Aflac Incorporated

AFL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$57,794	$57,464	$48,211	$44,731	$38,627	$29,418	$34,995	$30,139	$34,511	$28,404	$25,562	$27,569	$31,029	$24,800	$20,182	$26,463	$21,583	$21,701	$30,560	$22,798	$23,254	$20,212	$18,568	$15,588	$12,896	$19,155	$12,549	$11,685	$6,922	$5,927	$4,224	$3,303	$3,003	$2,812	$2,367	$1,500	$1,385	$1,109	$1,098	$1,043	$832
Enterprise value	($4,195)	($6,536)	($22,021)	($27,511)	($57,164)	($73,706)	($54,594)	($51,315)	($48,004)	($47,797)	($41,611)	($40,077)	($27,655)	($34,467)	($32,818)	$27,245	$21,745	$22,394	$30,401	$23,021	$23,352	$17,828	$18,925	$15,521	$13,251	$19,625	$13,044	$11,897	$7,167	$6,019	$4,315	$3,140	$3,125	$2,938	$2,506	$1,658	$1,599	$1,186	$1,135	$1,067	$872
P/E (TTM) at period end	15.85×	10.56×	10.35×	10.12×	9.13×	6.16×	10.59×	10.32×	7.50×	10.68×	10.09×	9.34×	9.83×	8.65×	10.28×	11.29×	14.42×	17.31×	18.70×	15.37×	15.68×	15.97×	24.18×	18.99×	18.77×	27.88×	21.98×	23.99×	11.83×	15.04×	12.10×	11.28×	11.82×	15.33×	15.92×	12.80×	17.14×	10.19×	11.77×	13.33×	15.35×
P/S (TTM) at period end	3.37×	3.04×	2.58×	2.34×	1.79×	1.33×	1.57×	1.39×	1.59×	1.26×	1.22×	1.21×	1.30×	0.98×	0.91×	1.28×	1.18×	1.31×	1.99×	1.56×	1.62×	1.52×	1.62×	1.52×	1.34×	1.97×	1.45×	1.64×	0.95×	0.83×	0.59×	0.54×	0.60×	0.71×	0.72×	0.56×	0.57×	0.48×	0.59×	0.74×	0.87×
P/B at period end	1.96×	2.20×	2.19×	2.22×	2.27×	0.88×	1.21×	1.28×	1.40×	1.39×	1.44×	1.50×	2.12×	1.55×	1.56×	2.51×	2.56×	3.27×	3.47×	2.73×	2.93×	2.67×	2.79×	2.44×	2.38×	4.08×	3.24×	3.10×	2.02×	2.79×	1.98×	1.89×	2.20×	2.60×	2.56×	1.90×	1.97×	1.73×	2.00×	2.34×	2.45×
EV / EBITDA (TTM)	(0.88×)	(0.98×)	(4.01×)	(6.55×)	(11.48×)	(16.54×)	(12.13×)	(11.65×)	(11.60×)	(11.46×)	(10.27×)	(9.30×)	(6.19×)	(7.29×)	(7.19×)	6.70×	6.18×	11.26×	–	–	–	–	–	–	–	–	–	20.03×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	(0.24×)	(0.35×)	(1.18×)	(1.44×)	(2.65×)	(3.33×)	(2.45×)	(2.36×)	(2.22×)	(2.12×)	(1.99×)	(1.76×)	(1.16×)	(1.36×)	(1.48×)	1.31×	1.19×	1.35×	1.97×	1.58×	1.63×	1.34×	1.65×	1.51×	1.38×	2.02×	1.51×	1.67×	0.99×	0.85×	0.60×	0.51×	0.63×	0.74×	0.76×	0.62×	0.66×	0.51×	0.60×	0.76×	0.91×
Returns
Return on equity	12.4%	20.9%	21.2%	21.9%	24.8%	14.2%	11.4%	12.4%	18.7%	13.0%	14.3%	16.1%	21.6%	17.9%	15.2%	22.2%	17.8%	18.9%	18.6%	17.8%	18.7%	16.7%	11.6%	12.8%	12.7%	14.6%	14.8%	12.9%	17.1%	18.5%	16.4%	16.7%	18.6%	17.0%	16.1%	14.8%	11.5%	17.0%	17.0%	17.5%	16.0%
Return on invested capital	12.1%	20.5%	19.3%	15.9%	20.2%	12.2%	10.8%	12.8%	15.5%	12.8%	14.3%	14.7%	17.0%	17.0%	21.1%	22.7%	26.5%	16.9%	18.8%	17.3%	18.5%	24.4%	11.0%	13.0%	11.9%	13.3%	13.1%	12.2%	–	–	–	15.3%	169.3%	–	–	–	–	–	–	–	–
Dividend yield	2.1%	1.9%	2.0%	2.2%	2.2%	2.6%	2.2%	2.6%	1.9%	2.3%	2.6%	2.4%	2.0%	2.4%	2.7%	2.0%	2.4%	2.0%	1.2%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	–	9.62×	11.02×	7.17×	2.53×	–	–	–	–	–	–	–	–	–	–	–	6.63×	1.12×	2.92×	2.15×	3.02×	1.47×	4.28×	1.37×	1.56×	7.16×	–	3.79×	0.15×	0.71×	0.38×	1.08×	15.47×	3.02×	2.54×	2.17×	1.13×	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.31×	0.26×	0.26×	0.17×	0.18×	0.19×	0.21×	0.21×	0.22×	0.23×	0.26×	0.16×	0.15×	0.17×	0.15×	0.11×	0.09×	0.12×	0.15×	0.20×	0.30×	0.12×	0.07×	0.05×	0.12×
Effective tax rate	19.6%	15.2%	11.5%	9.8%	18.4%	(14.9%)	25.7%	26.7%	(14.6%)	34.6%	34.4%	34.3%	34.4%	33.4%	34.3%	34.6%	33.0%	34.5%	34.6%	34.5%	33.4%	28.6%	35.9%	34.8%	36.4%	32.1%	26.6%	11.6%	–	–	–	41.9%	43.2%	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	535	565	599	638	677	716	746	775	798	828	866	908	935	939	939	946	938	958	988	1,004	1,015	1,033	1,044	1,057	1,075	1,090	1,102	1,103	1,125	1,159	1,183	1,242	1,262	1,223	1,239	1,234	1,154	1,210	1,166	1,203	1,204

