GLOBE LIFE INC. (GL) financial statements: income statement, balance sheet and cash flow

GLOBE LIFE 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), GLOBE LIFE INC. reported revenue of $6.0B (+3.7% year on year) and net income of $1.2B (+8.4% year on year).

Income statement

GLOBE LIFE INC. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue	$4.9B	$4.7B	$4.5B	$4.3B
Net investment income	$1.1B	$1.1B	$1.1B	$987.5M
Realized gains (losses)	($27.8M)	($24.2M)	($65.7M)	($76.5M)
Other income	$1.7M	$354.0K	$308.0K	$1.2M
Total revenue	$6.0B	$5.8B	$5.4B	$5.2B
Total policyholder benefits	$2.9B	$2.9B	$2.9B	$2.9B
Amortization of deferred acquisition costs	$447.8M	$410.0M	$379.7M	$624.4M
Commissions, premium taxes, and non-deferred acquisition costs	$642.7M	$600.8M	$559.2M	$374.4M
Other operating expense	$442.4M	$419.1M	$347.8M	$354.0M
Interest expense	$141.2M	$127.1M	$102.3M	$90.4M
Total benefits and expenses	$4.6B	$4.5B	$4.3B	$4.3B
Income before income taxes	$1.4B	$1.3B	$1.2B	$906.3M
Income tax benefit (expense)	($274.7M)	($255.9M)	($223.5M)	($166.6M)
Net income	$1.2B	$1.1B	$970.8M	$739.7M
Basic net income per common share (in dollars per share)	$14.27	$11.99	$10.21	$7.55
Diluted net income per common share (in dollars per share)	$14.07	$11.94	$10.07	$7.47

GLOBE LIFE INC. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue	$1.3B	$1.3B	$1.2B	$1.2B
Net investment income	$293.8M	$289.8M	$286.0M	$282.2M
Realized gains (losses)	$7.1M	($1.5M)	($5.0M)	($18.6M)
Other income	$1.1M	$1.2M	$955.0K	$49.0K
Total revenue	$1.6B	$1.6B	$1.5B	$1.5B
Total policyholder benefits	$798.3M	$789.6M	$616.6M	$756.0M
Amortization of deferred acquisition costs	$120.5M	$118.3M	$114.1M	$111.4M
Commissions, premium taxes, and non-deferred acquisition costs	$173.8M	$169.9M	$157.5M	$157.4M
Other operating expense	$116.3M	$113.7M	$111.6M	$108.3M
Interest expense	$36.0M	$34.0M	$36.1M	$34.9M
Total benefits and expenses	$1.2B	$1.2B	$1.0B	$1.2B
Income before income taxes	$354.9M	$334.1M	$477.1M	$313.3M
Income tax benefit (expense)	($67.1M)	($63.6M)	($89.3M)	($60.5M)
Net income	$287.7M	$270.5M	$387.8M	$252.7M
Basic net income per common share (in dollars per share)	$3.71	$3.45	$4.81	$3.09
Diluted net income per common share (in dollars per share)	$3.65	$3.39	$4.73	$3.05

