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American Financial Group, Inc. (AFG) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · INSURANCE - PROPERTY & CASUALTY · DATA UPDATED 2026-07-25

American Financial Group, Inc. (AFG) operates in the INSURANCE - PROPERTY & CASUALTY industry and is headquartered in Cincinnati, United States with about 8,500 employees. Its market capitalization is roughly $12 billion. In the fiscal year ended 2025-12-31, AFG reported $8.1B in revenue and $842M in net income.

American Financial Group, Inc., an insurance holding company, provides property and casualty insurance products in the United States. It operates through Property and Casualty Insurance and Other segments.

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AFG Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$8.1B	$8.1B	$8.3B	$7.7B	$6.8B	$6.2B	$5.7B	$6.1B	$7.0B	$6.9B	$6.5B	$6.1B	$5.7B	$5.1B	$5.0B	$4.6B	$4.5B	$4.3B	$4.3B	$4.4B	$4.2B
Gross Profit	$1.5B	$1.4B	$1.5B	$1.4B	$1.2B	$1.4B	$301M	$628M	$933M	$1.2B	$1.2B	$976M	$980M	$1.1B	$938M	$928M	$1.2B	$2.1B	$1.7B	$2.1B	$1.4B
Gross Margin %	18.1%	17.6%	17.8%	17.5%	17.7%	22.0%	5.3%	10.3%	13.4%	17.9%	18.7%	15.9%	17.1%	21.3%	18.9%	20.0%	25.9%	49.8%	40.5%	46.9%	32.2%
Operating Income (EBIT)	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.3B	$339M	$634M	$639M	$724M	$787M	$565M	$626M	$689M	$537M	$558M	$694M	$812M	$316M	$639M	$694M
Operating Margin %	13.8%	13.2%	13.6%	13.9%	16.6%	21.4%	6.0%	10.4%	9.1%	10.5%	12.1%	9.2%	10.9%	13.5%	10.8%	12.0%	15.4%	18.8%	7.4%	14.6%	16.3%
Net Income	$879M	$842M	$887M	$852M	$898M	$2.0B	$732M	$897M	$530M	$475M	$649M	$352M	$452M	$471M	$488M	$342M	$482M	$519M	$196M	$383M	$453M
Net Margin %	10.8%	10.4%	10.7%	11.0%	13.3%	32.0%	12.9%	14.7%	7.6%	6.9%	10.0%	5.7%	7.9%	9.2%	9.8%	7.4%	10.7%	12.0%	4.6%	8.8%	10.7%
EBITDA	$1.3B	$1.2B	$1.3B	$1.2B	$1.3B	$1.6B	$726M	$961M	$911M	$916M	$998M	$774M	$844M	$902M	$869M	$812M	$974M	$1.1B	$606M	$904M	$934M
Earnings Per Share (EPS)	$10.54	$10.08	$10.57	$10.05	$10.53	$23.31	$8.21	$9.86	$5.85	$5.29	$7.33	$3.94	$4.97	$5.16	$5.09	$3.32	$4.36	$4.44	$1.68	$3.11	$3.76
Shares Outstanding (M)	83M	84M	84M	85M	85M	86M	89M	91M	91M	90M	88M	89M	91M	91M	96M	103M	110M	117M	117M	123M	120M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AFG Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$1.8B	$2.0B	$2.3B	$1.9B	$1.8B	$2.1B	$2.4B	$1.9B
Gross Profit	$316M	$462M	$359M	$329M	$280M	$416M	$330M	$353M
Gross Margin %	17.2%	22.6%	15.6%	17.1%	15.2%	19.4%	14.0%	18.7%
Operating Income (EBIT)	$239M	$379M	$268M	$229M	$197M	$320M	$229M	$271M