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$18,069	$17,164	$18,927	$18,701	$19,140	$21,554	$22,147	$22,307	$21,758	$21,667	$22,559	$20,872	$22,728	$23,939	$25,364	$22,171	$20,732	$18,254	$16,554	$15,393	$14,616	$14,363	$13,281	$11,447	$10,257	$9,598	$9,703	$8,640	$7,104	$7,251	$7,100	$7,191	$6,111	$5,000	$3,986	$3,283	$2,678	$2,438	$2,325	$1,876	$1,402	$955
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($562)	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$4,438	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,167)	($3,253)	($3,014)	($3,165)	($3,249)	($3,541)	($3,420)	($3,089)	($2,988)	($2,780)	($2,796)	($2,606)	($2,261)	($2,222)	($2,415)	($2,336)	($2,159)	($1,977)	($1,743)	($1,491)	($2,640)	($2,583)	($2,380)	($2,152)	($1,879)	($1,799)	($1,798)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($2)	–	–	–	–	–	–	–	–
Total costs and expenses	($12,087)	($12,411)	($12,313)	($13,244)	($14,983)	($16,620)	($17,731)	($17,846)	($17,404)	($17,580)	($18,442)	($16,871)	($18,475)	($19,540)	($20,706)	($17,669)	($16,749)	($14,819)	($14,640)	($12,894)	($12,352)	($12,137)	($11,508)	($10,249)	($8,998)	($8,517)	($8,691)	($7,862)	($6,553)	–	–	–	($5,606)	($564)	–	–	–	–	–	–	–	–
Operating income	$5,982	$4,753	$6,614	$5,457	$4,157	$4,934	$4,416	$4,461	$4,354	$4,087	$4,117	$4,001	$4,253	$4,399	$4,658	$4,502	$3,983	$3,435	$1,914	$2,499	$2,264	$2,226	$1,773	$1,198	$1,259	$1,081	$1,012	$778	$551	–	–	–	$504	$4,436	–	–	–	–	–	–	–	–
Earnings
EBITDA	–	$4,789	$6,654	$5,496	$4,202	$4,979	$4,457	$4,502	$4,403	$4,140	$4,171	$4,051	$4,308	$4,468	$4,725	$4,566	$4,065	$3,516	$1,988	–	–	–	–	–	–	–	–	–	$594	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	$973	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($242)	($220)	($197)	($195)	($226)	($238)	($242)	($228)	($222)	($240)	($268)	($289)	($317)	($293)	($261)	($196)	($149)	($72)	($29)	($27)	($19)	($23)	($23)	($22)	($20)	($19)	($19)	($18)	($13)	($14)	($16)	($16)	($13)	($2)	($6)	($14)	($15)	($19)	($11)	($5)	($6)	($4)
Pre-tax income	$5,786	$4,533	$6,417	$5,262	$4,604	$5,322	$4,159	$4,445	$3,983	$4,018	$4,067	$3,862	$4,491	$4,816	$4,302	$2,950	$3,561	$2,235	$1,914	$2,499	$2,264	$2,226	$1,773	$1,198	$1,259	$1,081	$1,012	$778	$551	–	–	–	$504	$428	–	–	–	–	–	–	–	–
Income tax expense	($924)	($887)	($974)	($603)	($451)	($977)	$619	($1,141)	($1,063)	$586	($1,408)	($1,329)	($1,540)	($1,658)	($1,436)	($1,013)	($1,233)	($738)	($660)	($865)	($781)	($743)	($507)	($430)	($438)	($394)	($325)	($207)	($64)	($280)	($256)	($252)	($212)	($185)	($141)	($116)	($99)	($97)	($90)	($70)	($53)	($40)
Net income	$4,862	$3,646	$5,443	$4,659	$4,418	$4,231	$4,778	$3,304	$2,920	$4,604	$2,659	$2,533	$2,951	$3,158	$2,866	$1,937	$2,328	$1,497	$1,254	$1,634	$1,483	$1,483	$1,266	$768	$821	$687	$687	$571	$487	$585	$394	$349	$293	$254	$183	$149	$117	$81	$109	$93	$78	$54
Per share
Diluted EPS (GAAP)	$9.28	$6.82	$9.63	$7.78	$6.93	$6.25	$6.67	$4.43	$3.77	$5.77	$3.21	$2.92	$3.25	$3.38	$3.06	$2.06	$2.46	$1.59	$1.31	$1.66	$1.48	$1.46	$1.23	$0.74	$0.78	$0.64	$0.63	$0.52	$0.44	$0.52	$0.34	$0.30	$0.24	$0.21	$0.15	$0.12	$0.095	$0.07	$0.09	$0.08	$0.065	$0.045
Basic EPS (GAAP)	$9.32	$6.84	$9.68	$7.81	$6.96	$6.28	$6.69	$4.45	$3.79	$5.81	$3.23	$2.94	$3.27	$3.40	$3.07	$2.08	$2.48	$1.60	$1.32	$1.68	$1.50	$1.48	$1.25	$0.75	$0.80	$0.66	$0.65	$0.54	$0.46	$0.54	$0.36	$0.30	$0.24	$0.21	$0.15	$0.13	$0.10	$0.07	$0.09	$0.08	$0.065	$0.045
Basic shares outstanding	519	533	562	596	635	674	714	742	770	792	823	861	902	929	934	933	938	933	947	976	991	1,002	1,015	1,026	1,035	1,050	1,061	1,063	1,065	1,083	1,110	1,164	1,237	1,262	1,223	1,190	1,172	1,154	1,210	1,166	1,203	1,204
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	88.8%	–	–	–	–	–	–	–	–
Operating margin	33.1%	27.7%	34.9%	29.2%	21.7%	22.9%	19.9%	20.0%	20.0%	18.9%	18.2%	19.2%	18.7%	18.4%	18.4%	20.3%	19.2%	18.8%	11.6%	16.2%	15.5%	15.5%	13.3%	10.5%	12.3%	11.3%	10.4%	9.0%	7.8%	–	–	–	8.3%	88.7%	–	–	–	–	–	–	–	–
Net margin	26.9%	21.2%	28.8%	24.9%	23.1%	19.6%	21.6%	14.8%	13.4%	21.2%	11.8%	12.1%	13.0%	13.2%	11.3%	8.7%	11.2%	8.2%	7.6%	10.6%	10.1%	10.3%	9.5%	6.7%	8.0%	7.2%	7.1%	6.6%	6.9%	8.1%	5.5%	4.9%	4.8%	5.1%	4.6%	4.5%	4.4%	3.3%	4.7%	5.0%	5.6%	5.7%

