Aflac Inc Financials

AFL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Aflac Inc (AFL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Aflac Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.50x

For every $1 of reported earnings, Aflac Inc generates $0.50 in operating cash flow ($2.7B OCF vs $5.4B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$18.9B

YoY+1.2%

5Y CAGR-3.2%

10Y CAGR-1.8%

Aflac Inc generated $18.9B in revenue in fiscal year 2024. This represents an increase of 1.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$5.4B

YoY+16.8%

5Y CAGR+10.5%

10Y CAGR+6.3%

Aflac Inc reported $5.4B in net income in fiscal year 2024. This represents an increase of 16.8% from the prior year.

EPS (Diluted)

$9.63

YoY+23.8%

5Y CAGR+16.8%

10Y CAGR+4.0%

Aflac Inc earned $9.63 per diluted share (EPS) in fiscal year 2024. This represents an increase of 23.8% from the prior year.

Cash & Debt

$6.2B

YoY+44.7%

5Y CAGR+4.9%

10Y CAGR+2.9%

Aflac Inc held $6.2B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.08

YoY+18.2%

5Y CAGR+14.0%

Aflac Inc paid $2.08 per share in dividends in fiscal year 2024. This represents an increase of 18.2% from the prior year.

Shares Outstanding

550M

YoY-4.9%

5Y CAGR-5.3%

10Y CAGR+2.2%

Aflac Inc had 550M shares outstanding in fiscal year 2024. This represents a decrease of 4.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

28.8%

YoY+3.9pp

5Y CAGR+14.0pp

10Y CAGR+15.8pp

Aflac Inc's net profit margin was 28.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity

20.9%

YoY-0.3pp

5Y CAGR+9.5pp

10Y CAGR+4.8pp

Aflac Inc's ROE was 20.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$2.8B

YoY-0.0%

5Y CAGR+11.5%

10Y CAGR+8.8%

Aflac Inc spent $2.8B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 0.0% from the prior year.

Capital Expenditures

N/A

AFL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$18.9B+1.2%	$18.7B-2.3%	$19.1B-11.2%	$21.6B-2.7%	$22.1B-0.7%	$22.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.0B-4.8%	$3.2B-2.6%	$3.2B-8.2%	$3.5B+3.5%	$3.4B+10.7%	$3.1B
Operating Income	N/A	N/A	$4.2B-15.7%	$4.9B+11.7%	$4.4B-1.0%	$4.5B
Interest Expense	$194.0M-0.5%	$195.0M-13.7%	$226.0M-5.0%	$238.0M-1.7%	$242.0M+6.1%	$228.0M
Income Tax	$974.0M+61.5%	$603.0M+33.7%	$451.0M-53.8%	$977.0M+257.8%	-$619.0M-154.3%	$1.1B
Net Income	$5.4B+16.8%	$4.7B+5.5%	$4.4B+4.4%	$4.2B-11.4%	$4.8B+44.6%	$3.3B
EPS (Diluted)	$9.63+23.8%	$7.78+12.3%	$6.93+10.9%	$6.25-6.3%	$6.67+50.6%	$4.43

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$4.7B+13.9%	$4.2B+22.4%	$3.4B-10.0%	$3.8B-23.7%	$5.0B-4.3%	$5.2B+7.8%	$4.8B+21.6%	$3.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$781.0M-2.9%	$804.0M+0.2%	$802.0M-8.6%	$877.0M+11.7%	$785.0M+7.8%	$728.0M-6.1%	$775.0M-7.2%	$835.0M
Operating Income	N/A	N/A	N/A	N/A	$1.3B+14.0%	$1.1B+0.5%	$1.1B+51.3%	$749.0M
Interest Expense	$56.0M+9.8%	$51.0M+4.1%	$49.0M+4.3%	$47.0M-4.1%	$49.0M-3.9%	$51.0M+6.3%	$48.0M-14.3%	$56.0M
Income Tax	$355.0M+59.2%	$223.0M+92.2%	$116.0M+452.4%	$21.0M-91.1%	$236.0M+23.6%	$191.0M+24.0%	$154.0M-55.0%	$342.0M
Net Income	$1.6B+173.6%	$599.0M+1965.5%	$29.0M-89.2%	$268.0M-82.9%	$1.6B-4.0%	$1.6B+37.5%	$1.2B+506.1%	$196.0M
EPS (Diluted)	$3.08+177.5%	$1.11+2120.0%	$0.05-89.1%	$0.46-82.6%	$2.64-2.6%	$2.71+39.7%	$1.94+525.8%	$0.31

