AFL FY 2025 Earnings Report — Aflac Incorporated Revenue & Financial Results | Market Cap Arena

Aflac IncorporatedAFL

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	$17.4B	—	$19.1B	—	-8.8%
Op. Income	$4.6B	—	$6.4B	—	-27.7%
Gross Margin	38.9%	—	35.6%	—	3.3pp
Net Margin	20.9%	—	28.5%	—	-7.5pp
EPS (Diluted)	$6.83	—	$9.63	—	-29.1%
Free Cash Flow	$2.6B	—	$2.7B	—	-5.6%

Revenue Flow

Item	Amount
REVENUE	$17.4B
Cost of Revenue	$10.7B
GROSS PROFIT	$6.8B
R&D Expenses	$0
Selling & Marketing	$246M
General & Administrative	$2.5B
SG&A Expenses	$2.7B
Other Expenses	-$550M
Operating Expenses	$2.1B
Cost & Expenses	$12.8B
OPERATING INCOME	$4.6B
Interest Income	$973M
Interest Expense	$220M
Other Income/Expenses	-$108M
INCOME BEFORE TAX	$4.5B
Income Tax Expense	$887M
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.6B
D&A	$874M
EBIT	$4.7B
EBITDA	$5.5B
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$17.4B
Cost of Revenue	$10.7B
GROSS PROFIT	$6.8B
R&D Expenses	$0
Selling & Marketing	$246M
General & Administrative	$2.5B
SG&A Expenses	$2.7B
Other Expenses	-$550M
Operating Expenses	$2.1B
Cost & Expenses	$12.8B
OPERATING INCOME	$4.6B
Interest Income	$973M
Interest Expense	$220M
Other Income/Expenses	-$108M
INCOME BEFORE TAX	$4.5B
Income Tax Expense	$887M
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.6B
D&A	$874M
EBIT	$4.7B
EBITDA	$5.5B
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$3.6B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$341M
Change in Working Capital	-$1.4B
OPERATING CASH FLOW	$2.6B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$14.0B
Sales/Maturities of Investments	$13.7B
Other Investing Activities	$1.9B
NET CASH FROM INVESTING	$1.6B
Net Debt Issuance	$955M
Common Stock Repurchased	-$3.5B
Common Dividends Paid	-$1.2B
Other Financing Activities	-$304M
NET CASH FROM FINANCING	-$4.1B
FREE CASH FLOW	$2.6B
Net Change in Cash	$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$6.2B
Short-Term Investments	$0
Net Receivables	$835M
Inventory	$0
Other Current Assets	$718M
TOTAL CURRENT ASSETS	$7.8B
PP&E (Net)	$351M
Goodwill	$0
Intangible Assets	$9.0B
Long-Term Investments	$97.5B
Tax Assets	$0
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$108.7B
TOTAL ASSETS	$116.5B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$8.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.4B
Other Non-Current Liabilities	$77.2B
TOTAL NON-CURRENT LIABILITIES	$87.0B
TOTAL LIABILITIES	$87.0B
Common Stock	$136M
Additional Paid-In Capital	$3.0B
Retained Earnings	$54.7B
Treasury Stock	-$29.8B
Accum. Other Comp. Income	$1.5B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$29.5B
Minority Interest	$0
TOTAL EQUITY	$29.5B
TOTAL LIABILITIES & EQUITY	$116.5B
Total Debt	$8.4B
Net Debt	$2.2B