Aflac (AFL) is trading up at $120.27 (+1.35%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Financials sector.
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $22.6B | $21.7B | $21.8B | $22.3B | $22.1B | $21.6B | $19.1B | $18.7B | $18.9B | $17.2B |
| Growth (year over year) | +8.1% | −4.0% | +0.4% | +2.5% | −0.7% | −2.7% | −11.2% | −2.3% | +1.2% | −9.3% |
| Operating income | $4.12B | $4.09B | $4.35B | $4.46B | $4.42B | $4.93B | $4.16B | — | — | — |
| Operating margin | 18.2% | 18.9% | 20.0% | 20.0% | 19.9% | 22.9% | 21.7% | — | — | — |
| Net income | $2.66B | $4.60B | $2.92B | $3.30B | $4.78B | $4.23B | $4.42B | $4.66B | $5.44B | $3.65B |
| Net margin | 11.8% | 21.2% | 13.4% | 14.8% | 21.6% | 19.6% | 23.1% | 24.9% | 28.8% | 21.2% |
| EPS (diluted) | $3.21 | $5.77 | $3.77 | $4.43 | $6.67 | $6.25 | $6.93 | $7.78 | $9.63 | $6.82 |
| Balance sheet | ||||||||||
| Cash and equivalents | $4.86B | $3.49B | $4.34B | $4.90B | $5.14B | $5.05B | $3.94B | $4.31B | $6.23B | $6.25B |
| Total assets | $129.8B | $137.2B | $140.4B | $152.8B | $165.1B | $157.5B | $131.7B | $126.7B | $117.6B | $116.5B |
| Total liabilities | $109.3B | $112.6B | $116.9B | $123.8B | $131.5B | $124.3B | $111.6B | $104.7B | $91.5B | $87.0B |
| Shareholders' equity | $20.5B | $24.6B | $23.5B | $29.0B | $33.6B | $17.0B | $20.1B | $22.0B | $26.1B | $29.5B |
| Cash flow | ||||||||||
| Operating cash flow | $5.99B | $6.13B | $6.01B | $5.46B | $5.96B | $5.05B | $3.88B | $3.19B | $2.71B | $2.56B |
| Dividends paid | $658.0M | $661.0M | $793.0M | $771.0M | $769.0M | $855.0M | $979.0M | $966.0M | $1.09B | $1.20B |
| Share buybacks | $1.42B | $1.35B | $1.30B | $1.63B | $1.54B | $2.30B | $2.40B | $2.80B | $2.80B | $3.53B |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $2.95B | $5.40B | $3.40B | $4.16B | $4.74B | $4.87B | $4.35B | $4.12B |
| Growth (year over year) | −40.4% | +43.0% | −37.5% | −19.0% | +60.7% | −10.0% | +27.9% | −1.0% |
| Net income | −$93.0M | $1.90B | $29.0M | $599.0M | $1.64B | $1.38B | $1.02B | $825.0M |
| Net margin | −3.2% | 35.2% | 0.9% | 14.4% | 34.6% | 28.3% | 23.4% | 20.0% |
| EPS (diluted) | −$0.17 | $3.45 | $0.05 | $1.11 | $3.08 | $2.58 | $1.98 | $1.63 |
| Balance sheet | ||||||||
| Cash and equivalents | $5.61B | $6.23B | $5.23B | $6.96B | $6.77B | $6.25B | $5.65B | $6.12B |
| Total assets | $128.4B | $117.6B | $120.3B | $124.7B | $122.3B | $116.5B | $116.3B | $116.0B |
| Total liabilities | $103.6B | $91.5B | $93.9B | $97.5B | $93.6B | $87.0B | $86.3B | $85.6B |
| Shareholders' equity | $24.8B | $26.1B | $26.3B | $27.2B | $28.7B | $29.5B | $30.0B | $30.3B |
| Cash flow | ||||||||
| Operating cash flow | $1.27B | $333.0M | $589.0M | $399.0M | $1.25B | $315.0M | $968.0M | $112.0M |
| Dividends paid | $270.0M | $267.0M | $306.0M | $301.0M | $299.0M | $292.0M | $304.0M | $299.0M |
| Share buybacks | $500.0M | $750.0M | $900.0M | $829.0M | $1.00B | $801.0M | $1.00B | $984.0M |
From Aflac's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
Aflac's latest reported figures next to the median of the other 75 S&P 500 Financials companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.
