345	384	392	415	442	474	487	589	630	692	769
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	19,183	5,434	22,604	22,560	25,460	28,121	28,868	8,428	27,318	10,709	11,724
Long-Term Investments	14,289	562	17,607	17,119	19,847	22,345	22,689	1,591	19,445	2,332	2,566
Goodwill	442	442	442	442	442	442	482	482	482	490	490
Other Noncurrent Operating Assets	4,139	4,431	4,487	4,931	5,171	5,334	5,697	6,355	7,112	7,887	8,667
Total Liabilities & Shareholders' Equity	19,853	21,436	23,475	37,559	25,977	29,047	29,768	25,987	28,051	29,076	30,814
Total Liabilities	15,798	16,869	17,244	32,144	18,683	20,276	21,125	22,037	23,565	23,771	24,839
Total Current Liabilities	2,377	2,496	2,132	1,865	2,301	2,648	2,822	1,770	1,987	2,406	2,508
Short-Term Debt	490	264	328	308	299	255	480	449	486	415	305
Current Deferred Revenue	67	64	61	-	64	62	65	253	255	258	271
Current Deferred & Payable Income Tax Liabilities	1,451	1,744	1,312	1,048	1,477	1,834	1,765	435	495	731	860
Other Current Liabilities	369	97	431	509	462	497	512	633	752	1,001	1,073
Total Noncurrent Liabilities	13,421	14,373	15,111	30,279	16,382	17,628	18,303	20,268	21,578	21,365	22,331
Long-Term Debt	744	1,133	1,132	1,357	1,349	1,668	1,546	1,628	1,630	2,324	2,321
Other Noncurrent Operating Liabilities	12,626	13,240	13,929	28,870	15,033	15,960	16,757	18,640	19,948	19,041	20,010
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	4,056	4,567	6,231	5,415	7,294	8,771	8,643	3,950	4,487	5,306	5,975
Total Preferred & Common Equity	4,056	4,567	6,231	5,415	7,294	8,771	8,643	3,950	4,487	5,306	5,975
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,056	4,567	6,231	5,415	7,294	8,771	8,643	3,950	4,487	5,306	5,975
Common Stock	613	618	633	646	649	641	630	635	635	625	629
Retained Earnings	3,614	3,891	4,806	5,213	5,551	5,874	6,182	6,895	7,479	8,003	8,547
Treasury Stock	-403	-519	-632	-763	-751	-773	-847	-790	-854	-1,292	-1,429
Accumulated Other Comprehensive Income / (Loss)	232	578	1,424	319	1,845	3,029	2,678	-2,790	-2,772	-2,030	-1,771

This table presents Globe Life'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	26,708	26,166	28,051	28,571	28,299	29,557	29,076	29,705	29,809	30,528	30,966
Total Current Assets	18,049	17,331	733	19,232	18,724	19,506	18,367	924	18,684	19,176	983
Cash & Equivalents	75	86	103	84	88	135	165	232	239	303	255
Accounts Receivable	602	617	630	646	648	652	692	692	691	729	728
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	8,659	8,835	27,318	9,339	9,575	10,050	10,709	28,781	11,126	11,351	29,983
Long-Term Investments	1,644	1,695	19,445	1,893	1,994	2,294	2,332	19,584	2,443	2,467	19,947
Noncurrent Note & Lease Receivables	-	-	279	-	-	-	-	426	-	-	461
Goodwill	482	482	482	482	482	490	490	490	490	490	490
Other Noncurrent Operating Assets	6,533	6,659	7,112	6,964	7,099	7,266	7,887	8,281	8,192	8,394	9,084
Total Liabilities & Shareholders' Equity	26,708	26,166	28,051	28,571	28,299	29,557	29,076	29,705	29,809	30,528	30,966
Total Liabilities	22,728	21,543	23,565	23,531	23,071	24,918	23,771	24,280	24,390	24,839	24,881
Total Current Liabilities	1,628	1,985	1,987	2,555	2,536	2,322	2,406	2,568	2,578	2,507	2,773
Short-Term Debt	258	448	486	734	655	437	415	477	465	394	457
Current Deferred Revenue	267	261	255	270	270	265	258	274	273	273	286
Current Deferred & Payable Income Tax Liabilities	404	555	495	630	685	620	731	808	816	788	905
Other Current Liabilities	699	721	752	921	927	1,000	1,001	1,010	1,024	1,052	1,125
Total Noncurrent Liabilities	21,099	19,558	21,578	20,976	20,535	22,596	21,365	21,712	21,812	22,332	22,108
Long-Term Debt	1,798	1,799	1,630	1,630	1,630	2,324	2,324	2,325	2,326	2,320	2,322
Other Noncurrent Operating Liabilities	19,301	17,760	19,948	19,346	18,905	20,273	19,041	19,387	19,486	20,012	19,787
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	3,980	4,623	4,487	5,039	5,228	4,639	5,306	5,425	5,419	5,689	6,085
Total Preferred & Common Equity	3,980	4,623	4,487	5,039	5,228	4,639	5,306	5,425	5,419	5,689	6,085
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,980	4,623	4,487	5,039	5,228	4,639	5,306	5,425	5,419	5,689	6,085
Common Stock	641	649	635	629	636	645	625	621	635	650	616
Retained Earnings	7,286	7,520	7,479	7,707	7,943	8,225	8,003	8,225	8,454	8,813	8,786
Treasury Stock	-	-1,087	-854	-829	-1,162	-1,747	-1,292	-1,450	-1,686	-1,801	-1,617
Accumulated Other Comprehensive Income / (Loss)	-2,944	-2,459	-2,772	-2,467	-2,190	-2,485	-2,030	-1,971	-1,984	-1,973	-1,701