Balance sheet

GLOBE LIFE INC. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,820,464; 2024—$18,835,809, allowance for credit losses: 2025— $3,297; 2024— $10,395)	$17.6B	$17.2B	$17.9B	$16.5B
Mortgage loans	$428.5M	$396.1M	$279.2M	—
Policy loans	$741.4M	$699.7M	$657.0M	$614.9M
Other long-term investments (includes: 2025—$1,109,719; 2024—$986,766 under the fair value option)	$1.4B	$1.2B	$835.9M	$976.0M
Short-term investments	$314.7M	$85.0M	$81.7M	$114.1M
Total investments	$20.5B	$19.6B	$19.7B	$18.2B
Cash	$144.7M	$165.3M	$103.2M	$92.6M
Accrued investment income	$272.8M	$269.8M	$270.4M	$259.6M
Other receivables	$768.6M	$691.9M	$630.2M	$484.9M
Deferred acquisition costs	$7.0B	$6.5B	$6.0B	$5.2B
Goodwill	$490.4M	$490.4M	$481.8M	$481.8M
Other assets	$1.7B	$1.4B	$832.4M	$760.1M
Total assets	$30.8B	$29.1B	$28.1B	$25.5B
Future policy benefits at current discount rates: (at original discount rates: 2025—$18,129,506; 2024—$17,552,564)	$19.2B	$18.5B	$19.5B	$16.7B
Unearned and advance premium	$270.7M	$257.6M	$254.6M	$60.7M
Policy claims and other benefits payable	$540.8M	$532.8M	$514.9M	$430.0M
Other policyholders' funds	$532.0M	$468.6M	$237.0M	$123.4M
Total policy liabilities	$20.5B	$19.7B	$20.5B	$17.3B
Current and deferred income taxes	$859.6M	$731.3M	$494.6M	$686.2M
Short-term debt	$304.7M	$415.4M	$486.1M	$449.1M
Long-term debt (estimated fair value: 2025—$2,225,320; 2024—$2,122,772)	$2.3B	$2.3B	$1.6B	$1.6B
Other liabilities	$840.8M	$583.4M	$487.6M	$542.1M
Total liabilities	$24.8B	$23.8B	$23.6B	$20.6B
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2025 and 2024	$0.00	$0.00	$0.00	$0.00
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2025—92,218,183 issued; 2024—97,218,183 issued)	$92218000.00	$97218000.00	$102218000.00	$105218000.00
Additional paid-in-capital	$536.4M	$527.8M	$532.5M	$529.7M
Accumulated other comprehensive income (loss)	($1.8B)	($2.0B)	($2.8B)	($1.4B)
Retained earnings	$8.5B	$8.0B	$7.5B	$6.5B
Treasury stock, at cost: (2025—13,125,082 shares; 2024—13,240,616 shares)	-1.4B	-1.3B	-854.3M	—
Total shareholders' equity	$6.0B	$5.3B	$4.5B	$4.9B
Total liabilities and shareholders' equity	$30.8B	$29.1B	$28.1B	$25.5B

GLOBE LIFE INC. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,307,295; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)	$17.9B	$17.6B	$17.8B	$17.4B
Mortgage loans	$425.5M	$461.0M	$451.9M	$455.8M
Policy loans	$758.7M	$749.1M	$729.5M	$718.6M
Other long-term investments (includes: 2026—$1,097,834; 2025—$1,109,719 under the fair value option)	$1.5B	$1.4B	$1.3B	$1.3B
Short-term investments	$198.3M	$183.8M	$62.8M	$116.7M
Total investments	$20.8B	$20.4B	$20.3B	$19.9B
Cash	$257.1M	$255.2M	$302.7M	$239.1M
Accrued investment income	$281.5M	$289.6M	$284.9M	$271.7M
Other receivables	$818.8M	$727.5M	$729.2M	$690.7M
Deferred acquisition costs	$7.2B	$7.1B	$6.9B	$6.8B
Goodwill	$490.4M	$490.4M	$490.4M	$490.4M
Other assets	$1.7B	$1.7B	$1.5B	$1.4B
Total assets	$31.6B	$31.0B	$30.5B	$29.8B
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,454,909; 2025—$18,129,506)	$19.3B	$18.9B	$19.3B	$18.8B
Unearned and advance premium	$282.3M	$285.8M	$272.7M	$273.2M
Policy claims and other benefits payable	$544.5M	$548.5M	$529.9M	$532.2M
Other policyholders' funds	$577.9M	$576.5M	$522.1M	$492.1M
Total policy liabilities	$20.7B	$20.3B	$20.6B	$20.1B
Current and deferred income taxes	$887.1M	$905.0M	$787.5M	$816.1M
Short-term debt	$278.0M	$457.0M	$394.3M	$464.5M
Long-term debt (estimated fair value: 2026—$2,504,936; 2025—$2,225,320)	$2.7B	$2.3B	$2.3B	$2.3B
Other liabilities	$885.2M	$852.8M	$709.9M	$639.7M
Total liabilities	$25.4B	$24.9B	$24.8B	$24.4B
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025	$0.00	$0.00	$0.00	$0.00
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)	$92218000.00	$92218000.00	$97218000.00	$97218000.00
Additional paid-in-capital	$536.3M	$524.2M	$552.5M	$538.0M
Accumulated other comprehensive income (loss)	($1.7B)	($1.7B)	($2.0B)	($2.0B)
Retained earnings	$9.0B	$8.8B	$8.8B	$8.5B
Treasury stock, at cost: (2026—15,164,175 shares; 2025—13,125,082 shares)	-1.8B	-1.6B	-1.8B	-1.7B
Total shareholders' equity	$6.2B	$6.1B	$5.7B	$5.4B
Total liabilities and shareholders' equity	$31.6B	$31.0B	$30.5B	$29.8B

