Aflac (AFL) FY2016 results: revenue $22.6 billion, up 8.1% on the year
Aflac Inc. (AFL) reported revenue of $22.6 billion for fiscal 2016, the year ended 31 December 2016, up 8.1% on the year before. Net income was $2.7 billion, up 5.0%, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$22.6 billion
+8.1% on the year
FY2009FY2016
Operating margin
18.2%
19.2% a year earlier
FY2009FY2016
Net income
$2.7 billion
+5.0% on the year
FY2009FY2016
Diluted EPS
$3.21
+9.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
22,559
20,872
22,728
+8.1%
Selling, general and administrative
2,796
2,606
2,261
+7.3%
Operating income
4,117
4,001
4,253
+2.9%
Operating margin
18.2%
19.2%
18.7%
Interest expense
268
289
317
-7.3%
Pre-tax income
4,067
3,862
4,491
+5.3%
Income tax
1,408
1,329
1,540
+5.9%
Effective tax rate
34.6%
34.4%
34.3%
Net income
2,659
2,533
2,951
+5.0%
Net margin
11.8%
12.1%
13.0%
Diluted EPS
$3.21
$2.92
$3.25
+9.7%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
5,987
6,776
6,550
-11.6%
Cash from investing
-3,855
-4,897
-4,241
Cash from financing
-1,619
-2,187
-147
Depreciation and amortisation
54.0
50.0
55.0
+8.0%
Buybacks
1,422
1,315
1,210
+8.1%
Dividends paid
658
656
654
+0.3%
Diluted shares, weighted
828m
866m
908m
-4.4%
Shares outstanding at period end
812m
849m
885m
-4.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
20,482
17,708
18,347
+15.7%
Debt
5,339
4,951
5,268
+7.8%
Other liabilities
103,998
95,637
96,152
+8.7%
Total liabilities and equity
129,819
118,296
119,767
+9.7%
Fixed assets
433
427
429
+1.4%
Securities held for sale or to maturity
33,350
33,459
34,242
-0.3%
Cash and equivalents
4,859
4,350
4,658
+11.7%
Other assets
91,177
80,060
80,438
+13.9%
Total assets
129,819
118,296
119,767
+9.7%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.