AFL

MKT CAP:$59B

Aflac Incorporated

Market Cap

$59B

Financial Services·Insurance - Life·🇺🇸 United States·NYSE

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$115.01+$4.77 (+4.33%)

Apr 24, 2026

Company Details

Aflac Incorporated, through its subsidiaries, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers cancer, medical, nursing care income support...

CEO

Daniel Paul Amos

IPO Date

Mar 17, 1980

Website

www.aflac.com

Key Metrics TTM

Revenue

$17.4B

-9.2% YoY

Net Income

$3.6B

EPS (Diluted)

$6.83

Free Cash Flow

$2.6B

Revenue / Share

$32.63

Gross Margin

38.7%

Operating Margin

26.3%

Net Margin

21.0%

FCF Margin

14.7%

P/S

3.4x

P/E

16.3x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 25, 2026

$17.4B-8.8%EPS $6.83

Q4 2025

Feb 25, 2026

$4.9B-10.9%EPS $2.59

Q3 2025

Nov 5, 2025

$4.8B+57.9%EPS $3.08

Q2 2025

Aug 5, 2025

$4.2B-18.2%EPS $1.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.1B	$5.1B	$1.3B
Q2 22	$5.3B	$5.3B	$1.7B
Q3 22	$4.7B	$4.7B	$1.3B
Q4 22	$4.0B	$4.0B	$524M
Q1 23	$4.8B	$4.8B	$1.3B
Q2 23	$5.2B	$5.2B	$1.8B
Q3 23	$5.0B	$5.0B	$1.8B
Q4 23	$3.9B	$3.9B	$290M
Q1 24	$5.4B	$2.5B	$2.2B
Q2 24	$5.2B	$2.3B	$2.0B
Q3 24	$3.0B	$479M	$92M
Q4 24	$5.5B	$2.5B	$2.1B
Q1 25	$3.5B	$490M	$145M
Q2 25	$4.2B	$1.2B	$822M
Q3 25	$4.8B	$2.1B	$2.0B
Q4 25	$4.9B	$2.9B	$1.6B

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	10.4x
Q2 22	1.7x	8.2x
Q3 22	1.7x	6.8x
Q4 22	2.3x	9.9x
Q1 23	2.1x	8.5x
Q2 23	2.2x	8.7x
Q3 23	2.3x	9.7x
Q4 23	2.5x	10.2x
Q1 24	2.5x	9.0x
Q2 24	2.6x	9.1x
Q3 24	3.6x	16.4x
Q4 24	3.0x	10.6x
Q1 25	3.5x	16.6x
Q2 25	3.4x	22.9x
Q3 25	3.3x	14.2x
Q4 25	3.4x	16.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.3B	$1.3B
Q2 22	$510M	$510M
Q3 22	$1.1B	$1.1B
Q4 22	$1.0B	$1.0B
Q1 23	$890M	$890M
Q2 23	$442M	$442M
Q3 23	$1.3B	$1.3B
Q4 23	$833M	$833M
Q1 24	$849M	$849M
Q2 24	$255M	$255M
Q3 24	$1.3B	$1.3B
Q4 24	$333M	$333M
Q1 25	$589M	$589M
Q2 25	$399M	$399M
Q3 25	$1.3B	$1.3B
Q4 25	$315M	$315M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-11.2%	-8.1%
Q2 22	-3.2%	-12.4%
Q3 22	-10.5%	-18.5%
Q4 22	-25.3%	-15.8%
Q1 23	-6.2%	-9.5%
Q2 23	-3.0%	-7.6%
Q3 23	+6.8%	-4.6%
Q4 23	-4.1%	+2.0%
Q1 24	+12.5%	-6.4%
Q2 24	-0.3%	-6.3%
Q3 24	-39.7%	-8.8%
Q4 24	+42.5%	-5.7%
Q1 25	-36.5%	+1.3%
Q2 25	-18.2%	+8.2%
Q3 25	+57.9%	-4.9%
Q4 25	-10.9%	-2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$7M	0.1%
Q4 25	-$21M	-0.4%

OpEx Breakdown

Quarter	G&A	S&M
Q2 25	$804M	—
Q3 25	$781M	—
Q4 25	$866M	$246M

Revenue Segments

Quarter	Aflac Japan Member	Aflac US Member	Other Segments
Q1 22	$3.4B	$1.6B	$74M
Q3 22	$2.9B	$1.6B	$73M

Revenue by Geography

Quarter	Aflac Japan Member	Aflac US Member
Q2 25	$2.5B	$1.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4.3B	$90.0B	$94.2B
Q2 22	$5.2B	$79.4B	$84.6B
Q3 22	$4.7B	$73.6B	$78.4B
Q4 22	$3.9B	$75.7B	$79.7B
Q1 23	$3.8B	$78.1B	$81.9B
Q2 23	$4.7B	$74.5B	$79.2B
Q3 23	$5.5B	$69.8B	$75.3B
Q4 23	$4.3B	$73.3B	$77.6B
Q1 24	$5.1B	$70.1B	$75.2B
Q2 24	$6.1B	$66.3B	$72.3B
Q3 24	$5.6B	$5.1B	$10.7B
Q4 24	$6.2B	$65.3B	$71.5B
Q1 25	$5.2B	$67.2B	$72.4B
Q2 25	$7.0B	$68.9B	$75.9B
Q3 25	$6.8B	$69.7B	$76.4B
Q4 25	$6.2B	$0	$6.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	653M	-1.5%	-5.7%
Q2 22	643M	-1.5%	-5.5%
Q3 22	632M	-1.8%	-5.9%
Q4 22	623M	-1.4%	-6.0%
Q1 23	614M	-1.4%	-5.9%
Q2 23	603M	-1.8%	-6.3%
Q3 23	594M	-1.5%	-6.1%
Q4 23	585M	-1.5%	-6.1%
Q1 24	577M	-1.3%	-5.9%
Q2 24	567M	-1.8%	-6.0%
Q3 24	560M	-1.1%	-5.6%
Q4 24	565M	+0.8%	-3.4%
Q1 25	547M	-3.2%	-5.3%
Q2 25	538M	-1.5%	-5.0%
Q3 25	532M	-1.2%	-5.1%
Q4 25	532M	0.0%	-5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$413.6K	12K
Q2 22	$428.4K	12K
Q3 22	$378.5K	12K
Q4 22	$312.2K	13K
Q1 23	$375.0K	13K
Q2 23	$401.6K	13K
Q3 23	$390.6K	13K
Q4 23	$301.7K	13K
Q1 24	$425.3K	13K
Q2 24	$403.4K	13K
Q3 24	$237.4K	13K
Q4 24	$433.1K	13K
Q1 25	$272.0K	13K
Q2 25	$332.3K	13K
Q3 25	$377.6K	13K
Q4 25	$385.0K	13K

Revenue / Employee