financial statements

The full income statement, balance sheet, and cash-flow statement for AFLAC Incorporated (AFL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	17.2B YoY-9.3%	18.9B YoY+1.2%	18.7B YoY-2.3%	19.1B YoY-11.2%	21.6B YoY-2.7%
	5.34B YoY+5.5%	5.06B YoY-3.2%	5.23B YoY-2.9%	5.38B YoY-8.3%	5.87B YoY-5.2%
Selling, general & administrative	3.25B YoY+7.9%	3.01B YoY-4.8%	3.17B YoY-2.6%	3.25B YoY-8.2%	3.54B YoY+3.5%
Provision for credit losses	191M YoY-25.4%	256M YoY+84.2%	139M YoY+286.1%	36.0M	—
Operating income	—	—	—	4.16B YoY-15.7%	4.93B YoY+11.7%
Interest expense	—	—	195M YoY-13.7%	226M YoY-5.0%	238M YoY-1.7%
Other non-operating income	—	—	39.0M	0.00 YoY+100.0%	-73.0M YoY-160.7%
Pre-tax income	4.53B YoY-29.4%	6.42B YoY+21.9%	5.26B YoY+8.1%	4.87B YoY-6.5%	5.21B YoY+25.2%
Income tax	887M YoY-8.9%	974M YoY+61.5%	603M YoY+33.7%	451M YoY-53.8%	977M YoY+257.8%
Net income	3.65B YoY-33.0%	5.44B YoY+16.8%	4.66B YoY+5.5%	4.42B YoY+4.4%	4.23B YoY-11.4%
	$6.82 YoY-29.2%	$9.63 YoY+23.8%	$7.78 YoY+12.3%	$6.93 YoY+10.9%	$6.25 YoY-6.3%
EPS (basic)	$6.84 YoY-29.3%	$9.68 YoY+23.9%	$7.81 YoY+12.2%	$6.96 YoY+10.8%	$6.28 YoY-6.1%
Weighted-avg shares (basic)	533M YoY-5.3%	562M YoY-5.6%	596M YoY-6.1%	635M YoY-5.8%	674M YoY-5.6%
Weighted-avg shares (diluted)	535M YoY-5.3%	565M YoY-5.6%	599M YoY-6.1%	638M YoY-5.8%	677M YoY-5.5%
Dividends per share	$2.35 YoY+13.0%	$2.08 YoY+18.2%	$1.76 YoY+8.6%	$1.62	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	6.25B YoY+0.3%	6.23B YoY+44.7%	4.31B YoY+9.2%	3.94B YoY-21.9%	5.05B YoY-1.8%
	116B YoY-0.9%	118B YoY-7.2%	127B YoY-3.8%	132B YoY-16.4%	158B YoY-4.6%
Property, plant & equipment	351M YoY-9.3%	387M YoY-13.0%	445M YoY-16.0%	530M YoY-1.5%	538M YoY-10.5%
Goodwill	260M YoY-1.1%	263M YoY-0.8%	265M YoY+0.0%	265M YoY-1.1%	268M YoY-0.4%
Total liabilities	87.0B YoY-4.9%	91.5B YoY-12.7%	105B YoY-6.1%	112B YoY-10.2%	124B YoY-5.5%
	29.5B YoY+13.0%	26.1B YoY+18.7%	22.0B YoY+9.2%	20.1B YoY+18.3%	17.0B YoY-49.3%
Common stock	136M YoY+0.0%	136M YoY+0.0%	136M YoY+0.7%	135M YoY+0.0%	135M YoY+0.0%
Additional paid-in capital	3.02B YoY+4.5%	2.89B YoY+4.4%	2.77B YoY+4.9%	2.64B YoY+4.4%	2.53B YoY+4.9%
Retained earnings	54.7B YoY+4.6%	52.3B YoY+8.9%	48.0B YoY+8.2%	44.4B YoY+7.2%	41.4B YoY+8.9%
Treasury stock	29.8B YoY+13.6%	26.2B YoY+12.1%	23.4B YoY+13.7%	20.6B YoY+13.1%	18.2B YoY+14.3%
Accumulated other comprehensive income	-3.68B YoY+0.0%	-3.68B YoY+33.4%	-5.52B YoY+14.1%	-6.43B YoY+23.6%	-8.41B YoY-194.1%
Total equity incl. non-controlling	11.1B YoY+0.0%	11.1B YoY+0.0%	11.1B YoY+0.0%	11.1B YoY+0.0%	11.1B YoY+0.0%
