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Aflac Incorporated (AFL) Financial History

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

FINANCIAL SERVICES · Life & Health Insurance · DATA UPDATED 2026-09-11

Aflac Incorporated (AFL) operates in the Life & Health Insurance industry and is headquartered in Columbus, United States with about 12,716 employees. Its market capitalization is roughly $58 billion. In the fiscal year ended 2025-12-31, AFL reported $17.4B in revenue and $3.6B in net income.

Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates in two segments, Aflac Japan and Aflac U.S.

Interactive charts & full statements → Open the AFL valuation workbench →

AFL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	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	$18.1B	$17.4B	$19.1B	$18.8B	$19.2B	$22.1B	$22.1B	$22.3B	$21.8B	$21.7B	$22.6B	$20.9B	$22.7B	$23.9B	$25.4B	$22.2B	$20.7B	$18.3B	$16.6B	$15.4B	$14.6B
Gross Profit	$9.8B	$6.8B	$6.8B	$18.8B	$19.2B	$22.1B	$22.1B	$22.3B	$21.8B	$21.7B	$22.6B	$20.9B	$22.7B	$23.9B	$25.4B	$22.2B	$20.7B	$18.2B	$16.6B	$15.4B	$14.6B
Gross Margin %	53.9%	38.9%	35.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	99.6%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$5.8B	$4.6B	$6.4B	$5.3B	$4.9B	$5.3B	$4.2B	$4.4B	$4.2B	$4.3B	$4.3B	$4.2B	$4.8B	$5.1B	$4.6B	$3.2B	$3.7B	$2.3B	$1.9B	$2.5B	$2.3B
Operating Margin %	32.2%	26.6%	33.6%	27.9%	25.4%	24.1%	18.8%	19.9%	19.3%	19.7%	19.2%	19.9%	21.1%	21.3%	18.0%	14.4%	18.0%	12.6%	11.6%	16.4%	15.6%
Net Income	$4.9B	$3.6B	$5.4B	$4.7B	$4.4B	$4.3B	$4.8B	$3.3B	$2.9B	$4.4B	$2.7B	$2.5B	$3.0B	$3.2B	$2.9B	$2.0B	$2.3B	$1.5B	$1.3B	$1.6B	$1.5B
Net Margin %	26.9%	20.9%	28.5%	24.7%	23.1%	19.6%	21.6%	14.8%	13.4%	20.2%	11.8%	12.1%	13.0%	13.2%	11.3%	8.9%	11.3%	8.2%	7.6%	10.6%	10.2%
EBITDA	$6.9B	$5.5B	$6.4B	$5.3B	$4.9B	$6.5B	$5.4B	$4.4B	$4.2B	$4.3B	$4.3B	$4.2B	$4.8B	$5.1B	$4.6B	$3.2B	$3.7B	$2.3B	$2.0B	$2.5B	$2.3B
Earnings Per Share (EPS)	$9.28	$6.85	$9.63	$7.78	$6.93	$6.39	$6.67	$4.43	$3.77	$5.48	$3.21	$2.92	$3.25	$3.38	$3.05	$2.09	$2.48	$1.60	$1.31	$1.65	$1.48
Shares Outstanding (M)	506M	532M	565M	599M	638M	677M	716M	746M	775M	798M	828M	866M	908M	935M	939M	939M	946M	938M	958M	988M	1,004M

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

AFL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$4.1B	$4.3B	$4.9B	$4.8B	$4.2B	$3.5B	$5.5B	$3.0B
Gross Profit	$2.2B	$2.5B	$2.9B	$2.1B	$1.2B	$490M	$2.5B	$479M
Gross Margin %	54.6%	57.5%	59.9%	43.9%	28.1%	14.2%	46.0%	15.8%
Operating Income (EBIT)	$995M	$1.2B	$1.6B	$2.0B	$822M	$145M	$2.1B	$92M
Operating Margin %	24.4%	28.4%	32.7%	41.6%	19.5%	4.2%	38.8%	3.0%
Net Income	$825M	$1.0B	$1.4B	$1.6B	$599M	$29M	$1.9B	($93M)
Net Margin %	20.2%	23.6%	28.2%	34.2%	14.2%	0.8%	34.6%	-3.1%
EBITDA	$1.1B	$1.3B	$1.9B	$2.7B	$822M	$145M	$2.1B	$92M
Earnings Per Share (EPS)	$1.63	$1.98	$2.59	$3.08	$1.11	$0.05	$3.37	$-0.17
Shares Outstanding (M)	506M	515M	532M	532M	538M	547M	565M	560M

