Aflac (AFL) FY2018 results: revenue $21.8 billion, up 0.4% on the year
Aflac Inc. (AFL) reported revenue of $21.8 billion for fiscal 2018, the year ended 31 December 2018, up 0.4% on the year before. Net income was $2.9 billion, down 36.6%, and diluted earnings per share $3.77. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$21.8 billion
+0.4% on the year
FY2011FY2018
Operating margin
20.0%
18.9% a year earlier
FY2011FY2018
Net income
$2.9 billion
-36.6% on the year
FY2011FY2018
Diluted EPS
$3.77
-34.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
21,758
21,667
22,559
+0.4%
Selling, general and administrative
2,988
2,780
2,796
+7.5%
Operating income
4,354
4,087
4,117
+6.5%
Operating margin
20.0%
18.9%
18.2%
Interest expense
222
240
268
-7.5%
Pre-tax income
3,983
4,018
4,067
-0.9%
Income tax
1,063
-586
1,408
Effective tax rate
26.7%
-14.6%
34.6%
Net income
2,920
4,604
2,659
-36.6%
Net margin
13.4%
21.2%
11.8%
Diluted EPS
$3.77
$5.77
$3.21
-34.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,014
6,128
5,987
-1.9%
Cash from investing
-3,582
-5,431
-3,855
Cash from financing
-1,616
-2,065
-1,619
Depreciation and amortisation
49.0
53.0
54.0
-7.5%
Buybacks
1,301
1,351
1,422
-3.7%
Dividends paid
793
661
658
+20.0%
Diluted shares, weighted
775m
798m
828m
-2.9%
Shares outstanding at period end
755m
781m
812m
-3.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
23,462
24,598
20,482
-4.6%
Debt
5,765
5,267
5,339
+9.5%
Other liabilities
111,179
107,352
103,998
+3.6%
Total liabilities and equity
140,406
137,217
129,819
+2.3%
Fixed assets
443
434
433
+2.1%
Securities held for sale or to maturity
113,213
115,743
33,350
-2.2%
Loans
6,919
n/a
n/a
Cash and equivalents
4,337
3,491
4,859
+24.2%
Other assets
15,494
17,549
91,177
-11.7%
Total assets
140,406
137,217
129,819
+2.3%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.