| Measure | Aflac | Financials (75 other S&P 500 companies) | S&P 500 (502 other companies) |
|---|---|---|---|
| Revenue growth, latest fiscal year | −9.3% | +7.2% | +7.0% |
| Net margin, latest fiscal year | 21.2% | 19.3% | 12.9% |
| Dividend per share, latest fiscal year | $2.35 | $2.38 | $2.40 |
| Share price change, 1 year | +10.6% | +8.9% | +7.5% |
Aflac: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Aflac included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, dividend per share 61/349, 1-year price change 75/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 61 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.
Aflac Incorporated is an American insurance company and is the largest provider of supplemental insurance in the United States. It was founded in 1955 and is based in Columbus, Georgia. In the U.S., it underwrites a wide range of insurance policies, but is perhaps more known for its payroll deduction insurance coverage, which pays cash benefits when a policyholder has a covered accident or illness. The company states it "provides financial protection to more than 50 million people worldwide".
Aflac Incorporated was incorporated in 1973 under the laws of the state of Georgia, and its address on the cover of its annual report for 2025 (Form 10-K) is 1932 Wynnton Road, Columbus, Georgia. According to the 10-K, the company's principal business is supplemental health and life insurance products, sold in Japan and the United States, and its insurance business consists of two reporting segments, Aflac Japan and Aflac U.S.; the Parent Company, reinsurance activities and other units that are not individually reportable are included in Corporate and other. Aflac Japan's main operating company is Aflac Life Insurance Japan Ltd. (ALIJ). The 10-K describes Aflac Japan as the largest insurer in Japan in terms of cancer and medical policies in force and the number one provider of cancer insurance there. Its fiscal year ends December 31, its common stock trades on the New York Stock Exchange as AFL, and it had 12,716 full-time employees at December 31, 2025: 6,804 at Aflac Japan, 5,117 at Aflac U.S. and 795 in Corporate and other (10-K).
For 2025 the consolidated statements of earnings report total revenues of $17,164 million, against $18,927 million in 2024, including net earned premiums of $13,548 million (2024: $13,440 million), net investment income of $4,076 million and net investment losses of $572 million (2024: gains of $1,271 million). Net earnings were $3,646 million, against $5,443 million in 2024, or $6.82 per diluted share (2024: $9.63). Net cash provided by operating activities was $2,555 million (2024: $2,707 million); the company paid $1,198 million of dividends to shareholders and spent $3,530 million on purchases of treasury stock. At December 31, 2025 total assets were $116,470 million and total shareholders' equity was $29,490 million (10-K). In its risk factors Aflac says Aflac Japan's adjusted revenues were 53% of the company's total adjusted revenues in 2025, against 55% in 2024 and 60% in 2023, and that Aflac Japan accounted for 76% of total assets at December 31, 2025.
According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenues were $4,117 million for the second quarter, against $4,160 million a year earlier, and $8,463 million for the first six months (2025: $7,558 million); net earnings were $825 million for the quarter, or $1.63 per diluted share, against $599 million, or $1.11. In its August 6, 2026 earnings release Aflac reported adjusted earnings per diluted share, a non-GAAP measure, down 1.7% to $1.75, and said it returned $1.3 billion to shareholders in the quarter, consisting of $983 million in share repurchases and $309 million in dividends. Aflac Japan's sales (new annualized premium) fell 5.6% to ¥19.6 billion, or $123 million, while Aflac U.S. sales rose 2.6% to $349 million. Shareholders' equity was $30.3 billion, or $60.35 per share, at June 30, 2026. Annual revenue rows below run to 2025, the latest year covered by a filed 10-K.
