Aflac

Financials Life & Health Insurance Columbus, Georgia Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$17.2B
                    3y CAGR -3.6%
                    
                    P7
                    
                    -9.3%
                    
                    Net income
                    FY2025
                
$3.6B
                    Net margin +21.2%
                    
                    P54
                    
                    -33.0%
                    
                    Total assets
                    FY2025
                
$116.5B
                    ROA +3.1%
                    
                    P55
                    
                    -0.9%
                    
                    Operating cash flow
                    FY2025
                
$2.6B
                    
                    -5.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 10 years

Total assets $116.5B

Total liabilities $87.0B

Shareholders equity $29.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	36.4%	32.9%	23.0%	20.6%	23.4%	23.2%	21.9%	19.9%	16.1%	21.5%
Short Term Investments	0.0%	0.0%	0.0%	0.0%	7.4%	5.8%	3.6%	4.5%	0.0%	0.0%
Other Current Assets	10.3%	9.7%	10.7%	16.2%	14.2%	12.3%	10.6%	10.2%	9.3%	11.6%
Property,Plant and Equipment	2.0%	2.0%	2.4%	2.8%	2.5%	2.7%	2.6%	2.0%	2.0%	1.9%
Other Noncurrent Assets	10.3%	9.7%	10.7%	16.2%	14.2%	12.3%	10.6%	10.2%	9.3%	11.6%
Total Assets	678.6%	621.2%	677.6%	684.5%	730.9%	745.4%	684.8%	645.3%	633.3%	575.5%
Liabilities
Operating Lease Liabilities	0.4%	0.5%	0.6%	0.7%	0.5%	0.6%	0.7%	—	—	—
Other Current Liabilities	21.2%	20.4%	22.0%	25.3%	22.1%	16.3%	15.4%	13.4%	13.1%	19.2%
Total Current Liabilities	506.8%	483.3%	560.1%	567.7%	576.6%	593.9%	555.0%	537.5%	519.8%	484.7%
Operating Lease Liabilities Noncurrent	0.4%	0.5%	0.6%	0.7%	0.5%	0.6%	0.7%	—	—	—
Other Noncurrent Liabilities	21.2%	20.4%	22.0%	25.3%	22.1%	16.3%	15.4%	13.4%	13.1%	19.2%
Total Liabilities	506.8%	483.3%	560.1%	567.7%	576.6%	593.9%	555.0%	537.5%	519.8%	484.7%
Equity
Common Stock	0.8%	0.7%	0.7%	0.7%	0.6%	0.6%	0.6%	0.6%	0.3%	0.3%
Additional Paid In Capital	17.6%	15.3%	14.8%	13.8%	11.7%	10.9%	10.4%	10.0%	9.8%	8.8%
Retained Earnings	318.6%	276.2%	256.6%	232.9%	192.0%	171.5%	153.7%	146.1%	138.0%	115.2%
Treasury Stock	173.6%	138.6%	125.1%	107.5%	84.4%	71.8%	64.5%	58.8%	53.1%	45.1%
Accumulated Other Comprehensive Income	-28.2%	-26.4%	-29.5%	-33.6%	34.3%	40.3%	29.7%	9.9%	18.6%	11.7%
Total Stockholders Equity	171.8%	137.9%	117.6%	105.2%	79.0%	151.5%	129.8%	107.8%	113.5%	90.8%
Total Liabilitiesand Equity	678.6%	621.2%	677.6%	684.5%	730.9%	745.4%	684.8%	645.3%	633.3%	575.5%

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $17.2B

Operating income $4.2B

Net income $3.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	19.0%	15.9%	16.9%	17.0%	16.4%	15.4%	13.8%	13.7%	12.8%	12.4%
Expenses Depreciation and Amortization	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Expenses Operating Expenses	31.1%	26.7%	28.0%	28.1%	27.2%	28.0%	26.5%	—	—	—
Other Income Expense Interest Expense	1.3%	1.0%	1.0%	1.2%	1.1%	1.1%	1.0%	1.0%	1.1%	1.2%
Other Income Expense Other Income/expense	-3.3%	6.7%	0.2%	0.0%	-0.3%	-0.1%	-0.0%	-0.3%	-0.3%	-0.6%
Other Income Expense Income Before Tax	26.4%	33.9%	28.1%	25.4%	24.2%	18.8%	19.9%	18.3%	18.5%	18.0%
Income Tax Income Tax Expense	5.2%	5.1%	3.2%	2.4%	4.5%	-2.8%	5.1%	4.9%	-2.7%	6.2%
net Income net Income	21.2%	28.8%	24.9%	23.1%	19.6%	21.6%	14.8%	13.4%	21.2%	11.8%
net Income Comprehensive Income	47.1%	42.2%	29.8%	33.4%	25.3%	28.2%	34.8%	3.8%	27.7%	20.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.1%	3.0%	3.2%	3.3%	3.1%	3.2%	3.3%	3.5%	3.7%	3.6%
Earnings Per Share Weighted Average Shares Diluted	3.1%	3.0%	3.2%	3.3%	3.1%	3.2%	3.3%	3.6%	3.7%	3.7%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $2.6B

