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Aflac (AFL) Q2 FY2022 earnings: revenue $5.3 billion, down 4.5% on the year

Aflac Inc. (AFL) reported revenue of $5.3 billion for Q2 FY2022, the quarter ended 30 June 2022, down 4.5% on the same quarter a year earlier. Net income was $1.4 billion, up 26.2% on the year, and diluted earnings per share $2.16. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2022.

Revenue$5.3 billiondown 4.5%
Net income$1.4 billionup 26.2%
Diluted EPS$2.16
QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Revenue5,3155,173n/an/a
Selling, general and administrative802833n/an/a
Operating income1,1341,143n/an/a
Operating margin21.3%22.1%n/a
Interest expense55.056.0n/an/a
Pre-tax income1,7081,294n/an/a
Income tax314247n/an/a
Effective tax rate18.4%19.1%n/a
Net income1,3941,047n/an/a
Net margin26.2%20.2%n/a
Diluted EPS$2.16$1.58n/an/a
$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Operating cash flow5101,260n/an/a
Cash from investing1,293-1,210n/an/a
Cash from financing-907-737n/an/a
Buybacks650500n/an/a
Dividends paid248250n/an/a
Dividend per share$0.40$0.40n/an/a
Diluted shares, weighted643m653mn/an/a
Shares outstanding at period end635m645mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Shareholders' equity26,38729,527n/an/a
Debt7,2797,628n/an/a
Other liabilities101,963109,891n/an/a
Total liabilities and equity135,629147,046n/an/a
Fixed assets512538n/an/a
Securities held for sale or to maturity97,945110,645n/an/a
Loans13,05312,312n/an/a
Securities borrowed3,242n/an/an/a
Cash and equivalents5,1734,275n/an/a
Other assets15,70419,276n/an/a
Total assets135,629147,046n/an/a

Questions

What was Aflac's revenue in Q2 FY2022?

Aflac (AFL) reported revenue of $5.3 billion for Q2 FY2022, the quarter ended 30 June 2022, down 4.5% on the same quarter a year earlier.

How much did Aflac earn in Q2 FY2022?

Net income for Q2 FY2022 was $1.4 billion, up 26.2% on the year, and diluted earnings per share $2.16.

When did Aflac report Q2 FY2022 results?

Aflac filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 2 August 2022.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,2375,4365,1735,3154,7043,9484,8005,1724,9503,7775,4365,1382,9495,4043,3984,1604,7404,8664,3464,117
SG&A869962833802779837775728785877739694747834802804781866771749
Operating income1,2939941,1431,1348801,0001,1331,1391,2982892,1702,01992.02,1361458221,9941,5721,225995
Operating margin25%18%22%21%19%25%24%22%26%8%40%39%3%40%4%20%42%32%28%24%
Interest expense57.057.056.055.059.056.048.051.049.047.047.050.049.049.049.051.056.061.059.063.0
Pre-tax income1,1131,1191,2941,7081,3295381,3421,8251,8052892,1702,01992.02,1361458221,9941,5721,225995
Tax rate20%17%19%18%-34%64%11%10%13%7%13%13%201%11%80%27%18%12%17%17%
Net income8881,0391,0471,3941,7811961,1881,6341,5692681,8791,755-93.01,90229.05991,6391,3791,019825
Net margin17%19%20%26%38%5%25%32%32%7%35%34%-3%35%1%14%35%28%23%20%
Diluted EPS$1.32$1.58$1.58$2.16$2.53$0.31$1.94$2.71$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 flow1,8538701,2605101,0761,0337083791,2708338492551,2703335893991,252315968112
Buybacks5266255006506516007007007007017508005007509008291,0008011,000984
Dividends paid217208250248242239248243239236278272270267306301299292304299
Shares outstanding663m652m645m635m624m615m606m596m587m578m570m561m557m550m542m535m526m519m511m502m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 30 June 2022, filed 2 August 2022: the filing.