Cash flow statement

GLOBE LIFE 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 income	$1.2B	$1.1B	$970.8M	$739.7M
Increase (decrease) in future policy benefits	$582.1M	$731.4M	$834.4M	$828.0M
Increase (decrease) in other policy benefits	$21.1M	$19.3M	$5.4M	$36.8M
Deferral of policy acquisition costs	($941.9M)	($913.5M)	($850.2M)	($960.6M)
Amortization of deferred acquisition costs	$447.8M	$410.0M	$379.7M	$624.4M
Change in current and deferred income taxes	$98.9M	$77.9M	$101.4M	$50.7M
Realized (gains) losses	$27.8M	$24.2M	$65.7M	$76.5M
Other, net	($620.0K)	($17.6M)	($24.8M)	$26.6M
Cash provided from (used for) operating activities	$1.4B	$1.4B	$1.5B	$1.4B
Fixed maturities available for sale—sold	$623.8M	$1.2B	$602.6M	$390.4M
Fixed maturities available for sale—matured or other redemptions	$313.7M	$214.4M	$250.7M	$462.0M
Mortgage loans	$65.7M	$54.2M	$44.0M	—
Other long-term investments	$128.3M	$43.4M	$151.3M	$83.2M
Total investments sold or matured	$1.1B	$1.5B	$1.0B	$935.5M
Fixed maturities—available for sale	($921.3M)	($1.4B)	($1.5B)	($1.4B)
Mortgage loans	($139.8M)	($174.7M)	($158.8M)	—
Other long-term investments	($247.1M)	($459.7M)	($155.7M)	($290.5M)
Total investments acquired	($1.3B)	($2.0B)	($1.9B)	($1.7B)
Net (increase) decrease in policy loans	($41.7M)	($42.6M)	($42.2M)	($25.2M)
Net (increase) decrease in short-term investments	($229.7M)	($3.3M)	$32.4M	($45.0M)
Additions to property and equipment	($142.5M)	($71.0M)	($49.6M)	($27.9M)
Other investing activities	$0	$96.0K	$0	$0
Investments in low-income housing interests	($53.0M)	($30.3M)	($64.4M)	($69.7M)
Cash provided from (used for) investing activities	($643.6M)	($641.5M)	($926.1M)	($943.0M)
Issuance of common stock	$164.4M	$51.8M	$114.1M	$106.6M
Cash dividends paid to shareholders	($86.1M)	($85.5M)	($84.1M)	($80.5M)
Repayment of debt	$0	$0	($165.6M)	($150.0M)
Proceeds from issuance of debt	$0	$530.0M	$170.0M	$250.5M
Payment for debt issuance costs	($6.4M)	($7.3M)	($757.0K)	($5.3M)
Net borrowing (repayment) of commercial paper	$102.6M	($13.9M)	$33.0M	($46.3M)
Proceeds from commercial paper with original maturities greater than 90 days	$487.6M	$484.7M	—	—
Repayment of commercial paper with original maturities greater than 90 days	($701.0M)	($372.0M)	—	—
Acquisition of treasury stock	($881.0M)	($1.0B)	($511.1M)	($454.6M)
Amounts paid to reinsurer	$0	($413.8M)	—	—
Net receipts (payments) from deposit-type products	$151.7M	$112.2M	($96.9M)	($112.8M)
Cash provided from (used for) financing activities	($768.1M)	($715.8M)	($541.5M)	($492.5M)
Effect of foreign exchange rate changes on cash	($5.3M)	$17.1M	($4.2M)	$13.7M
Net increase (decrease) in cash	($20.6M)	$62.2M	$10.6M	$396.0K
Cash at beginning of year	$165.3M	$103.2M	$92.6M	$92.2M
Cash at end of year	$144.7M	$165.3M	$103.2M	$92.6M