This table displays calculated financial ratios and metrics derived from Globe Life'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	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.03%	4.48%	-77.82%	393.19%	5.20%	4.65%	7.90%	2.24%	4.22%	6.07%	3.74%
EBITDA Growth	3.29%	-50.26%	6.11%	4.61%	6.59%	-0.52%	7.48%	-8.02%	8.76%	11.18%	8.65%
EBIT Growth	2.55%	-61.42%	6.97%	4.21%	6.48%	-3.17%	38.10%	-12.19%	8.73%	12.12%	8.49%
NOPAT Growth	2.68%	-59.99%	-795.31%	118.64%	7.11%	-3.28%	36.90%	-11.92%	8.91%	11.33%	8.70%
Net Income Growth	-2.92%	4.30%	164.56%	-51.77%	8.46%	-3.81%	40.91%	-13.26%	8.54%	10.30%	8.45%
EPS Growth	1.71%	7.93%	172.16%	-50.16%	12.15%	-0.15%	46.48%	-9.51%	11.39%	18.57%	17.84%
Operating Cash Flow Growth	29.53%	24.88%	2.17%	-10.60%	6.75%	8.25%	-2.62%	-1.08%	4.24%	-5.40%	-0.43%
Free Cash Flow Firm Growth	-37.11%	-19.98%	-428.20%	481.67%	-185.52%	115.00%	-25.75%	-25.16%	37.08%	-87.08%	745.87%
Invested Capital Growth	-0.02%	-6.26%	-2.22%	-136.62%	55.43%	-10.21%	-2.73%	-0.82%	-3.28%	7.60%	-2.73%
Revenue Q/Q Growth	25.47%	-19.71%	-75.26%	325.29%	27.20%	30.61%	-26.55%	27.18%	-15.49%	0.88%	0.90%
EBITDA Q/Q Growth	14.99%	-49.18%	136.57%	215.90%	93.48%	2,707.81%	-52.71%	251.11%	-38.08%	-0.40%	1.46%
EBIT Q/Q Growth	18.01%	-60.06%	750.63%	153.67%	246.20%	256.11%	-53.89%	4,002.61%	-44.47%	-0.97%	1.06%
NOPAT Q/Q Growth	18.21%	-59.64%	-5,594.37%	143.60%	182.85%	227.40%	-54.31%	4,003.38%	-44.47%	-0.97%	0.81%
Net Income Q/Q Growth	-2.55%	0.46%	158.53%	-56.20%	44.03%	-17.53%	33.69%	7.76%	3.46%	-1.80%	0.95%
EPS Q/Q Growth	-1.65%	0.90%	161.11%	0.00%	0.00%	0.00%	35.37%	8.52%	4.14%	1.10%	2.03%
Operating Cash Flow Q/Q Growth	-29.76%	2.69%	-5.52%	-0.22%	-2.38%	0.00%	-1.38%	-0.41%	1.34%	-3.74%	0.99%
Free Cash Flow Firm Q/Q Growth	10.20%	-51.12%	-580.61%	725.19%	-1,585.78%	5,406.58%	-52.43%	289.77%	-22.98%	-94.42%	5,839.44%
Invested Capital Q/Q Growth	-3.42%	0.51%	5.17%	-137.86%	-0.47%	-5.03%	-2.57%	-8.66%	-12.18%	13.00%	1.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.96%	45.90%	-155.30%	47.13%	47.93%	45.70%	47.98%	45.94%	47.42%	49.91%	51.88%
EBITDA Margin	70.71%	33.67%	161.07%	34.17%	34.62%	32.91%	32.78%	29.49%	30.77%	32.26%	33.78%
Operating Margin	58.88%	21.74%	-271.33%	22.16%	22.43%	20.76%	26.57%	22.82%	23.80%	25.16%	26.31%
EBIT Margin	58.88%	21.74%	104.88%	22.16%	22.43%	20.76%	26.57%	22.82%	23.80%	25.16%	26.31%
Profit (Net Income) Margin	14.00%	13.97%	166.68%	16.30%	16.80%	15.45%	20.17%	17.11%	17.82%	18.53%	19.37%
Tax Burden Percent	68.80%	71.19%	175.10%	81.22%	81.69%	81.61%	80.90%	81.15%	81.28%	80.71%	80.87%
Interest Burden Percent	34.55%	90.26%	90.76%	90.56%	91.70%	91.18%	93.85%	92.42%	92.11%	91.26%	91.05%
Effective Tax Rate	32.62%	30.13%	-75.56%	18.78%	18.30%	18.39%	19.10%	18.85%	18.72%	19.29%	19.13%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	12.04%	12.75%	26.94%	12.05%	11.97%	9.11%	11.84%	14.21%	23.01%	21.87%	20.59%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	11.05%	4.14%	4.08%	4.10%	4.14%	3.57%	4.62%	4.28%	4.80%	5.09%	5.27%
Return on Assets (ROA)	2.63%	2.66%	6.48%	3.01%	3.10%	2.66%	3.51%	3.21%	3.59%	3.75%	3.88%
Return on Common Equity (ROCE)	12.04%	12.75%	26.94%	12.05%	11.97%	9.11%	11.84%	14.21%	23.01%	21.87%	20.59%
Return on Equity Simple (ROE_SIMPLE)	13.00%	12.04%	23.34%	12.95%	10.43%	8.34%	11.93%	22.65%	21.64%	20.18%	0.00%
Net Operating Profit after Tax (NOPAT)	1,494	598	-4,157	775	830	803	1,099	968	1,054	1,173	1,275
NOPAT Margin	39.68%	15.19%	-476.34%	18.00%	18.33%	16.94%	21.49%	18.52%	19.35%	20.31%	21.28%
Net Nonoperating Expense Percent (NNEP)	-6.93%	-0.34%	35.74%	-0.31%	-0.29%	-0.36%	-0.32%	-0.39%	-0.49%	-0.59%	-0.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.06%	15.96%	14.58%	14.83%