Investing cash flow $1.6B

Financing cash flow $-4.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	21.2%	28.8%	24.9%	23.1%	19.6%	21.6%	14.8%	13.4%	21.2%	11.8%
Operating Activities Depreciation and Amortization	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-1.3%	-1.9%	-5.7%	-3.8%	-0.5%	-6.4%	1.5%	-1.5%	-5.6%	2.3%
Operating Activities net Cash From Operating Activities	14.9%	14.3%	17.1%	20.3%	23.4%	26.9%	24.5%	27.6%	28.3%	26.5%
Investing Activities Purchases of Investments	68.4%	29.3%	15.0%	18.4%	27.0%	21.5%	31.1%	41.8%	45.5%	48.3%
Investing Activities Proceeds From Sale of Investments	64.4%	38.1%	20.4%	23.1%	19.3%	16.8%	23.7%	36.3%	3.5%	4.9%
Investing Activities Other Investing Activities	1.7%	-0.3%	0.8%	-0.6%	-0.2%	1.2%	0.6%	-0.8%	0.3%	0.3%
Investing Activities net Cash From Investing Activities	9.1%	14.7%	4.4%	-8.0%	-11.0%	-20.9%	-14.2%	-16.5%	-25.1%	-17.1%
Financing Activities Repurchase of Common Stock	20.6%	14.8%	15.0%	12.5%	10.7%	6.9%	7.3%	6.0%	6.2%	6.3%
Financing Activities Dividends Paid	7.0%	5.7%	5.2%	5.1%	4.0%	3.5%	3.5%	3.6%	3.1%	2.9%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.3%	0.3%
Financing Activities Other Financing Activities	-0.2%	-0.1%	-0.1%	0.2%	-0.1%	-0.1%	0.1%	-0.1%	0.0%	-0.5%
Financing Activities net Cash From Financing Activities	-23.7%	-18.4%	-19.9%	-18.6%	-12.7%	-5.0%	-7.7%	-7.4%	-9.5%	-7.2%
Cash Reconciliation Effect of Exchange Rate On Cash	36.4%	32.9%	23.0%	20.6%	-0.1%	0.1%	-0.1%	0.1%	0.0%	-0.0%
Cash Reconciliation net Change In Cash	0.1%	10.2%	1.9%	-5.8%	-0.4%	1.1%	2.5%	3.9%	-6.3%	2.3%
Cash Reconciliation Cash At Beginning of Period	36.4%	32.9%	23.0%	20.6%	23.4%	23.2%	21.9%	19.9%	16.1%	21.5%
Cash Reconciliation Cash At End of Period	36.4%	32.9%	23.0%	20.6%	23.4%	23.2%	21.9%	19.9%	16.1%	21.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	+21.7%	+22.9%	+19.9%	+20.0%	+20.0%	+18.9%	+18.2%
Net margin	+21.2%	+28.8%	+24.9%	+23.1%	+19.6%	+21.6%	+14.8%	+13.4%	+21.2%	+11.8%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	-3.6%	-4.2%	-5.5%	-5.0%	-0.3%	+0.7%	-0.4%	+1.4%	-1.6%	-2.0%
Returns
ROE	+12.4%	+20.9%	+21.2%	+21.9%	+24.8%	+14.2%	+11.4%	+12.4%	+18.7%	+13.0%
ROA	+3.1%	+4.6%	+3.7%	+3.4%	+2.7%	+2.9%	+2.2%	+2.1%	+3.4%	+2.0%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	2.95x	3.50x	4.76x	5.39x	7.30x	3.92x	4.28x	4.98x	4.58x	5.34x
Interest coverage	—	—	—	18.39x	20.73x	18.25x	19.57x	19.61x	17.03x	15.36x
Efficiency
Asset turnover	0.15x	0.16x	0.15x	0.15x	0.14x	0.13x	0.15x	0.15x	0.16x	0.17x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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