Aflac (AFL) financial statements
Aflac reported revenue of $17.2B in fiscal 2025, down 3.0% a year over 9 years.
Net income was $3.6B and the operating margin 26.4%, against 18.2% in 2016.
The diluted share count fell 35% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aflac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6B | $21.7B | $21.8B | $22.3B | $22.1B | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B |
| Selling, general and admin | $2.8B | $2.8B | $3.0B | $3.1B | $3.4B | $3.5B | $3.2B | $3.2B | $3.0B | $3.3B |
| Operating income | $4.1B | $4.1B | $4.4B | $4.5B | $4.4B | $4.9B | $4.2B | $5.3B | $6.4B | $4.5B |
| Interest expense | $268M | $240M | $222M | $228M | $242M | $238M | $226M | $195M | $194M | $217M |
| Pre-tax income | $4.1B | $4.0B | $4.0B | $4.4B | $4.2B | $5.2B | $4.9B | $5.3B | $6.4B | $4.5B |
| Income tax | $1.4B | -$586M | $1.1B | $1.1B | -$619M | $977M | $451M | $603M | $974M | $887M |
| Net income | $2.7B | $4.6B | $2.9B | $3.3B | $4.8B | $4.2B | $4.4B | $4.7B | $5.4B | $3.6B |
| EPS (diluted) | $3.21 | $5.77 | $3.77 | $4.43 | $6.67 | $6.25 | $6.93 | $7.78 | $9.63 | $6.82 |
| Diluted shares | 828M | 798M | 775M | 746M | 716M | 677M | 638M | 599M | 565M | 535M |
| Operating margin | 18.2% | 18.9% | 20.0% | 20.0% | 19.9% | 22.9% | 21.7% | 28.1% | 33.9% | 26.4% |
| Net margin | 11.8% | 21.2% | 13.4% | 14.8% | 21.6% | 19.6% | 23.1% | 24.9% | 28.8% | 21.2% |
Balance sheet
Fiscal years, from Aflac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.9B | $3.5B | $4.3B | $4.9B | $5.1B | $5.1B | $3.9B | $4.3B | $6.2B | $6.2B |
| Property, plant and equipment | $433M | $434M | $443M | $581M | $601M | $538M | $530M | $445M | $387M | $351M |
| Goodwill | — | — | — | $140M | $269M | $268M | $265M | $265M | $263M | $260M |
| Total assets | $129.8B | $137.2B | $140.4B | $152.8B | $165.1B | $157.5B | $131.7B | $126.7B | $117.6B | $116.5B |
| Total liabilities | $109.3B | $112.6B | $116.9B | $123.8B | $131.5B | $124.3B | $111.6B | $104.7B | $91.5B | $87.0B |
| Shareholders' equity | $20.5B | $24.6B | $23.5B | $29.0B | $33.6B | $17.0B | $20.1B | $22.0B | $26.1B | $29.5B |
| Net debt | -$4.9B | -$3.5B | -$4.3B | -$4.9B | -$5.1B | -$5.1B | -$3.9B | -$4.3B | -$6.2B | -$6.2B |
Cash flow
Fiscal years, from Aflac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.0B | $6.1B | $6.0B | $5.5B | $6.0B | $5.1B | $3.9B | $3.2B | $2.7B | $2.6B |
| Dividends paid | $658M | $661M | $793M | $771M | $769M | $855M | $979M | $966M | $1.1B | $1.2B |
| Share buybacks (net) | -$1.4B | -$1.4B | -$1.3B | -$1.6B | -$1.5B | -$2.3B | -$2.4B | -$2.8B | -$2.8B | -$3.5B |
| Dividends per share | $0.79 | $0.83 | $1.02 | $1.03 | $1.07 | $1.26 | $1.54 | $1.61 | $1.92 | $2.24 |
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What was Aflac's revenue in 2025?
$17.2B in fiscal 2025, from its 10-K filing.
From Aflac's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.