Cost of Revenue to Revenue	17.04%	54.10%	255.30%	52.87%	52.07%	54.30%	52.02%	54.06%	52.58%	50.09%	48.12%
SG&A Expenses to Revenue	5.94%	5.90%	29.48%	6.50%	6.73%	6.35%	6.30%	6.77%	6.39%	7.25%	7.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.08%	24.15%	116.03%	24.97%	25.50%	24.94%	21.42%	23.13%	23.62%	24.75%	25.57%
Earnings before Interest and Taxes (EBIT)	2,217	856	915	954	1,016	983	1,358	1,193	1,297	1,454	1,577
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,663	1,325	1,406	1,470	1,567	1,559	1,676	1,541	1,676	1,864	2,025
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.62	1.81	1.60	1.47	1.51	1.10	1.08	2.91	2.52	1.76	1.86
Price to Tangible Book Value (P/TBV)	1.82	2.00	1.72	1.60	1.61	1.16	1.14	3.32	2.83	1.94	2.03
Price to Revenue (P/Rev)	1.75	2.10	11.41	1.85	2.43	2.04	1.82	2.20	2.08	1.62	1.85
Price to Earnings (P/E)	12.49	15.01	6.84	11.35	14.46	13.23	9.02	12.86	11.67	8.72	9.57
Dividend Yield	1.00%	0.80%	0.68%	0.88%	0.67%	0.79%	0.85%	0.69%	0.73%	0.85%	0.75%
Earnings Yield	8.00%	6.66%	14.61%	8.81%	6.92%	7.56%	11.09%	7.78%	8.57%	11.46%	10.45%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.31	0.23	0.31	0.23	0.22	0.23	0.53	0.47	0.52	0.44
Long-Term Debt to Equity	0.18	0.25	0.18	0.25	0.18	0.19	0.18	0.41	0.36	0.44	0.39
Financial Leverage	-3.19	-3.29	-2.91	-4.01	-3.80	-2.44	-2.41	-2.98	-4.02	-3.54	-3.15
Leverage Ratio	4.58	4.79	4.16	4.00	3.86	3.43	3.38	4.43	6.41	5.83	5.31
Compound Leverage Factor	1.58	4.32	3.77	3.62	3.54	3.12	3.17	4.09	5.90	5.32	4.83
Debt to Total Capital	23.33%	23.43%	18.99%	23.52%	18.43%	17.98%	18.99%	34.46%	32.04%	34.05%	30.53%
Short-Term Debt to Total Capital	9.27%	4.43%	4.27%	4.35%	3.34%	2.38%	4.50%	7.45%	7.36%	5.16%	3.54%
Long-Term Debt to Total Capital	14.06%	19.00%	14.72%	19.17%	15.09%	15.60%	14.50%	27.01%	24.68%	28.89%	26.99%
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	76.67%	76.57%	81.02%	76.48%	81.57%	82.02%	81.01%	65.54%	67.96%	65.95%	69.47%
Debt to EBITDA	0.46	1.06	1.04	1.13	1.05	1.23	1.21	1.35	1.26	1.47	1.30
Net Debt to EBITDA	-5.02	-11.16	-11.83	-10.59	-11.66	-13.39	-12.58	-10.69	-10.40	-9.26	-9.02
Long-Term Debt to EBITDA	0.28	0.86	0.81	0.92	0.86	1.07	0.92	1.06	0.97	1.25	1.15
Debt to NOPAT	0.83	2.34	-0.35	2.15	1.99	2.40	1.84	2.15	2.01	2.33	2.06
Net Debt to NOPAT	-8.96	-24.73	4.00	-20.10	-22.03	-26.01	-19.18	-17.03	-16.54	-14.72	-14.32
Long-Term Debt to NOPAT	0.50	1.90	-0.27	1.75	1.63	2.08	1.41	1.68	1.55	1.98	1.82
Altman Z-Score	0.96	1.62	0.73	0.72	0.87	0.77	0.80	1.77	0.95	1.64	1.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.28	6.41	0.41	0.29	0.22	0.35	0.32	9.92	0.37	7.63	7.61
Quick Ratio	0.28	6.41	0.41	0.29	0.22	0.35	0.32	9.92	0.37	7.63	7.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,497	1,198	-3,930	15,001	-12,829	1,924	1,429	1,069	1,466	189	1,601
Operating Cash Flow to CapEx	3,030.68%	5,578.77%	7,051.16%	2,833.42%	3,231.70%	3,535.86%	3,759.23%	5,092.18%	2,991.59%	1,974.02%	980.03%
Free Cash Flow to Firm to Interest Expense	19.53	14.37	-46.50	166.54	-152.17	22.19	17.11	11.83	14.32	1.49	11.34
Operating Cash Flow to Interest Expense	14.61	16.78	16.91	14.18	16.18	17.03	17.22	15.73	14.49	11.03	9.89
Operating Cash Flow Less CapEx to Interest Expense	14.13	16.48	16.67	13.68	15.68	16.55	16.76	15.42	14.00	10.48	8.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.04	0.18	0.18	0.17	0.17	0.19	0.20	0.20	0.20
Accounts Receivable Turnover	11.20	10.79	2.25	10.67	10.57	10.35	10.63	9.71	8.93	8.74	8.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	32.58	33.81	162.34	34.22	34.54	35.28	34.33	37.59	40.85	41.76	44.47
