AFLAC INC (AFL) financial statements: income statement, balance sheet and cash flow

AFLAC INC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), AFLAC INC reported revenue of $17.2B (-9.3% year on year) and net income of $3.6B (-33.0% year on year).

Income statement

AFLAC INC income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earned premiums, principally supplemental health insurance	$13.5B	$13.4B	$14.1B	$15.3B
Net investment income	$4.1B	$4.1B	$3.8B	$3.7B
Net investment gains (losses)	($572.0M)	$1.3B	$590.0M	$363.0M
Other income (loss)	$112.0M	$100.0M	$177.0M	$220.0M
Total revenues	$17.2B	$18.9B	$18.7B	$19.5B
Benefits and claims, excluding reserve remeasurement	$8.0B	$8.0B	$8.6B	—
Reserve remeasurement (gains) losses	($694.0M)	($558.0M)	($383.0M)	—
Total benefits and claims, net	$7.3B	$7.5B	$8.2B	$9.2B
Amortization of deferred policy acquisition costs	$874.0M	$851.0M	$816.0M	$1.2B
Insurance commissions	$991.0M	$998.0M	$1.1B	$1.1B
Insurance and other expenses	$3.3B	$3.0B	$3.2B	$3.3B
Interest expense	$220.0M	$197.0M	$195.0M	$226.0M
Total acquisition and operating expenses	$5.3B	$5.1B	$5.2B	$5.7B
Total benefits and expenses	$12.6B	$12.5B	$13.4B	$14.9B
Earnings before income taxes	$4.5B	$6.4B	$5.3B	$4.6B
Current	$1.1B	$1.3B	$1.7B	$1.2B
Deferred	($228.0M)	($356.0M)	($1.1B)	($778.0M)
Income taxes	$887.0M	$974.0M	$603.0M	$403.0M
Net earnings	$3.6B	$5.4B	$4.7B	$4.2B
Basic (in dollars per share)	$6.84	$9.68	$7.81	$6.62
Diluted (in dollars per share)	$6.82	$9.63	$7.78	$6.59
Basic (in shares)	532.9M	562.5M	596.2M	634.8M
Diluted (in shares)	534.9M	565.0M	598.7M	637.7M
Cash dividends per share	$2.32	$2.00	$1.68	$1.60

AFLAC INC income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net earned premiums, principally supplemental health insurance	$3.3B	$3.3B	$3.4B	$3.5B
Net investment income	$984.0M	$956.0M	$1.1B	$1.1B
Net investment gains (losses)	($153.0M)	$49.0M	$275.0M	($421.0M)
Other income (loss)	$34.0M	$31.0M	$26.0M	$30.0M
Total revenues	$4.1B	$4.3B	$4.7B	$4.2B
Benefits and claims, excluding reserve remeasurement	$1.9B	$1.9B	$2.0B	$2.0B
Reserve remeasurement (gains) losses	($46.0M)	($82.0M)	($580.0M)	($37.0M)
Total benefits and claims, net	$1.9B	$1.8B	$1.4B	$2.0B
Amortization of deferred policy acquisition costs	$218.0M	$221.0M	$218.0M	$221.0M
Insurance commissions	$239.0M	$237.0M	$254.0M	$251.0M
Insurance and other expenses	$749.0M	$771.0M	$781.0M	$804.0M
Interest expense	$64.0M	$60.0M	$57.0M	$52.0M
Total acquisition and operating expenses	$1.3B	$1.3B	$1.3B	$1.3B
Total benefits and expenses	$3.1B	$3.1B	$2.7B	$3.3B
Earnings before income taxes	$995.0M	$1.2B	$2.0B	$822.0M
Income taxes	$170.0M	$206.0M	$355.0M	$223.0M
Net earnings	$825.0M	$1.0B	$1.6B	$599.0M
Basic (in dollars per share)	$1.64	$1.99	$3.09	$1.12
Diluted (in dollars per share)	$1.63	$1.98	$3.08	$1.11
Basic (in shares)	504.1M	513.1M	530.0M	536.7M
Diluted (in shares)	505.6M	514.8M	532.0M	538.4M
Cash dividends per share	$0.61	$0.61	$0.58	$0.58

