Globe Life (GL) financial statements
Globe Life reported revenue of $6.0B in fiscal 2025, up 4.8% a year over 9 years.
Net income was $1.2B and the operating margin 24.0%, against 20.0% in 2016.
Free cash flow was $1.3B, and the company returned $86M in dividends and $881M in net buybacks.
The diluted share count fell 33% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Globe Life's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B | $4.2B | $4.3B | $4.5B | $4.7B | $5.1B | $5.2B | $5.4B | $5.8B | $6.0B |
| Gross profit | $783M | $807M | $865M | $911M | $901M | $1.2B | $1.2B | $1.3B | — | — |
| Selling, general and admin | $197M | $211M | $228M | $249M | $255M | $282M | $308M | $302M | — | — |
| Operating income | $787M | $821M | $871M | $920M | $905M | $1.2B | $1.2B | $1.3B | $1.3B | $1.4B |
| Interest expense | $83M | $85M | $90M | $84M | $87M | $83M | $90M | $102M | $127M | $141M |
| Pre-tax income | $772M | $831M | $864M | $931M | $897M | $1.3B | $1.1B | $1.2B | $1.3B | $1.4B |
| Income tax | $233M | -$628M | $162M | $170M | $165M | $243M | $208M | $224M | $256M | $275M |
| Net income | $550M | $1.5B | $701M | $761M | $732M | $1.0B | $894M | $971M | $1.1B | $1.2B |
| EPS (diluted) | $4.49 | $12.22 | $6.09 | $6.83 | $6.82 | $9.99 | $9.04 | $10.07 | $11.94 | $14.07 |
| Diluted shares | 122M | 119M | 115M | 111M | 107M | 103M | 99M | 96M | 90M | 83M |
| Gross margin | 19.9% | 19.4% | 20.1% | 20.1% | 19.0% | 23.8% | 22.6% | 23.1% | — | — |
| Operating margin | 20.0% | 19.8% | 20.2% | 20.3% | 19.1% | 24.0% | 22.7% | 23.2% | 23.0% | 24.0% |
| Net margin | 14.0% | 35.0% | 16.3% | 16.8% | 15.4% | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% |
Balance sheet
Fiscal years, from Globe Life's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $148M | $246M | $184M | $114M | $203M | $161M | $207M | $185M | $250M | $459M |
| Property, plant and equipment | — | — | — | — | — | — | $212M | $240M | $284M | $370M |
| Goodwill | $442M | $442M | $442M | $442M | $442M | $482M | $482M | $482M | $490M | $490M |
| Total assets | $21.4B | $23.5B | $23.1B | $26.0B | $29.0B | $29.8B | $26.0B | $28.1B | $29.1B | $30.8B |
| Long-term debt | $1.1B | $1.1B | $1.4B | $1.3B | $1.7B | $1.5B | $1.6B | $1.6B | $2.3B | $2.3B |
| Total liabilities | $16.9B | $17.2B | $17.7B | $18.7B | $20.3B | $21.1B | $22.0B | $23.6B | $23.8B | $24.8B |
| Shareholders' equity | $4.6B | $6.2B | $5.4B | $7.3B | $8.8B | $2.0B | $3.9B | $4.5B | $5.3B | $6.0B |
| Net debt | $1.1B | $1.0B | $1.2B | $1.3B | $1.6B | $1.6B | $1.7B | $1.5B | $2.2B | $2.2B |
Cash flow
Fiscal years, from Globe Life's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.4B | $1.3B | $1.4B | $1.5B | $1.4B | $1.4B | $1.5B | $1.4B | $1.4B |
| Capital spending | $25M | $20M | $45M | $42M | $42M | $38M | $28M | $50M | $71M | $142M |
| Free cash flow | $1.4B | $1.4B | $1.2B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B |
| Stock-based compensation | $26M | $37M | $40M | $45M | $36M | $30M | $36M | $31M | $40M | $53M |
| Dividends paid | $67M | $69M | $71M | $74M | $78M | $80M | $81M | $84M | $85M | $86M |
| Share buybacks (net) | -$405M | -$413M | -$422M | -$460M | -$444M | -$541M | -$455M | -$511M | -$1.0B | -$881M |
| Net borrowing | $22M | $61M | $527M | -$12M | $666M | $400M | $204M | $203M | $530M | $0 |
| Free cash flow margin | 34.9% | 33.9% | 28.6% | 29.2% | 30.3% | 27.4% | 26.7% | 26.3% | 23.0% | 20.9% |
| Dividends per share | $0.55 | $0.58 | $0.62 | $0.67 | $0.73 | $0.78 | $0.81 | $0.87 | $0.95 | $1.04 |
Questions
What was Globe Life's revenue in 2025?
$6.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Globe Life generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Globe Life's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.