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	32.58	33.81	162.34	34.22	34.54	35.28	34.33	37.59	40.85	41.76	44.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-9,587	-10,187	-10,413	-24,640	-10,981	-12,103	-12,433	-12,534	-12,946	-11,962	-12,288
Invested Capital Turnover	-0.39	-0.40	-0.08	-0.25	-0.25	-0.41	-0.42	-0.42	-0.43	-0.46	-0.49
Increase / (Decrease) in Invested Capital	-2.33	-600	-226	-14,227	13,659	-1,121	-330	-101	-412	984	-326
Enterprise Value (EV)	-6,795	-6,527	-6,673	-7,615	-7,277	-11,192	-11,780	-4,981	-6,106	-7,926	-7,150
Market Capitalization	6,586	8,254	9,953	7,959	10,999	9,682	9,296	11,502	11,327	9,341	11,112
Book Value per Share	$32.88	$38.49	$53.98	$48.55	$67.36	$83.80	$85.59	$40.60	$47.67	$63.20	$75.05
Tangible Book Value per Share	$29.30	$34.77	$50.15	$44.59	$63.28	$79.58	$80.82	$35.65	$42.55	$57.36	$68.89
Total Capital	5,289	5,965	7,692	7,080	8,942	10,694	10,669	6,027	6,602	8,045	8,600
Total Debt	1,234	1,398	1,460	1,665	1,648	1,923	2,026	2,077	2,116	2,740	2,625
Total Long-Term Debt	744	1,133	1,132	1,357	1,349	1,668	1,546	1,628	1,630	2,324	2,321
Net Debt	-13,381	-14,781	-16,626	-15,575	-18,275	-20,874	-21,075	-16,483	-17,432	-17,267	-18,262
Capital Expenditures (CapEx)	37	25	20	45	42	42	38	28	50	71	142
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,542	-1,848	-1,413	-1,142	-1,561	-1,919	-1,855	-731	-871	-1,298	-1,435
Debt-free Net Working Capital (DFNWC)	-1,216	13,770	-933	-1,021	-1,485	-1,467	-1,442	16,238	-768	16,377	16,887
Net Working Capital (NWC)	-1,706	13,505	-1,262	-1,329	-1,783	-1,722	-1,922	15,789	-1,254	15,961	16,582
Net Nonoperating Expense (NNE)	967	48	-5,611	73	69	71	68	73	83	103	114
Net Nonoperating Obligations (NNO)	-13,643	-14,754	-16,645	-30,055	-18,275	-20,874	-21,075	-16,483	-17,432	-17,267	-18,262
Total Depreciation and Amortization (D&A)	446	469	490	517	552	576	318	349	380	410	448
Debt-free, Cash-free Net Working Capital to Revenue	-40.95%	-46.96%	-161.88%	-26.54%	-34.47%	-40.50%	-36.29%	-13.99%	-15.99%	-22.47%	-23.93%
Debt-free Net Working Capital to Revenue	-32.29%	349.96%	-106.97%	-23.72%	-32.79%	-30.97%	-28.21%	310.68%	-14.09%	283.43%	281.72%
Net Working Capital to Revenue	-45.31%	343.24%	-144.57%	-30.88%	-39.39%	-36.35%	-37.60%	302.08%	-23.02%	276.24%	276.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.97	$6.90	$7.30	$7.55	$10.21	$11.99	$14.27
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$6.83	$6.82	$7.22	$7.47	$10.07	$11.94	$14.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
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	0.00	0.00	0.00	0.00	107.53M	103.28M	99.34M	96.50M	93.71M	83.85M	78.64M
Normalized Net Operating Profit after Tax (NOPAT)	1,494	598	-1,657	775	830	803	1,099	968	1,054	1,173	1,275
Normalized NOPAT Margin	39.68%	15.19%	-189.93%	18.00%	18.33%	16.94%	21.49%	18.52%	19.35%	20.31%	21.28%
Pre Tax Income Margin	20.34%	19.63%	95.19%	20.07%	20.57%	18.93%	24.93%	21.09%	21.92%	22.96%	23.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	28.93	10.27	10.83	10.59	12.05	11.34	16.27	13.19	12.67	11.44	11.17
NOPAT to Interest Expense	19.50	7.17	-49.17	8.60	9.84	9.26	13.16	10.71	10.30	9.23	9.03
EBIT Less CapEx to Interest Expense	28.45	9.96	10.59	10.09	11.55	10.86	15.81	12.88	12.19	10.88	10.16
NOPAT Less CapEx to Interest Expense	19.01	6.87	-49.41	8.10	9.34	8.77	12.70	10.40	9.82	8.67	8.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.69%	12.17%	4.73%	10.18%	9.75%	10.69%	7.76%	9.01%	8.67%	7.98%	7.41%
Augmented Payout Ratio	92.09%	85.80%	33.13%	70.31%	70.16%	71.34%	60.27%	59.84%	61.31%	101.57%	83.28%

