AFG FY 2025 Earnings Report — American Financial Group, Inc. Revenue & Financial Results | Market Cap Arena

American Financial Group, Inc.AFG

FY 2025 Earnings

Reported February 25, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$8.2B	—	$8.3B	—	-1.3%
Op. Income	$1.1B	—	$1.1B	—	-4.5%
Gross Margin	46.3%	—	17.8%	—	28.5pp
Net Margin	10.3%	—	10.7%	—	-0.4pp
EPS (Diluted)	$10.08	—	$10.57	—	-4.6%
Free Cash Flow	$1.4B	—	$1.2B	—	21.4%

Revenue Flow

Item	Amount
REVENUE	$8.2B
Cost of Revenue	$4.4B
GROSS PROFIT	$3.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.7B
Operating Expenses	$2.7B
Cost & Expenses	$7.1B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$80M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$231M
Net Income from Continuing Ops	$842M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$842M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$842M
D&A	$86M
EBIT	$1.2B
EBITDA	$1.2B
EPS	$10
EPS Diluted	$10

Income Statement

Item	Amount
REVENUE	$8.2B
Cost of Revenue	$4.4B
GROSS PROFIT	$3.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.7B
Operating Expenses	$2.7B
Cost & Expenses	$7.1B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$80M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$231M
Net Income from Continuing Ops	$842M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$842M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$842M
D&A	$86M
EBIT	$1.2B
EBITDA	$1.2B
EPS	$10
EPS Diluted	$10

Cash Flow Statement

Item	Amount
Net Income	$842M
Depreciation & Amortization	$86M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$5M
Change in Working Capital	$610M
OPERATING CASH FLOW	$1.5B
Capital Expenditure	-$135M
Acquisitions (Net)	$0
Purchases of Investments	-$5.6B
Sales/Maturities of Investments	$4.9B
Other Investing Activities	$5M
NET CASH FROM INVESTING	-$835M
Net Debt Issuance	$344M
Common Stock Repurchased	-$99M
Common Dividends Paid	-$606M
Other Financing Activities	-$28M
NET CASH FROM FINANCING	-$377M
FREE CASH FLOW	$1.4B
Net Change in Cash	$321M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.7B
Short-Term Investments	$0
Net Receivables	$1.6B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.4B
PP&E (Net)	$198M
Goodwill	$327M
Intangible Assets	$189M
Long-Term Investments	$15.5B
Tax Assets	$492M
Other Non-Current Assets	$6.5B
TOTAL NON-CURRENT ASSETS	$23.1B
TOTAL ASSETS	$26.5B
Account Payables	$1.2B
Short-Term Debt	$39M
Deferred Revenue	$2.6B
Other Current Liabilities	-$1.2B
TOTAL CURRENT LIABILITIES	$2.7B
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$479M
Other Non-Current Liabilities	$19.2B
TOTAL NON-CURRENT LIABILITIES	$21.7B
TOTAL LIABILITIES	$24.4B
Common Stock	$83M
Additional Paid-In Capital	$1.4B
Retained Earnings	$3.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$50M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.8B
Minority Interest	$0
TOTAL EQUITY	$4.8B
TOTAL LIABILITIES & EQUITY	$26.5B
Total Debt	$2.0B
Net Debt	$309M