Aflac (AFL) FY2023 results: revenue $18.7 billion, down 2.3% on the year
Aflac Inc. (AFL) reported revenue of $18.7 billion for fiscal 2023, the year ended 31 December 2023, down 2.3% on the year before. Net income was $4.7 billion, up 5.5%, and diluted earnings per share $7.78. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$18.7 billion
-2.3% on the year
FY2016FY2023
Operating margin
28.1%
21.7% a year earlier
FY2016FY2023
Net income
$4.7 billion
+5.5% on the year
FY2016FY2023
Diluted EPS
$7.78
+12.3% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,190
3,879
5,051
-17.8%
Cash from investing
817
-1,540
-2,378
Cash from financing
-3,723
-3,551
-2,739
Depreciation and amortisation
39.0
45.0
45.0
-13.3%
Buybacks
2,801
2,401
2,301
+16.7%
Dividends paid
966
979
855
-1.3%
Dividend per share
$1.76
$1.62
$1.32
+8.6%
Diluted shares, weighted
599m
638m
677m
-6.1%
Shares outstanding at period end
578m
615m
652m
-6.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
21,985
20,140
17,031
+9.2%
Debt
7,240
7,295
7,839
-0.8%
Other liabilities
97,499
104,303
132,672
-6.5%
Total liabilities and equity
126,724
131,738
157,542
-3.8%
Fixed assets
445
530
538
-16.0%
Goodwill
265
265
268
0.0%
Securities held for sale or to maturity
91,114
94,804
120,704
-3.9%
Loans
n/a
n/a
11,786
Securities borrowed
1,480
1,788
2,124
-17.2%
Cash and equivalents
4,306
3,943
5,051
+9.2%
Other assets
29,114
30,408
17,071
-4.3%
Total assets
126,724
131,738
157,542
-3.8%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.