This table displays calculated financial ratios and metrics derived from Globe Life'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	-	-	-	-	-	-	-	-	-	-	78,637,130.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	78,637,130.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.44
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	535.05%	-41.36%	7.18%	8.58%	5.15%	3.57%	4.54%	2.85%	3.96%	3.64%	5.35%
EBITDA Growth	27.04%	-69.15%	13.18%	18.53%	16.37%	-1.63%	3.06%	0.87%	22.36%	6.42%	6.53%
EBIT Growth	33.25%	-74.13%	14.86%	21.84%	18.44%	-3.94%	2.19%	-1.57%	25.69%	4.77%	4.86%
NOPAT Growth	141.74%	-74.15%	13.71%	20.00%	18.06%	-3.86%	1.96%	-0.93%	27.11%	3.58%	5.41%
Net Income Growth	34.89%	13.39%	13.69%	20.02%	17.86%	-7.13%	0.14%	-2.17%	28.00%	4.27%	6.27%
EPS Growth	38.14%	16.19%	17.11%	26.34%	28.36%	4.53%	12.73%	7.77%	37.50%	9.33%	12.62%
Operating Cash Flow Growth	-19.64%	5.27%	-26.51%	14.48%	18.72%	-13.92%	23.11%	-17.69%	-10.16%	4.06%	-2.54%
Free Cash Flow Firm Growth	122.58%	-43.20%	-102.44%	-114.10%	796.96%	-198.91%	-3,229.98%	76.61%	-132.35%	188.69%	104.04%
Invested Capital Growth	-0.04%	-3.28%	2.34%	3.81%	-19.15%	7.60%	11.37%	2.63%	9.01%	-2.73%	2.15%
Revenue Q/Q Growth	4.35%	2.28%	0.03%	1.70%	1.05%	0.75%	0.96%	0.06%	2.14%	0.44%	2.63%
EBITDA Q/Q Growth	14.60%	4.40%	-3.68%	2.85%	12.51%	-11.75%	0.92%	0.66%	36.49%	-23.25%	1.03%
EBIT Q/Q Growth	18.75%	5.11%	-5.20%	2.96%	15.44%	-14.75%	0.85%	-0.82%	47.40%	-28.94%	0.94%
NOPAT Q/Q Growth	17.67%	6.38%	-6.23%	2.24%	15.76%	-13.37%	-0.56%	-0.66%	48.53%	-29.41%	1.20%
Net Income Q/Q Growth	19.43%	6.89%	-7.49%	1.63%	17.28%	-15.78%	-0.25%	-0.71%	53.45%	-31.39%	1.67%
EPS Q/Q Growth	19.64%	7.09%	-6.97%	5.99%	21.55%	-12.79%	0.33%	1.33%	55.08%	-30.66%	3.35%
Operating Cash Flow Q/Q Growth	-12.22%	36.43%	-10.37%	6.65%	-8.96%	-1.08%	28.18%	-28.70%	-0.63%	14.58%	20.06%
Free Cash Flow Firm Q/Q Growth	-81.30%	150.03%	-102.88%	-490.10%	1,289.25%	-127.57%	-72.11%	95.85%	-1,544.65%	175.58%	-92.17%
Invested Capital Q/Q Growth	11.60%	-12.18%	3.11%	3.96%	-9.49%	13.00%	3.12%	-5.50%	-2.32%	1.79%	7.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.05%	49.16%	48.32%	48.92%	52.72%	49.62%	49.29%	48.96%	59.24%	49.93%	49.37%
EBITDA Margin	31.83%	32.49%	31.28%	31.64%	35.22%	30.85%	30.84%	31.03%	41.46%	31.68%	31.19%
Operating Margin	24.91%	25.60%	24.26%	24.56%	28.06%	23.74%	23.71%	23.51%	33.92%	24.00%	23.60%
EBIT Margin	24.91%	25.60%	24.26%	24.56%	28.06%	23.74%	23.71%	23.51%	33.92%	24.00%	23.60%
Profit (Net Income) Margin	18.57%	19.41%	17.95%	17.94%	20.82%	17.40%	17.20%	17.06%	25.63%	17.51%	17.35%
Tax Burden Percent	80.64%	81.61%	80.72%	80.15%	80.38%	81.68%	80.54%	80.67%	81.29%	80.76%	80.96%
Interest Burden Percent	92.47%	92.91%	91.67%	91.12%	92.31%	89.75%	90.03%	89.98%	92.96%	90.35%	90.76%
Effective Tax Rate	19.36%	18.39%	19.28%	19.85%	19.62%	18.32%	19.46%	19.33%	18.71%	19.24%	19.04%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	20.89%	23.01%	22.54%	22.69%	23.55%	21.87%	20.47%	20.02%	22.28%	20.59%	20.46%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	6.30%	5.16%	4.85%	5.05%	5.77%	4.80%	4.75%	4.76%	6.71%	4.80%	4.73%
Return on Assets (ROA)	4.69%	3.91%	3.59%	3.69%	4.28%	3.52%	3.45%	3.46%	5.07%	3.51%	3.47%
Return on Common Equity (ROCE)	20.89%	23.01%	22.54%	22.69%	23.55%	21.87%	20.47%	20.02%	22.28%	20.59%	20.46%
Return on Equity Simple (ROE_SIMPLE)	20.30%	0.00%	19.87%	19.98%	23.51%	0.00%	19.74%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	278	296	277	284	328	284	283	281	417	295	298
NOPAT Margin	20.09%	20.89%	19.58%	19.69%	22.55%	19.39%	19.10%	18.96%	27.58%	19.38%	19.11%
Net Nonoperating Expense Percent (NNEP)	-0.13%	-0.12%	-0.13%	-0.14%	-0.15%	-0.17%	-0.16%	-0.16%	-0.16%	-0.16%	-0.16%
