Globe Life
GL · NYSELife Insurance · Fiscal year ends Dec 31
Globe Life reported revenue of $6B in the fiscal year ended Dec 2025, up 3.7% from the year before. Net income was $1.2B. Operating cash flow of $1.4B less capital expenditure of $142M left free cash flow of $1.3B. Net debt was $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.1B | $5.2B | $5.4B | $5.8B | $6B |
| Gross profit | $1.2B | $1.2B | $1.3B | – | – |
| Operating income | $1.2B | $1.2B | $1.3B | – | – |
| Interest expense | $83M | $90M | $102M | $127M | $141M |
| Pre-tax income | $1.3B | $1.1B | $1.2B | $1.3B | $1.4B |
| Income tax | $243M | $208M | $224M | $256M | $275M |
| Net income | $1B | $894M | $971M | $1.1B | $1.2B |
| Diluted EPS | 9.99 | 9.04 | 10.07 | 11.94 | 14.07 |
| Diluted shares | 103M | 99M | 96M | 90M | 83M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $92M | $93M | $103M | $165M | $145M |
| Net PP&E | – | $212M | $240M | $284M | $370M |
| Goodwill | $482M | $482M | $482M | $490M | $490M |
| Total assets | $29.8B | $26B | $28.1B | $29.1B | $30.8B |
| Short-term debt | $150M | $166M | $0 | $415M | $305M |
| Long-term debt | $1.5B | $1.6B | $1.6B | $2.3B | $2.3B |
| Total liabilities | $21.1B | $22B | $23.6B | $23.8B | $24.8B |
| Shareholders' equity | $2B | $3.9B | $4.5B | $5.3B | $6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.4B | $1.5B | $1.4B | $1.4B |
| Capital expenditure | $38M | $28M | $50M | $71M | $142M |
| Free cash flow | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B |
| Depreciation & amortisation | $20M | $21M | $21M | $27M | $30M |
| Stock-based compensation | $30M | $36M | $31M | $40M | $53M |
| Share buybacks | $541M | $455M | $511M | $1B | $881M |
| Dividends paid | $80M | $81M | $84M | $85M | $86M |
| Dividend per share | 0.79 | 0.83 | 0.90 | 0.96 | 1.08 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.2% | 4.2% | 6.1% | 3.7% |
| Operating income growth (YoY) | – | −3.3% | 6.6% | – | – |
| EPS growth (YoY) | – | −9.5% | 11.4% | 18.6% | 17.8% |
| Gross margin | 23.8% | 22.6% | 23.1% | – | – |
| Operating margin | 24.0% | 22.7% | 23.2% | – | – |
| Net margin | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% |
| Return on equityBlank when equity is negative | 51.5% | 22.6% | 21.6% | 20.2% | 19.4% |
| Free cash flow margin | 27.4% | 26.7% | 26.3% | 23.0% | 20.9% |
| Cash conversion (CFO ÷ net income) | 1.39x | 1.59x | 1.53x | 1.31x | 1.20x |
| Interest cover | 14.7x | 13.1x | 12.4x | – | – |
| Debt ÷ equity | 0.85x | 0.45x | 0.36x | 0.52x | 0.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.6B | $1.7B | $1.5B | $2.6B | $2.5B |
Recent filings
More in Life 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.