American Financial
AFG · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
American Financial reported revenue of $8.2B in the fiscal year ended Dec 2025, down 1.8% from the year before. Operating income was $1.1B, an operating margin of 13.1%, and net income was $842M. Net debt was $93M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.6B | $7B | $7.8B | $8.3B | $8.2B |
| Selling, general & admin | $1.5B | $1.7B | $1.9B | $2B | $2.1B |
| Operating income | $1.3B | $1.1B | $1.1B | $1.1B | $1.1B |
| Interest expense | $94M | $85M | $76M | $76M | $80M |
| Income tax | $254M | $225M | $221M | $237M | $231M |
| Net income | $2B | $898M | $852M | $887M | $842M |
| Diluted EPS | 23.30 | 10.53 | 10.05 | 10.57 | 10.08 |
| Diluted shares | 86M | 85M | 85M | 84M | 84M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $872M | $1.2B | $1.4B | $1.7B |
| Goodwill | $246M | $246M | $305M | $305M | $327M |
| Total assets | $28.9B | $28.8B | $29.8B | $30.8B | $32.6B |
| Long-term debt | $2B | $1.5B | $1.5B | $1.5B | $1.8B |
| Total liabilities | $23.9B | $24.8B | $25.5B | $26.4B | $27.8B |
| Shareholders' equity | $5B | $4.1B | $4.3B | $4.5B | $4.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.2B | $2B | $1.2B | $1.5B |
| Depreciation & amortisation | $187M | $100M | $78M | $81M | $86M |
| Stock-based compensation | $16M | $19M | $18M | $18M | $18M |
| Share buybacks | $319M | $11M | $213M | $0 | $99M |
| Dividends paid | $2.4B | $1.2B | $684M | $788M | $606M |
| Dividend per share | 28.06 | 14.31 | 8.10 | 9.43 | 7.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.4% | 11.2% | 6.3% | −1.8% |
| Operating income growth (YoY) | – | −15.9% | −4.5% | 4.8% | −4.5% |
| EPS growth (YoY) | – | −54.8% | −4.6% | 5.2% | −4.6% |
| Operating margin | 20.4% | 16.0% | 13.7% | 13.5% | 13.1% |
| Net margin | 30.4% | 12.8% | 10.9% | 10.7% | 10.3% |
| Return on equityBlank when equity is negative | 39.8% | 22.2% | 20.0% | 19.9% | 17.5% |
| Cash conversion (CFO ÷ net income) | 0.86x | 1.28x | 2.31x | 1.30x | 1.82x |
| Interest cover | 14.2x | 13.2x | 14.1x | 14.8x | 13.4x |
| Debt ÷ equity | 0.39x | 0.37x | 0.35x | 0.33x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$167M | $624M | $250M | $69M | $93M |
Recent filings
More in Fire, Marine & Casualty Insurance
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.