Return On Investment Capital (ROIC_SIMPLE)	-	4.48%	-	-	-	3.53%	3.44%	3.42%	4.96%	3.42%	3.36%
Cost of Revenue to Revenue	51.95%	50.84%	51.68%	51.08%	47.28%	50.38%	50.71%	51.04%	40.76%	50.07%	50.63%
SG&A Expenses to Revenue	6.20%	6.48%	6.58%	6.88%	7.21%	8.32%	7.35%	7.31%	7.37%	7.49%	7.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.14%	23.56%	24.07%	24.36%	24.66%	25.87%	25.57%	25.46%	25.32%	25.93%	25.77%
Earnings before Interest and Taxes (EBIT)	345	362	344	354	408	348	351	348	513	365	368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	441	460	443	456	513	452	457	460	627	481	486
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.21	2.52	2.16	1.45	2.05	1.76	2.03	1.89	2.03	1.86	1.79
Price to Tangible Book Value (P/TBV)	2.46	2.83	2.39	1.60	2.29	1.94	2.23	2.08	2.22	2.03	1.95
Price to Revenue (P/Rev)	1.58	2.08	1.96	1.34	1.66	1.62	1.89	1.74	1.95	1.85	1.80
Price to Earnings (P/E)	10.86	11.67	10.87	7.25	8.70	8.72	10.29	9.61	10.05	9.57	9.27
Dividend Yield	0.80%	0.73%	0.78%	1.12%	0.88%	0.85%	0.73%	0.80%	0.71%	0.75%	0.78%
Earnings Yield	9.20%	8.57%	9.20%	13.80%	11.49%	11.46%	9.72%	10.41%	9.95%	10.45%	10.78%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.47	0.47	0.44	0.60	0.52	0.52	0.51	0.48	0.44	0.46
Long-Term Debt to Equity	0.39	0.36	0.32	0.31	0.50	0.44	0.43	0.43	0.41	0.39	0.38
Financial Leverage	-3.57	-4.02	-3.98	-3.78	-3.73	-3.54	-3.36	-3.33	-3.54	-3.15	-2.99
Leverage Ratio	5.68	6.41	6.24	5.97	6.02	5.83	5.57	5.46	5.82	5.31	5.27
Compound Leverage Factor	5.25	5.95	5.72	5.44	5.55	5.24	5.01	4.91	5.41	4.80	4.78
Debt to Total Capital	32.70%	32.04%	31.93%	30.42%	37.31%	34.05%	34.06%	33.99%	32.30%	30.53%	31.35%
Short-Term Debt to Total Capital	6.52%	7.36%	9.91%	8.71%	5.91%	5.16%	5.80%	5.66%	4.69%	3.54%	5.16%
Long-Term Debt to Total Capital	26.18%	24.68%	22.02%	21.70%	31.40%	28.89%	28.26%	28.33%	27.61%	26.99%	26.19%
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	67.30%	67.96%	68.07%	69.59%	62.69%	65.95%	65.94%	66.01%	67.70%	69.47%	68.65%
Debt to EBITDA	0.83	1.26	1.37	1.27	1.48	1.47	1.49	1.48	1.36	1.30	1.35
Net Debt to EBITDA	-5.97	-10.40	-10.48	-9.89	-9.83	-9.26	-9.06	-9.38	-9.12	-9.02	-8.48
Long-Term Debt to EBITDA	0.66	0.97	0.94	0.91	1.24	1.25	1.24	1.24	1.16	1.15	1.13
Debt to NOPAT	1.18	2.01	2.17	2.01	2.33	2.33	2.38	2.37	2.15	2.06	2.15
Net Debt to NOPAT	-8.52	-16.54	-16.66	-15.67	-15.52	-14.72	-14.43	-15.00	-14.38	-14.32	-13.50
Long-Term Debt to NOPAT	0.95	1.55	1.50	1.44	1.96	1.98	1.97	1.98	1.83	1.82	1.80
Altman Z-Score	1.68	0.84	1.59	1.52	1.56	1.52	0.83	1.53	1.59	1.54	0.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.73	0.37	7.53	7.38	8.40	7.63	0.36	7.25	7.65	7.61	0.35
Quick Ratio	8.73	0.37	7.53	7.38	8.40	7.63	0.36	7.25	7.65	7.61	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	283	707	-36	-213	2,538	-700	-1,204	-50	-821	621	49
Operating Cash Flow to CapEx	2,651.45%	2,986.85%	3,852.47%	2,121.81%	1,162.07%	2,246.48%	3,676.89%	2,379.46%	314.49%	1,709.83%	1,689.77%
Free Cash Flow to Firm to Interest Expense	10.90	27.55	-1.26	-6.80	80.85	-19.61	-34.41	-1.43	-22.72	17.62	1.43
Operating Cash Flow to Interest Expense	11.05	15.24	12.26	11.91	10.85	9.44	12.34	8.83	8.47	9.96	12.38
Operating Cash Flow Less CapEx to Interest Expense	10.64	14.73	11.94	11.35	9.92	9.02	12.01	8.46	5.78	9.38	11.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.20	0.20	0.21	0.21	0.20	0.20	0.20	0.20	0.20	0.20
Accounts Receivable Turnover	11.80	8.93	8.94	9.05	9.03	8.74	8.74	8.79	8.60	8.21	8.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	30.92	40.85	40.84	40.33	40.43	41.76	41.78	41.53	42.42	44.47	42.64