Total liabilities & equity	116B YoY-0.9%	118B YoY-7.2%	127B YoY-3.8%	132B YoY-16.4%	158B YoY-4.6%
Common shares issued	1.36B YoY+0.1%	1.36B YoY+0.1%	1.36B YoY+0.1%	1.35B YoY+0.1%	1.35B YoY+0.1%
Common shares outstanding	519M YoY-5.7%	550M YoY-4.9%	578M YoY-6.0%	615M YoY-5.7%	652M YoY-5.8%
Shares outstanding (cover)	524M YoY-5.7%	556M YoY-4.9%	584M YoY-6.0%	622M YoY-6.0%	662M YoY-5.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.56B YoY-5.6%	2.71B YoY-15.1%	3.19B YoY-17.8%	3.88B YoY-23.2%	5.05B YoY-15.2%
Depreciation & amortization	36.0M YoY-10.0%	40.0M YoY+2.6%	39.0M YoY-13.3%	45.0M YoY+0.0%	45.0M YoY+9.8%
Deferred income taxes	-228M YoY+36.0%	-356M YoY+66.4%	-1.06B YoY-45.2%	-730M YoY-518.6%	-118M YoY+91.6%
	1.56B YoY-43.9%	2.78B YoY+240.4%	817M YoY+153.1%	-1.54B YoY+35.2%	-2.38B YoY+48.5%
Other investing activities	295M YoY+583.6%	-61.0M YoY-140.9%	149M YoY+233.0%	-112M YoY-173.2%	-41.0M YoY-115.5%
	-4.07B YoY-16.7%	-3.49B YoY+6.4%	-3.72B YoY-4.8%	-3.55B YoY-29.6%	-2.74B YoY-145.7%
Common stock repurchased	3.53B YoY+26.1%	2.80B YoY-0.0%	2.80B YoY+16.7%	2.40B YoY+4.3%	2.30B YoY+49.7%
Dividends paid	1.20B YoY+10.2%	1.09B YoY+12.5%	966M YoY-1.3%	979M YoY+14.5%	855M YoY+11.2%
Other financing activities	-38.0M YoY-35.7%	-28.0M YoY-64.7%	-17.0M YoY-150.0%	34.0M YoY+230.8%	-26.0M YoY+3.7%
FX effect on cash	—	—	—	—	-24.0M YoY-214.3%
Net change in cash	16.0M YoY-99.2%	1.92B YoY+429.8%	363M YoY+132.8%	-1.11B YoY-1131.1%	-90.0M YoY-136.7%
Interest paid	197M YoY+9.4%	180M YoY-2.7%	185M YoY-12.3%	211M YoY-0.9%	213M YoY+1.4%
Income taxes paid	1.17B YoY-14.8%	1.37B YoY-12.9%	1.57B YoY+63.3%	961M YoY+9.2%	880M YoY+10.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	57.8B YoY+0.6%	57.5B YoY+19.2%	48.2B YoY+7.8%	44.7B YoY+15.8%	38.6B YoY+23.7%
P/E	15.9× YoY+50.1%	10.6× YoY-1.2%	10.7× YoY+21.4%	8.8× YoY-3.6%	9.1× YoY+39.6%
P/S	3.4× YoY+10.9%	3.0× YoY+16.9%	2.6× YoY+14.7%	2.3× YoY+26.4%	1.8× YoY+27.1%
P/B	2.0× YoY-11.0%	2.2× YoY+1.8%	2.2× YoY-5.1%	2.3× YoY+0.5%	2.3× YoY+143.7%
P/FCF	22.6× YoY+6.6%	21.2× YoY+57.7%	13.5× YoY+10.0%	12.2× YoY+60.0%	7.6× YoY+45.9%
Earnings yield	6.3% YoY-33.4%	9.5% YoY+1.2%	9.4% YoY-17.7%	11.4% YoY+3.8%	11.0% YoY-28.4%
FCF yield	4.4% YoY-6.2%	4.7% YoY-36.6%	7.4% YoY-9.1%	8.2% YoY-37.5%	13.1% YoY-31.4%
Dividend yield	2.1% YoY+6.0%	2.0% YoY-5.7%	2.1% YoY-5.3%	2.3%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AFL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AFL filings on SEC EDGAR → Not investment advice.

AFL▼ financial statements

About this data

financial statements