Balance sheet

AFLAC INC balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Fixed maturity securities, available-for-sale	$64.1B	$65.3B	$73.3B	$75.7B
Fixed maturity securities, held-to-maturity	$16.1B	$16.0B	$17.8B	$19.1B
Equity securities	$887.0M	$796.0M	$1.1B	$1.1B
Commercial mortgage and other loans	$9.8B	$10.9B	$12.5B	$13.5B
Other investments	$6.6B	$6.0B	$4.5B	$4.1B
Cash and cash equivalents	$6.2B	$6.2B	$4.3B	$3.9B
Total investments and cash	$103.8B	$105.1B	$113.6B	$117.4B
Receivables	$835.0M	$779.0M	$848.0M	$647.0M
Accrued investment income	$718.0M	$710.0M	$731.0M	$745.0M
Deferred policy acquisition costs	$9.0B	$8.8B	$9.1B	$8.6B
Property and equipment, at cost less accumulated depreciation	$351.0M	$387.0M	$445.0M	$530.0M
Other	$1.8B	$1.8B	$2.0B	$3.1B
Total assets	$116.5B	$117.6B	$126.7B	$131.0B
Future policy benefits	$62.3B	$70.4B	$83.7B	$80.7B
Unpaid policy claims	$495.0M	$381.0M	$261.0M	$4.6B
Unearned premiums	$1.3B	$1.3B	$1.5B	$1.8B
Other policyholders’ funds	$5.4B	$5.5B	$6.2B	$6.1B
Total policy liabilities	$69.6B	$77.5B	$91.6B	$93.3B
Income taxes	$1.4B	$573.0M	$154.0M	$1.3B
Payables for return of cash collateral on loaned securities	$4.0B	$2.0B	$1.5B	$1.8B
Notes payable and lease obligations	$8.4B	$7.5B	$7.4B	$7.4B
Other	$3.6B	$3.9B	$4.1B	$4.8B
Total liabilities	$87.0B	$91.5B	$104.7B	$108.7B
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,909 shares in 2025 and 1,356,763 shares in 2024	136.0M	136.0M	136.0M	135.0M
Additional paid-in capital	$3.0B	$2.9B	$2.8B	$2.6B
Retained earnings	$54.7B	$52.3B	$48.0B	$44.6B
Unrealized foreign currency translation gains (losses)	($4.8B)	($5.0B)	($4.1B)	($3.6B)
Unrealized gains (losses) on fixed maturity securities	($1.8B)	$24.0M	$1.1B	($702.0M)
Unrealized gains (losses) on derivatives	($13.0M)	($20.0M)	($22.0M)	($27.0M)
Effect of changes in discount rate assumptions	$8.0B	$2.0B	($2.6B)	—
Pension liability adjustment	$86.0M	$10.0M	($8.0M)	($36.0M)
Treasury stock, at average cost	($29.8B)	($26.2B)	($23.4B)	($20.6B)
Total shareholders’ equity	$29.5B	$26.1B	$22.0B	$22.4B
Total liabilities and shareholders’ equity	$116.5B	$117.6B	$126.7B	$131.0B

AFLAC INC balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Fixed maturity securities, available-for-sale	$62.8B	$63.2B	$67.3B	$68.9B
Fixed maturity securities, held-to-maturity	$15.5B	$15.8B	$17.0B	$17.4B
Equity securities	$925.0M	$851.0M	$885.0M	$882.0M
Commercial mortgage and other loans	$9.4B	$9.8B	$10.1B	$10.3B
Other investments	$8.3B	$7.9B	$7.5B	$7.3B
Cash and cash equivalents	$6.1B	$5.7B	$6.8B	$7.0B
Total investments and cash	$103.0B	$103.2B	$109.5B	$111.8B
Receivables	$895.0M	$947.0M	$852.0M	$873.0M
Accrued investment income	$733.0M	$695.0M	$702.0M	$753.0M
Deferred policy acquisition costs	$8.9B	$9.0B	$9.2B	$9.3B
Property and equipment, at cost less accumulated depreciation	$351.0M	$354.0M	$367.0M	$390.0M
Other	$2.0B	$2.1B	$1.7B	$1.7B
Total assets	$116.0B	$116.3B	$122.3B	$124.7B
Future policy benefits	$57.2B	$59.5B	$67.1B	$71.1B
Unpaid policy claims	$553.0M	$522.0M	$460.0M	$426.0M
Unearned premiums	$1.3B	$1.3B	$1.3B	$1.4B
Other policyholders’ funds	$5.3B	$5.4B	$5.8B	$6.0B
Total policy liabilities	$64.3B	$66.8B	$74.7B	$78.9B
Income taxes	$1.6B	$1.8B	$1.5B	$685.0M
Payables for return of cash collateral on loaned securities	$7.3B	$6.4B	$5.4B	$5.8B
Notes payable and lease obligations	$8.7B	$7.9B	$8.7B	$8.9B
Other	$3.6B	$3.5B	$3.3B	$3.2B
Total liabilities	$85.6B	$86.3B	$93.6B	$97.5B
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,830 shares in 2026 and 1,357,909 shares in 2025	136.0M	136.0M	136.0M	136.0M
Additional paid-in capital	$3.1B	$3.1B	$3.0B	$3.0B
Retained earnings	$56.2B	$55.7B	$53.9B	$52.6B
Unrealized foreign currency translation gains (losses)	($5.0B)	($5.0B)	($4.5B)	($4.3B)
Unrealized gains (losses) on fixed maturity securities	($2.8B)	($2.7B)	($1.7B)	($1.8B)
Unrealized gains (losses) on derivatives	($16.0M)	($16.0M)	($16.0M)	($17.0M)
Effect of changes in discount rate assumptions	$10.4B	$9.5B	$6.8B	$5.6B
Pension liability adjustment	$83.0M	$85.0M	$42.0M	$42.0M
Treasury stock, at average cost	($31.8B)	($30.8B)	($29.0B)	($28.0B)
Total shareholders’ equity	$30.3B	$30.0B	$28.7B	$27.2B
Total liabilities and shareholders’ equity	$116.0B	$116.3B	$122.3B	$124.7B

