Sunday 1 November 2026 Export AFL’s income statement to Excel — free account

Aflac Incorporated

Aflac Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, down 9.31% from fiscal 2024.

Revenue: −1.03%
EPS: +46.4%
Free cash flow: −71.9%
Total debt: −2.28%

Quarter to June 2026, against a year earlier

123.89 0.35 +0.28%

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Market cap: $61.9B
P/E: 13.2×
Fwd P/E: 17.4×
Dividend yield: 1.94%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Aflac Incorporated (AFL) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Aflac Japan	9,357	54.52%
Aflac U.S.	6,903	40.22%
Corporate and other	1,277	7.44%
Gross margin		51.74%
Operating margin		26.41%
Pre-tax margin		26.41%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Aflac Japan	9,357 54.52%	9,659 51.03%	10,664 57.02%	11,890 62.12%	14,373 66.68%	15,371 69.40%	15,313 68.65%	15,206 69.89%	15,028 69.36%	15,945 70.68%	14,441 69.19%
Aflac U.S.	6,903 40.22%	6,739 35.61%	6,623 35.42%	6,486 33.89%	6,489 30.11%	6,565 29.64%	6,550 29.36%	6,443 29.61%	6,289 29.03%	6,167 27.34%	6,033 28.90%
Corporate and other	1,277 7.44%	1,007 5.32%	460 2.46%	267 1.39%	175 0.81%	384 1.73%	393 1.76%	339 1.56%	272 1.26%	275 1.22%	225 1.08%
Corporate And Eliminations Member	—	—	—	—	—	—	—	—	—	—	79 0.38%
Other, not broken out	—	1,522 8.04%	954 5.10%	497 2.60%	517 2.40%	—	—	—	—	172 0.76%	—
Eliminations	(373) (2.17%)	—	—	—	—	(173) (0.78%)	—	(230) (1.06%)	—	—	—
Operating segments [member]	—	—	—	—	—	—	—	—	—	—	20,699
Revenue	17,164	18,927	18,701	19,140	21,554	22,147	22,307	21,758	21,667	22,559	20,872

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Aflac Japan	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aflac U.S.	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate And Eliminations Member	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Interest Expense	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Aflac U.S. sales	Q2 FY2026	$349.0M	$340.0M	+2.65%
Persistency	Q4 FY2025	79.2%	79.3%	—
Total new annualized premium sales	Q2 FY2026	19.6B	20.7B	−5.31%
Total new annualized premium sales	Q2 FY2026	$123.0M	$143.0M	−13.99%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Aflac U.S. sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Persistency	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total new annualized premium sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total new annualized premium sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.