Operating Margin %	13.0%	18.6%	11.6%	11.9%	10.7%	14.9%	9.7%	14.4%
Net Income	$191M	$299M	$215M	$174M	$154M	$255M	$181M	$209M
Net Margin %	10.4%	14.6%	9.3%	9.0%	8.4%	11.9%	7.7%	11.1%
EBITDA	$287M	$424M	$307M	$270M	$238M	$360M	$269M	$309M
Earnings Per Share (EPS)	$2.29	$3.59	$2.58	$2.08	$1.84	$3.04	$2.16	$2.49
Shares Outstanding (M)	83M	83M	83M	84M	84M	84M	84M	84M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AFG Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.7B	$1.5B	$1.2B	$2.0B	$1.2B	$1.7B	$2.2B	$2.5B	$2.1B	$1.8B	$1.1B	$1.4B	$1.2B	$760M	$817M	$667M	$864M	$914M	$973M	$788M	$968M
Capital Expenditures (CapEx)	$152M	$135M	$133M	$72M	$86M	$150M	$343M	$40M	$43M	$109M	$49M	$67M	$367M	$190M	$290M	$86M	$74M	$62M	$46M	$14M	$72M
Free Cash Flow (FCF)	$1.5B	$1.4B	$1.0B	$1.9B	$1.1B	$1.6B	$1.8B	$2.4B	$2.0B	$1.7B	$1.1B	$1.3B	$864M	$570M	$527M	$581M	$790M	$852M	$927M	$774M	$895M
FCF Margin %	18.6%	17.2%	12.3%	24.6%	15.8%	25.1%	32.5%	39.5%	29.2%	24.7%	16.9%	21.0%	15.1%	11.2%	10.6%	12.5%	17.6%	19.7%	21.6%	17.7%	21.1%
Dividends Paid	$571M	$606M	$788M	$684M	$1.2B	$2.4B	$334M	$444M	$394M	$417M	$185M	$176M	$167M	$160M	$90M	$67M	$63M	$60M	$51M	$42M	$38M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AFG Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$474M	$784M	$216M	$191M	$342M	$674M	$459M	($88M)
Capital Expenditures (CapEx)	$17M	$36M	$41M	$58M	$25M	$33M	$71M	$33M
Free Cash Flow (FCF)	$457M	$748M	$175M	$133M	$317M	$641M	$388M	($121M)
FCF Margin %	24.9%	36.6%	7.6%	6.9%	17.2%	29.8%	16.4%	-6.4%
Dividends Paid	$198M	$239M	$66M	$68M	$233M	$403M	$58M	$59M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AFG Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$32.4B	$32.6B	$25.0B	$24.6B	$24.1B	$28.9B	$73.6B	$70.1B	$63.5B	$60.7B	$55.1B	$49.9B	$47.5B	$39.2B	$35.6B	$33.1B	$29.7B	$28.2B	$26.9B	$25.8B	$25.1B
Cash & Cash Equivalents	$1.4B	$1.7B	$1.4B	$1.2B	$872M	$2.1B	$2.8B	$2.3B	$1.5B	$2.3B	$2.1B	$1.2B	$1.3B	$1.6B	$1.7B	$1.3B	$1.1B	$1.1B	$1.3B	$816M	$1.3B
Total Liabilities	$27.7B	$27.8B	$20.5B	$20.4B	$20.0B	$23.9B	$66.8B	$63.9B	$58.5B	$55.3B	$50.2B	$45.1B	$42.5B	$34.5B	$30.9B	$28.5B	$25.0B	$24.3B	$24.3B	$22.7B	$21.9B
Total Debt (Short + Long-Term)	$1.8B	$1.9B	$1.5B	$1.5B	$1.5B	$2.0B	$7.2B	$1.5B	$1.7B	$1.6B	$2.6B	$2.0B	$2.1B	$915M	$954M	$1.1B	$952M	$828M	$1.0B	$937M	$921M
Total Shareholders' Equity	$4.7B	$4.8B	$4.5B	$4.3B	$4.1B	$5.0B	$6.8B	$6.3B	$5.0B	$5.3B	$4.9B	$4.8B	$5.1B	$4.6B	$4.6B	$4.4B	$4.5B	$3.8B	$2.5B	$3.0B	$2.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AFG viewer.

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