Saturday 17 October 2026 Export AFG’s income statement to Excel — free account

American Financial Group, Inc.

AFG Financial Insurance Property & Casualty

American Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, down 1.80% from fiscal 2024. In the quarter to June 2026, revenue grew 5.51%, EPS grew 44.4%, free cash flow fell 68.1% and total debt rose 23.4%, each against the same quarter a year earlier.

149.13 3.40 +2.33%

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Market cap: $12.1B
P/E: 13.0×
Fwd P/E: 11.3×
Dividend yield: 2.42%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 16.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	1	—	—	—	2	—	2	2	—

Insider Ownership 17.31%

Capital & Financial Ratios $m

Market Cap 12,080.00

Revenue 8,278.00

Net Income 953.00

Free Cash Flow 1,438.00

Net Debt 383.00

Current Ratio 0.49

Debt/Equity 0.38

P/E ratio 13.04

Fwd P/E 11.30

P/S ratio 1.50

P/B ratio 2.57

Past 5Y EPS Growth 4.21%

This Y EPS Growth 22.49%

Next Y EPS Growth (3.53%)

Next Y revenue growth (11.51%)

Next 5Y EPS Growth 7.15%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 57.21%

10-year low 10-year high

P/S against its own 10 years 76.85%

10-year low 10-year high

P/B against its own 10 years 89.20%

10-year low 10-year high

Dividends

Payout Ratio 0.32

Annual Dividend Rate 3.61

Annual Dividend Yield 2.42%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.97	0.88 1.50 0.88 0.88 0.97
2025	7.28	0.80 2.00 0.80 0.80 0.88 2.00
2024	2.93	0.71 2.50 0.71 0.71 0.80 4.00
2023	2.60	0.63 4.00 0.63 0.63 0.71 1.50
2022	2.31	0.56 2.00 0.56 8.00 0.56 0.63 2.00
2021	2.06	0.50 0.50 14.00 0.50 2.00 4.00 0.56 4.00 2.00
2020	1.85	0.45 0.45 0.45 0.50 2.00
2019	1.65	0.40 0.40 1.50 0.40 0.45 1.80
2018	1.45	0.35 0.35 1.50 0.35 0.40 1.50
2017	1.29	0.31 0.31 1.50 0.31 0.35 2.00
2016	1.15	0.28 0.28 0.28 0.31 1.00

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,225	1,406	1,727	1,438
Receivables	2,642	2,655	2,853	8,430
Inventory	—	—	—	—
Other	—	—	—	—
	3,867	4,061	4,580	9,868

	2023	2024	2025	Q'26
Payables	17,724	18,954	20,025	20,272
ST’ Debt	—	—	—	—
Other	—	—	—	—
	17,724	18,954	20,025	20,272

Compound Annual Growth %

	10y	5y	3y
Sales	2.89%	7.22%	5.10%
Cash Flow	1.26%	(6.83%)	9.96%
Earnings	9.11%	2.84%	(2.12%)
Book Value	0.10%	(6.62%)	5.96%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,854	2,030	—	—	—
’25	1,856	1,924	2,331	2,063	8,174
’24	1,906	1,900	2,369	2,149	8,324
’23	1,740	1,840	2,164	2,083	7,827
’22	1,588	1,539	1,984	1,929	7,040
’21	1,509	1,531	1,754	1,758	6,552
’20	1,055	1,445	1,556	1,713	5,769

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	474	92	—	—	—
’25	342	191	216	784	1,533
’24	107	(88)	459	674	1,152
’23	403	115	696	756	1,970
’22	503	11	529	110	1,153
’21	627	343	455	289	1,714
’20	532	555	609	487	2,183

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	464	51	—	—	—
’25	317	160	173	750	1,400
’24	69	(96)	405	671	1,049
’23	391	96	689	725	1,901
’22	480	0	522	96	1,098
’21	614	331	452	301	1,698
’20	524	547	591	466	2,128

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.29	2.99	—	—	—
’25	1.84	2.07	2.58	3.58	10.08
’24	2.89	2.49	2.16	3.03	10.57
’23	2.49	2.34	2.09	3.13	10.05
’22	3.40	1.96	1.93	3.24	10.53
’21	4.84	11.70	2.56	4.18	23.30
’20	(3.34)	1.97	1.86	7.93	8.20

