AMERICAN FINANCIAL GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMERICAN FINANCIAL GROUP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,498	6,865	7,150	6,213	5,769	6,552	7,040	7,827	8,324	8,174
Selling, general and administrative					1,625	1,547	1,718	1,935	2,007	2,059
Operating income	787	724	639	634	339	1,335	1,123	1,073	1,124	1,073
Interest expense	77	85	62	68	88	94	85	76	76	80
Pre-tax income	787	724	639	1,108	848			1,041	1,088	1,031
Income tax	119	247	122	143	25	254	225	221	237	231
Income from continuing operations						1,081	898	852
Net income to minority interests	19	2	-13	-28	-11	0	0
Net income	649	475	530	897	732	1,995	898	852	887	842
EBITDA	921	831	849	893	638	1,522	1,223	1,151	1,205	1,159
EPS, basic	7.47	5.40	5.95	9.98	8.25	23.44	10.55	10.06	10.57	10.08
EPS, diluted	7.33	5.28	5.85	9.85	8.20	23.30	10.53	10.05	10.57	10.08
Shares, basic (weighted)	86.9	87.8	89	89.9	88.7	85.1	85.1	84.7	83.9	83.5
Shares, diluted (weighted)	88.5	89.8	90.6	91	89.2	85.6	85.3	84.8	83.9	83.5
Dividend per share	2.15	4.79	4.45	4.95	3.85	28.06	14.31	8.10	9.43	7.28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,107	2,338	1,515	2,314	1,665	2,131	872	1,225	1,406	1,727
Lease right-of-use assets				158	139	118	103	176	212	198
Goodwill	199	199	176	176	176	246	246	305	305	327
Intangible assets	34	26	54	43	34	106	108	213	203	189
Total assets	55,072	60,658	63,456	70,130	73,710	28,931	28,831	29,787	30,836	32,642
Total liabilities	50,153	55,324	58,484	63,861	66,921	23,919	24,779	25,529	26,370	27,822
Total debt	1,283	1,301	1,302	1,473	1,963	1,964	1,496	1,475	1,475	1,820
Paid-in capital	1,111	1,181	1,245	1,307	1,281	1,330	1,368	1,372	1,411	1,430
Other comprehensive income	375	813	48	863	1,273	119	-543	-319	-240	-50
Shareholders' equity	4,916	5,330	4,970	6,269	6,789	5,012	4,052	4,258	4,466	4,820
Minority interests	3	1	2	0	0
Total equity	4,919	5,331	4,972	6,269	6,789	5,012	4,052	4,258	4,466	4,820
Total liabilities and equity	55,072	60,658	63,456	70,130	73,710	28,931	28,831	29,787	30,836	32,642
Shares outstanding	86.9	88.3	89.3	90.3	86.3	84.9	85.2	83.6	84	83.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	668	477	517	869	721	1,995	898	852	887	842
Depreciation and amortization	134	107	210	259	299	187	100	78	81	86
Stock-based compensation	28	30	23	23	20	16	19	18	18	18
Deferred income tax								37	8	41
Cash from operations	1,150	1,804	2,083	2,456	2,183	1,714	1,153	1,970	1,152	1,533
Acquisitions	0	0	-36	0	-3	-123	-10	-234	-9	-7
Purchases of investments	-7,537	-9,485	-10,183	-8,260	-10,335	-7,978	-4,387	-2,005	-2,136	-2,984
Sales and maturities of investments	4,713	6,105	4,948	4,567	5,749	5,035	2,511	1,310	2,145	2,437
Cash from investing	-2,981	-3,292	-5,350	-3,065	-1,564	-436	-1,051	414	95	-835
Debt issued	302	712	0	315	634	0	0	0	0	344
Debt repaid	-18	-745	0	-150	-150	0	-477	-21	0	0
Stock issued	35	37	33	36	22	66	16	15	17	12
Share buybacks	-133	0	-6	0	-313	-319	-11	-213	0	-99
Dividends paid	-185	-417	-394	-444	-334	-2,374	-1,213	-684	-788	-606
Cash from financing	2,718	1,719	2,444	1,408	-123	-1,957	-1,361	-2,031	-1,066	-377
Net change in cash	887	231	-823	799	496	-679	-1,259	353	181	321
Interest paid	75	85	59	65	83	92	89	74	74	74
Income taxes paid	308	194	156	278	179	212	242	201	201	168

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $138.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.5%	Operating income / revenue.
EBITDA margin	15.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.5%	Net income / revenue.
Operating cash flow margin	18.9%	Cash from operations / revenue.
Return on equity (ROE)	19.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	18.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	25.5%	Selling, general and administrative expense / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-4.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-22.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-20.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.5%	Total debt / total assets.
Liabilities / assets	85.4%	Total liabilities / total assets.
Net debt	$383.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.5x	Operating income / interest expense.
Goodwill and intangibles / assets	1.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$99.73	Revenue / diluted weighted shares.
Operating cash flow per share	$18.87	Cash from operations / diluted weighted shares.
Book value per share	$58.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.04	Tangible book value / shares outstanding.
Cash per share	$17.34	(Cash + short-term investments) / shares outstanding.
Payout ratio	60.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.46B	Share price x shares outstanding.
Enterprise value	$11.84B	Market cap + total debt - cash - short-term investments.
P/E	12.0x	Market cap / net income. Only when net income is positive.
P/S	1.38x	Market cap / revenue.
P/B	2.38x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.66x	Market cap / tangible book value, when positive.
P/OCF	7.32x	Market cap / cash from operations, when positive.
EV/Sales	1.43x	Enterprise value / revenue.
EV/EBIT	9.85x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.16x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.

What was AMERICAN FINANCIAL GROUP INC's revenue in fiscal 2025?

AMERICAN FINANCIAL GROUP INC reported revenue of $8.17B for fiscal 2025, 1.8% lower than the year before.

Was AMERICAN FINANCIAL GROUP INC profitable in fiscal 2025?

Yes. Net income was $842.0M, a net margin of 10.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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