FirmAtlas
Company handbook · AFL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AFL · CIK 4977 · LATEST FILING: 10-Q JUN '26 · FILED AUG 7, 2026
Aflac Incorporated
$119.97
+1.92 (+1.63%)
Close, Oct 16, 2026 · 52-week $105–130
Last fiscal year
Aflac Incorporated reported revenue of $17.2B for the year ended Dec 31, 2025 (FY25), down 9.3% from FY24. Net income was $3.6B. Source: 10-K filed Feb 25, 2026.
Market cap
$62.2B
P/E
12.8
P/B
2.0
Div yield
2.01%
Op. ROE
15.2%
Revenue 1Y
−9.3%/yr
EPS 1Y
−29.2%/yr
Shares 1Y
−6%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODaniel P. Amos
HQColumbus, GA
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Aflac Japan53%
Aflac Us39%
All Other Segments7%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.0%
16.6%
13.9%
12.4%
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Share price: yearly compound rate of the traded close; the last column is the past year.
Where the earnings went · FY24–FY25
$9.1B net income
Dividends
$2.3B
25.1%
Buybacks
$6.3B
69.6%
Retained
$474M
5.2%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY15).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Net premiums earned
13,440
13,548+0.8%
—
Net investment income
4,116
4,076−1.0%
—
Total revenue
18,927
17,164−9.3%
18,069
YoY
−9.3%
Losses & loss adjustment expenses
7,450
7,293−2.1%
—
Policy acquisition costs
851
874+2.7%
—
Pre-tax income
6,417
4,533−29.4%
—
Net income
5,443
3,646−33.0%
4,862
YoY
−33.0%
EPS (diluted, $)
9.63
6.82−29.2%
9.35
YoY
−29.2%
Balance sheet
Total assets
117,566
116,470−0.9%
115,961
Cash & short-term investments
6,229
6,245+0.3%
—
Other assets
111,337
110,225−1.0%
—
Total liabilities
91,468
86,980−4.9%
85,649
Unearned premiums
1,286
1,323+2.9%
—
Other liabilities
90,182
85,657−5.0%
—
Shareholders’ equity
26,098
29,490+13.0%
30,312
Shares outstanding (M)
550
519−5.7%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,707
2,555−5.6%
2,647
Net income
5,443
3,646−33.0%
—
Depreciation & amortization
40
36−10.0%
—
Working capital & other
(2,776)
(1,127)n/m
—
Cash from investing
2,781
1,561−43.9%
—
Investments bought
(5,542)
(11,742)n/m
—
Investments sold / matured
7,205
11,049+53.4%
—
Other investing
1,118
2,254+101.6%
—
Cash from financing
(3,486)
(4,069)n/m
—
Debt repaid
(194)
(84)n/m
—
Dividends
(1,087)
(1,198)n/m
—
Buybacks
(2,800)
(3,530)n/m
—
Shares issued
13
9−30.8%
—
Other financing
582
734+26.1%
—
Net change in cash
1,923
16−99.2%
—
Where the earnings went
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,740
4,866
4,346
4,117
vs year-ago quarter
Net income
1,639
1,379
1,019
825
vs year-ago quarter
Net margin
34.6%
28.3%
23.4%
20.0%
EPS (diluted, $)
3.08
2.66
1.98
1.63
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
122,306
116,470
116,280
115,961
Cash & equivalents
6,768
6,245
5,654
6,120
Total debt
8,685
8,409
7,908
8,729
Shareholders’ equity
28,688
29,490
29,961
30,312
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,252
315
968
112