Aflac (AFL) FY2017 results: revenue $21.7 billion, down 4.0% on the year
Aflac Inc. (AFL) reported revenue of $21.7 billion for fiscal 2017, the year ended 31 December 2017, down 4.0% on the year before. Net income was $4.6 billion, up 73.1%, and diluted earnings per share $5.77. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.
Revenue
$21.7 billion
-4.0% on the year
FY2010FY2017
Operating margin
18.9%
18.2% a year earlier
FY2010FY2017
Net income
$4.6 billion
+73.1% on the year
FY2010FY2017
Diluted EPS
$5.77
+79.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
21,667
22,559
20,872
-4.0%
Selling, general and administrative
2,780
2,796
2,606
-0.6%
Operating income
4,087
4,117
4,001
-0.7%
Operating margin
18.9%
18.2%
19.2%
Interest expense
240
268
289
-10.4%
Pre-tax income
4,018
4,067
3,862
-1.2%
Income tax
-586
1,408
1,329
Effective tax rate
-14.6%
34.6%
34.4%
Net income
4,604
2,659
2,533
+73.1%
Net margin
21.2%
11.8%
12.1%
Diluted EPS
$5.77
$3.21
$2.92
+79.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,128
5,987
6,776
+2.4%
Cash from investing
-5,431
-3,855
-4,897
Cash from financing
-2,065
-1,619
-2,187
Depreciation and amortisation
53.0
54.0
50.0
-1.9%
Buybacks
1,351
1,422
1,315
-5.0%
Dividends paid
661
658
656
+0.5%
Diluted shares, weighted
798m
828m
866m
-3.6%
Shares outstanding at period end
781m
812m
849m
-3.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
24,598
20,482
17,708
+20.1%
Debt
5,267
5,339
4,951
-1.3%
Other liabilities
107,352
103,998
95,637
+3.2%
Total liabilities and equity
137,217
129,819
118,296
+5.7%
Fixed assets
434
433
427
+0.2%
Securities held for sale or to maturity
115,743
33,350
33,459
+247.1%
Cash and equivalents
3,491
4,859
4,350
-28.2%
Other assets
17,549
91,177
80,060
-80.8%
Total assets
137,217
129,819
118,296
+5.7%
10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.