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

AFL Free Cash Flow History

Cash flow	TTM → 2026-06-30	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)	$2.6B	$2.6B	$2.7B	$3.2B	$3.9B	$5.1B	$6.0B	$5.5B	$6.0B	$6.1B	$6.0B	$6.8B	$6.5B	$10.5B	$15.0B	$10.8B	$7.0B	$6.2B	$5.0B	$4.7B	$4.4B
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$1.2B	$49M	$46M	$23M
Free Cash Flow (FCF)	$2.6B	$2.6B	$2.7B	$3.2B	$3.9B	$5.1B	$6.0B	$5.5B	$6.0B	$6.1B	$6.0B	$6.8B	$6.5B	$10.5B	$15.0B	$10.8B	$7.0B	$4.9B	$4.9B	$4.6B	$4.4B
FCF Margin %	14.6%	14.6%	14.1%	16.9%	20.2%	22.9%	26.9%	24.4%	27.6%	28.3%	26.5%	32.5%	28.8%	44.1%	59.0%	48.9%	33.7%	27.1%	29.7%	29.9%	29.9%
Dividends Paid	$1.2B	$1.2B	$1.1B	$966M	$979M	$855M	$769M	$771M	$793M	$661M	$658M	$656M	$654M	$635M	$603M	$552M	$535M	$524M	$434M	$373M	$258M

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

AFL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$112M	$968M	$315M	$1.3B	$399M	$589M	$333M	$1.3B
Free Cash Flow (FCF)	$112M	$968M	$315M	$1.3B	$399M	$589M	$333M	$1.3B
FCF Margin %	2.7%	22.4%	6.4%	26.1%	9.5%	17.1%	6.1%	41.9%
Dividends Paid	$299M	$304M	$292M	$299M	$301M	$306M	$267M	$270M

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

AFL Balance Sheet History

Balance sheet	2026-06-30	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	$116.0B	$116.5B	$117.6B	$126.7B	$131.7B	$157.5B	$165.1B	$152.8B	$140.4B	$137.2B	$129.8B	$118.3B	$119.8B	$121.3B	$131.1B	$116.2B	$101.0B	$84.1B	$79.3B	$65.8B	$59.8B
Cash & Cash Equivalents	$6.1B	$6.2B	$6.2B	$4.3B	$3.9B	$5.1B	$5.1B	$4.9B	$4.3B	$3.5B	$4.9B	$4.3B	$4.7B	$2.5B	$2.0B	$2.2B	$2.1B	$2.3B	$941M	$1.6B	$1.2B
Total Liabilities	$85.6B	$87.0B	$91.5B	$104.7B	$111.6B	$124.3B	$7.9B	$123.8B	$116.9B	$112.9B	$109.3B	$100.9B	$101.4B	$106.7B	$115.1B	$103.3B	$90.0B	$75.7B	$72.7B	$57.0B	$51.5B
Total Debt (Short + Long-Term)	$9.4B	$8.4B	$7.5B	$7.3B	$7.5B	$15.8B	$8.0B	$6.5B	$11.5B	$10.6B	$10.7B	$10.0B	$5.2B	$4.9B	$8.7B	$2.9B	$3.0B	$2.2B	$1.3B	$1.5B	$1.2B
Total Shareholders' Equity	$30.3B	$29.5B	$26.1B	$22.0B	$20.1B	$33.3B	$157.2B	$29.0B	$23.5B	$24.4B	$20.5B	$17.4B	$18.7B	$14.6B	$16.0B	$13.5B	$11.1B	$8.4B	$6.6B	$8.8B	$8.3B

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 AFL viewer.

AFL Metric Deep Dives

Other Companies in Life & Health Insurance

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PRU · Prudential Financial — $41 billion
PFG · Principal Financial Group — $25 billion
GL · Globe Life — $13 billion

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