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	64.87	85.57	84.18	88.70	44.01	79.21	119.01	105.22	115.64	114.73	Analyst estimates 2026–2028 Powerpack
	High	88.54	109.41	121.69	111.86	115.03	146.63	152.29	143.15	150.19	150.02
People
People	Employees	7,600	7,600	7,600	7,600	7,600	6,600	6,900	8,500	8,700	8,500
	Revenue/emp, $m	0.86	0.90	0.94	0.82	0.76	0.99	1.02	0.92	0.96	0.96
Income, $m
Income, $m	Revenue	6,498	6,865	7,150	6,213	5,769	6,552	7,040	7,827	8,324	8,174
	Gross margin, %	21.05	20.57	18.25	19.59	15.13	28.21	24.05	23.75	22.31	21.13
	EBT	787	724	639	634	339	1,335	1,123	1,073	1,124	1,073
	EBT margin, %	12.11	10.55	8.94	10.20	5.88	20.38	15.95	13.71	13.50	13.13
	Net income	668	477	517	869	721	1,995	898	852	887	842
	Depreciation	134	107	210	259	299	187	100	78	81	86
Per share, $
Per share, $	Revenue	74.78	78.19	80.34	69.11	65.04	76.99	82.73	92.41	99.21	97.89
	Earnings	7.33	5.28	5.85	9.85	8.20	23.30	10.53	10.05	10.57	10.08
	Cash flow	13.23	20.55	23.40	27.32	24.61	20.14	13.55	23.26	13.73	18.36
	Capex	0.07	(0.61)	(0.87)	(0.44)	(0.62)	(0.19)	(0.65)	(0.81)	(1.23)	(1.59)
	Free cash flow	13.30	19.93	22.54	26.87	23.99	19.95	12.90	22.44	12.50	16.77
	Book value	56.61	60.72	55.87	69.73	76.54	58.90	47.61	50.27	53.23	57.72
	Shares, m	87	88	89	90	89	85	85	85	84	84
Valuation, ×
Valuation, ×	P/E	12.00	20.15	15.50	11.11	10.41	5.90	13.00	11.88	12.95	13.57
	P/S	1.18	1.37	1.13	1.59	1.35	1.78	1.65	1.29	1.38	1.40
	P/B	1.55	1.76	1.62	1.57	1.14	2.33	2.87	2.37	2.57	2.37
	EV/Sales	1.05	1.21	1.10	1.45	1.40	1.76	1.74	1.32	1.39	1.41
	EV/FCF	5.89	4.76	3.91	3.73	3.79	6.78	11.18	5.45	11.02	8.22
Cash, $m
Cash, $m	Operating cash flow	1,150	1,804	2,083	2,456	2,183	1,714	1,153	1,970	1,152	1,533
	Capex	6	(54)	(77)	(40)	(55)	(16)	(55)	(69)	(103)	(133)
	Free cash flow	1,156	1,750	2,006	2,416	2,128	1,698	1,098	1,901	1,049	1,400
Balance, $m
Balance, $m	Working capital	(35,217)	(38,922)	(43,151)	(50,270)	(7,142)	(7,263)	(9,181)	(13,857)	(14,893)	(15,445)
	Total debt	1,283	1,301	1,302	1,473	1,963	1,964	1,496	1,475	1,475	1,820
	Net debt	(824)	(1,037)	(213)	(841)	298	(167)	624	250	69	93
	Shareholders’ equity	4,919	5,331	4,972	6,269	6,789	5,012	4,052	4,258	4,466	4,820
Returns, %
Returns, %	ROA	1.24	0.82	0.85	1.34	1.02	3.89	3.11	2.91	2.93	2.65
	ROIC	12.01	10.54	8.39	7.30	2.99	17.22	15.01	14.88	15.49	13.65
	ROE	13.40	9.27	10.29	15.96	11.21	33.81	19.81	20.51	20.33	18.13

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CINF Cincinnati Financial Corporation	$25.7B	8.0×	19.7×	+31.59% (above 0%: growing)	+85.84% (above 0%: growing)	−5.29% (below 0%: shrinking)	37.46%	37.20%	Compare
MKL Markel Group Inc.	$22.6B	10.1×	12.8×	+12.67% (above 0%: growing)	+86.91% (above 0%: growing)	−15.25% (below 0%: shrinking)	62.92%	30.09%	Compare
L Loews Corporation	$22.2B	13.5×	16.0×	+3.93% (above 0%: growing)	+15.51% (above 0%: growing)	−18.81% (below 0%: shrinking)	54.18%	15.10%	Compare
AIZ Assurant, Inc.	$13.9B	13.4×	12.9×	+9.37% (above 0%: growing)	+30.00% (above 0%: growing)	+99.03% (above 0%: growing)	78.34%	11.73%	Compare
CNA CNA Financial Corporation	$12.8B	10.5×	10.9×	+3.01% (above 0%: growing)	+7.27% (above 0%: growing)	+16.91% (above 0%: growing)	43.35%	11.44%	Compare
AFG American Financial Group, Inc.	$12.1B	13.0×	11.3×	+5.51% (above 0%: growing)	+44.44% (above 0%: growing)	−68.13% (below 0%: shrinking)	23.15%	16.75%
ORI Old Republic International Corporation	$9.3B	8.5×	11.7×	+13.37% (above 0%: growing)	+61.45% (above 0%: growing)	+49.25% (above 0%: growing)	17.62%	17.62%	Compare
KNSL Kinsale Capital Group, Inc.	$8.1B	14.7×	15.2×	+16.75% (above 0%: growing)	+33.51% (above 0%: growing)	−5.14% (below 0%: shrinking)	40.91%	40.68%	Compare
THG The Hanover Insurance Group, Inc.	$8.0B	11.0×	10.4×	+4.34% (above 0%: growing)	+27.21% (above 0%: growing)	+2.20% (above 0%: growing)	44.24%	14.75%	Compare
Median of peers	$13.4B	10.8×	12.9×	+11.02%	+31.76%	−1.47%	43.80%	16.36%

All 45 Insurance Property & Casualty stocks →

American Financial Group, Inc. (AFG) key facts

Concern: American Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, down 1.80% from fiscal 2024.
Concern: Net income was $842.0 million, or $10.08 per share (basic), a net margin of 10.3%.
American Financial Group, Inc. (AFG) is an Insurance Property & Casualty company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, AFG traded at $149.13, a market capitalization of $12.1 billion.
At that price the stock trades at 13.0× trailing-twelve-month earnings and 1.5× sales; its P/E is higher than 57% of its own readings over the past ten years.
American Financial Group, Inc. pays an annual dividend of $3.61 per share, a yield of 2.42%, with a payout ratio of 31.6%.
Return on equity was 18.1% and debt-to-equity 0.38.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.