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	30.92	40.85	40.84	40.33	40.43	41.76	41.78	41.53	42.42	44.47	42.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-11,540	-12,946	-13,076	-12,557	-13,749	-11,962	-11,589	-12,227	-12,511	-12,288	-11,339
Invested Capital Turnover	-0.56	-0.43	-0.42	-0.44	-0.45	-0.46	-0.47	-0.47	-0.45	-0.49	-0.53
Increase / (Decrease) in Invested Capital	-4.92	-412	313	497	-2,210	984	1,487	331	1,238	-326	249
Enterprise Value (EV)	-5,969	-6,106	-7,234	-10,215	-8,897	-7,926	-5,992	-7,409	-6,641	-7,150	-6,506
Market Capitalization	10,194	11,327	10,881	7,570	9,491	9,341	11,022	10,236	11,559	11,112	10,918
Book Value per Share	$48.76	$47.67	$53.78	$56.66	$51.64	$63.20	$64.71	$65.65	$70.23	$75.05	$77.38
Tangible Book Value per Share	$43.68	$42.55	$48.63	$51.44	$46.18	$57.36	$58.86	$59.71	$64.18	$68.89	$71.14
Total Capital	6,869	6,602	7,403	7,513	7,400	8,045	8,227	8,209	8,403	8,600	8,863
Total Debt	2,246	2,116	2,364	2,285	2,761	2,740	2,802	2,790	2,714	2,625	2,779
Total Long-Term Debt	1,799	1,630	1,630	1,630	2,324	2,324	2,325	2,326	2,320	2,321	2,322
Net Debt	-16,163	-17,432	-18,115	-17,785	-18,388	-17,267	-17,014	-17,646	-18,200	-18,262	-17,424
Capital Expenditures (CapEx)	11	13	9.11	18	29	15	12	13	97	21	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-920	-871	-1,176	-1,233	-1,232	-1,298	-1,400	-1,423	-1,383	-1,435	-1,588
Debt-free Net Working Capital (DFNWC)	15,794	-768	17,410	16,843	17,622	16,377	-1,168	16,570	17,064	16,887	-1,333
Net Working Capital (NWC)	15,347	-1,254	16,676	16,188	17,185	15,961	-1,645	16,105	16,670	16,582	-1,790
Net Nonoperating Expense (NNE)	21	21	23	25	25	29	28	28	29	28	28
Net Nonoperating Obligations (NNO)	-16,163	-17,432	-18,115	-17,785	-18,388	-17,267	-17,014	-17,646	-18,200	-18,262	-17,424
Total Depreciation and Amortization (D&A)	96	98	99	102	104	104	106	111	114	117	118
Debt-free, Cash-free Net Working Capital to Revenue	-14.27%	-15.99%	-21.21%	-21.80%	-21.52%	-22.47%	-23.96%	-24.19%	-23.28%	-23.93%	-26.15%
Debt-free Net Working Capital to Revenue	245.01%	-14.09%	314.13%	297.78%	307.68%	283.43%	-19.99%	281.64%	287.23%	281.72%	-21.95%
Net Working Capital to Revenue	238.07%	-23.02%	300.89%	286.20%	300.04%	276.24%	-28.15%	273.74%	280.59%	276.63%	-29.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.72	$2.91	$2.71	$2.83	$3.45	$3.00	$3.05	$3.09	$4.81	$3.32	$3.45
Adjusted Weighted Average Basic Shares Outstanding	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
Adjusted Diluted Earnings per Share	$2.68	$2.87	$2.67	$2.83	$3.44	$3.00	$3.01	$3.05	$4.73	$3.28	$3.39
Adjusted Weighted Average Diluted Shares Outstanding	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
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	94.12M	93.71M	92.27M	89.82M	83.95M	83.85M	82.54M	81.00M	79.61M	78.64M	77.64M
Normalized Net Operating Profit after Tax (NOPAT)	278	296	277	284	328	284	283	281	417	295	298
Normalized NOPAT Margin	20.09%	20.89%	19.58%	19.69%	22.55%	19.39%	19.10%	18.96%	27.58%	19.38%	19.11%
Pre Tax Income Margin	23.03%	23.78%	22.24%	22.38%	25.90%	21.31%	21.35%	21.15%	31.53%	21.68%	21.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.28	14.11	12.00	11.26	13.01	9.76	10.03	9.98	14.20	10.36	10.83
NOPAT to Interest Expense	10.71	11.52	9.69	9.03	10.46	7.97	8.08	8.05	11.55	8.36	8.77
EBIT Less CapEx to Interest Expense	12.87	13.60	11.69	10.70	12.08	9.34	9.70	9.61	11.51	9.78	10.09
NOPAT Less CapEx to Interest Expense	10.29	11.01	9.37	8.47	9.52	7.55	7.74	7.68	8.85	7.78	8.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.85%	8.67%	8.50%	8.26%	7.93%	7.98%	7.89%	7.91%	7.35%	7.41%	7.41%
Augmented Payout Ratio	60.55%	61.31%	43.99%	65.84%	108.41%	101.57%	123.96%	116.56%	71.71%	83.28%	80.21%