AFL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$117.6B-7.2%	$126.7B-3.8%	$131.7B-16.4%	$157.5B-4.6%	$165.1B+8.1%	$152.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.2B+44.7%	$4.3B+9.2%	$3.9B-21.9%	$5.1B-1.8%	$5.1B+5.0%	$4.9B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$263.0M-0.8%	$265.0M0.0%	$265.0M-1.1%	$268.0M-0.4%	$269.0M+92.1%	$140.0M
Total Liabilities	$91.5B-12.7%	$104.7B-6.1%	$111.6B-10.2%	$124.3B-5.5%	$131.5B+6.2%	$123.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.1B+18.7%	$22.0B+9.2%	$20.1B+18.3%	$17.0B-49.3%	$33.6B+15.9%	$29.0B
Retained Earnings	$52.3B+8.9%	$48.0B+8.2%	$44.4B+7.2%	$41.4B+8.9%	$38.0B+10.8%	$34.3B

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$122.3B-1.9%	$124.7B+3.7%	$120.3B-5.1%	$126.7B+1.3%	$125.1B-4.2%	$130.6B-3.2%	$135.0B+2.5%	$131.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.8B-2.8%	$7.0B+33.1%	$5.2B+21.5%	$4.3B-21.7%	$5.5B+16.6%	$4.7B+23.9%	$3.8B-3.4%	$3.9B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$263.0M	N/A	N/A	$265.0M	N/A	N/A	N/A	$265.0M
Total Liabilities	$93.6B-4.0%	$97.5B+3.9%	$93.9B-10.3%	$104.7B+2.2%	$102.4B-7.0%	$110.2B-4.3%	$115.2B+3.2%	$111.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$28.7B+5.5%	$27.2B+3.3%	$26.3B+19.8%	$22.0B-3.0%	$22.7B+10.9%	$20.4B+3.3%	$19.8B-1.8%	$20.1B
Retained Earnings	$53.9B+2.5%	$52.6B+0.5%	$52.3B+9.0%	$48.0B-0.5%	$48.3B+2.8%	$46.9B+3.0%	$45.6B+2.7%	$44.4B

AFL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.7B-15.1%	$3.2B-17.8%	$3.9B-23.2%	$5.1B-15.2%	$6.0B+9.2%	$5.5B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$2.8B+240.4%	$817.0M+153.1%	-$1.5B+35.2%	-$2.4B+48.5%	-$4.6B-45.7%	-$3.2B
Financing Cash Flow	-$3.5B+6.4%	-$3.7B-4.8%	-$3.6B-29.6%	-$2.7B-145.7%	-$1.1B+34.9%	-$1.7B
Dividends Paid	$1.1B+12.5%	$966.0M-1.3%	$979.0M+14.5%	$855.0M+11.2%	$769.0M-0.3%	$771.0M
Share Buybacks	$2.8B0.0%	$2.8B+16.7%	$2.4B+4.3%	$2.3B+49.7%	$1.5B-5.5%	$1.6B

