Thursday 15 October 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. In the quarter to June 2026, revenue fell 1.03%, EPS grew 46.4%, free cash flow fell 71.9% and total debt fell 2.28%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

118.05 0.16 −0.14%

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Market cap: $58.4B
P/E: 12.6×
Fwd P/E: 16.3×
Dividend yield: 2.04%
F-score: 4/9
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 Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 237.18

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	5	2	—	2	22	6	20	16	—	15	21	8

Insider Ownership 11.46%

Capital & Financial Ratios $m

Market Cap 58,380.00

Revenue 18,069.00

Net Income 4,862.00

Free Cash Flow 2,647.00

Net Debt 2,609.00

Current Ratio 0.11

Debt/Equity 0.29

P/E ratio 12.60

Fwd P/E 16.30

P/S ratio 3.29

P/B ratio 1.96

Past 5Y EPS Growth 0.45%

This Y EPS Growth (6.25%)

Next Y EPS Growth 8.35%

Next Y revenue growth (1.47%)

Next 5Y EPS Growth 2.33%

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

Valuation vs history

P/E against its own 10 years 77.88%

10-year low 10-year high

P/S against its own 10 years 87.57%

10-year low 10-year high

P/B against its own 10 years 68.62%

10-year low 10-year high

Dividends

Payout Ratio 0.26

Annual Dividend Rate 2.41

Annual Dividend Yield 2.04%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.45	0.61 0.61 0.61
2025	2.32	0.58 0.58 0.58 0.58
2024	2.00	0.50 0.50 0.50 0.50
2023	1.68	0.42 0.42 0.42 0.42
2022	1.60	0.40 0.40 0.40 0.40
2021	1.32	0.33 0.33 0.33 0.33
2020	1.12	0.28 0.28 0.28 0.28
2019	1.08	0.27 0.27 0.27 0.27
2018	1.04	0.26 0.26 0.26 0.26
2017	0.87	0.22 0.22 0.22 0.23
2016	0.83	0.21 0.21 0.21 0.22

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	4,306	6,229	6,245	6,120
Receivables	848	779	835	895
Inventory	—	—	—	—
Other	—	—	—	—
	5,154	7,008	7,080	7,015

	2023	2024	2025	Q'26
Payables	91,599	77,508	69,583	64,348
ST’ Debt	—	—	—	—
Other	—	—	—	—
	91,599	77,508	69,583	64,348

Compound Annual Growth %

	10y	5y	3y
Sales	(1.94%)	(4.97%)	(3.57%)
Cash Flow	(9.29%)	(15.58%)	(12.99%)
Earnings	3.71%	(5.26%)	(6.20%)
Book Value	5.23%	(2.55%)	13.55%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	4,346	4,117	—	—	—
’25	3,398	4,160	4,740	4,866	17,164
’24	5,436	5,138	2,949	5,404	18,927
’23	4,800	5,172	4,950	3,779	18,701
’22	5,173	5,315	4,704	3,948	19,140
’21	5,869	5,564	5,237	4,884	21,554
’20	5,162	5,407	5,665	5,913	22,147

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	968	112	—	—	—
’25	589	399	1,252	315	2,555
’24	849	255	1,270	333	2,707
’23	890	442	1,276	582	3,190
’22	1,260	510	1,076	1,033	3,879
’21	1,366	962	1,853	870	5,051
’20	1,414	1,187	2,000	1,357	5,958

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	968	112	—	—	—
’25	589	399	1,252	315	2,555
’24	849	255	1,270	333	2,707
’23	890	442	1,276	582	3,190
’22	1,260	510	1,076	1,033	3,879
’21	1,366	962	1,853	870	5,051
’20	1,414	1,187	2,000	1,357	5,958

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.98	1.63	—	—	—
’25	0.05	1.11	3.08	2.64	6.82
’24	3.25	3.10	(0.17)	3.42	9.63
’23	1.94	2.71	2.64	0.46	7.78
’22	1.58	2.16	2.53	0.30	6.59
’21	1.87	1.62	1.32	1.57	6.39
’20	0.78	1.12	3.44	1.35	6.67