Financials Breakdown Chart

Key Financial Trends

Note: The data provided appears to cover Globe Life Inc. (ticker GL), not Torchmark Corporation (TMK). Globe Life is the corporate successor in the Globe Life/Torchmark lineage, so the figures here reflect the company commonly associated with the Torchmark legacy. The analysis below uses Globe Life’s quarterly statements from the last several years (through 2025) to identify trends.

Robust operating cash flow: Net cash from continuing operating activities was consistently strong, with a notable level of cash generation in Q4 2025 (approximately $1.46 billion), indicating solid cash profitability and liquidity support for dividends and buybacks.
Revenue stability and growth: Operating revenue in 2025 hovered around $1.48–$1.52 billion per quarter, up modestly versus 2024 levels, signaling a stable and scalable premium base for the insurer.
Capital returns to shareholders: Globe Life maintained regular cash returns to shareholders via a $0.27 per share quarterly dividend and meaningful share repurchases in 2025 (examples: notable buybacks in Q2, Q3, and Q4 2025 totaling hundreds of millions).
Balance sheet strength and capitalization: Total assets rose toward roughly $30.5 billion by mid-2025, with total equity near $5.7 billion, reflecting a solid capitalization base and room to support future growth and reserves.
Retained earnings growth: Retained earnings increased alongside earnings, contributing to a growing cumulative equity position (supporting ongoing solvency and reserve-building for insurance operations).
Earnings per share variability: Quarterly EPS shows variability (for example, Q3 2025 basic EPS around 4.81 vs. Q4 2025 around 3.32), reflecting quarterly volatility and possible restatements or mix effects rather than a simple linear trend.
Investing activities consistency: Net cash from continuing investing activities is often negative, reflecting ongoing investment in investments and PPE aligned with a long-term asset-liability strategy typical of a life insurer.
Insurance reserves and liabilities profile: Large noncurrent liabilities and other noncurrent operating liabilities are a structural feature of a life insurer’s balance sheet, indicating substantial regulatory and reserve-related obligations that warrant monitoring as interest rates and reserve assumptions evolve.
Quarterly earnings pressure in late 2025: Net income attributable to common shareholders declined in Q4 2025 (about $266.1 million) from Q3 2025’s roughly $387.8 million, highlighting quarterly earnings volatility that investors should watch.
Debt and liability sensitivity: Long-term debt around $2.3 billion and sizable noncurrent liabilities imply sensitivity to interest-rate shifts and reserve adequacy considerations, which could pressure profitability if rates rise or reserve assumptions shift unfavorably.

05/24/26 10:04 PM ETAI Generated. May Contain Errors.

Globe Life Financials - Frequently Asked Questions

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

Globe Life's net income appears to be on an upward trend, with a most recent value of $1.16 billion in 2025, rising from $527.10 million in 2015. The previous period was $1.07 billion in 2024. View Globe Life's forecast to see where analysts expect Globe Life to go next.

Globe Life's total operating income in 2025 was $1.58 billion, based on the following breakdown:

Total Gross Profit: $3.11 billion
Total Operating Expenses: $1.53 billion

Over the last 10 years, Globe Life's total revenue changed from $3.77 billion in 2015 to $5.99 billion in 2025, a change of 59.2%.

Globe Life's total liabilities were at $24.84 billion at the end of 2025, a 4.5% increase from 2024, and a 57.2% increase since 2015.

In the past 10 years, Globe Life's cash and equivalents has ranged from $61.38 million in 2015 to $165.33 million in 2024, and is currently $144.70 million as of their latest financial filing in 2025.

Over the last 10 years, Globe Life's book value per share changed from 32.88 in 2015 to 75.05 in 2025, a change of 128.2%.

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

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Globe Life (GL) Financials

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