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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 2026-07-14

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 $64 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 → 2026-03-31	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	$18.2B	$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	$8.7B	$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 %	47.8%	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)	$5.6B	$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 %	31.0%	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	$4.6B	$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 %	25.4%	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	$6.7B	$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)	$8.76	$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)	515M	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	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$4.3B	$4.9B	$4.8B	$4.2B	$3.5B	$5.5B	$3.0B	$5.2B
Gross Profit	$2.5B	$2.9B	$2.1B	$1.2B	$490M	$2.5B	$479M	$2.3B
Gross Margin %	57.5%	59.9%	43.9%	28.1%	14.2%	46.0%	15.8%	45.3%
Operating Income (EBIT)	$1.2B	$1.6B	$2.0B	$822M	$145M	$2.1B	$92M	$2.0B
Operating Margin %	28.4%	32.7%	41.6%	19.5%	4.2%	38.8%	3.0%	39.1%
Net Income	$1.0B	$1.4B	$1.6B	$599M	$29M	$1.9B	($93M)	$1.8B
Net Margin %	23.6%	28.2%	34.2%	14.2%	0.8%	34.6%	-3.1%	34.0%
EBITDA	$1.3B	$1.9B	$2.7B	$822M	$145M	$2.1B	$92M	$2.0B
Earnings Per Share (EPS)	$1.98	$2.59	$3.08	$1.11	$0.05	$3.37	$-0.17	$3.10
Shares Outstanding (M)	515M	532M	532M	538M	547M	565M	560M	567M

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

AFL Free Cash Flow History

Cash flow	TTM → 2026-03-31	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)	$2.9B	$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)	$2.9B	$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 %	16.1%	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	2026-03-31	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)	$968M	$315M	$1.3B	$399M	$589M	$333M	$1.3B	$255M
Free Cash Flow (FCF)	$968M	$315M	$1.3B	$399M	$589M	$333M	$1.3B	$255M
FCF Margin %	22.4%	6.4%	26.1%	9.5%	17.1%	6.1%	41.9%	4.9%
Dividends Paid	$304M	$292M	$299M	$301M	$306M	$267M	$270M	$272M

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

AFL 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	$116.3B	$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	$5.7B	$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	$86.3B	$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)	$7.8B	$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	$30.0B	$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.

Other Companies in Life & Health Insurance

MET · MetLife — $61 billion
PRU · Prudential Financial — $42 billion
PFG · Principal Financial Group — $24 billion
GL · Globe Life — $13 billion

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