GLOBE LIFE INC. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Cash provided from (used for) operating activities	$735.0M	$420.9M	$1.0B	$739.8M
Fixed maturities available for sale—sold	$75.7M	$14.8M	$456.6M	$272.1M
Fixed maturities available for sale—matured or other redemptions	$242.6M	$92.1M	$217.4M	$132.3M
Mortgage loans	$36.4M	$26.3M	$19.7M	$3.4M
Other long-term investments	$99.0M	$58.1M	$82.3M	$25.9M
Total investments sold or matured	$453.7M	$191.2M	$776.1M	$433.7M
Fixed maturities—available for sale	($812.7M)	($417.4M)	($775.6M)	($511.3M)
Mortgage loans	($83.7M)	($58.5M)	($118.6M)	($66.7M)
Other long-term investments	($153.3M)	($87.6M)	($88.3M)	($53.8M)
Total investments acquired	($1.0B)	($563.5M)	($982.5M)	($631.8M)
Net (increase) decrease in policy loans	($17.3M)	($7.7M)	($29.9M)	($19.0M)
Net (increase) decrease in short-term investments	$116.4M	$130.9M	$22.2M	($31.7M)
Additions to property and equipment	($41.4M)	($24.9M)	($122.0M)	($24.7M)
Investments in low-income housing interests	($14.8M)	($7.2M)	($41.7M)	($30.6M)
Cash provided from (used for) investing activities	($553.1M)	($281.3M)	($377.8M)	($304.0M)
Issuance of common stock	$109.0M	$21.4M	$145.6M	$93.4M
Cash dividends paid to shareholders	($47.1M)	($21.4M)	($64.4M)	($42.5M)
Proceeds from issuance of debt	$350.0M	—	$0	—
Payment for debt issuance costs	($7.0M)	—	($6.4M)	—
Net borrowing from Federal Home Loan Bank (FHLB)	$0	$0	$65.0M	$70.0M
Net borrowing (repayment) of commercial paper	($93.1M)	$94.5M	$1.9M	$27.0M
Proceeds from commercial paper with original maturities greater than 90 days	$187.5M	$77.5M	$442.0M	$361.1M
Repayment of commercial paper with original maturities greater than 90 days	($121.1M)	($19.6M)	($530.0M)	($409.0M)
Acquisition of treasury stock	($515.2M)	($240.5M)	($688.7M)	($514.9M)
Net receipts (payments) from deposit-type products	$59.3M	$58.4M	$108.0M	$59.6M
Cash provided from (used for) financing activities	($77.7M)	($29.6M)	($527.0M)	($355.2M)
Effect of foreign exchange rate changes on cash	$8.2M	$463.0K	($3.6M)	($6.8M)
Net increase (decrease) in cash	$112.3M	$110.5M	$137.4M	$73.8M
Cash at beginning of year	$144.7M	$144.7M	$165.3M	$165.3M
Cash at end of period	$257.1M	$255.2M	$302.7M	$239.1M

GLOBE LIFE INC. score and earnings-call analysis · All covered companies

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