AFLAC INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AFLAC 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	22,559	21,667	21,758	22,307	22,147	21,554	19,140	18,701	18,927	17,164
Selling, general and administrative	2,796	2,780	2,988	3,089	3,420	3,541	3,249	3,165	3,014	3,253
Operating expenses				5,920	6,192	5,870	5,384	5,228	5,060	5,338
Operating income	4,117	4,087	4,354	4,461	4,416	4,934	4,157
Interest expense	268	240	222	228	242	238	226	195	194	217
Other non-operating income	-137	-69	-74	-1	-28	-73	0	39
Pre-tax income	4,067	4,018	3,983	4,445	4,159	5,208	4,869	5,262	6,417	4,533
Income tax	1,408	-586	1,063	1,141	-619	977	451	603	974	887
Net income	2,659	4,604	2,920	3,304	4,778	4,231	4,418	4,659	5,443	3,646
EBITDA	4,171	4,140	4,403	4,502	4,457	4,979	4,202
EPS, basic	3.23	5.81	3.79	4.45	6.69	6.28	6.96	7.81	9.68	6.84
EPS, diluted	3.21	5.77	3.77	4.43	6.67	6.25	6.93	7.78	9.63	6.82
Shares, basic (weighted)	823	792	770	742	714	674	635	596	562	533
Shares, diluted (weighted)	828	798	775	746	716	677	638	599	565	535
Dividend per share				1.08	1.12	1.32	1.62	1.76	2.08	2.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,859	3,491	4,337	4,896	5,141	5,051	3,943	4,306	6,229	6,245
Property, plant and equipment	433	434	443	581	601	538	530	445	387	351
Goodwill				140	269	268	265	265	263	260
Total assets	129,819	137,217	140,406	152,768	165,086	157,542	131,738	126,724	117,566	116,470
Total liabilities	109,337	112,619	116,944	123,809	131,527	124,289	111,598	104,739	91,468	86,980
Total debt	5,360	5,289	5,778	6,569	7,899	7,956	7,442	7,364	7,498	8,409
Paid-in capital	1,976	2,052	2,177	2,313	2,410	2,529	2,641	2,771	2,894	3,024
Retained earnings	25,981	29,895	31,788	34,291	37,984	41,381	44,367	47,993	52,277	54,682
Treasury stock	-10,172	-11,512	-12,789	-14,395	-15,904	-18,185	-20,574	-23,395	-26,231	-29,804
Other comprehensive income	2,630	4,028	2,151	6,615	8,934	-8,411	-6,429	-5,520
Shareholders' equity	20,482	24,598	23,462	28,959	33,559	17,031	20,140	21,985	26,098	29,490
Total equity	20,482	24,598	23,462	28,959	33,559	17,031	20,140	21,985	26,098	29,490
Total liabilities and equity	129,819	137,217	140,406	152,768	165,086	157,542	131,738	126,724	117,566	116,470
Shares outstanding	812	781	755	727	692	652	615	578	550	519

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,659	4,604	2,920	3,304	4,778	4,231	4,418	4,659	5,443	3,646
Depreciation and amortization	54	53	49	41	41	45	45	39	40	36
Deferred income tax	524	-1,217	-316	335	-1,413	-118	-730	-1,060	-356	-228
Change in receivables	42	-91	-55	-32	58	72	5	-133	51	-66
Cash from operations	5,987	6,128	6,014	5,455	5,958	5,051	3,879	3,190	2,707	2,555
Acquisitions	0	0
Purchases of investments	-10,890	-9,867	-9,086	-6,934	-4,772	-5,813	-3,514	-2,801	-5,542	-11,742
Sales and maturities of investments	1,096	768
Cash from investing	-3,855	-5,431	-3,582	-3,171	-4,619	-2,378	-1,540	817	2,781	1,561
Stock issued	68	58	48	40	18	26	16	16	13	9
Share buybacks	-1,422	-1,351	-1,301	-1,627	-1,537	-2,301	-2,401	-2,801	-2,800	-3,530
Dividends paid	-658	-661	-793	-771	-769	-855	-979	-966	-1,087	-1,198
Cash from financing	-1,619	-2,065	-1,616	-1,713	-1,115	-2,739	-3,551	-3,723	-3,486	-4,069
Exchange rate effect	-4	0	30	-12	21	-24
Net change in cash	509	-1,368	846	559	245	-90	-1,108	363	1,923	16
Interest paid	211	196	181	190	210	213	211	185	180	197
Income taxes paid	1,526	780	998	1,384	800	880	961	1,569	1,367	1,165

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 $113.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	32.0%	Pre-tax income / revenue.
Net margin	26.9%	Net income / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	16.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
SG&A / revenue	17.5%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.2%	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	-5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-29.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.4%	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	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.0%	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	-15.6%	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	13.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.2%	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	16.0%	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	13.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	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	-2.6%	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	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.0%	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	-6.7%	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	-5.3%	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	-5.7%	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	-5.7%	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	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.5%	Total debt / total assets.
Liabilities / assets	73.9%	Total liabilities / total assets.
Net debt	$2.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$30.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	51.5x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.62	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	$35.74	Revenue / diluted weighted shares.
Operating cash flow per share	$5.24	Cash from operations / diluted weighted shares.
Book value per share	$60.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$60.35	Tangible book value / shares outstanding.
Cash per share	$12.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$57.01B	Share price x shares outstanding.
Enterprise value	$59.62B	Market cap + total debt - cash - short-term investments.
P/E	11.7x	Market cap / net income. Only when net income is positive.
P/S	3.16x	Market cap / revenue.
P/B	1.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.88x	Market cap / tangible book value, when positive.
P/OCF	21.5x	Market cap / cash from operations, when positive.
EV/Sales	3.30x	Enterprise value / revenue.
Earnings yield	8.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	8.7%	(Dividends paid + share buybacks) / market cap.

What was AFLAC INC's revenue in fiscal 2025?

AFLAC INC reported revenue of $17.16B for fiscal 2025, 9.3% lower than the year before.

Was AFLAC INC profitable in fiscal 2025?

Yes. Net income was $3.65B, a net margin of 21.2%.

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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