Cash flow statement

AFLAC INC cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$3.6B	$5.4B	$4.7B	$4.2B
Change in receivables and advance premiums	($66.0M)	$51.0M	($133.0M)	$2.0M
Capitalization of deferred policy acquisition costs	($1.1B)	($1.1B)	($1.1B)	($1.1B)
Amortization of deferred policy acquisition costs	$874.0M	$851.0M	$816.0M	$1.2B
Change in policy liabilities	($815.0M)	($302.0M)	($552.0M)	$661.0M
Change in income tax liabilities	($278.0M)	($393.0M)	($967.0M)	($558.0M)
Net investment (gains) losses	$572.0M	($1.3B)	($590.0M)	($363.0M)
Other, net	($273.0M)	($616.0M)	$1.0B	($162.0M)
Net cash provided (used) by operating activities	$2.6B	$2.7B	$3.2B	$3.9B
Fixed maturity securities available-for-sale	$11.0B	$7.2B	$3.8B	$4.4B
Equity securities	$491.0M	$782.0M	$404.0M	$570.0M
Fixed maturity securities held-to-maturity	$3.0M	$3.0M	$3.0M	$3.0M
Commercial mortgage and other loans	$2.2B	$2.4B	$1.6B	$2.2B
Fixed maturity securities available-for-sale	($11.7B)	($5.5B)	($2.8B)	($3.5B)
Equity securities	($510.0M)	($411.0M)	($357.0M)	($461.0M)
Commercial mortgage and other loans	($1.5B)	($1.4B)	($996.0M)	($3.9B)
Other investments, net	($256.0M)	($972.0M)	($417.0M)	($227.0M)
Settlement of derivatives, net	($20.0M)	($184.0M)	$79.0M	($61.0M)
Cash received (pledged or returned) as collateral, net	$2.2B	$780.0M	($401.0M)	($673.0M)
Other, net	($295.0M)	$61.0M	($149.0M)	$112.0M
Net cash provided (used) by investing activities	$1.6B	$2.8B	$817.0M	($1.5B)
Purchases of treasury stock	($3.5B)	($2.8B)	($2.8B)	($2.4B)
Proceeds from borrowings	$1.0B	$823.0M	$204.0M	$1.3B
Principal payments under debt obligations	($84.0M)	($194.0M)	$0	($1.4B)
Dividends paid to shareholders	($1.2B)	($1.1B)	($966.0M)	($979.0M)
Change in investment-type contracts, net	($266.0M)	($214.0M)	($160.0M)	($83.0M)
Treasury stock reissued	$8.0M	$14.0M	$17.0M	$17.0M
Other, net	($38.0M)	($28.0M)	($17.0M)	$34.0M
Net cash provided (used) by financing activities	($4.1B)	($3.5B)	($3.7B)	($3.6B)
Effect of foreign exchange rate changes on cash and cash equivalents	($31.0M)	($79.0M)	$79.0M	$104.0M
Net change in cash and cash equivalents	$16.0M	$1.9B	$363.0M	($1.1B)
Cash and cash equivalents, beginning of period	$6.2B	$4.3B	$3.9B	$5.1B
Cash and cash equivalents, end of period	$6.2B	$6.2B	$4.3B	$3.9B
Income taxes paid	$1.2B	$1.4B	$1.6B	$961.0M
Interest paid	$197.0M	$180.0M	$185.0M	$211.0M
Noncash interest	$23.0M	$17.0M	$10.0M	$14.0M
Noncash real estate acquired in satisfaction of debt	$247.0M	$468.0M	$217.0M	—
Lease obligations	$30.0M	$33.0M	$75.0M	$102.0M
Treasury stock issued	$72.0M	$67.0M	$59.0M	$57.0M

