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Aflac

AFL Clue Score39
United States Fiscal year ends December CIK 0000004977
$114.54 -0.35% Close, 9 Oct 2026
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Price $114.54 +110.24% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue22.56Operating income4.12Net income2.66EPS, diluted3.21Fiscal year 2017Revenue21.67 −4.0%Operating income4.09Net income4.60 +73.1%EPS, diluted5.77 +79.8%Fiscal year 2018Revenue21.76 +0.4%Operating income4.35Net income2.92 −36.6%EPS, diluted3.77 −34.7%Fiscal year 2019Revenue22.31 +2.5%Operating income4.46Net income3.30 +13.2%EPS, diluted4.43 +17.5%Fiscal year 2020Revenue22.15 −0.7%Operating income4.42Net income4.78 +44.6%EPS, diluted6.67 +50.6%Fiscal year 2021Revenue21.55 −2.7%Operating income4.93Net income4.23 −11.4%EPS, diluted6.25 −6.3%Fiscal year 2022Revenue19.14 −11.2%Operating income4.16Net income4.42 +4.4%EPS, diluted6.93 +10.9%Fiscal year 2023Revenue18.70 −2.3%Net income4.66 +5.5%EPS, diluted7.78 +12.3%Fiscal year 2024Revenue18.93 +1.2%Net income5.44 +16.8%EPS, diluted9.63 +23.8%Fiscal year 2025Revenue17.16 −9.3%Net income3.65 −33.0%EPS, diluted6.82 −29.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 22.56 21.67 21.76 22.31 22.15 21.55 19.14 18.70 18.93 17.16
Growth −4.0% +0.4% +2.5% −0.7% −2.7% −11.2% −2.3% +1.2% −9.3%
Operating income 4.12 4.09 4.35 4.46 4.42 4.93 4.16 n/a n/a n/a
Net income 2.66 4.60 2.92 3.30 4.78 4.23 4.42 4.66 5.44 3.65
Growth +73.1% −36.6% +13.2% +44.6% −11.4% +4.4% +5.5% +16.8% −33.0%
EPS, diluted 3.21 5.77 3.77 4.43 6.67 6.25 6.93 7.78 9.63 6.82
Growth +79.8% −34.7% +17.5% +50.6% −6.3% +10.9% +12.3% +23.8% −29.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin18.2%Net margin11.8%Fiscal year 2017Operating margin18.9%Net margin21.2%Fiscal year 2018Operating margin20.0%Net margin13.4%Fiscal year 2019Operating margin20.0%Net margin14.8%Fiscal year 2020Operating margin19.9%Net margin21.6%Fiscal year 2021Operating margin22.9%Net margin19.6%Fiscal year 2022Operating margin21.7%Net margin23.1%Fiscal year 2023Net margin24.9%Fiscal year 2024Net margin28.8%Fiscal year 2025Net margin21.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 18.2% 18.9% 20.0% 20.0% 19.9% 22.9% 21.7% n/a n/a n/a
Net margin 11.8% 21.2% 13.4% 14.8% 21.6% 19.6% 23.1% 24.9% 28.8% 21.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow5.99Buybacks−1.42Dividends paid−0.66Fiscal year 2017Operating cash flow6.13Buybacks−1.35Dividends paid−0.66Fiscal year 2018Operating cash flow6.01Buybacks−1.30Dividends paid−0.79Fiscal year 2019Operating cash flow5.46Buybacks−1.63Dividends paid−0.77Fiscal year 2020Operating cash flow5.96Buybacks−1.54Dividends paid−0.77Fiscal year 2021Operating cash flow5.05Buybacks−2.30Dividends paid−0.86Fiscal year 2022Operating cash flow3.88Buybacks−2.40Dividends paid−0.98Fiscal year 2023Operating cash flow3.19Buybacks−2.80Dividends paid−0.97Fiscal year 2024Operating cash flow2.71Buybacks−2.80Dividends paid−1.09Fiscal year 2025Operating cash flow2.56Buybacks−3.53Dividends paid−1.20
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.99 6.13 6.01 5.46 5.96 5.05 3.88 3.19 2.71 2.56
Buybacks −1.42 −1.35 −1.30 −1.63 −1.54 −2.30 −2.40 −2.80 −2.80 −3.53
Dividends paid −0.66 −0.66 −0.79 −0.77 −0.77 −0.86 −0.98 −0.97 −1.09 −1.20

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash4.86Shareholders’ equity20.48Fiscal year 2017Cash3.49Shareholders’ equity24.60Fiscal year 2018Cash4.34Shareholders’ equity23.46Fiscal year 2019Cash4.90Shareholders’ equity28.96Fiscal year 2020Cash5.14Shareholders’ equity33.56Fiscal year 2021Cash5.05Shareholders’ equity17.03Fiscal year 2022Cash3.94Shareholders’ equity20.14Fiscal year 2023Cash4.31Shareholders’ equity21.99Fiscal year 2024Cash6.23Shareholders’ equity26.10Fiscal year 2025Cash6.25Shareholders’ equity29.49
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 4.86 3.49 4.34 4.90 5.14 5.05 3.94 4.31 6.23 6.25
Shareholders’ equity 20.48 24.60 23.46 28.96 33.56 17.03 20.14 21.99 26.10 29.49

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
22.56 21.67 21.76 22.31 22.15 21.55 19.14 18.70 18.93 17.16
Growth −4.0% +0.4% +2.5% −0.7% −2.7% −11.2% −2.3% +1.2% −9.3%
2.80 2.78 2.99 3.09 3.42 3.54 3.25 3.17 3.01 3.25
4.12 4.09 4.35 4.46 4.42 4.93 4.16 n/a n/a n/a
Growth −0.7% +6.5% +2.5% −1.0% +11.7% −15.7%
4.07 4.02 3.98 4.45 4.16 5.21 4.87 5.26 6.42 4.53
1.41 −0.59 1.06 1.14 −0.62 0.98 0.45 0.60 0.97 0.89
2.66 4.60 2.92 3.30 4.78 4.23 4.42 4.66 5.44 3.65
Growth +73.1% −36.6% +13.2% +44.6% −11.4% +4.4% +5.5% +16.8% −33.0%
Per share
3.23 5.81 3.79 4.45 6.69 6.28 6.96 7.81 9.68 6.84
3.21 5.77 3.77 4.43 6.67 6.25 6.93 7.78 9.63 6.82
Growth +79.8% −34.7% +17.5% +50.6% −6.3% +10.9% +12.3% +23.8% −29.2%
822.9 792.0 769.6 742.4 713.7 673.6 634.8 596.2 562.5 532.9
827.8 797.9 774.7 746.4 716.2 676.7 637.7 598.7 565.0 534.9
Growth −3.6% −2.9% −3.6% −4.1% −5.5% −5.8% −6.1% −5.6% −5.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 5.0% a year over five years, and earnings per share grew 0.4% a year.
  • The diluted share count fell 25.3% in five years, so buybacks did some of the work per share.
  • Profitable in every one of the 10 years on file.