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	27.29	33.25	41.41	44.28	23.07	42.96	52.07	60.20	75.08	96.95	Analyst estimates 2026–2028 Powerpack
	High	37.25	44.91	48.19	57.18	53.46	59.22	72.70	84.64	115.50	115.84
People
People	Employees	4,958	11,318	11,390	11,729	12,003	12,447	12,882	12,785	12,694	12,716
	Revenue/emp, $m	4.55	1.91	1.91	1.90	1.85	1.73	1.49	1.46	1.49	1.35
Income, $m
Income, $m	Revenue	22,559	21,667	21,758	22,307	22,147	21,554	19,140	18,701	18,927	17,164
	Gross margin, %	36.67	37.71	38.78	40.54	40.80	45.57	47.73	50.47	55.37	51.74
	EBT	4,067	4,018	3,983	4,445	4,159	5,208	4,869	5,262	6,417	4,533
	EBT margin, %	18.03	18.54	18.31	19.93	18.78	24.16	25.44	28.14	33.90	26.41
	Net income	2,659	4,604	2,920	3,304	4,778	4,231	4,418	4,659	5,443	3,646
	Depreciation	1,141	1,132	1,245	1,282	1,214	835	792	816	851	874
Per share, $
Per share, $	Revenue	27.41	27.36	28.27	30.05	31.03	32.00	30.15	31.37	33.65	32.21
	Earnings	3.23	5.52	3.79	4.45	6.69	6.42	6.62	7.81	9.68	6.84
	Cash flow	7.28	7.74	7.81	7.35	8.35	7.50	6.11	5.35	4.81	4.79
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	7.28	7.74	7.81	7.35	8.35	7.50	6.11	5.35	4.81	4.79
	Book value	24.89	31.06	30.49	39.01	47.02	49.36	31.73	36.88	46.40	55.34
	Shares, m	823	792	770	742	714	674	635	596	562	533
Valuation, ×
Valuation, ×	P/E	10.79	7.94	12.02	11.89	6.63	9.10	10.85	10.72	10.72	15.96
	P/S	1.27	1.61	1.61	1.76	1.43	1.82	2.37	2.65	3.07	3.42
	P/B	1.40	1.42	1.49	1.36	0.95	1.18	2.26	2.26	2.23	1.99
	EV/Sales	1.30	1.69	1.68	1.84	1.56	1.96	2.56	2.82	3.14	3.55
	EV/FCF	4.88	5.98	6.07	7.51	5.79	8.36	12.62	16.52	21.96	23.85
Cash, $m
Cash, $m	Operating cash flow	5,987	6,128	6,014	5,455	5,958	5,051	3,879	3,190	2,707	2,555
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	5,987	6,128	6,014	5,455	5,958	5,051	3,879	3,190	2,707	2,555
Balance, $m
Balance, $m	Working capital	(88,198)	(94,829)	(98,000)	(100,830)	(108,454)	(99,349)	(92,320)	(86,445)	(70,500)	(62,503)
	Total debt	5,360	5,289	5,778	6,569	7,899	7,956	7,442	7,364	7,498	8,409
	Net debt	501	1,798	1,441	1,673	2,758	2,905	3,499	3,058	1,269	2,164
	Shareholders’ equity	20,482	24,598	23,462	28,959	33,559	33,253	20,140	21,985	26,098	29,490
Returns, %
Returns, %	ROA	2.14	3.45	2.10	2.25	3.01	2.62	3.05	3.61	4.46	3.12
	ROIC	12.11	9.51	10.00	9.07	7.16	9.00	12.87	13.13	14.65	8.95
	ROE	13.93	20.43	12.15	12.61	15.29	12.67	16.55	22.12	22.64	13.12

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
MET MetLife, Inc.	$62.7B	19.1×	9.8×	+10.46% (above 0%: growing)	+5.83% (above 0%: growing)	+1.87% (above 0%: growing)	25.57%	5.40%	Compare
AFL Aflac Incorporated	$58.4B	12.6×	16.3×	−1.03% (below 0%: shrinking)	+46.43% (above 0%: growing)	−71.93% (below 0%: shrinking)	49.21%	25.72%
PRU Prudential Financial, Inc.	$39.5B	10.2×	9.3×	+14.10% (above 0%: growing)	+88.59% (above 0%: growing)	+101.89% (above 0%: growing)	34.85%	7.52%	Compare
PUK Prudential Public Limited Company	$29.2B	16.5×	—	−52.23% (below 0%: shrinking)	+122.99% (above 0%: growing)	−99.72% (below 0%: shrinking)	0.00%	0.00%	Compare
UNM Unum Group	$14.5B	21.3×	11.8×	+0.26% (above 0%: growing)	−16.58% (below 0%: shrinking)	+48.17% (above 0%: growing)	35.37%	11.36%	Compare
GL Globe Life Inc.	$12.8B	10.9×	10.3×	+8.00% (above 0%: growing)	+20.06% (above 0%: growing)	+0.88% (above 0%: growing)	39.24%	24.44%	Compare
JXN Jackson Financial Inc.	$8.9B	176×	13.1×	+135.67% (above 0%: growing)	+292.31% (above 0%: growing)	+57.63% (above 0%: growing)	(630.95%)	411.90%	Compare
PRI Primerica, Inc.	$8.6B	11.2×	10.9×	+9.04% (above 0%: growing)	+19.41% (above 0%: growing)	+5.06% (above 0%: growing)	82.88%	30.52%	Compare
LNC Lincoln National Corporation	$7.8B	3.4×	7.0×	+12.31% (above 0%: growing)	+76.55% (above 0%: growing)	−155.08% (below 0%: shrinking)	37.98%	37.98%	Compare
Median of peers	$13.6B	13.8×	10.3×	+9.75%	+48.31%	+3.47%	35.11%	17.90%

All 17 Insurance Life stocks →

Aflac Incorporated (AFL) key facts

Concern: Aflac Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, down 9.31% from fiscal 2024.
Concern: Net income was $3.6 billion, or $6.84 per share (basic), a net margin of 21.2%.
Aflac Incorporated (AFL) is an Insurance Life company in the Financial sector, listed on the New York Stock Exchange.
As of October 15, 2026, AFL traded at $118.05, a market capitalization of $58.4 billion.
At that price the stock trades at 12.6× trailing-twelve-month earnings and 3.3× sales; its P/E is higher than 78% of its own readings over the past ten years.
Aflac Incorporated pays an annual dividend of $2.41 per share, a yield of 2.04%, with a payout ratio of 25.8%.
Return on equity was 13.1% and debt-to-equity 0.29.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.