AFLAC INC cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net earnings	$1.8B	$1.0B	$2.3B	$628.0M
Change in receivables and advance premiums	($32.0M)	($30.0M)	($28.0M)	($48.0M)
Capitalization of deferred policy acquisition costs	($546.0M)	($272.0M)	($796.0M)	($503.0M)
Amortization of deferred policy acquisition costs	$439.0M	$221.0M	$655.0M	$437.0M
Change in policy liabilities	$431.0M	$519.0M	($732.0M)	($195.0M)
Change in income tax liabilities	($128.0M)	$224.0M	$92.0M	($267.0M)
Net investment (gains) losses	$104.0M	($49.0M)	$1.1B	$1.4B
Other, net	($1.0B)	($664.0M)	($327.0M)	($448.0M)
Net cash provided (used) by operating activities	$1.1B	$968.0M	$2.2B	$988.0M
Fixed maturity securities available-for-sale	$7.3B	$1.6B	$9.6B	$7.8B
Equity securities	$463.0M	$251.0M	$355.0M	$240.0M
Fixed maturity securities held-to-maturity	$34.0M	$33.0M	$2.0M	$2.0M
Commercial mortgage and other loans	$1.2B	$454.0M	$1.4B	$1.1B
Fixed maturity securities available-for-sale	($9.0B)	($2.8B)	($10.8B)	($9.4B)
Equity securities	($457.0M)	($245.0M)	($369.0M)	($249.0M)
Commercial mortgage and other loans	($914.0M)	($495.0M)	($1.1B)	($799.0M)
Other investments, net	($1.6B)	($1.3B)	($1.1B)	($1.0B)
Settlement of derivatives, net	$58.0M	$16.0M	$13.0M	$26.0M
Cash received (pledged or returned) as collateral, net	$3.7B	$2.6B	$3.4B	$3.5B
Other, net	$193.0M	$176.0M	($224.0M)	($36.0M)
Net cash provided (used) by investing activities	$1.0B	$244.0M	$1.2B	$1.2B
Purchases of treasury stock	($2.0B)	($1.0B)	($2.7B)	($1.7B)
Proceeds from borrowings	$911.0M	—	$1.0B	$1.0B
Principal payments under debt obligations	($400.0M)	($400.0M)	($84.0M)	$0
Dividends paid to shareholders	($603.0M)	($304.0M)	($906.0M)	($607.0M)
Change in investment-type contracts, net	($138.0M)	($70.0M)	($198.0M)	($123.0M)
Treasury stock reissued	$7.0M	$4.0M	$5.0M	$2.0M
Other, net	$3.0M	$8.0M	($12.0M)	($5.0M)
Net cash provided (used) by financing activities	($2.2B)	($1.8B)	($2.9B)	($1.4B)
Effect of foreign exchange rate changes on cash and cash equivalents	($36.0M)	($41.0M)	($18.0M)	($3.0M)
Net change in cash and cash equivalents	($125.0M)	($591.0M)	$539.0M	$736.0M
Cash and cash equivalents, beginning of period	$6.2B	$6.2B	$6.2B	$6.2B
Cash and cash equivalents, end of period	$6.1B	$5.7B	$6.8B	$7.0B
Income taxes paid	$504.0M	($18.0M)	$602.0M	$605.0M
Interest paid	$114.0M	$51.0M	$133.0M	$92.0M
Noncash interest	$10.0M	$10.0M	$25.0M	$10.0M
Noncash real estate acquired in satisfaction of debt	$0	$0	$247.0M	$247.0M
Lease obligations	$32.0M	$20.0M	$25.0M	$19.0M
Treasury stock issued	$38.0M	$22.0M	$57.0M	$41.0M

AFLAC INC score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.