AFLAC
AFL · NYSEAccident & Health Insurance · Fiscal year ends Dec 31
AFLAC reported revenue of $17.2B in the fiscal year ended Dec 2025, down 9.3% from the year before. Net income was $3.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B |
| Selling, general & admin | $3.5B | $3.2B | $3.2B | $3B | $3.3B |
| Operating income | $4.9B | $4.2B | – | – | – |
| Interest expense | $238M | $226M | $195M | $194M | $217M |
| Pre-tax income | $5.2B | $4.9B | $5.3B | $6.4B | $4.5B |
| Income tax | $977M | $451M | $603M | $974M | $887M |
| Net income | $4.2B | $4.4B | $4.7B | $5.4B | $3.6B |
| Diluted EPS | 6.25 | 6.93 | 7.78 | 9.63 | 6.82 |
| Diluted shares | 677M | 638M | 599M | 565M | 535M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.1B | $3.9B | $4.3B | $6.2B | $6.2B |
| Net PP&E | $538M | $530M | $445M | $387M | $351M |
| Goodwill | $268M | $265M | $265M | $263M | $260M |
| Total assets | $158B | $132B | $127B | $118B | $116B |
| Total liabilities | $124B | $112B | $105B | $91.5B | $87B |
| Shareholders' equity | $17B | $20.1B | $22B | $26.1B | $29.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.1B | $3.9B | $3.2B | $2.7B | $2.6B |
| Depreciation & amortisation | $45M | $45M | $39M | $40M | $36M |
| Share buybacks | $2.3B | $2.4B | $2.8B | $2.8B | $3.5B |
| Dividends paid | $855M | $979M | $966M | $1.1B | $1.2B |
| Dividend per share | 1.32 | 1.62 | 1.76 | 2.08 | 2.35 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −11.2% | −2.3% | 1.2% | −9.3% |
| Operating income growth (YoY) | – | −15.7% | – | – | – |
| EPS growth (YoY) | – | 10.9% | 12.3% | 23.8% | −29.2% |
| Operating margin | 22.9% | 21.7% | – | – | – |
| Net margin | 19.6% | 23.1% | 24.9% | 28.8% | 21.2% |
| Return on equityBlank when equity is negative | 24.8% | 21.9% | 21.2% | 20.9% | 12.4% |
| Cash conversion (CFO ÷ net income) | 1.19x | 0.88x | 0.68x | 0.50x | 0.70x |
| Interest cover | 20.7x | 18.4x | – | – | – |
Recent filings
More in Accident & Health 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.