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$1.3B+213.8%	$399.0M-32.3%	$589.0M+1.2%	$582.0M-54.4%	$1.3B+188.7%	$442.0M-50.3%	$890.0M-13.8%	$1.0B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$28.0M-98.2%	$1.5B+527.0%	-$359.0M+69.1%	-$1.2B-336.9%	$490.0M-68.7%	$1.6B+2132.5%	-$77.0M+88.9%	-$693.0M
Financing Cash Flow	-$1.5B-802.5%	-$162.0M+87.2%	-$1.3B-60.2%	-$787.0M+20.7%	-$992.0M+1.9%	-$1.0B-8.4%	-$933.0M+28.0%	-$1.3B
Dividends Paid	$299.0M-0.7%	$301.0M-1.6%	$306.0M+29.7%	$236.0M-1.3%	$239.0M-1.6%	$243.0M-2.0%	$248.0M+3.8%	$239.0M
Share Buybacks	$1.0B+20.6%	$829.0M-7.9%	$900.0M+28.4%	$701.0M+0.1%	$700.0M0.0%	$700.0M0.0%	$700.0M+16.7%	$600.0M

AFL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	21.7%-1.2pp	22.9%+2.9pp	19.9%-0.1pp	20.0%
Net Margin	28.8%+3.9pp	24.9%+1.8pp	23.1%+3.5pp	19.6%-1.9pp	21.6%+6.8pp	14.8%
Return on Equity	20.9%-0.3pp	21.2%-0.8pp	21.9%-2.9pp	24.8%+10.6pp	14.2%+2.8pp	11.4%
Return on Assets	4.6%+1.0pp	3.7%+0.3pp	3.4%+0.7pp	2.7%-0.2pp	2.9%+0.7pp	2.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.50-1.3	4.76-0.8	5.54-1.8	7.30+3.4	3.92-0.4	4.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	26.2%+4.2pp	22.0%-1.6pp	23.6%+4.6pp	19.0%
Net Margin	34.6%+20.2pp	14.4%+13.5pp	0.9%-6.2pp	7.1%-24.6pp	31.7%+0.1pp	31.6%+6.8pp	24.8%+19.8pp	5.0%
Return on Equity	5.7%+3.5pp	2.2%+2.1pp	0.1%-1.1pp	1.2%-5.7pp	6.9%-1.1pp	8.0%+2.0pp	6.0%+5.0pp	1.0%
Return on Assets	1.3%+0.9pp	0.5%+0.5pp	0.0%-0.2pp	0.2%-1.0pp	1.3%0.0pp	1.3%+0.4pp	0.9%+0.7pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.26-0.3	3.59+0.0	3.57-1.2	4.76+0.2	4.52-0.9	5.39-0.4	5.82+0.3	5.54
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Aflac Inc's annual revenue?

Aflac Inc (AFL) reported $18.9B in total revenue for fiscal year 2024. This represents a 1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aflac Inc's revenue growing?

Aflac Inc (AFL) revenue grew by 1.2% year-over-year, from $18.7B to $18.9B in fiscal year 2024.

Is Aflac Inc profitable?

Yes, Aflac Inc (AFL) reported a net income of $5.4B in fiscal year 2024, with a net profit margin of 28.8%.

What is Aflac Inc's earnings per share (EPS)?

Aflac Inc (AFL) reported diluted earnings per share of $9.63 for fiscal year 2024. This represents a 23.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Aflac Inc's net profit margin?

Aflac Inc (AFL) had a net profit margin of 28.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Aflac Inc pay dividends?

Yes, Aflac Inc (AFL) paid $2.08 per share in dividends during fiscal year 2024.

What is Aflac Inc's return on equity (ROE)?

Aflac Inc (AFL) has a return on equity of 20.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Aflac Inc's operating cash flow?

Aflac Inc (AFL) generated $2.7B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Aflac Inc's total assets?

Aflac Inc (AFL) had $117.6B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Aflac Inc buy back shares?

Yes, Aflac Inc (AFL) spent $2.8B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Aflac Inc have outstanding?

Aflac Inc (AFL) had 550M shares outstanding as of fiscal year 2024.

What is Aflac Inc's debt-to-equity ratio?

Aflac Inc (AFL) had a debt-to-equity ratio of 3.50 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aflac Inc's return on assets (ROA)?

Aflac Inc (AFL) had a return on assets of 4.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Aflac Inc's Piotroski F-Score?

Aflac Inc (AFL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aflac Inc's earnings high quality?

Aflac Inc (AFL) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.