On June 30, 2026 Aflac reported in a Form 8-K that Aflac Japan had discovered on June 25, 2026 that an unauthorized third party had accessed certain of its systems between June 15 and June 25, 2026. Aflac Japan suspended certain systems to contain the incident while continuing to serve policyholders, said impacted files contain policy and coverage details, personal information and bank account information, and notified the Japan Financial Services Agency; the company said the incident is limited to systems in Japan and that the full scope and potential ultimate impact on it are not known. In May 2026 Aflac issued $500,000,000 of 5.150% Senior Notes due 2036 and four series of yen-denominated senior notes due 2029, 2031, 2033 and 2036, the largest being ¥41,800,000,000 of 2.802% Senior Notes due 2031 (Forms 8-K). Daniel P. Amos is Chairman and Chief Executive Officer, and Max K. Brodén is Senior Executive Vice President, Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2).
Summary sources:12345678910111213
| Fiscal year | Revenue (as reported in 10-K) | Reported as | Filed |
|---|---|---|---|
| 2021 | $22,106 million16 | Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenues, in millions as filed | Feb 23, 2022 |
| 2022 | $19,502 million17 | Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenues, in millions as filed | Feb 24, 2023 |
| 2023 | $18,701 million18 | Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenues, in millions as filed | Feb 22, 2024 |
| 2024 | $18,927 million19 | Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenues, in millions as filed | Feb 26, 2025 |
| 2025 | $17,164 million4 | Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenues, in millions as filed | Feb 25, 2026 |
| Name | Released | What it is |
|---|---|---|
| Miraito | Mar 2025 | A cancer insurance product launched by Aflac Japan in March 2025, described in the 10-K as service-integrated and designed to let customers choose the coverage they need.1 |
| Anshin Palette | Dec 2025 | A medical insurance product launched by Aflac Japan in December 2025 that lets customers choose only the coverage they need from a wide range of options (10-K for 2025).1 |
| Tsumitasu | Jun 2024 | Launched in June 2024, an insurance product designed primarily for post-retirement preparation, with asset formation features and coverage for nursing care and other benefits (10-K for 2025).1 |
| Prepare Smart Whole-Life Insurance | — | A whole life insurance product with low cash surrender value, with further discounted premiums for non-smokers and a pre-determined benefit paid on the death of the insured (10-K for 2025).1 |
| GIFT | — | A term life insurance product that pays beneficiaries a fixed amount every month upon a breadwinner's death or serious disability, as family support (10-K for 2025).1 |
| WAYS | — | An insurance product that lets policyholders convert a portion of their life insurance to medical, nursing care or fixed annuity benefits at a predetermined age (10-K for 2025).1 |
| Nursing Care Insurance | — | Aflac Japan's coverage for out-of-pocket costs incurred when receiving public nursing care services (10-K for 2025).1 |
| Yori-sou Cancer Consultation Support | — | A service, not an insurance policy: support from the moment a policyholder suspects cancer through treatment and recovery, provided to all holders of Aflac Japan cancer insurance products, including Miraito (10-K for 2025).1 |
Figures last checked against the sources above on . General information, not investment advice.
Japan Post Holdings, a 10% owner, sells $13.47 million of Aflac stock
Japan Post Holdings, a 10% owner, sells $13.47 million of Aflac stock
Japan Post Holdings, a 10% owner, sells $1.48m in AFLAC shares
Japan Post Holdings, a 10% owner, sells $1.48m in AFLAC shares
Japan Post Holdings sells $1.48 million in Aflac stock
Japan Post Holdings sells $1.48 million in Aflac stock
Aflac’s (AFL) Net Earnings Jumped 37.7%, Yet Adjusted Earnings Actually Fell
Aflac’s (AFL) Net Earnings Jumped 37.7%, Yet Adjusted Earnings Actually Fell
Aflac’s Masatoshi Koide sells $1.56 million in common stock
Aflac’s Masatoshi Koide sells $1.56 million in common stock
Japan Post Holdings sells $1.62m of Aflac stock
Japan Post Holdings sells $1.62m of Aflac stock
Jim Cramer on Aflac (AFL): “Not Great, Not Bad”
Jim Cramer on Aflac (AFL): “Not Great, Not Bad”
Japan Post Holdings sells $1.61m Aflac (NYSE:AFL) shares
Japan Post Holdings sells $1.61m Aflac (NYSE:AFL) shares
Aflac at KBW Insurance Conference 2026: capital, growth and AI
Aflac at KBW Insurance Conference 2026: capital, growth and AI
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