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Stocks / United States / AFL · Accident & Health Insurance · NYSE

Aflac Inc. (AFL)

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Aflac Inc. (AFL) reported revenue of $4.1 billion for Q2 FY2026, the quarter ended 30 June 2026, down 1.0% on the same quarter a year earlier. Net income was $825 million, up 37.7% on the year, and diluted earnings per share $1.63. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$4.1 billiondown 1.0%
Net income$825 millionup 37.7%
Diluted EPS$1.63
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE16.0%
ROCE19.1%
Operating margin32.0%
Net margin26.9%
FCF marginn/a
Interest cover24.21
Debt to equity0.28
Cash conversion0.54
Share count, 1 year-6.1%
Sales CAGR, 3 years-3.6%
Profit CAGR, 3 years-6.2%
EPS, TTM$9.27

At the close of 21 September 2026

Price$115.18
Market cap$57.8 billion
Stock P/E12.43
Price to book1.91
EV / EBITDAn/a
Dividend yield2.0%
Market cap / sales3.20
52-week high$129.55
52-week low$105.70
Price, 1 year6.6%
Price CAGR, 3 years14.7%
Price CAGR, 5 years17.3%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the borrowings Aflac Inc. reports under its own heading, at the balance sheet of 31 December 2025, the latest that carries it, which is the only one it files; lease liabilities are separate lines. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on AFL

Filings18 in twelve months: 8 current reports (8-K), about 4 results of operations; 4 regulation fd disclosure; 3 other events; 1 shareholder vote
Planned insider sales24 Form 144 notices in twelve months, $20.2 million; latest 16 September 2026
Options tapeput/call 0.23 by open interest on 23 September 2026; the straddle prices a 1.8% move to 25 September 2026
Holders9 of the followed funds hold it; largest Geode Capital Management; 4 Schedule 13D or 13G filings in twelve months
Insider trading116 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest11.0 million shares short, 5.08 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4,9503,7775,4365,1382,9495,4043,3984,1604,7404,8664,3464,117
SG&A785877739694747834802804781866771749
Operating income1,2982892,1702,01992.02,1361458221,9941,5721,225995
Operating margin26%8%40%39%3%40%4%20%42%32%28%24%
Interest expense49.047.047.050.049.049.049.051.056.061.059.063.0
Pre-tax income1,8052892,1702,01992.02,1361458221,9941,5721,225995
Tax rate13%7%13%13%201%11%80%27%18%12%17%17%
Net income1,5692681,8791,755-93.01,90229.05991,6391,3791,019825
Net margin32%7%35%34%-3%35%1%14%35%28%23%20%
Diluted EPS$2.64$0.46$3.25$3.10-$0.17$3.45$0.05$1.11$3.08$2.58$1.98$1.63
Operating cash flow1,2708338492551,2703335893991,252315968112
Buybacks7007017508005007509008291,0008011,000984
Dividends paid239236278272270267306301299292304299
Shares outstanding587m578m570m561m557m550m542m535m526m519m511m502m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021 FY2022 FY2023FY2024FY2025TTM
Revenue22,72820,87222,55921,66721,75822,30722,14721,55419,14018,70118,92717,16418,069
Selling, general and administrative2,2612,6062,7962,7802,9883,0893,4203,5443,2503,1653,0143,2533,167
Operating income4,2534,0014,1174,0874,3544,4614,4164,9344,1575,2626,4174,5335,786
Operating margin18.7%19.2%18.2%18.9%20.0%20.0%19.9%22.9%21.7%28.1%33.9%26.4%32.0%
Interest expense317289268240222228242238226195194217239
Pre-tax income4,4913,8624,0674,0183,9834,4454,1595,2084,8695,2626,4174,5335,786
Income tax1,5401,3291,408-5861,0631,141-619977451603974887924
Effective tax rate34.3%34.4%34.6%-14.6%26.7%25.7%-14.9%18.8%9.3%11.5%15.2%19.6%16.0%
Net income2,9512,5332,6594,6042,9203,3044,7784,2314,4184,6595,4433,6464,862
Net margin13.0%12.1%11.8%21.2%13.4%14.8%21.6%19.6%23.1%24.9%28.8%21.2%26.9%
Diluted EPS$6.50$5.85$6.42$11.54$3.77$4.43$6.67$6.39$6.59$7.78$9.63$6.82$9.27
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021 FY2022 FY2023FY2024FY2025TTM
Operating cash flow6,5506,7765,9876,1286,0145,4555,9585,0513,8793,1902,7072,5552,647
Depreciation and amortisation55.050.054.053.049.041.041.045.045.039.040.036.0n/a
Buybacks1,2101,3151,4221,3511,3011,6271,5372,3012,4012,8012,8003,5303,785
Dividends paid6546566586617937717698559799661,0871,1981,194
Dividend per sharen/an/an/an/an/a$1.08$1.12$1.32$1.62$1.76$2.08$2.35n/a
Diluted shares, weighted454m433m414m399m775m746m716m677m638m599m565m535m506m
Shares outstanding at period end442m424m406m390m755m727m692m652m615m578m550m519m502m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 FY2016 FY2017FY2018FY2019FY2020FY2021 FY2022 FY2023FY2024FY2025TTM
Total assets119,767118,296129,819137,217140,406152,768165,086157,542131,738126,724117,566116,470115,961
Cash and equivalents4,6584,3504,8593,4914,3374,8965,1415,0513,9434,3066,2296,2456,120
Goodwilln/an/an/an/an/a140269268265265263260n/a
Borrowings, as the company tags them5,2684,9515,3395,2675,7656,4087,7457,8397,2957,2407,4028,330n/a
Shareholders' equity18,34717,70820,48224,59823,46228,95933,55917,03120,14021,98526,09829,49030,312
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded-1.9%-5.0%-3.6%13.6%
Profit growth, compounded3.7%-5.3%-6.2%99.5%
Return on equity, average17.1%20.2%18.1%12.4%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Accident & Health Insurance

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Aflac Inc. AFL$57.8 billion12.4316.0%32.0%13.6%0.282.0%
Principal Financial Group Inc. PFG$25.2 billion16.7113.2%12.1%-2.0%0.332.6%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 20257 May 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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