Analyst consensus

Hold32 analysts

Bearish · 5 · Hold · 18 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$2.16	$1.69	Beat
Q4 2024	$1.56	$1.62	Miss
Q1 2025	$1.66	$1.67	Miss
Q2 2025	$1.78	$1.70	Beat
Q3 2025	$2.49	$1.77	Beat
Q4 2025	$1.57	$1.69	Miss
Q1 2026	$1.75	$1.79	Miss
Q2 2026	$1.75	$1.76	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEODaniel Paul Amos

Employees12,716

SectorFinancial Services

IndustryInsurance - Life

CountryUS

ExchangeNew York Stock Exchange

Websitewww.aflac.com

Aflac Incorporated, operating through its various subsidiary companies, focuses on delivering supplementary health and life insurance policies. The firm's business activities are structured into two primary divisions: Aflac Japan and Aflac U.S. In Japan, the company offers a diverse range of insurance products, including coverage for cancer, medical expenses, income support for nursing care, and the distinct GIFT plan. This segment also provides traditional whole and term life insurance, along with savings-oriented plans like WAYS and child endowment products. Meanwhile, the Aflac U.S. division caters to the American market, furnishing policies that address cancer, accidents, short-term disability, critical illness, and hospital stays. Additionally, it provides dental, vision, long-term care, disability, and both term and whole life insurance options. Aflac distributes its comprehensive suite of products through multiple channels, which include dedicated sales associates, independent brokers, various corporate and individual agencies, and affiliated agencies. Established in 1955, the company maintains its corporate headquarters in Columbus, Georgia.

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